Nigeria

Oil rises over 1% as PENGASSAN threatens strike

Oil prices have climbed more than 1 per cent on Thursday due to a strike threat in Nigeria by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and as traders cover shorts after sharp losses the previous day brought on by an unexpectedly large rise in US stocks of refined fuels.
 
Short covering in the market, together with the threat of a strike by Nigeria's key oil union, has provided some support to oil prices in today's session. 
 

Senate summons NAPIMS boss over Egina deep sea project

The Senate Committee on Local Content has ordered the Group General Manager of National Petroleum Investment and Management Service (NAPIMS), Mr. Roland Ewubare, to appear before it within 24 hours or risk being forced to do so.
 
Chairman of the panel Samuel Adeola gave the order at its sitting attended by 10 senators investigating the variations associated with the $16 billion Egina Deep Sea Oil Project. 
 

FIRS challenges suit seeking tax relief for oil firms

THE Federal Inland Revenue Service, FIRS, on Wednesday, asked the Federal High Court in Abuja to dismiss a suit by two oil companies, Midwestern Oil and Gas Company Limited and Suntrust Oil Company Nigeria Limited, seeking to be allowed to enjoy five-year tax relief.
 
Cited as respondents in the suit marked FHC/ABJ/CS/364/2015 and filed pursuant to Order 33 rules 1(1) and (2); and 3(1) and 5 of the Federal High Court, (Civil Procedure) Rules, 2009, are the Nigerian Investment Promotion Council, NIPC, and FIRS.
 

Reps tell NPDC to pay $1.5b royalty debt

A House of Representatives ad hoc panel on Wednesday asked the Nigeria Petroleum Development Company (NPDC) to clear the $1.5 billion unpaid royalties on oil and gas activities by international oil companies (IOCs).
 
The panel, which is investigating revenue leakages to the tune of N1.6 trillion from January 2016 to January 2017, said available records showed that the amount was incurred in a period of three years.
 

Forte Oil commissions Green Energy solutions

 
 
Leading indigenous energy firm, Forte Oil Plc, has commissioned an alternative solar energy solution tagged ‘Green Energy’ solution for medium income earners. 
 
Speaking during the launch, the Group Chief Executive Officer  (GCEO), Forte Oil Group, Mr. Akin Akinfemiwa, stated that “we are the foremost integrated energy provider with footprints in upstream, downstream and power generation. Today, as we are launching our solar system, we always look for formidable partners to bring our vision to live."
 

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