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Senate summons Halliburton, Shell, others over violation of expatriate laws

Jul 31, 2013

Some major multinational oil exploration and construction companies, including Halliburton and Shell, would be appearing before the Senate over violation of expatriate regulations. The erring companies, which are accused of flagrant abuse of expatriate laws, are expected to give details of their compliance to expatriate and labour laws when they appear before the Senate Committee,…

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OPEC daily basket price closes at $104.92/b

Jul 31, 2013

The price of OPEC basket of twelve crudes stood at 104.92 dollars a barrel on Tuesday, compared with $105.21 the previous day, 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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JTF arrested 608 suspected oil thieves, seized 24 vessels in first half of 2013

Jul 31, 2013

The Joint Task Force in the Niger Delta code-named ‘Operation Pulo Shield’, said it has arrested 608 suspected oil thieves in 594 raids carried out between January and June. The JTF spokesman, Lt. Col. Onyema Nwachukwu, told the News Agency of Nigeria, NAN, in Yenagoa that oil theft was consequently on the decline. “So far,…

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NNPC’s Duke Oil records 290% increase in crude revenue from trading

Jul 31, 2013

The Nigerian National Petroleum Corporation, NNPC’s, involvement in international crude trading has over time recorded substantial increase in volume and revenue, the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, has said. Alison-Madueke disclosed at the 2013 ministerial platform to underscore the ministry’s scorecard as part of the mid-term achievement of President Goodluck Jonathan administration, that…

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FG set to begin online registration of businesses; expands 24 hour business registration across country

Jul 31, 2013

The Ministry of Industry, Trade and Investment  has said it has concluded plans to ensure that Nigerians in Diaspora and foreigners planning to register their businesses in the country can do so online from any part of the world in the next two months. The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, said…

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‘Why we couldn’t probe oil documents’ – PPPRA

Jul 30, 2013

A Lagos High Court, Ikeja was yesterday told that the Petroleum Products Pricing Regulatory Agency (PPPRA) failed to investigate some documents submitted by three oil firms for payment of subsidy on oil imported into the county. A prosecution witness, Mr Victor Chidok, who is the head of Lagos Zonal Office of the PPPRA, disclosed this while giving…

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New oil discoveries threaten Nigeria’s revenue, LCCI warns

Jul 30, 2013

The Lagos Chamber of Commerce and Industry (LCCI) has warned that new oil discoveries across various countries pose threats to the nation’s revenue. The President, LCCI, Mr. Goodie Ibru, explained that the United States of America, which is a major importer of Nigeria’s crude oil, is already devising means and methods towards becoming a net…

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OPEC oil export revenue hit $982bn in 2012 – EIA

Jul 30, 2013

Members of the Organisation of Petroleum Exporting Countries (OPEC), excluding Iran, recorded about $982 billion, or five per cent increase in net oil export revenue in 2012, according to recent estimates of the United States Energy Information Administration (EIA). The Western energy watchdog noted that the amount was estimated to be the largest level over…

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Okonjo-Iweala queries NNPC GMD over unremitted funds• As NEITI presents oil, solid minerals audit report

Jul 30, 2013

The Minister of Finance, Dr. Ngozi Okonjo-Iweala, on Monday verbally queried the Group Managing Director, Nigerian National Petroleum Corporation, Mr. Andrew Yakubu, over the non-remittance of over $8bn into the Federation Account. The minister, who was the keynote speaker at the public presentation of the 2009 to 2011 oil and gas physical and process audit…

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An Overview of the Nigerian Oil and Gas Industry Local Content Initiative

Jul 29, 2013

The Nigerian Oil and Gas Industry has developed, focusing on increasing indigenous participation in the industry. This is reflected through the Nigerian government initiative of increasing Local Content and ensuring that indigenous companies have a greater part in developing oil and gas assets. The current climate of the industry has largely been influenced by the…

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