Crude oil price inches towards $70

Crude oil price has risen by $20 per barrel above Nigeria’s benchmark of N45 a barrel in the 2018 proposed yearly budget. In the proposed N8.6 trillion ‘Budget of Consolidation’ presented by President Muhammadu Buhari to the National Assembly for approval, crude oil benchmark price was put at an average of N45 per barrel, based on low benchmark price of $35, medium ($45) and high ($55) scenarios, while production was set at 2.3 million barrels per day.

NNPC, DPR clampdown on seven illegal filling stations over profiteering

…Dispense Free Fuel to Abuja Motorists
In a bid to curb diversion of Premium Motor Spirit (petrol) by unscrupulous marketers, a team monitoring fuel distribution made up officials of the Nigerian National Petroleum Corporation (NNPC), Department of Petroleum Resources (DPR) and Nigeria Security and Civil Defence Corps (NSCDC) has intensified its clampdown on illegal filling stations known for receiving diverted products and selling same to motorists at cut-throat prices in Abuja and environs.

OGFZA, PwC partner to drive FDI

The Oil and Gas Free Zones Authority (OGFZA) has signed a partnership agreement with PricewaterhouseCoopers (PwC), the global brand in management sciences, to pool resources in a strategic relationship that will see the two organisations working together to drive investments into Nigeria’s oil and gas free zones.
The partnership agreement commits PwC to long-term collaboration with OGFZA’s investment subsidiary, the Free Zone Global Investments Limited, in the areas of strategic advisory services, optimisation of processes and investment promotion.

Rivers Govt., Shell sign MoU on gas supply

The Rivers State Government and Shell Nigeria Gas (SNG) have signed a Memorandum of Understanding (MoU) for the distribution of gas to industries in the Greater Port Harcourt area and its environs. 
The MoU sets out broad terms and conditions to guide co-operation between the two parties in the development of new gas distribution opportunities in the Greater Port Harcourt area and its environs in addition to its existing gas distribution network in the State.

NCDMB targets $14bn value retention for oil sector

The Nigerian Content Development and Monitoring Board (NCDMB) has set a target of $14 billion in- country value retention over the next 10 years for oil and gas supply chain.
Executive Secretary of NCDMB, Mr. Simbi Wabote, stated this in his presentation at recent workshop organised by the NCDMB for members of the House of Representatives Committee on Local Content, in Port Harcourt, Rivers State.

Reps seek to enforce Local Content in Construction, Power sectors

Members of the Federal House of Representatives have begun working with stakeholders in Power, Construction and Information Communication Technology sectors towards extending the Nigerian Content Act to the three sectors of the economy. The collaboration was firmed up at the recent workshop organized by the Nigerian Content Development and Monitoring Board (NCDMB) for members of the House of Representatives Committee on Local Content, in Port Harcourt, Rivers State.

NNPC attains 98% automation of crude oil marketing operations

The Nigerian National Petroleum Corporation (NNPC) has achieved 98 per cent automation of all transactions involving the supply, marketing and sale of the various grades and blends of Nigeria’s crude oil across the world.

Group General Manager, Crude Oil Marketing Division of the Corporation, Malam Mele Kyari, stated yesterday in an interview with Oil & Gas Forum, NNPC Weekly TV show that the automation exercise which would be concluded in 2018 had enabled the corporation to achieve an end-to-end monitoring of every barrel of crude oil sold in the country.

How to end lingering fuel scarcity – PENGASSAN

•‘Why situation persists’

“The Department of Petroleum Resources (DPR) and other relevant government agencies should go out to enforce sale of fuel at filling stations that are hoarding the product. Virtually all stations have petrol but they are not ready to sell so as to exploit the people.”

With these words on Thursday, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) offered solution to the lingering scarcity in the country.