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Navy decries foreigners’ involvement in oil theft

Sep 25, 2013

The Nigerian Navy Tuesday decried the increasing presence of foreigners in the illegal bunkering and refining of crude oil in the Niger Delta, saying the trend was worrisome. The public outcry by the navy followed the handing over of 61 suspected oil thieves, which included a Ghanaian and Camerounian, to the Bayelsa State Police Command…

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New power investors demand increase in electricity tariffs

Sep 25, 2013

As the federal government shifts the handover date of the assets of the Power Holding Company of Nigeria (PHCN) to the new buyers from October 1 to 2 as a result of the Independent Day anniversary celebration, the successful investors are already demanding for an increase in electricity tariffs. However, the Nigerian Electricity Regulatory Commission…

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Revenue shortfall: House Committees differ on Alison-Madueke

Sep 25, 2013

The debate over who should be held responsible for the dwindling oil resources in the country took a new dimension yesterday, as the Joint House Committees on Petroleum Upstream and Gas Resources took a swipe at the House Committee on Finance for blaming the revenue shortfall on the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke…

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BP sells Forties at 3-month low ; Nigeria boosts Qua oil exports

Sep 24, 2013

BP Plc (BP/) sold North Sea Forties crude at a discount to Dated Brent, the lowest level since June 19. Socar Trading SA offered Azeri Light blend at a smaller premium than yesterday. Nigeria plans to increase November exports of Qua Iboe crude to 11 cargoes, two more than in October, according to loading programs…

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Brent edges down near $108

Sep 24, 2013

Brent crude edged down near $108 per barrel on Tuesday as geopolitical tensions eased slightly ahead of nuclear talks involving Iran and the US later this week, while rising oil supply from Iraq and Libya weighed on prices. Iran has agreed to new talks on its nuclear programme with top diplomats from six world powers,…

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OPEC daily basket price stood at $106.52/b on Monday 23 September 2013

Sep 24, 2013

The price of OPEC basket of twelve crudes stood at 106.52 dollars a barrel on Monday, compared with $107.34 the previous Friday, 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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FG, states unable to share revenue as cash crunch deepens

Sep 24, 2013

Is Nigeria broke? Notwithstanding the vigour with which officials of the Federal Government may respond with a no, they would not have the support of finance commissioners who returned to their states from Abuja Monday empty-handed. They were in the federal capital to get their  statutory revenue allocation from the Federation Account. But a shortfall of…

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Stakeholders apprehensive over Oando’s shares decline

Sep 24, 2013

Stakeholders in the oil and gas industry are becoming apprehensive over the decline inOandoPlc shares, which dropped by 10 per cent on the Nigerian Stock Exchange last week. The drop in the Oando share price was attributed to the revelationsmade at a Southwark, London Court, lastweek by the former Governor of Delta State, James Ibori,…

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Downstream operators groan under multiple regulations

Sep 24, 2013

Operators in the downstream sector of Nigeria’s oil and gas industry are groaning under conflicting operating requirements imposed by different government agencies, including the Department of Petroleum Resources (DPR), Standards Organisation of Nigeria (SON), Ministry of Environment, Weights and Measures, Nigeria Police and the Town Planning Authority, among others, THISDAY has learnt. These agencies, it…

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AGF yet to receive PHCN workers severance payment

Sep 24, 2013

The Office of the Accountant General of the Federation has yet to receive the severance package of workers of the Power Holding Company of Nigeria, investigations have revealed. The National Council on Privatisation chaired by Vice-President Namadi Sambo had on Friday ordered the OAGF to ensure that the workers were settled this week. Similarly, the…

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