Regulatory

Local insurers set eyes on oil, energy insurance pool

Jul 4, 2013

Nigerian insurers are exploring options that will see them improve on their participation in the high risk but lucrative oil and energy underwriting. The Local Content Act 2010 gives Nigerian underwriters opportunity to underwrite 70 percent of the insurance deals in the oil and gas sector if they build the required capacity and competencies. One…

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Nigerian content creates 15,000 direct Jobs – Alison-Madueke

Jul 3, 2013

The Nigerian Content Act in the oil and gas industry has created over 15,000 direct jobs since it was signed into law by President Goodluck Jonathan on April 22, 2010, the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, has said. Speaking at the weekend during the groundbreaking ceremony for Line Pipe Mill and Coating Facility…

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Shell commits $5m jetty to support NCDMB pipemill

Jun 27, 2013

Local content initiative received a boost from Shell Petroleum Development Company of Nigeria, which reconfirmed its commitment to build a $5m jetty in support of the pilot pipemill being promoted by the Nigerian Content Development and Monitoring Board  in Polaku, Bayelsa State. The Executive Secretary, Nigerian Content Development and Monitoring Board, Mr. Ernest Nwapa, was…

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Lawmakers plan to strengthen Local Content Act

Jun 20, 2013

The House of Representatives has unveiled plans to strengthen the Nigeria Oil and Gas Industry Content Development Act and help to create an enabling environment for partnership and business growth. Chairman of House Committee on Local Content, Mr. Asita O Asita, made this disclosure recently at an investment forum hosted by Shell and the United…

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NLNG Sues NIMASA over disputed levies

Jun 19, 2013

The Nigeria Liquefied Natural Gas (LNG) Limited (NLNG) Tuesday dragged the Nigerian Maritime Administration and Safety Agency (NIMASA) to a Federal High Court in Lagos, seeking judicial clarity and interpretation on the legality or otherwise of the various levies imposed on it by the maritime regulator. This is coming as the NLNG said it was…

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Committee will submit PIB report by July 11 —Tambuwal

Jun 19, 2013

The Speaker of the House of Representatives, Aminu Tambuwal, said on Tuesday the House Committee on the Petroleum Industry Bill would submit its report on July 11. Tambuwal said at a business lecture organised by the Island Club in Lagos that the committee had concluded hearings on the bill in all the regions except Abuja.…

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Nigeria needs robust policy to be able to harness gas potential – UK

Jun 13, 2013

The United Kingdom has advised Nigeria to develop a robust policy with strong legal framework to harness its huge gas reserves. The British Deputy High Commissioner in Nigeria, Mr. Peter Carter, said only a robust gas policy with strong legal framework could help the country harness its abundant gas deposits. Speaking during a Climate Change…

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Oil & gas insurance: Local retention rises by over 400% – NAICOM

Jun 11, 2013

Contrary to insinuations that objectives of the Local Content policy in the insurance industry, were yet to be achieved, the National Insurance Commission (NAICOM) has said that the local retention in oil and gas insurance business in the country rose by over 400 per cent in the last three years. The Commissioner for Insurance, Mr.…

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FG grants operational licenses to seven generation companies

Jun 11, 2013

The Federal Government on Monday issued operational licences to seven electricity generation companies under the National Integrated Power Project. Each of the companies got an on-grid generation licence for Independent Power Project. The companies include Benin Generation Company Limited in Edo State, which will generate 450 megawatts of electricity; Omotosho GCL, Ondo State, 500MW; Omoku…

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PENGASSAN propose PEF Merger with DPRA under PIB

Jun 10, 2013

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has proposed that the Petroleum Equalisation Fund (PEF) should be merged with the Downstream Petroleum Regulatory Agency (DPRA) after the passage of Petroleum Industry Bill (PIB). This position was presented to the Nigerian National Petroleum Corporation (NNPC) during one of its engagements with the…

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