Tag archive of Crude Oil

$35m lost daily to oil theft – Confab committee

The National Conference Committee on Energy has said that the country is losing about 350,000 barrels of oil per day, estimated at about $35m, to crude oil theft and called on the Federal Government to wake up from its slumber and tackle the menace frontally. The Chairman of the committee, who is also a former Governor of Oyo State, Alhaji Rashidi Ladoja, stated this while presenting the report of his committee to the plenary in Abuja on Monday. Continue

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Port Harcourt refinery set to return to full production capacity

As part of efforts to boost the productivity of the country’s oil refinery at Port Harcourt, GE’s Distributed Power business is supplying GEL Utility Limited with three 25-megawatt (MW), trailer-mounted, TM2500+ aero-derivative gas turbines to generate uninterrupted power at the refinery. The installation by GEL Utility Limited of GE’s mobile gas turbines at the Port Harcourt Refining Company (PHRC) facility will ensure the country’s largest

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Audit reports non-implementation responsible for challenges in oil, gas sector

STAKEHOLDERS, including civil society organisations, in the oil and gas sector on Tuesday said the non-implementation of its audit reports was responsible for the challenges in the industry. This submission was made in Abuja at a capacity-building workshop on Nigeria Extractive Industry Transparency Initiative (NEITI) Audit Reports and Remediation Issues organised for the media.  Read more

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Corruption in the oil sector: The facts and fiction

If there is one thing that has defined the 7th National Assembly it is its penchant for probes. It must however be stated upfront that there is nothing wrong or illegal in the National Assembly carrying out probes as it deems fit. Apart from its primary role of making laws for the good governance of the nation, it is constitutionally empowered to carry out oversight functions to ensure that government ministries, department and agencies carry out

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Shell is pushed to explain its role in $1.1bn Nigerian corruption scandal

Ben van Beurden, the new head of Shell, faced a packed room of global investors on Tuesday at the oil group's annual shareholder meeting. In post since March, the 56-year-old Dutchman can expect probing questions about cash flows, capital efficiency, investment projections and so forth. The list is unsurprising; with investors, it all comes down to the money. How is their capital being spent, what returns is it making and when can they expect to

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FG, states, LGs share 1 billion dollars from Excess Crude Account

The federal, states and local governments on Wednesday shared 1 billion dollars from the Excess Crude Account (ECA) “to execute some ongoing projects”, the Minister of State of Finance, Yerima Ngama said. Read full

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PIB and the Niger Delta

With the latest move to address the petrol-carbon sector in Nigeria through the Petroleum Industry Bill, Nigerians are anxious to see how far it will go in addressing among others: the legal, fiscal and regulatory framework, the guidelines for the operation of the upstream, midstream and the downstream sectors, the redistribution  of economic rent in the host oil producing communities, the impact on the environment, especially gas flaring. What

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Crude Oil Domination: An Anthology

"Here is anthropology at its critical and relevant best. Nothing could be more topical than the role of oil in contemporary global turmoil and “the crazy curse” that it casts over all manner of human endeavour and hope. The essays in this important book offer major insights into the heart of the crisis of capital and the local cultural phantasmagoria expressing its cruel paradoxes. The ethnographic analyses expand important arguments in other

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