Sustainability Issues around Nigerian Oil

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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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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Nigeria, sub-Saharan Africa, account for 30% global oil discoveries

Almost 30 percent of global oil and gas discoveries made over the last five years were in sub-Saharan Africa, reflecting growing global appetite for African resources, the World Energy Outlook Special Report said. AfricaThe report, recently released, also said that Nigeria is the richest resource centre of the oil sector, but regulatory uncertainty, militant activity and oil theft in the Niger Delta are deterring investment and production. Read more

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PPMC exports N117bn fuel oil in one year

The Pipelines and Product Marketing Company, PPMC, a subsidiary of the Nigerian National Petroleum Corporation, NNPC, exported 1.33 billion litres of petroleum products, valued at N116.672 billion in 2013. The products exported by the PPMC in 2013, according to data obtained from the NNPC Annual Statistical Bulletin 2013, are Low Pour Fuel Oil (LPFO), and Naphtha. Read more

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PTDF to get zonal offices across Nigeria

The Petroleum Technology Development Fund (PTDF) is to create zonal offices across the six geo-political zones of the country in order to enhance efficiency, bring the agency closer to the people and make its operations more cost effective. Executive Secretary of the fund, Femi Ajayi who disclosed this in Abuja said, as a national agency there is need for all the zones of the country to have a feel of PTDF being the sole agency of government with

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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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