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The reason IOCs are against the PIB – expert

Aug 12, 2013

The Executive Director, A-Z Petroleum Products Kenya Limited, Prof Charles Ofoegbu, has noted that the International Oil Companies, IOCs, are fighting the passage of the Petroleum Industry Bill, PIB, into law because of local content. He stressed that the foreign players are kicking against the bill because of their concerns on local content. Ofoegbu, a…

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Oil Theft In Nigeria: Which Way Is Forward?

Aug 11, 2013

Concern is currently at an all time high as the country’s revenue continues to dwindle due to the relentless activities of oil thieves who steal up to 400,000 barrels per day according to some reports. Such concern is particularly well founded as this is coming at a time when multinationals are divesting due to the…

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PPPRA urges NEITI to desist from confusing the public over audit report

Aug 9, 2013

The Petroleum Products Pricing Regulatory Agency, PPPRA has appealed to the Nigeria Extractive Industries Transparency Initiative, NEITI, to desist from confusing the public further on its audit report which said that the PPPRA should remit N4.423 billion to the Federation Account. Reacting to NEITI’s statement affirming that it stood by its controversial audit report, the…

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MAN approves use of DSME HP gas system

Aug 9, 2013

Daewoo Ship building & Marine Engineering has announced a patent licence agreement with MAN Diesel & Turbo for use of the DSME high pressure-fueled gas supply (HP-FGS) system. Under the terms of the contract, details of which are being kept confidential, MAN will use DSME’s HP-FGS system patents and licences for its two-stroke LNG propulsion…

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Kaztec Engineering to begin operation of Snake Island fabrication yard

Aug 8, 2013

Kaztec Engineering, a Nigerian fabricator of drilling and production platforms and other specialized structures for the oil and gas industry, has confirmed that construction of a new fabrication yard at Snake Island Integrated Free Zone in Lagos is on schedule, and that the facility is set to begin operation in the coming month. Kaztec is…

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Shell Nigeria contradicts parent company, says it lost $250m not $700m

Aug 8, 2013

Shell Nigeria, Wednesday, denied claims that its parent company, Royal Dutch Shell, lost $700 million (N112 billion) in second quarter 2013, due to crude theft and other sundry issues in Nigeria, saying that the actual amount lost to operational difficulties in Nigeria is $250 million (N40 billion). The statement by Shell spokesperson, Mr. Precious Okolobo…

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Ministry of Power insists on transparent, productive review of Electricity Act

Aug 7, 2013

The Ministry of Power has said its planned review of Nigeria’s almost eight years old Electric Power Sector Reform, EPSR, Act is intended to keep the sector abreast with extant changes in the emerging electricity market. The ministry said it was already looking ahead to obvious challenges that would arise in a post privatised power…

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OPEC daily basket price closed at $105.56/b

Aug 7, 2013

The price of OPEC basket of twelve crudes stood at 105.56 dollars a barrel on Tuesday, compared with $106.43 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra…

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EFCC declares two subsidy fraud suspects wanted

Aug 7, 2013

The Economic and Financial Crimes Commission, EFCC, has declared two oil subsidy suspects, Seun Ogunbambo and Habila Theck, wanted. The two men are the Managing Director and General Manager, Operations, of Fargo Petroleum and Gas Limited, one of the numerous firms implicated in the multi-million naira subsidy scam that rocked the nation in 2011. Although…

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NCDMB faults Total, Samsung over $15bn Egina project

Aug 7, 2013

The Nigerian Content Development and Monitoring Board has faulted Total Upstream Nigeria Limited and Samsung Heavy Industries over non-compliance with the Nigerian Content Act in the development of the $15bn Egina deepwater field off Nigeria. The NCDMB, in a letter addressed to the Managing Director, Total Upstream Nigeria Limited, Mr. Christophe de Margerie, said the…

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