Swiss Authorities block accounts linked to Malabu oil deal

The Office of the Attorney General of Switzerland (OAG) has blocked various bank accounts in Switzerland over an alleged oil bribery scheme linked to Nigeria.

This came as executives from oil giants Shell and Eni are due to stand trial in Milan, Italy, in May.

In a statement from its website, it stated that at the request of the Milan public prosecutor, the Swiss authorities confiscated assets and provided information and assistance to the Italian authorities, the Swiss attorney general’s office confirmed this on Monday.

Firm upgrades cassava processing centres to gas plant

Africare Nigeria in collaboration with Igbogbo Local Council Development Area (LCDA), have upgraded the cassava and garri processing plant in Igbogbo/Baiyeku LCDA to Liquefied Petroleum Gas (LPG) plant.

The Africare “Upgrade to Gas” project in communities, which is in line with the government’s Liquefied Petroleum Gas (LPG) policy, aimed at converting 30 million households from firewood, charcoal and kerosene to gas, also empowered women towards clean cooking with the use of gas.

Fuel import costs $15b yearly

Nigeria is spending about $15billion yearly on fuel importation, the  Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, has said.
A statement titled: Green Field Refinery Initiative quoted Baru as saying the country spends between $12billion to $15billion yearly to reduce the deficit in daily domestic fuel consumption in the country.

Glut alert as US emerges world's second largest oil producer

New drilling and production techniques have propelled the United States of America (USA) to become the second biggest oil producer in the world behind Russia and ahead of Saudi Arabia as its daily output continues to rise above 10 million barrels per day.

According to reports by AFP, with shale oil boom the US is becoming a significant exporter of crude oil, a development that is altering the global petroleum market and undermining OPEC's effort to curb supplies and bolster prices.

Nigeria raises oil prices, premium to $1.32 per barrel

...begins investors, partners’ hunt for $23bn refineries funding

The Nigerian National Petroleum Company (NNPC) has hiked oil prices and premium for Nigeria’s crude grade slated for exports in April by $1.32 per barrel.

The Corporation, in a document, showed official selling price differentials for mainstay crude grades – Bonny Light and Qua Iboe, were raised for April schedule. The document indicated that NNPC has also begun hunting for investors and partners for the $23 billion Greenfield refineries’ funding.

Efficiency on the cards as NNPC targets total digitization

The Nigerian National Petroleum Corporation (NNPC) is poised to go paperless in its operations within the shortest possible time.

Giving the disclosure in Abuja Monday during the inauguration of two committees: The Systems Applications and Products (SAP) Steering Committee (SC) and Group Process Council (GPC), NNPC Group Managing Director, Dr. Maikanti Baru, said the committees would be responsible for a holistic implementation of SAP and emplace enterprise resource planning which would serve as enablers for the achievement of the corporation’s success.

Refineries operate at loss, record N66.278b deficit

Nigeria’s three refineries – Port Harcourt Refining Company (PHRC)Kaduna Refining & Petrochemical Company Limited (KRPC), and Warri Refining & Petrochemical Company Limited (WRPC), recorded an operational deficit of N66.278 billion in 2017.

Breakdown of the deficits showed that KRPC suffered a loss of N32.617 billion; WRPC, N22.147 billion and PHRC, N11.514 respectively.Nigerian refineries with a combined installed capacity of 445,000 barrels per day (bpd) have been performing below installed capacity, resulting to heavy dependent on importation of petroleum products.

Downstream Nigeria: Desperate times, desperate measures

A major paradigm shift is unfolding in Nigeria’s petroleum downstream sector as oil marketers have trained their sights on providing storage services for pms (petrol) imported by the NNPC in order to survive their prolonged absence from the product’s import matrix.

Reps lament porous state of Nigerian waters

...Decry over 6000 petitions on Maritime Academy

Nigeria’s territorial waters have over the years remained very porous. In fact, investigations have revealed that a lot of illegal activities- piracy, oil bunkering, smuggling, human trafficking and sundry transnational crimes take place in the Nigeria’s territorial waters unhindered, posing major threats to national security and economic development.

Govt eyes $40b investment from three fields, others

• To seal refineries’ deal in April

The Federal Government is expecting investments worth $40 billion in the upstream segment of the oil and gas industry in the next five years.

Minister of State, Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, who spoke with reporters in Abuja at the weekend, said the investments would come through three major deepwater oil fields – Total’s Egina field located in oil mining lease (OML) 130, which will give the country 200,000 barrels per day (bpd). The investments will bring $16 billion, he added.


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