Author Archives: steph

International oil company owes FG $1.6bn in taxes – EFCC witness alleges

  Mr Emefun Etudo, a prosecution witness for the Economic and Financial Crimes Commission (EFCC) on Wednesday, alleged that Trafigura Beheer BV and Trafigura PTE Ltd, an international oil company, owed the Federal Government of Nigeria $1.6 billion in unpaid taxes.   EFCC operatives The News Agency of Nigeria (NAN) reports that Etudo made this […]

Overhaul, amend NCMDB Act to achieve result, NUPENG tells Buhari

  NIGERIA Union of Petroleum and Natural Gas Workers, NUPENG, has told President Muhammadu Buhari, that only a total overhauling and amendment of Nigeria Contents Monitoring and Development Board, NCMDB, Act will make it achieve its aims.   The union also decried the continued importation of petroleum products into the country, pipeline vandalism, crude and […]

Crude Slumps to $59, Threatens 2019 Budget Implementation

Oversupply in the crude oil market caused by increased production by the United States and Russia, yesterday forced a drop in the price of crude to a 14-month low, threatening the implementation of Nigeria’s 2019 budget to be presented to the National Assembly today by President Muhammadu Buhari.   Apart from the forecasts of record […]

SNEPCo’s Bonga hits 800 million barrels in 13 years

Shell Nigeria Exploration and Production Company (SNEPCo) yesterday, said its deep-water exploration, the Bonga vessel in the past 13 years has produced over 800 million barrels of crude oil.       In its review of the performance of the Bonga Floating Production, Storage, and Offloading (FPSO) vessel for 2018, SNEPCo’s Managing Director, Bayo Ojulari, […]

Combating new threats to exchange rate stability

RECENT developments in the crude oil market have reinforced the need for policies that will enhance exchange rate stability in Nigeria by promoting   and accelerating   local production     to reduce consumption of imported goods and hence reduce demand for dollars, as well as boost revenue from non oil exports.       […]

Until Fuel Subsidy Is Removed, Fuel Crisis Remains Imminent – Kachikwu

  Minister of State for petroleum Resources, Mr. Ibe Kachikwu, Thursday, stated that until the downstream sector of the Nigerian petroleum industry is liberalized and subsidy of petroleum products removed, the country would continue to struggle and face challenges in terms of ensuring stable fuel supply. Kachikwu •Kachikwu: Hosted APC Northern leaders Speaking in Abuja, […]

Buhari’s Government Hasn’t Spent A Penny On Refineries – Kachikwu

  Minister of State for Petroleum Resource, Dr. Ibe Kachikwu yesterday said the President Muhammadu Buhari-led government has not spent a dime on the country’s four refineries, an achievement not many have paid attention to.   Kachikwu said this in Abuja during a presentation of three years key achievements of the ministry and award to […]

NLPGA to boost Nigeria’s LPG demand by 5,000,000MT per annum

Nigeria Liquefied Petroleum Gas Association, NLPGA has set a up new growth trajectory to upgrade Liquefied Petroleum Gas, LPG’s demand from the current 600,000 Metric Tonnes per annum to over 5,000,000 Metric Tonnes per annum in 10 years, with measures to impact on Africa’s LPG economy.   This was disclosed by the President, NLPGA, Nuhu […]