December 16, 2017

Nigeria to cut fuel imports with refinery makeover |Oxford Business Group

Low oil prices have hurt Nigeria’s upstream revenues but a long-overdue administrative restructuring of the national oil company and improved production at Nigeria’s refineries should give the country’s downstream hydrocarbons sector a welcome boost. Nigeria, the largest oil producer in Africa, has seen export earnings fall this year as oil prices have tumbled worldwide, with oil responsible for about 90% of Nigeria’s export earnings. Given that the country is reliant on imports for fuels and refined products – which account for 35% of foreign currency outflows, according to central bank data – the low prices have also slowed the increase…

NEWS  |  Nigeria’s NNPC to Review Production-Sharing Contracts, Joint Ventures  |  Rigzone

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ABUJA, Aug 16 (Reuters) – The new head of the Nigerian National Petroleum Corp (NNPC) said on Sunday he will review all production-sharing contracts and joint venture agreements with its partners “to reflect current day realities in the global oil and gas industry”. Emmanuel Kachikwu, who was appointed two weeks ago to head the state oil company, which has been accused of corruption and mismanagement, said he would remit all crude oil proceeds due to the Nigerian government and plug all revenue leaks throughout the oil sector. “The mandate … is to turn around the entire commercial processes and procedures…

The Move to Reposition NNPC, Articles | THISDAY LIVE

As local and foreign investors await the fate of the Petroleum Industry Bill (PIB) under the administration of President Muhammadu Buhari, the new regime has embarked on the restructuring of the corruption-ridden Nigerian National Petroleum Corporation (NNPC) in what is regarded as the biggest shake-up of the state-run firm in 25 years. Ejiofor Alike reports Before the Federal Government came up with the idea of setting up a national oil company in 1971, the only benefit derived by the government from crude oil production was through tax collection from Shell, Chevron, Agip, Mobil and other international oil companies (IOCs) as…

Nigeria Set Up a Fund to Clean Up the Niger Delta — but There’s Not Much Cash in It | VICE News

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Four years after a scathing UN report on oil pollution in the Niger Delta, the Nigerian government has finally put in place a fund from which to finance clean up efforts in what is among the world’s most contaminated areas. Trouble is: There’s not much money in the account and the companies responsible for the spills aren’t required to cough up very much cash. The delta, where the Niger River meets the Gulf of Guinea, is home to 30 million people and comprised of coastal islands, mangroves, freshwater swamps, and lowland rainforests. Nigeria’s vast oil reserves, estimated at 37 billion…

In Hunt for Missing Billions, Buhari Targets Nigeria Company – Bloomberg Business

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As oil minister during military rule in the 1970s, Muhammadu Buhari oversaw the birth of the Nigerian National Petroleum Corp. Now, as democratically elected president, he intends to break up the opaque bureaucracy, which manages the oil assets of Africa’s biggest crude producer, to ensure taxpayers get their fair share. History isn’t on his side. “No Nigerian leader, including Buhari himself from the 1980s, has managed to sanitize the oil sector,” said Philippe de Pontet, head of the Africa practice at the Eurasia Group in New York. “Buhari’s challenge is not only to depoliticize NNPC but to disentangle its vested…

Buhari’s War On Corruption: Nigeria Petroleum Minister Appointment Vital To Overhaul Corrupt Oil Industry

After assuming office in May, Nigerian President Muhammadu Buhari vowed to wage war on corruption in Nigeria’s opaque petroleum sector, and the newly elected leader has taken some steps to keep his promise. Most recently, Buhari announced a new managing director to run Nigeria’s state oil company, sacked its eight executive directors and dissolved the entire corporate board. But Buhari’s administration still lacks a petroleum minster, one of the most powerful members of the presidential Cabinet. The vacancy could hinder Buhari’s efforts to drive out graft in oil-dependent Nigeria, as his government struggles to recover billions of dollars stolen by oil officials from the nation’s…

Rights campaigners blast inaction on Nigeria oil pollution – Yahoo News UK

Shell’s efforts to deal with oil pollution in the Niger Delta remain “utterly ineffective” four years after a landmark UN report called for a $1 billion clean-up, rights campaigners said Thursday. Amnesty International accused the company of failing to match the Nigerian government’s commitment to tackle spills in the Ogoniland area of the delta and urged the company to “dramatically” improve its clean-up operation. “It is scandalous that Shell — which now wants the world to trust it to drill in the Arctic -? has failed to properly implement the UN’s expert advice on oil spill response after so long,” Mark…

Good Move: ExxonMobil invests $3b into Nigerian gas sector

It looks like the oil and gas industry in Nigeria will witness serious turn around as American multinational corporation, ExxonMobil, is set to invest heavily into the sector. This message was conveyed by Nolan 0’ Neal, the Chairman and Managing Director, ExxonMobil upstream and affiliates in Nigeria to President Muhammadu Buhari. O’Neal informed the President that even though the company’s investment drive is laudable, the challenge for the government is to create a commercial environment that encourages the development of gas utilisation projects to benefit all stakeholders. He further noted that under the aegis of World Bank Global Gas Flaring Reduction Partnership (GGFR), Exxon…

Nigeria LNG Deny ownership of Dry Dock

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Due to recent media reports naming Nigeria LNG as owners of the proposed Badagry Dry Dock, the company issued a statement: The attention of Nigeria LNG Limited (NLNG) has been drawn to recent media reports on the proposed Badagry Dry Dock Project which purport that Nigeria LNG is the owner of the project. This is not true as Nigeria LNG is NOT the owner and is not investing in the building of any dry dock. Nigeria LNG has a singular business focus, namely processing and exporting LNG. It has no interest in investing in a dry dock anywhere in the…

NNPC: Refineries to Operate at 90% Capacity after TAM| THISDAY LIVE

  The General Manager, Services, of the Nigerian National Petroleum Corporation (NNPC), Mr. Abubakar Muhammed,  has said the nation’s four refineries would operate at 90 per cent capacity on completion of the ongoing Turn Around Maintenance (TAM). Muhammed gave the assurance at the ongoing four-day international conference of the Society of Petroleum Engineers (SPE) and exhibitions on Tuesday in Lagos. The 38th edition of the conference has the theme: ‘Natural Gas Development and Exploitation in an Emerging Economy Strategies, Infrastructure and Policy Framework.’ The NNPC director said out of the 90 per cent production capacity of the country’s output of…