News

Petrol won’t sell above N100 without subsidy –Experts

Petrol won’t sell above N100 without subsidy –Experts

Energy/Oil & Gas, News
Experts in the oil and gas sector have called on President Muhammadu Buhari to stop subsidising petrol as they explain that the price of the commodity will not go beyond N100 per litre if the Federal Government terminates the fuel subsidy regime. The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, had told journalists in Abuja recently that Buhari had allowed the fuel subsidy to continue because of his magnanimity. But this, according to experts, including Kachikwu, is not sustainable. Industry experts, who spoke with our correspondent on the subject, stated that the President might feel that the removal of subsidy would result in a rise in the pump price of petrol, but maintained that the cost of the product might either remain the same or would not go above N100 per...
Oando Set to Build N69billion Gas Processing Plant

Oando Set to Build N69billion Gas Processing Plant

Energy/Oil & Gas, News
Indigenous oil firm,Oando, has unveiled plans to build a gas plant for up to $350 million (N69 billion)as it focuses on integrating gas production with its supply business, the head of the gas and power unit said on Thursday. Managing Director of Oando Gas and Power,Bolaji Osunsanya, said the plant, with a capacity to process 300 million standard cubit feet a day (scfd), will take 24 months to complete and cost $300 million to $350 million. He said Nigeria had room to ramp up gas plants as current capacity was around 2 billion scfd, adding that its project was at the development stage to be launched in the first quarter. London-listed Nigerian firm Seplat is also boosting gas capacity. It plans to increase gross output from around 120 million to 400 million scfd by 2017, as demand...
Our roads are dead, Buhari admits

Our roads are dead, Buhari admits

Special Reports, TRANSPORTATION
President Muhammadu Buhari has admitted that the nation’s roads are in precarious state and are in dire need of attention by the Federal Government. He also made case for the immediate development of infrastructure such as rail and power. Buhari spoke during a presidential dinner he hosted in honour of senators at the new Banquet Hall of the Presidential Villa, Abuja on Wednesday. “The roads are dead. Those who drive between Lagos and Ibadan will have a lot of stories to tell you. Those who drive from Kaduna to Jebba may have more stories to tell. The same thing is applicable to the East West Road,” the President said. He urged the Senate to assist his government in concentrating on the problem of infrastructure such as rail, road and power. He asked the Senate committees to
Mexico reaps record $6.4 billion in oil hedge win, minister says By ADAM WILLIAMS, PATRICIA LAYA AND JAVIER BLA

Mexico reaps record $6.4 billion in oil hedge win, minister says By ADAM WILLIAMS, PATRICIA LAYA AND JAVIER BLA

Energy/Oil & Gas, News
Mexico is reaping record financial returns from its oil hedge this year. After locking in crude sales at $76.40/bbl, Mexico will receive $6.4 billion in December as the guaranteed price exceeds the average for the country’s oil basket, Finance Minister Luis Videgaray said in Mexico City. The 2015 payment surpasses the previous high from 2009, when the Mexican government said it received $5.1 billion after prices plunged with the global financial crisis. Mexico hedges oil sales each year as a shield against price declines through a series of financial deals with banks including Goldman Sachs Group Inc., JPMorgan Chase & Co. and Citigroup Inc. The hedge, which runs from Dec. 1 to Nov. 30, covered 228 MMbbl for the Mexican oil basket, which has averaged about $30 less per barrel over th
FG Plans Bill to Encourage Patronage of Made-in-Nigeria Products

FG Plans Bill to Encourage Patronage of Made-in-Nigeria Products

Economy, News
The Minister of Trade, Industry and Investment, Dr. Ikechukwu Enelemah, has disclosed that the Federal Government is planning a bill to be sent to the National Assembly to encourage the patronage of made-in-Nigeria products. Speaking in Abuja during the commemoration of the Africa Industrialisation Day, the minister said the bill, when passed into law, would assist the Federal Government to expand the domestic market and return Nigeria to the path of industrialisation. The minister noted that owing to its potential to create jobs, the textile sector would be a major beneficiary of the legislation. He said, “The ministry intends to make manufacturing much more competitive and vibrant than what is presently on the ground. “We are mindful of the fact that manufacturing and industr
Declare emergency in housing sector, ERCAAN urges govt

Declare emergency in housing sector, ERCAAN urges govt

News, Real Estate
The Estate, Rent and Commission Agents Association of Nigeria has called on the Federal Government to declare a state of emergency in the housing sector. The President of the association, Mr. Emmanuel Dare, said during the 19th Annual General Meeting and Conference of the Lagos Chapter, that housing was an essential need and that the government must place priority on the provision of homes for the citizens. The theme of the conference was: ‘Provision of affordable homes and infrastructural development in Lagos State’. Dare said, “Every government in the world takes housing seriously. In our country, the state of infrastructure is degrading and the crisis in the North-East, among others, has placed pressure on housing needs. “We call on the Federal Government to declare a state
15 Die from Rivers Oil Spill

15 Die from Rivers Oil Spill

Energy/Oil & Gas, News
About 15 persons have been confirmed dead in Emago/Kugbo community in Abua/Odual Local Government Area of Rivers State, following the recent oil spill that occurred in the area, at one of the facilities of Nigerian Agip Oil Company (NAOC). This was disclosed yesterday, by Omini Walson-Asaco, spokesman of the community before the members of Rivers State House of Assembly Committee on Environment, held at the Assembly Complex in Port Harcourt. The House of Assembly Committee had summoned the management of the Italian oil giant, on the heels of a petition from the lawmaker representing Abua/Odual Constituency, the Deputy Speaker, Marshall Uwom, requesting the House to intervene in the matter. At the meeting, which had in attendance representatives of the community and Agip company, the spo...
NOSDRA Fines Mobil Nigeria N10million for Oil Spillage

NOSDRA Fines Mobil Nigeria N10million for Oil Spillage

Energy/Oil & Gas, News
The National Oil Spill De­tection and Response Agency, NOSDRA has slammed a N10 million fine on Mobil Producing Nigeria Unlim­ited, MPNU for oil spill. The oil com­pany was accused of non-compliance with the nation’s environmental laws de­spite its written reminder notify­ing them of the sanctions imposed by NOSDRA for failure to effect clean up of the oil spill incident at Qua Iboe Terminal. NOSDRA said: “It would be recalled that the Director General/ CE of NOSDRA Sir Peter Idabor wrote a reminder letter to Mobil Producing Nigeria Unlimited di­recting them to pay the sum of Ten Million Naira (N10, 000,000) levied against the company for sundry violation of the provisions of the Agency’s enabling Act and it’s Oil Spill Recovery, Clean Up, Reme­diation and Damage Assessment Regulatio