Author Archives: steph

Pass PIB into law or face consequences, Ex- PENGASSAN President warns

CHIEF Executive Officer, African Initiative for Transparency, Accountability and Responsible Leadership, AfriTAL, and formal President of Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, Dr Louis Brown Ogbeifun, has warned of dire consequences if the fiscal and host community Bills component of the Petroleum Industry Bill, PIB, are not passed by the National […]

Nigeria to begin overhaul of refineries next month, says Kachikwu

  Minister of State for Petroleum, Dr. Ibe Kachikwu, yesterday, said the much-awaited overhaul of the country’s refineries would become a reality next month, as plans have been concluded to complete necessary arrangement with financials.   The minister, who reviewed efforts of the current administration in the oil and sector, noted that President Muhammadu Buhari […]

‘I was offered oil well, billions of naira to destroy ADC’

The National Chairman of African Democratic Congress (ADC), Chief Ralph Nwosu, yesterday, revealed how he was offered “oil well and billions of naira” as a bait to ensure the party does not fly as soon as former President Olusegun Obasanjo’s Coalition for Nigerian Movement (CNM) adopted the party.   But he did not mention those […]

Experts task government on recovery of unremitted fund by oil firms

  The need for the Federal Government to ensure full recovery of Nigeria’s oil and gas unremitted revenue for oil companies has been emphasized.The country’s unremitted has been put at over N7 trillion, which were for divested asset’s legacy liabilities; payments for domestic crude allocation; and dividends from investment paid but withheld by an oil […]

Sale of Nigerian Crude Oil Threatened by Discount Pricing, US Shale Oil Boost

The influx of United States’ shale oil into refineries in northwest Europe and the Mediterranean, coupled with the adoption of discount pricing by some oil-producing countries to trade with buyers in east and western Europe have hurt demand for Nigeria’s sweet crude in the international market. This is coming as Iran’s oil minister, Bijan Zanganeh […]

Oil price falls to $74, Nigeria’s exports suffer

The international oil benchmark, Brent crude, on Tuesday continued its biggest losing streak since February, falling below $75 per barrel.   The downturn in oil prices came on the heels of worries that Saudi Arabia and Russia could pump more crude to compensate for a potential supply shortfall, with hedge funds reducing bullish positions in […]

Ghana continues to wean itself off Nigerian gas as Rosneft supplies LNG to Tema

  Russia’s Rosneft signed a deal with the Ghana National Petroleum Corporation for an annual delivery of 1.7 million tons of LNG. The volumes will be regasified at GNPC’s processing capacities in the port of Tema where the company is developing an LNG import terminal.   Rosneft gas supplies will cover a quarter of Ghana’s […]

Ladol mulls listing on NSE

Ladol, a logistics hub for the offshore oil industry in Lagos, Nigeria, is mulling a stock-market listing and corporate bonds to expand its facilities and get more business from major production companies.   Family-owned Ladol, where Samsung Heavy Industries Co. Ltd. is completing the construction of one of the world’s largest floating oil platforms for […]