Business

‘PIB delaying production sharing contracts review’

The non passage of the Petroleum Industry Bill (PIB) has been identified as the sole reason delaying the review of the Production Sharing Contracts (PSCs) with oil companies, Managing partner, J.O Adidi and Co., John Adidi, has said. The Nigeria Extractive Industries Transparency Initiative (NEITI), in a recent study, revealed that Nigeria had lost no […]

Business

PENGASSAN: Strikes not feasible with NNPC’s rehabilitation plans

Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has assured the Federal Government that oil workers may not embark on another round of industrial action if the plans by the Nigerian National Petroleum Corporation (NNPC) to rehabilitate the four state-owned refineries are realised. NNPC Group Managing Director, Dr Makanti Baru, had stated that […]

Business

Anxiety as NERC meets operators on metering

Anxiety has gripped firms, which applied to serve as Meter Asset Providers (MAPs) under the new metering arrangement, following the Nigerian Electricity Regulatory Commission’s (NERC’s) decision to invite them for a meeting this week. The 115 firms were in a last minutes rush to know the details of the meeting as they made frantic efforts […]

Business

Seplat urges public, private sector investments

Seplat Petroleum Development Company Plc, has urged the public and private sectors to invest more in research and development aimed at promoting safety. The oil company noted that such investments should cut across the various sectors of the economy as is the case for the oil/gas and aviation sectors, among others. Its Operations Director, Effiong […]

Business

MOMAN backs Fed Govt’s Petroleum policy

Major Oil Marketers Association of Nigeria (MOMAN) has restated its support for government policy on the petroleum industry, including policy on deregulation, which remains the only way to achieving a robust and sustainable downstream petroleum industry. The National Petroleum Policy articulates a vision for Nigeria to become a nation “where hydrocarbons are used as a […]

Business

NCDMB, stakeholders conclude on local content regulations

The Nigerian Content Development and Monitoring Board (NCDMB) has held its final phase of engagements with oil and gas industry stakeholders on the draft of Nigerian Content Ministerial Regulations (NCMR). The final forum was held in Lagos had in attendance representatives of the multinational and indigenous operating companies, service companies and select law firms working […]

Business

NNPC to depots: don’t sell petrol above N133.28/litre

The Nigerian National Petroleum Corporation (NNPC) has warned depot owners or terminal operators not to sell Premium Motor Spirit (PMS), otherwise called petrol, above the official ex-depot price of N133.28k per litre. The Corporation also cautioned petroleum products marketers not to sell the product above N145 per litre. Ex-depot price is the ceiling at which […]

Business

USTDA satisfied with Eko Refinery&Petrochemical

The United States Trade and Development Agency (USTDA) is impressed with the progress made in the Eko Refinery and Petrochemical Company Limited. It commended the management for the level of work done so far, assuring of its continued support. USTDA’s Acting Director, Thomas Hardy, made the commendation during the inspection of the 20, 000 barrel […]

Business

FCDA, firm row over 500Mw power project

The plan by Jehata Nigeria Limited to build a 500 megawatts (Mw)power generation  plant in Abuja may hit the rock, following objection by  the Federal Council Development Authority(FCDA). The firm (owners of Abuja Power Station) was accused of not  following     due diligence practice in its approach to the issue of building  the power plant by […]

Business

Shell: why we signed contractor support fund with banks

The Shell Petroleum Development Company of Nigeria Limited (SPDC) has said access to funds is a major challenge to local contractors that work for the oil giant and the establishment of the contractor support fund is to address that problem. In statement, the SPDC spokesman, Bamidele Odugbesan, noted that the memorandum of understanding (MoU), signed […]