Daily Archives: February 14, 2018

FG Will Authorise Only Projects of High Value to Nigeria, Kachikwu Tells IOCs

  The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said only oil and gas projects that have huge net value to the Federation Account will henceforth be sanctioned by the federal government, explaining that there is no more need for international oil companies (IOCs) to develop multibillion dollar projects that will not […]

Kachikwu laments Nigeria’s loss to oil production contracts

  The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Tuesday said the country had lost a lot of money to Production Sharing Contracts entered into with oil companies in the past.   Kachikwu said the terms of the contracts would change to enable the Federal Government to get more from oil production […]

‘Why Nigeria cannot implement local content 100%’

  Crude oil production may be affected if the Nigerian Content Development and Monitoring Board (NCDMB), were to enforce full implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.   The Executive Secretary, NCDMB, Simbi Wabote, at the Public Hearing organised by the Senate Ad-Hoc Committee investigating the $16billion Egina project, said […]

U.S. May Halt Crude Oil Import From Nigeria

  There are indications that the United States may halt crude oil import from Nigeria by 2022, as it moves closer to becoming a net export of petroleum products.The United State Energy Information Administration (EIA) has projected that the United States will become a net energy exporter in 2022 in the newly released Annual Energy […]

‘Non-oil economy still in recession’

Nigeria’s economy is still vulnerable with fragile growth driven by increased oil production and rising crude oil Price.   Chief Executive Officer, RTC Advisory Services Limited, Mr. Opeyemi Agbaje made this observation at a media parley in Abuja.   He noted that, while there was miraculous reversal in oil price and production out put,  other […]