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Nigeria lost over $100 billion to foreign crude tankers in 5 decades – NCDMB

Aug 25, 2013

The Nigerian economy lost over $100bn in five decades by allowing its crude oil to be carried exclusively by foreign owned tankers, the Executive Secretary of the Nigerian Content Development and Monitoring Board, Engr. Ernest Nwapa has said. Speaking on Friday at the launch of two brand new 45,000 metric tons tanker vessels-MT Abiola and…

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Acquisition Of Upstream Oil & Gas Assets In Nigeria: Legal Issues To Consider

Aug 25, 2013

With the gradual shift away from Nigeria’s shallow waters to deep offshore fields by the oil majors, as has been further highlighted by recent press reports of the potential divestments of assets by Shell and Chevron, it is safe to say that there will be an increase in the activities of energy lawyers who are…

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JTF destroys 48 illegal refinery sites in the Niger Delta

Aug 24, 2013

The Joint Task Force code-named Operation Pulo Shield has destroyed 48 illegal refinery camps in the Niger Delta in a renewed offensive against crude oil theft in the blighted region. Also, 40 wooden boats known as ‘Cotonou boats’ used by the oil thieves were destroyed by the operatives of the Special Security Forces who also nabbed…

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We are containing oil spill in the Niger Delta – Shell

Aug 24, 2013

Royal Dutch Shell’s Nigerian unit is containing an oil spill in the Niger Delta, the company said on Friday, after the military reported liquid “jetting” out of a pipeline. Massive oil theft, sabotage of infrastructure and leaks from ageing pipelines are all cutting into the profits of oil majors operating in Nigeria, as well as…

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NNPC warns NASS on PIB delay

Aug 23, 2013

The group managing director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mr Andy Yakubu, has challenged the National Assembly (NASS) over the continued delay in the passage of the Petroleum Industry Bill (PIB), attributing non performance of the oil and gas industry to the absence of a holistic petroleum industry law. Yakubu declared that…

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Nigerian content: Indigenous upstream participation exceeds 30%

Aug 23, 2013

Indigenous exploration and production companies now control over 30 per cent of the upstream segment of the country’s oil and gas industry, the Group Executive Director, Exploration and Production, Nigerian National Petroleum Corporation, Mr. Abiye Membere, has said. Speaking at a conference in Lagos on Thursday, Membere attributed this development to the Nigerian Content Development…

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Nigerian Content Act makes little impact in terms of local manufacturing

Aug 23, 2013

Three years after President Goodluck Jonathan signed the Nigerian Content bill into law to ensure domestic domiciliation of activities in the oil and gas industry, the legislation has increased the Nigerian Content in the area of manufacturing of equipment used in the industry to only seven per cent. This is coming as the Chairman of…

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Oil theft, other factors lead to revenue shortfall in July

Aug 23, 2013

The Federation Account Allocation Committee Thursday deducted N115 billion from the Excess Crude Account (ECA) to make up for revenue shortfall for July. The withdrawal leaves the ECA at about $5.1 billion. Also, a total statutory revenue of N715.84 billion was shared among the three tiers of government for July. This came as the federal…

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How $1bn power sector Eurobond will be spent – DMO

Aug 23, 2013

The $1billion Eurobond meant for public power supply stabilisation in Nigeria will not only be tied to the envisaged projects, but also closely monitored to win investors’ confidence. This was disclosed yesterday, by the Director General of Debt Management Organisation (DMO), Dr. Abraham Nwankwo, in Calabar, the Cross River State capital. In an interview shortly…

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‘Nigeria loses $2.5bn to gas flaring yearly’ – HOMEF

Aug 22, 2013

Health of Mother Earth Foundation, HOMEF, said that Nigeria loses more than $2.5 billion through the flaring of associated gas annually. Mr. Nnimmo Bassey, Executive Director of HOMEF, also noted that no fewer than 300 Nigerians were killed and two million others displaced during the unusual heavy flooding in different parts of the country in…

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