President Muhammadu Buhari, yesterday tasked the private sector operators to take the lead in the efforts at resuscitating the nation’s ailing economy saying they hold the key to quick economic recovery. The president, who spoke at the 44th Annual General Meeting of the Manufacturers Association of Nigeria (MAN), held in Abuja and attended by lawmakers and members of the Organised … Read More
Crude Oil Slumps One Day After OPEC Deal to Cut Output
Despite the decision of the Organisation of Petroleum Exporting Countries (OPEC) to cut crude oil production by 200,000-700,000 barrels per day to achieve price recovery, oil prices fell yesterday after the gains recorded on Wednesday. This was just as Royal Dutch Shell on Thursday in Rio de Janeiro, Brazil, launched its “#makethefuture” programme, where it unveiled six new technologies from … Read More
Militants Blast NNPC Pipeline in Fresh Attack
A militant group called the Niger Delta Greenland Justice Mandate on Thursday claimed an attack on a crude pipeline in Delta state operated by the Nigerian Petroleum Development Company, a subsidiary of the NNPC. The NDGJM said in a statement it had blown up the Unenurhie-Evwreni pipeline “to prove to the wicked and ungrateful multinational oil companies and their Nigerian … Read More
NNPC Pledges to Promote Gas Development
The Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Maikanti Baru, has said the corporation will ensure the maximisation of the nation’s vast gas resources by incentivising all parts of the gas value chain. He said the NNPC would support the Nigerian Gas Association to achieve its objectives of ensuring that the country derives maximum benefit from its … Read More
Fresh Concerns Over Importation Of Toxic Fuel Into Nigeria
The challenges bedevilling the Nigeria’s petroleum industry took a new twist last week Thursday with the report from Public Eye and Africa Network for Environmental and Economic Justice (ANEEJ), a non-governmental organisation (NGO) in Nigeria released a report claiming importation of dirty fuel into the country. Public Eye, a group previously known as the Bern Declaration stormed the world with … Read More
IFC Partners with DFID to Accelerate Solar Power
International Finance Corporation (IFC), a member of the World Bank Group has announced its partnership with the DFID, aimed at facilitating the deployment of off-grid and embedded solar systems in commercial and industrial sectors in the West African country. The IFC announced in a statement explained that the ultimate goal is to help corporates and SMEs to have better and … Read More
Oil Exports to Rise By .5 Million Barrels Per Day After Pipeline Repairs
The completion of repairs of sabotaged oil facilities is set to help push up Nigeria’s crude oil exports by 575,000 barrels, per day, in the last quarter of 2016. ExxonMobil is the latest oil major to have a pipeline prepared to export Qua Iboe grade of crude, with the first cargo expected to load as early as the end of … Read More
Discourage Full Deregulation of Downstream – Expert to FG
Against clamour from both major marketers and independent marketers for full deregulation of the petroleum industry, expert in the industry have called on the Federal Government to disregard plans, saying such actions could trigger more hardship for the citizens as well as the economy. This call was made at the 6th Emmanuel Egbogah Legacy Lecture Series, themed: Managing Petroleum Revenue … Read More
FG Targets $10 Billion Earnings From Sale of Oil Assets
The governor of Central Bank of Nigeria, Godwin Emefiele, has disclosed that the country will soon commence the sale of about 15 per cent of its oil assets held by the Nigerian National Petroleum Corporation (NNPC), which is expected to yield an inflow of $10 billion to the country. This is part of efforts to reflate the nation’s receding economy. … Read More
Federal Government Sues Agip and Total for $635m
The Federal Government is demanding $635 million from two multinational oil companies, Agip and Total, for undeclared crude oil shipped out of the country between 2011 and 2014. Two cases have been filed at the Federal High court in Lagos by senior lawyer and Senior advocate of Nigeria, Professor Fabian Ajogwu, who had handled several cases for the Federal Government … Read More