Managing Director of Continental Reinsurance Plc, Dr Femi Oyetunji, has urged the Federal Government to ensure the full implementation of the local content policy in the insurance of oil and gas risks, insisting that the policy is still under-implemented. The local insurance market, by Nigeria’s law, should insure above 40 per cent of oil and gas risk before ceding the … Read More
CBN to Sanction Banks Over Power Fund
Deposit Money Banks (DMBs) found to be frustrating the electricity power intervention by the Central Bank of Nigeria (CBN) under the Nigeria Electricity Stabilisation Facility (NESF) are to face severe sanctions, including removal from participation, the apex bank has warned. The CBN had made over N200 billion available to enable power Generation Companies (GenCos) and Distribution Companies (DisCos) have access … Read More
No Need To Freeze Crude Output Now – Saudi Oil Minister
There is currently no need to limit oil output, Saudi Energy Minister Khalid Al-Falih said on Monday, after signing an energy agreement with his Russian counterpart Alexander Novak. “There is no need now to freeze production,” Al-Falih said in an interview with Al Arabiya television in Hangzhou, China. “It is among the preferred options, but it is not necessary today. … Read More
Increase PMS Pump Price – Ex-NNPC GMDs
Former Group Managing Directors, GMDs, of the Nigerian National Petroleum Corporation, NNPC, weekend, called for an upward review of the price of Premium Motor Spirit, PMS, also known as petrol, stating that the present price cap of N145 per litre is not in line with current economic realities. According to a statement by the NNPC, the former GMDs stated this … Read More
Global LNG Prices Slip, as Nigeria Shakes Off Output Problems
Asian liquefied natural gas (LNG) prices fell in a slow week as traders awaited the outcome of two tenders and Argentina turned away shipments due to mild weather curbing demand. A major tender expected from Egyptian Natural Gas Holding (EGAS) to buy 120 cargoes for 2017, which sources said could be launched this weekend, was the market focus. Bids under … Read More
OPEC Output Rises to Record Before Talks With Russia on Freeze
OPEC’s crude production climbed to a record last month as increased output from Gulf members made up for persisting losses in Nigeria and Libya, according to a Bloomberg survey. Supplies from the Organization of Petroleum Exporting Countries rose by 120,000 bpd to average 33.69 MMbpd in August amid increases by Iran, Iraq and Kuwait, the survey of analysts, oil companies … Read More
Expert to Buhari, Pass PIB and Privatise Refineries
Following Nigeria’s descent into an economic recession that has been widely ascribed to low turnover in the oil and gas sector, experts in the sector have identified ways the federal government can quickly get the economy out of recession. The experts who spoke with THISDAY yesterday in Abuja, explained that Nigeria could be long on the recession if the federal … Read More
Nigerians Spend N3.5 Trillion Generating Their Own Electricity Yearly- Sahara Group
Due to irregular supply of public electricity, about N3.5 trillion ($21.9 billion) is spent yearly by businesses, families and others in Nigeria to buy fuel for power generation. Disclosing this yesterday at the ongoing 2016 Huawei Connect conference in Shanghai, China, the Business Leader (Distribution), Sahara Group, the firm with majority stakes in Ikeja Electricity Distribution Company, Rotimi Onanuga, said … Read More
FG Silent as Stakeholders Seek Oil Licensing Round
As some industry stakeholders continue to look forward to another oil licensing round in the country, the Federal Government has yet to unveil any plans towards awarding licences. Over the past few years, operators and other stakeholders in the oil and gas industry have decried the lack of oil licensing rounds despite the government’s quest to increase the nation’s reserves. … Read More
Leadership Tussle: $3bn IPMAN Refinery Dream Now A Mirage
The policy of deregulation of the downstream oil industry in Nigeria from an economic point of view considers the enormous subsidy pay out to petroleum marketers as Nigeria in the last five years has consistently spent over N1 trillion, that is about $5 billion, on petrol subsidies. The deregulation of the sub-sector, government argues, will open up the sector to … Read More