Shipping Line: NIMASA, BPE fish for private partnership

Nigeria may lay claim to being a maritime nation with significant level of vested interests in the sector, but it still lacks requisite capacity in ownership of vessels which is one of the key parameters that drives the industry.

GDP: Oil production to contribute 2% in 2018 – PWC

PricewaterhouseCoopers (PwC), Nigeria said that Nigeria’s real Gross Domestic Product (GDP), will grow at 2.0 per cent year-on-year in 2018, propelled by oil production increase and government spending.

The multinational professional services firm in its latest economic report said significantly higher oil sector growth in the first quarter of 2018 due to base effects is expected. Also expected is increased government and pre-election spending to boost the weak consumer spending.

NEITI urges caution about improved oil sector accountability

The Nigeria Extractive Industries Transparency Initiative (NEITI) says even though financial accountability has improved, the state oil company still hasn’t explained billions of dollars of missing revenue.

Nigerian crude faces glut as buyers reject cargoes

Indications emerged last week that glut in Nigeria’s oil supply to the international market looms.

A trader said the development comes as ample supply of light and medium grades from the North Sea and the Mediterranean continues to limit buying interest for Nigerian crude.

The Nigerian cargoes, reckoned to be near 50 cargoes, was said to be weighing on the market, while Angolan state oil firm, Sonangol, trimmed its offer of Saxi crude.

FG applauds NNPC's foray into renewable energy

The Federal Government has commended the Nigerian National Petroleum Corporation (NNPC) for venturing into the development of renewable energy across the country.

Minister of Science and Technology, Dr. Ogbonnaya Onu, gave this commendation last week during his visit to the NNPC’s pavilion at the Technology and Innovation Expo 2018 at the Eagles Square in Abuja.

Dr. Onu said the NNPC’s foray into renewable energy would help the country to maintain energy security, boost the national economy and position her for fuel export market.

Senate finds new angle in LNG investor snub

A state offtake agreement with an innovative small-scale private LNG venture in Nigeria may have been rescinded for no other reason than it was made under the previous government.

Greenville LNG signed a memorandum of understanding (MoU) with the ministry of power, under former president Goodluck Jonathan who was in power until 2015. The company cried foul November 2017 after hearing that the ministry had said it would use diesel to fuel the new 215 MW Kaduna plant, rather LNG from Greenville’s small-scale gas liquefaction unit. The ministry was the firm's anchor customer.

NNPC, IOCs forecast $3.6bn crude revenue in April

…mull 55.5m barrels crude exports in one month

The Nigerian National Petroleum Corporation (NNPC) and international oil companies (IOCs) operating in Nigeria have forecast $3.6075 billion revenues in April 2018.

The oil firms have scheduled 55.5 million barrels of crude for export in the month, which is also the highest monthly export plan for the year.

Kachikwu optimistic of PIGB passage by June

The Minister of State Petroleum Resources, Dr. Ibe Kachikwu has assured that the Petroleum Industry Governance Bill (PIGB) will be passed and signed into law before the end of June this year.

Dr. Kachikwu who spoke in Abuja on Thursday at a roundtable on critical reform issues contained in the PIGB organized by the Media Initiative on Extractive Industries (MITEI) and Nigeria Natural Resource Charter (NNRC) said government was determined to have the bill passed into law.

PENGASSAN seeks NNPC’s reimbursement for oil subsidy payment

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has called on the Federal Government to reimburse the Nigerian National Petroleum Corporation (NNPC) for the expenses it incurred on payment of subsidy to marketers.

Arising from its National Executive Council (NEC) meeting in Warri, Delta State, PENGASSAN said the NNPC had continued to shoulder the responsibility of providing products to close gaps created by the withdrawal of other marketers owing to the non-payment of subsidy claims from 2015 to 2017.

Shipping companies, Terminal operators dare NPA over holding bay

One month after the Managing Director of the Nigerian Ports Authority (NPA), Hadiza Bala Usman gave shipping companies and Terminal operators a one week grace period to stop blocking the ports access roads with empty containers, the roads leading to the ports are still filled with trucks struggling to return empty containers to the ports, thereby compounding the traffic situation within the port town of Apapa.


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