Effect of Oil on the People

Oil Consumption to Rise to 400 000 BPD By 2023 – BMI

BUSINESS Monitor International has said the prices of oil consumption in Nigeria is expected to increase from 311 000 bpd last year to 400 000 bpd by the end of 2023. Business Monitor International risk analysis and forecasts, market research on leading industries, and multinational company research is relied upon by corporate bodies, banks, government departments and multilateral organisations in over 125 countries around the world. Read more

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Bonga Oil Spill: Fishermen seek Buhari’s help

Some fishermen in the Niger Delta have urged president-elect Muhammadu Buhari to ensure the payment of recommended compensation to victims of Bonga oil spill when he assumes office. Read more

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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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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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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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Vandalism can increase risk in oil price instability — NAPE

The Nigerian Association of Petroleum Explorationists, NAPE, has called for stricter sanctions on oil vandals, if the target in production of crude in the country has to be met. President of NAPE, Mrs. Adedoja Ojelabi, said the challenges in the industry would be worse if sanctions are not put in place to discourage theft and pipeline vandalism, as a larger percentage of the economy revenue is tied to oil production. Read more

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Rights group condemns neglect of host communities

An international organisation, Global Rights, has slammed the Federal Government over the Mineral and Mining Act by not protecting and providing basic amenities for host communities. This was stated by the Country Director, Global Rights, Mrs. Abiodun Baiyewu, while presenting an assessment report on extractive host communities at a conference of stakeholders in the mining sector. Read more

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From boom to gloom or doom –The Story of Oil

“History does not repeat itself; man does. Barbara Tuchmann. Crude oil has always been slippery stuff – good when under control; destructive when out of control. Crude oil is about to destroy the Nigerian economy faster then Boko Haram or even Ebola. The government of President Jonathan, already besieged by such social “plagues” like the ongoing civil war in the Northeast, the missing Chibok girls, apparent refusal to fight corruption, and

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Nigerians to pay more for cooking gas

Nigerians will be compelled to pay a sudden 48 percent price increase for liquefied petroleum gas, LPG, also known as cooking gas, as a 12.5 kilogramme of the product has risen to N4,000, up from N2,700 previously. Gas-energyThis is even as the development has also set the marketers, under the aegis of the Nigerian Association of LPG Marketers, NALPGAM, and ALGASCO LPG Services Limited on a collision course over the arbitrary increase. Read more

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UNEP Report: Embarking On $1bn Ogoni Cleanup Operation

The federal government has finally declared its readiness to earnestly begin what would become the world’s largest environmental cleanup operation in history, according to the United Nations, thus bringing respite to the people of Ogoniland, Read more

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