Oil Industry Oversight, Regulation and Management

Termites in the House

The incoming All Progressives Congress (APC) Government has accused President Goodluck Ebele Jonathan of “defecating in the seat” he is vacating. This very graphic but unpalatable imagery used to describe the outgoing government is perhaps excessive and if one were to search for a more diplomatic way to cast it, it might go something like, “under Goodluck Ebele Jonathan’s watch, the structure of our economy got well and truly infected by

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Nigeria targets fuel sufficiency, exports by 2020

IF the Nigerian National Petroleum Corporation (NNPC) and the incoming government made good of their promises, Nigeria may be inching towards attaining self sufficiency and eventually become a net exporter of refined petroleum products by 2020. Read more

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Nigeria Yet to Endorse New Global Initiative to End Gas Flaring by 2030

Chief executives from major oil companies and senior government officials from several oil-producing countries met in the United States of America at the weekend and demonstrated a commitment to end the practice of routine gas flaring at oil production sites globally latest by 2030. Read more

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Buhari’s Oil Policy To Focus First On Reform

President-elect Muhammadu Buhari plans to focus on ending corruption and reforming the Nigerian National Petroleum Corporation (NNPC) before looking into other reforms in the oil sector, it has emerged. Read more

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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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Nigeria loses N8bn to gas pipeline vandalism

Nigeria has lost a minimum of N8.04 billion since January, to the incessant vandalism of the country’s gas pipelines, according to the Nigerian Gas Company, NGC, a subsidiary of the Nigerian National Petroleum Corporation, NNPC. - See more

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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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