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PIB: NEITI seeks clarification on host communities’ fund

Jul 22, 2013

The Nigeria Extractive Industries Transparency Initiative has called on the National Assembly to use the Petroleum Industry Bill to ensure uniformity in addressing the problems of all communities located in mineral-producing areas. The Chairman, Board of NEITI, Mr. Ledum Mitee, made the call while appearing at the Senate to present the organisation’s position on the…

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Nigeria will no longer release foreign vessels involved in oil theft – Minister

Jul 20, 2013

Foreign Affairs Minister Olugbenga Ashiru says the ministry will no longer entertain appeals from foreign missions to release the crew or ships, involved in illegal activities on Nigeria’s territorial waters. Ashiru issued the warning on Friday in Abuja at a briefing with members of the diplomatic corps in Nigeria. He also cautioned the diplomats against…

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PIB will stifle growth in the Nigerian oil and gas sector – IOCs/indigenous oil companies

Jul 19, 2013

International and local oil companies under the aegis of Oil Producers Trade Section, OPTS, Thursday stoutly opposed the passage of the Petroleum Industry Bill, PIB, at the opening session of a two-day public hearing in Abuja. The two-day public hearing was organised by the Senate Joint Committee on the PIB. According to the OPTS, which…

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Crude oil theft: FG sets up task force to prosecute offenders

Jul 19, 2013

The Federal Government has set up a legal task force to prosecute persons found culpable in crude oil theft. Crude oil theft has been on the rise in recent months with the Finance Minister, Ngozi Okonjo-Iweala, recently announcing that Nigeria loses about N150 billion monthly to crude oil theft, thus reducing revenue available to the…

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PIB: Nigeria won’t accept threat, blackmail by IOCs, says Mark

Jul 19, 2013

Senate President, David Mark, has asked International Oil Companies, IOCs, to avoid the use of blackmail and the threat of pulling out of the country if the Petroleum Industry Bill, PIB, does not go their way. He spoke while inaugurating a two-day Public Hearing on the PIB in Abuja. The Hearing is organised by the…

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Derivation: Bayelsa communities want FG to revert to 1982 Revenue Act

Jul 19, 2013

Oil producing communities in Bayelsa State have asked the Federal Government to revert to the provisions of the 1982 Act in the disbursement of the 13 per cent derivation fund. The communities, in a memorandum to the Chairman, Revenue Mobilisation, Allocation and Fiscal Commission, RMAFC, argued that the provisions of the 1982 Act allowed that…

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NIMASA steps up capacity building

Jul 19, 2013

Nigeria’s apex maritime regulatory authority, the Nigerian Maritime Administration and Safety Agency (NIMASA), has stepped up capacity building to ensure that Nigeria meet its manpower needs in the shipping sector of the economy. Apart from meeting the manpower needs of the country, the agency said it would also help in meetings the provisions of the…

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PIB public hearing address by the Minister of Petroleum Resources, Diezani Alison-Madueke on July 18th 2013

Jul 19, 2013

Protocols It gives me great pleasure to be invited to the Public hearing on the Petroleum Industry Bill. While I recognize the monumental impact of this forum on our oil and gas industry and the nation at large, let me use this opportunity to again thank the Senate Joint Committee on their effort to expedite…

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Malabu: UK court orders Etete to pay $110m to ‘middleman’

Jul 18, 2013

The controversial sale of Nigeria’s oil block OPL-245 took a new twist yesterday as the United Kingdom high court ruled in favour of the middleman who had instituted a case against Malabu Oil and Gas Company, claiming to have been side-lined for his role in brokering the deal which was executed under corrupt circumstances. Much…

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Why NERC is sceptical about planned review of EPSR Act

Jul 18, 2013

Parts of the reasons why the Nigerian Electricity Regulatory Commission (NERC) is sceptical about the planned review of the Electric Power Sector Reform (EPSR) Act by the ministry of power was yesterday fully disclosed to THISDAY. According to a source privy to the ongoing impasse between the regulatory body and ministry of power on the…

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