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‘Oil sector uses over 80% of all imported radioactive sources’ – Dr. Egbogah

Aug 19, 2013

Over 80% of all imported radioactive sources are used in the oil and gas sector, the former alternate chairman, Nigeria Nuclear Regulatory Authority, NNRA, Dr. Emmanuel Egbogah, has stated. According to him, the radioactive sources are used for industrial radiography, nuclear gauging and radio-tracing. Speaking at the technical meeting on regulating applications in the oil…

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Four Thais released after kidnap ordeal in Nigeria

Aug 19, 2013

Four Thais held in an apparent ransom kidnapping in Nigeria have been freed unharmed, a spokesman for the kingdom’s foreign ministry in Bangkok said Saturday. A gang of armed kidnappers seized the four Thais and two Nigerians on a waterway while they were on their way to work at a state-owned fish farm in the…

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Negative oil activities have caused N160 trillion environmental devastation in Niger Delta – Kuku

Aug 16, 2013

The Federal Government, yesterday, said it will cost about N160 trillion ($1 trillion) to restore the environment in the Niger Delta, following the devastation brought upon the region by crude theft, illegal bunkering and oil exploration activities. Speaking at a conference on Oil Theft and Illegal Bunkering in the Niger Delta, in Lagos, Special Adviser…

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Okonjo-Iweala decries N232bn fraudulent subsidy claims

Aug 16, 2013

The Minister of Finance, Dr. Ngozi Okonjo-Iweala, has decried the N232bn ($1.5bn) overpayments made to “fraudulent” oil marketers. Okonjo-Iweala, who is also the Coordinating Minister for the Economy, made the plan known at the meeting of the National Council of Finance and Economic Development in Minna, Niger State on Thursday. She said in 2006, the…

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FG orders registration of all measuring equipment, including those for oil exports

Aug 16, 2013

The federal government has directed all industries using weight and measurement instruments for both domestic and international trade within the country to get such equipment registered for verification purposes or risk sanction. The verification is in line with section 7 of the weights and measures Act 2004. Chief Executive Officer of Nigerco Nigeria limited, consultant…

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DPR underfunded, supported by oil majors – Expert

Aug 15, 2013

Due to serious underfunding of the Department of Petroleum Resources, DPR, by federal government, the agency has for long been assisted by international oil companies and other operators to discharge its regulatory functions, an industry expert has said. Chief George Owarieta, former NNPC top official and Managing Consultant, Independent Mediation Consultancy Services, who disclosed this,…

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Offshore supply vessel operations face increased piracy threats off Nigeria

Aug 15, 2013

Offshore supply vessel operations off Nigeria will continue to face increased threats from maritime criminals engaged in cargo theft, robbery and kidnapping in the years to come according to a report by a security consultancy firm, Bergen Risk Solutions. The report, which covered a 12-month period ending on August 1, revealed that  Offshore Supply Vessels…

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Navy arrests grounded crude oil barge, tug boat, 6 suspects

Aug 15, 2013

Officers and ratings of Central Command of the Nigerian Navy have arrested the grounded crude oil laden barge in the St. Nicholas River on the Brass Island and the crew of a tug boat accused of trying to pull the barge and its alleged stolen content in Bayelsa State. The Brass-Akassa corridor on the Atlantic…

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Banks unwilling to lend funds to power bidders over PHCN workers entitlements

Aug 14, 2013

Nigerian banks are unwilling to lend funds to the preferred bidders of the 11 privatized Electricity Distribution Companies due to uncertainty associated with the settlement of entitlements of former Power Holding Company of Nigeria, PHCN, workers. The owners of the DISCOs, who made their plight known to the minister of power in Abuja on Tuesday,…

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CAMAC Energy Inc. announces losses for second quarter 2013; provides operational update

Aug 14, 2013

CAMAC Energy Inc. today announced a net loss of $4.4 million, or $(0.03) per diluted share for the quarter ended June 30, 2013. For the same period in 2012, CAMAC Energy reported a net loss of $4.0 million, or $(0.03) per diluted share. Operating revenues for the Company were $1.9 million for the quarter ended June 30, 2013, compared to $0 for the same period in 2012. The…

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