Oil, gas entrepreneurs to tap from CBN’s N220b MSME cash

The Federal Govern ment has unveiled an entrepreneurship, empowerment and employment initiate for young Nigerian entrepreneurs in the oil and gas industry. To speed up its take off, a window has been opened through the Central Bank of Nigeria (CBN) for qualified young entrepreneurs to access funding from the N220 billion Micro Small Medium Enterprises (MSME) fund. 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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Poll Postponement Takes Toll On Oil Industry Investment

Uncertainty and postponement of general elections has been observed to create more investment delay in the oil and gas industry. Report say that the delayed elections has further intensified Nigeria’s oil sector challenges coupled with existing lack of regulatory framework which is also causing constrains in upstream investment and oil production potential 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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Dangote Group Hopeful U.S.$9 Billion Refinery Kicks Off By 2017

A new $9 billion oil refinery producing 500,000 barrels per day being developed by Africa's richest man, Aliko Dangote, is expected to come on stream in Nigeria by 2017, a senior Dangote Group official said yesterday. The refinery, to be located in Lagos, will cut Nigeria reliance on international markets for refined petroleum products, which constitute imports of more than 80 percent of the nation's fuel needs. 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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Remove subsidies on petroleum products, LCCI tells FG

The Lagos Chamber of Commerce and Industry has called on the Federal Government to completely remove subsidies on petroleum products. While reacting to the outcome of the deliberations of the Senate on the 2015 draft budget, Medium Term Expenditure Framework and Fiscal Strategy Paper, the LCCI said the call for total subsidy removal was due to the fact that there had been a crash in the prices of crude oil, hence, there was no need to retain the

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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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Fuel scarcity worsens as NNPC promises improved supply

The fuel crisis across the country worsened, weekend, as most of the petrol stations were shut down leaving motorists stranded. This was in spite of claims by the Nigerian National Petroleum Corporation, NNPC, on Friday, that it is injecting about 688 million of Premium Motor Spirit, PMS, into the market. Read more

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Brent inches higher to $59

Brent crude rose marginally toward $59 a barrel on Wednesday, helped by better than expected Chinese factory activity data, the Federal Reserve’s flexible stance on United States interest rates and the eurozone’s approval of reforms proposed by Greece. US crude was weaker, however, after settling lower for the fifth consecutive session on Tuesday on the back of a bigger than expected crude stock build-up, according to Read

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