NIGERIA'S OIL PRODUCTION TO GET BOOST AS SHELL RESUMES EXPORT AT 400,000 BPD FORCADOS TERMINAL MONTH END.
After months of under-production and a heavy dip in foreign exchange earnings from oil export due to crude theft and vandalism, Nigeria’s oil production is set to rise again as Shell Petroleum Development Company Limited (SPDC) hinted yesterday that its 400,000 barrels per day (BPD) Forcados Oil Terminal would resume export operations by the end of this month. By then, the oil major said it expects that ongoing essential repairs on the facility would have been completed and begin normal export operations. SPDC’s Media Relations Manager, Abimbo…
FEDERATION ACCOUNT ALLOCATION COMMITTEE (FAAC): RESILIENT AMID ZERO REMITTANCE FROM NNPCL.
Despite the zero revenue contribution of Nigeria National Petroleum Company Limited (NNPCL) into FAAC’s purse, the three tiers of government still had enough to share in the last eight months, Abdulwahab Isa reports. The Nigerian federation could flourish independent of oil revenue after all. Glimpses into the federation revenue basket, with nearly one year of Nigeria National Petroleum Company Limited, NNPCL, not remitting oil revenue to the Federation Account Allocation Committee (FAAC) proves a possibility of a flourishing economy devoid of…
NIGERIA TO FAST-TRACK THE COUNTRY'S INDUSTRIALISATION THROUGH GAS | Chief Timipre Sylva
The Minister of State Petroleum Resources, Chief Timipre Sylva has reiterated Nigeria’s readiness to use gas to help fast-track the country’s industrialisation agenda. Speaking at a dinner with the diplomatic community in Abuja, Sylva said that gas was the only single energy source that could help Nigeria diversify the economy. Sylva, in a statement on Wednesday by his Senior Adviser, Media, and Communication, Horatius Egua also said that gas was the sure way for Nigeria to bridge its energy gap. He said Nigeria had a proven gas reserve of 206…
IRREGULAR OPERATION: THE FEDERAL GOVERNMENT SHUTS DOWN SCORPION OIL SERVICE OFFSHORE.
The Federal Government on Monday says it has shut down the diving operations of Scorpion Oil Services onboard MV African Installer offshore Lagos for operating without the requisite approvals. Mrs. Lauretta Adogu, the Director of Factories of the Federation in the Ministry of Labour and Employment, said this during a monitoring exercise conducted by the ministry and the Chief Inspector of Diving, Mr. Julius Ugwala. Adogu, who is also the Director, of the Occupational Safety and Health Department, said this in a statement signed by Mr. Olajide …
NIGERIA ADDS 50,000 BPD FROM TOTAL ENERGIES IKIKE FIELD.
Total Energies — which operates the field with a 40 percent stake alongside the Nigerian National Petroleum Company, Limited (NNPC) with 60 percent, said it expects Ikike to deliver 50,000 b/d of oil equivalent (boe/d) by the end of the year. The field is tied back to the Amenam offshore facilities through a 14km pipeline. “By tapping discoveries close to existing facilities, this project fits the company’s strategy of focusing on low-cost and low-emission oil projects,” said Henri-Max Ndong-Nzue, senior vice-president of TotalEnergies’ upstre…
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THE TRANSPORT BILL FAILS AS BUHARI DECLINES ASSENT.
The proposed National Transport Commission, NTC, has failed for the second time in getting presidential approval. Speaking in an exclusive interview with Vanguard at the 16th Maritime Seminar for Judges in Abuja, Chairman of the House Committee on Ports and Harbours, Garba Datti Muhammad, said the National Assembly had finished its work on the Bill but lamented that the President did not assent, noting that the time frame for the assent has lapsed. He explained that the alternative is for the bill to be represented by the next Legislature regi…
FEDERAL GOVERNMENT: PETROL SCARCITY WILL LINGER UNTIL FULL DEREGULATION.
Unless the oil sector is fully deregulated, fuel scarcity will remain a norm in the country, the Federal Government hinted yesterday. Also, the government admitted that the soaring price of cooking gas was beyond its control. Minister of State for Petroleum Resources, Timipre Sylva stated these just as the Nigeria Labour Congress (NLC), said Nigeria imports fuel “far more” than it needs. In the House of Representatives, Abuja where NLC President Ayuba Wabba spoke, the Nigeria Customs Service (NCS) put the total volume of Nigeria’s fuel import…
REVENUE ALLOCATION SHORTFALL: PAYMENT OF SALARIES UNCERTAIN IN MONTHS AHEAD - Governors.
Governors of the 36 states of the federation, under the aegis of the Nigerian Governors Forum, NGF yesterday painted a grim picture of the economy, with dwindling revenue allocation, saying payment of salaries would be difficult in the months ahead. The Forum raised the alarm in a presentation it made to the House of Representatives ad hoc committee investigating daily PMS consumption in the country. It, however, attributed the situation to the inability of the Nigerian National Petroleum Company, NNPC, Limited to make remittances accruable fr…
MINISTRY TO SET UP OIL, GAS INVESTMENT CENTRE.
The Ministry of Petroleum Resources says it is setting up an Oil and Gas Investment centre which will act as a one-stop Oil and Gas Investment centre to spur Foreign Direct Investments (FDIs). It said the centre would be reciprocated along all the MDAs to create an enabling business environment for would-be investors to attract all the available FDIs into the sector. Mr. Kamoru Busari, Director overseeing the office of the Permanent Secretary, Ministry of Petroleum Resources, made this known on Wednesday in Abuja at the ongoing Nigerian Oil an…
WE LOSE 50,000 BARRELS TO OIL THIEVES DAILY. | CHAIRMAN, HEIRS HOLDINGS.
The Chairman of Heirs Holdings, Tony Elumelu, has lamented that his company, Heirs Oil and Gas, loses 50,000 barrels of crude oil to thieves daily. Elumelu lamented in Abuja on Tuesday during his lecture to members of Course 30 of the National Defence College on the theme, Strategic Leadership: My Business Experience. According to him, the oil theft in the Niger Delta has been a national issue for those looking to invest in the oil and gas sector. He said, “We produce sometimes about 87,000 barrels per day, thieves take 50,000 per day and to m…
TOTALENERGIES' FULL YEAR PROFIT LEAPS BY 711% AMID GLOBAL OIL REBOUND.
TotalEnergies Marketing Nigeria Plc, the local unit of France-based oil and gas giant TotalEnergies SE, reported a net profit growth of above seven fold for 2021 as the global oil industry recovers from a record oil crash the previous year, the company’s financials showed on Friday. The oil driller noted a 67 per cent revenue surge as a core factor that expanded profit and highlighted earnings from petroleum products as well as “lubricants & others” as driving sales. Following the release of its earnings report in Lagos on Friday, TotalEne…
