Oil and Gas

Oil price crash won’t undermine local content devt drive –NCDMB

The Nigerian Content Development and Monitoring Board, NCDMB, has ruled out any negative effects of the sharp decline of crude oil prices in the international market on the implementation of the local content policy in Nigeria. There has been apprehension among many indigenous operators in the nation’s oil and gas sector that the worsening slide in the price of crude oil, which is also taking its toll on International Oil Companies IOCs in the country, would also affect them negatively.

NSCDC inaugurates gunboats to tackle Pipeline Vandalism

The Nigeria Security and Civil Defence Corps (NSCDC), yesterday, inaugurated gunboats in Bayelsa State to tackle pipeline vandalism and other maritime crimes.

The gunboats were sent to the state command of NSCDC by the Federal Government a few days after suspected vandals attacked pipelines belonging to the Nigerian Agip Oil Company (NAOC) in Brass, Brass Local Government Area.

National Assembly will ensure passage of PIB – Saraki

President of the Senate, Dr. Abubakar Bukola Saraki has assured stakeholders in the petroleum sector that the 8th Senate will live up to the yearning of Nigerians by passing the Petroleum Industry Bill (PIB) which will add value and restore the pride of the industry.

Senator Saraki stated this when he played host to the In-coming Chairman, Extractive Industries Transparency Initiative (EITI), Mr. Fredrick Reinfeldt and his team in Abuja.

Gard Alert on Revised Nigerian "Letter of Comfort"

 Norwegian maritime insurer Assuranceforeningen Gard (Gard) Tuesday released an alert over a revised "Letter of Comfort" regarding the banning of tankers in Nigerian waters, which has been issued by the Nigerian National Petroleum Corporation (NNPC).

Gard says the revised letter "addresses some earlier concerns" but suggests "problems remain."

Issues cited by Gard include confusion over who is required to sign a Letter of Comfort and what activity would be considered a breach of a Letter of Comfort.

3 Russians on trial in Nigeria for ‘illegal crude oil trade’ skip bail

Illegal Crude Oil Trade

Three Russians who are among 14 foreigners accused of dealing in crude oil without licence have jumped bail, the Federal High Court in Lagos heard on Monday.

Justice Ibrahim Buba issued a bench warrant for their arrest.

He also revoked the bail granted to other accused persons.

The judge ordered Zenith Bank Plc, which provided a bank guarantee for the bail granted the accused persons for N50million each, to appear and explain why the sum will not be forfeited.

Senator Shehu Sani calls for Probe into Lake Chad basin oil Exploration

The Chairman, Senate Committee on Foreign and Domestic Debts,

Senator Shehu Sani, has urged President Muhammadu Buhari to investigate oil exploration in the North.

Sani, who is also the vice chairman, Committee on Foreign Affairs, said over $3 billion was wasted without any hope of getting oil.

The lawmaker, who represents Kaduna Central on the platform of the All Progressives Congress (APC), spoke yesterday when members of the Kaduna State Students’ Union visited him in his Kaduna office.