OGFZA, NPA partner on Free Zone operation

The Oil and Gas Free Zones Authority (OGFZA) has opened discussions with the Nigerian Ports Authority (NPA) to forge closer ties on a range of issues from use of land in the ports where oil and gas free zones are located to strategic cooperation.

The strategic engagement move between the two government agencies began during the weekend when the managing director of OGFZA, Mr Umana Okon Umana, paid a courtesy call on the managing director of the NPA, Mrs Hadiza Bala Usman, at the NPA head office on the marina, Lagos.

FG spends N5trn on fuel subsidy payments

THE Nigerian National Petroleum Corporation (NNPC) has told the Senate Committee on Petroleum Resources (Downstream) investigating subsidy payment that the Federal Government spent N4.950.80 trillion in the This is coming at a time President of the Senate, Bukola Saraki, has declared that NNPC stinks, vowing that those behind fraud in the corporation will be exposed. Speaking at the hearing on subsidy payment, Group Managing Director of the NNPC, Dr.

Nigeria loses billions of dollars to error in gas flaring law

...Government is approaching lawmakers to amend energy law
Africa’s top oil producer plans to make gas flaring more costly for companies that have escaped the payment of billions of dollars despite being fined, Minister of Finance, Kemi Adeosun has said.
In the “legal framework for the gas-flaring penalty, it was drafted as a charge. A charge is tax deductible,” Adeosun said in a Jan. 23 interview. “So, what do the international oil companies do? They flare, they pay the charge on which they get tax relief. That’s just bad drafting.”

$16bn Egina probe: NASS to amend Local Content Act

The Senate has said it will amend the Nigeria Oil and Gas Industry Content Development, NOGICD Act, 2010, noting that the existing law was not achieving the aims for which it was enacted.
This decision was reached by the Senate Ad-Hoc Committee currently investigating local content and cost variation for the $16 billion Egina Deep Sea oil project. The committee is led by Senator Solomon Olamilekan Adeola (APC, Lagos).

Kaduna Refinery shut down for lack of crude

The Kaduna Refining and Petrochemical Company (KRPC) has shut down operations due to the non-availability of crude oil. The Executive Director (Services) of KRPC, Dr. Abdullahi Idris, disclosed this to the News Agency of Nigeria (NAN) in Kaduna.
He said the refinery, whose fuel plant was commissioned in 1980, was functioning at 60 per cent capacity, “but had to be shut down on January 15 due to unavailability of crude oil.” 

Fuel diversion: NNPC commends NSCDC for intercepting 469,000 litres of petrol

The Nigerian National Petroleum Corporation (NNPC) Group Managing Director, Dr. Maikanti Baru, has commended the Niger State Command of the Nigerian Security and Civil Defence Corps (NSCDC) on the eight trucks its men apprehended in Mokwa, Niger State last week.

The trucks had a combined capacity of 469,000 litres and were set on cross-border diversion to the Republic of Benin through Babana, a boarder town of about 700 kilometres from Minna.

Oil soars to $71/barrel for first time since 2014

Brent oil prices hit $71 per barrel on Thursday, January 25, for the first time since 2014 as the dollar continued to weaken and crude inventories in the United States fell for a 10th straight week amid ongoing supply cutbacks by OPEC and top producer Russia.
Brent crude futures, the international benchmark for oil prices, hit a session high of $71.05 per barrel – the highest since early December 2014 – before dipping back to $70.99 by 0440 GMT. That was still up 46 cents, or 0.7 percent from the last close.