Kachikwu, Baru Meet Osinbajo on Zabazaba Oil Field, Other Industry Issues.

Kachikwu, Baru Meet Osinbajo on Zabazaba Oil Field, Other Industry Issues.

Kachikwu, Baru Meet Osinbajo on Zabazaba Oil Field, Other Industry Issues.  Thisday Online

Away from the raging controversy over contract award and appointments in alleged breach of due process, the Minister of State for Petroleum, Dr. Ibe Kachikwu and Group Managing Director of Nigeria National Petroleum Corporation (NNPC), Dr. Maikanti Baru, Wednesday met Vice President Yemi Osinbajo in the State House, Abuja.

But according to Kachikwu, while answering questions from journalists, the meeting did not dwell on the controversy over the allegations of contract awards and appointments of senior executive officers of the NNPC without observing due process.

Instead, he said the meeting was meant to provide the vice-president with information on activities in upstream petroleum sector especially on the cash call exit and update on Zabazaba oil field.

According to him, the meeting explored the needs of stakeholders in the oil fields including opening of escrow accounts.  Read more

Agip pushes ahead with 150,000bpd refinery plan.  Punch Online

The Nigerian Agip Oil Company, a subsidiary of Italian oil major, Eni, said it had begun feasibility studies for the construction of a new 150,000 barrels-of-oil-per-day refinery in the Niger Delta.

The Vice-Chairman and Managing Director, NAOC, Mr. Massimo Insulla, disclosed this on Tuesday in Yenagoa during a two-day succession planning workshop for NAOC’s small and medium-scale vendors.

He said the workshop was targeted at equipping proprietors and managers of SMEs with skills and best practices in planning for the continuity and sustainability of their businesses.  Read more

House probes TCN’s $1.5bn, $500m foreign loans.  Punch Online

The House of Representatives has queried loans totalling $1.5bn taken from foreign creditors by the Transmission Company of Nigeria.

This is in spite of a separate $500m loan, which the power firm is already negotiating with the Islamic Development Bank.

The House resolved on Wednesday to investigate the operations of the TCN in the past 10 years, especially the loans, which it said were taken without applying due process of the law.  Read more

NBET pays N10.8b to Gencos for electricity delivered in July.  Guardian Online

Nigerian Bulk Electricity Trading Plc. (NBET) has paid the Electricity Generation Companies (Gencos) the sum of N10.825 billion out of the total invoices of N45.24 for the energy delivered in July 2017.

In the same vein, NBET received N9.625 billion out of the total invoices of N41.96 billion from Distribution Companies (Discos) in the same period.

According to NBET, in addition to the payments received, there was a late payment from the previous month by Discos, which made the total payment receive to represents 25.80 per cent performance.  Read more

FG orders NNPC to stimulate economic growth through gas supply.  Vanguard Online

The Nigerian National Petroleum Corporation, NNPC, yesterday, said it has been mandated by the Federal Government to make meaningful efforts in stimulating the country’s economic growth and development.

This is even as stakeholders in the gas sector charged the Federal Government to develop its gas reserves to achieve efficiency in power supply across Nigeria.

Group Managing Director, NNPC, Mr. Maikanti Baru, disclosed this during a Gas Roundtable organised by Nigerian Gas Association, NGA, for Chief Executives and Directors of oil and gas companies, where he was named the Pioneer Advisory Board Chairman of the association.  Read more