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National Assembly and the passage of the PIB

It could be argued that the government’s transformation agenda would succeed only to the extent that the petroleum sector is transformed. The reason is that oil exports and proceeds from domestic sales account for nearly 80% of all federally- generated revenues and 95% of foreign exchange earnings. This statistics demonstrate that Nigeria operate largely a mono- product economy. Therefore, one wonders why too much politics gets in the way of the

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Nigeria’s petroleum future in post-PIB

Last year, the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke delivered a paper on the future of Nigeria’s petroleum industry in the next five years. Below is an extract from the presentation: … As you are aware, the Government has embarked on reforms within the petroleum sector in order to make the industry attractive to both local and international investors. Some of these reforms include; the National Content Act, the Amnesty

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CSO urges EITI to support passage of PIB

ABUJA – Worried by the delay in the passage of the Petroleum Industry Bill, PIB, by the National Assembly, a Civil Society Organization, Publish What You Pay, PWYP, has appealed to the Extractive Industry Transparency International, EITI, to add its voice to ensure early passage of the bill into law. The Chair PWYP Nigeria Steering Committee, Faith Nwadishi, who made the appeal at a consultative meeting recently with EITI, Chairperson, Ms. Clare

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PIB: Labour tells NASS, FG, OPTS to reconcile differences

ORGANISED Labour in the Nigeria’s Oil industry, has called on the National Assembly to arrange a meeting between the Government represented by the Nigeria National Petroleum Corporation, NNPC, and the Oil Producers Trade Section, OPTS, to reconcile the disagreements on the fiscal regimes in the protracted Petroleum Industry Bill, PIB. Under the umbrella of the Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, and its Petroleum and Natural

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PIB passage tipped before 2015

Contrary to expectations, the passage of long-awaited Petroleum Industry Bill, PIB, may be stretched to before 2015. Ironically, earlier promises made by various arms of government including the executive and the legislature were that the bill will be passed before year end. The hint was dropped in Lagos  at the 7th Oil Trading Logistic Expo, thereby heightening anxieties of protracted investment freeze in Nigeria’s oil and gas industry. The Chairman

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Crude theft: FG to begin pipelines’ surveillance

The Federal Government has said that it will soon begin the surveillance of Nigeria’s pipelines with aircraft manned by Nigerian pilots, trained under the Petroleum Technology Development Fund, PTDF programme. Speaking at the Upstream and Downstream Oil and Gas Exhibition and Conference, in Abuja, Mr. Oluwole Oluleye, Executive Secretary, PTDF, who expressed government’s concern with the increasing rate of crude theft in the country, said the

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Army calls for intensified crusade against bunkering

The Nigerian Army said it has stepped up its crusade against illegal oil bunkering activities in the Niger Delta. The renewed vigour, Sweetcrude gathered, was informed by a directive by the Chief of Army Staff, Lt. Gen. Azubuike Ihejirika, while in Port Harcourt, to commission some projects donated to the Port Harcourt Army Barracks by the Niger Delta Development Commission, NDDC. Projects commissioned were a 30-flat complex built by the NDDC and

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PIB’s Fiscal Regime: A Moment of Truthfulness

I’m starting to have this sinking feeling that meaningful opportunities are slipping away from the Petroleum Industry Bill’s (PIB) debate – particularly its fiscal regime. Stakeholders are threading the 2009 PIB path of self-destruct. Although, the global debate regarding oil and gas fiscal regime is not new and will continue for ages, one wonders the motive behind the IOC’s recent chutzpah of debagging the PIB on the pages of Newspapers

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JTF intensifies war against oil thieves

OIL theft is not new in the Niger Delta, but its rising index in recent times is constituting serious worries to government, security agencies and other stakeholders in the oil and gas business in the country. The Chief of Army Staff, Lieut. Gen. Azubuike Ihejirika, met with his top officers in Port Harcourt, Rivers State, to critically look at  how to nip the crime effectively and tackle the problem. Ihejirika told  SWEETCRUDE before the meeting

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NEITI wants PIB redrafted to address host communities’ interest

The Nigeria Extractive Industries Transparency Initiative (NEITI) has asked the National Assembly to ensure that the provisions of the proposed Petroleum Industry Bill (PIB) were redrafted to accommodate the interest of the host communities in the ownership of natural resources. The Chairman of NEITI, Ledum Mitee, who presented NEITI‘s position on the PIB and the proposed host communities fund (HCF) provided for in the draft legislation at the

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