Institutions and Key Organisation

Nigerian firms execute $12b oil, gas projects in 2014

The anticipated growth in participation of indigenous firms in the Nigerian oil and gas industry may have begun to manifest as indications emerged that about $12 billion worth of projects were implemented by the companies last year. With this development, stakeholders believed the indigenous firms have firmly established their footprints in the sector Read more

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FG Says Oil And Gas Park Scheme Will Increase Job Creators

The Federal Government said that the implementation of Nigeria Oil and Gas Park Scheme (NOGaPS) would facilitate local manufacturing of goods for the oil and gas industry. The Head of Civil Service of the Federation, Mr Danladi Kifasi, said this on Thursday in Abuja at the 15th Nigerian Oil and Gas Conference and Exhibition. Read more

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IOCs Seek Fresh Negotiations with FG on Funding for Oil and Gas Projects

In a bid to address the shortfall in funding arising from the drop in the price of crude oil, the joint venture partners of the Nigerian National Petroleum Corporation (NNPC) have called for fresh negotiations with the federal government on the implementation of projects in the sector. Read more

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Nigeria: Oil Slide – Chevron U.S Asset Sales to U.S.$15 Billion

Chevron Corporation is planning to increase its asset sales by 50 percent to $15 billion and curtail new investment for the next two years after plunging oil prices squeezed cash flow for the second-biggest U.S. energy producer.

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Tumbling oil prices force Senate to cut Budget 2015

The Senate yesterday reduced some subheads of the 2015 budget —no thanks to tumbling oil prices. It demanded immediate submission of the details of the N360.94 billion Service Wide Vote, which some of the lawmakers described as nebulous. This is contained in the 2015-2017 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP), which the upper chamber debated and adopted. Read more

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Shell spills oil in Ogboinbiri River in Bayelsa, refuses to visit site

An oil leak from Seibou Deep facility operated by Shell Petroleum Development Company has been discharging crude into Ogboinbiri River in Bayelsa. Residents of the coastal settlements in Ogboinbiri and neigbouring communities say the oil leak has damaged the fishing activities of the people. Read more

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Missing $20bn: Reps gives Okonjo-Iweala one-week ultimatum to submit forensic audit

The House of Representatives has yesterday issued a one week ultimatum to the Minister of Finance and Coordinating Minister of the economy Ngozi Okonjo-Iweala to submit the report of the forensic audit on the alleged missing $20bn The mandate followed a resolution, passed last week by the House at plenary which directed its Committee on Public Accounts, to investigate the matter. read more

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Falling oil price may not affect $3.8bn Egina project

THE current economic impact of global downtrend in the prices of  oil that is already taking its toll on key sectors of the Nigerian economy may not have adverse effect on the country’s Egina oil platform project valued at $3.8 billion. The project was awarded by Total E&P Nigeria to Samsung Heavy Industries, with a mandate to integrate a Floating Production Storage and Offloading, FPSO platform at the LADOL base in Lagos, as the local content

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Files Open New Window on $182-Million Halliburton Bribery Scandal in Nigeria

Leaked records from HSBC, a huge global bank based in London, reveal new details about the bank’s role as a conduit for the bribes — and new details about how Tesler operated. The files, obtained by the French newspaper Le Monde and the International Consortium of Investigative Journalists, show ties between Tesler and high-ranking Nigerians not previously named publicly in connection with the scandal, raising the possibility of renewed questions

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Senate to adopt $78 oil benchmark for 2015 fiscal year

Abuja – The Senate is set to adopt the proposed 78 dollars as the country’s oil price benchmark for 2015 fiscal year. The discosure was made on Tuesday at the joint meeting on 2015-2017 Medium Term Expenditure Framework organised by Senate Joint Committees in Abuja. Read more

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