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Nigerian oil and gas companies estimated to spend N361.6bn on offshore drilling projects by 2016

Jul 24, 2013

Nigeria is expected to spend $2.26 billion (N361.6 billion) on offshore drilling activities by 2016, according to a recent report by GBI Research.  Also, the Organisation of Petroleum Exporting Countries (OPEC) has identified fossil fuels as dominant in meeting global energy demand for the foreseeable future. The GBI report released at the weekend, put yearly…

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Chevron trains Nigerian graduates on deepwater technology

Jul 24, 2013

Chevron Nigeria Limited, CNL, said it is sponsoring qualified young graduates to a training course on Remotely Operated Vehicle, ROV, overseas, as part of its efforts to assist Nigerians acquire necessary manpower in the deep water sector of the oil and gas industry. ROV, also known as an underwater robot, is commonly used in deepwater…

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FG earned N522 billion from petroleum tax, royalties in May – CBN

Jul 23, 2013

The Federal Government earned about N522.1billion from Petroleum Profit Tax, PPT, royalties and domestic crude oil and gas sales in May 2013, according to data released by the Central Bank of Nigeria, CBN. The amount represents 4.6 per cent of the N11.34 trillion gross federally-collectible revenue projected by the Federal Government in the 2013 Budget.…

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Community decries SPDC’s negligence, threatens to disrupt operations

Jul 23, 2013

The Peremabiri community in the Southern Ijaw local government area of Bayelsa state has threatened to disrupt operations of Shell Petroleum Development Company (SPDC) from this week, over the oil giant’s alleged  failure to heed its (community’s) requests to extend its corporate social responsibility gestures to Peremabiri. The community, in a protest letter sent to…

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Sambo expresses dismay over electricity tariff funds; summons finance minister, others

Jul 23, 2013

Vice President Namadi Sambo has expressed dismay over what he called the inadequate funds coming from the Multi-Year-Tariff-Order, MYTO, and the inability to pay for gas. Speaking at the State House in Abuja during the 29th meeting of the Board of the Niger Delta Power Holding Company of Nigeria, NDPHC, Sambo summoned Finance Minister Ngozi…

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Vandals rupture NNPC pipeline in Lagos

Jul 23, 2013

Pipeline vandals ruptured a pipeline belonging to the Petroleum Products Marketing Company, a subsidiary of Nigerian National Petroleum Corporation in Lagos on Monday, few weeks after an explosion occurred at the Atlas Cove area of the state. It was gathered that the pipeline was vandalised at Ita-Iyalode, a community in Idimu, and the PPMC said…

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IOCs’ Pipelines protection contracts lack transparency – Kuku

Jul 22, 2013

The Special Adviser to the President on Niger Delta and Chairman of the Presidential Amnesty Programme (PAP), Hon. Kingsley Kuku, has accused the international oil companies (IOCs) in the Niger Delta of not showing enough transparency in the process of award of their pipeline surveillance contracts. Kuku said such contracts tended to emasculate the communities…

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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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