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FG to shut non-performing refineries.

Aug 02 2017
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FG to shut non-performing refineries.  Tribune Online 

Federal Government has stated that it would close down any of the country’s petroleum refinery that fails to become commercially viable or profitable within a certain period of time.

 

The Federal Government disclosed this in the National Petroleum Policy recently approved by the Federal Executive Council.

 

The government also stated that it might have to concession, divest or sell off the non-performing refineries.  Read more

 

Nigeria aims to diversify as ‘era of oil booms’ ends.  Tribune Online 

Nigeria plans to cut its oil exploration costs and move away from reliance on crude for export revenues, according to a national petroleum policy approved by the federal executive council recently.

 

The Federal Government said it expects oil prices to stay near $45 per barrel “for the foreseeable future” and that it must diversify its economy and develop its own refining and petrochemical sectors.

 

“The most realistic line of action for any nation with oil as the backbone of its economy is to diversify, because indices strongly point to the possibility that the era of oil booms may be over for good,” the policy said.

 

The policy said Nigeria would aim to reduce the cost of extracting its oil, which at $29 per barrel is “one of the highest” in the world.  Read more

 

FG to compel IOCs to cut high oil production cost.  Vanguard Online 

The Federal Government is set to compel International Oil Companies (IOCs) to cut the cost of producing oil in Nigeria.

 

Minister of State for Petroleum Resources, Dr. Emmanuel Kachikwu, who confirmed the plan said at the present low price of crude oil, it makes economic sense to cut cost.

 

Consequently, he stated that the cost, which the National Petroleum Policy put at $28.99 per barrel, would be reviewed downward with the IOCs in order to arrive at an acceptable cost.  Read more

 

NNPC to continue oil explorations in Lake Chad Basin despite insurgency.  Guardian Online 

The Minister of State for Petroleum Resources, Dr. Emmanuel Kachikwu has said that the Federal Government will continue with its “oil and gas explorations” in the Lake Chad Basin of Borno state; despite recent Boko Haram attacks in the region.

 

Kachikwu announced Government’s explorations, when he led a high-powered delegation of the Ministry of Petroleum Resources; and Nigerian National Petroleum Corporation (NNPC) to condole members and community of University of Maiduguri (UNIMAID) at the institution, Senate building at the weekend.

 

Last Tuesday’s Boko Haram ambush and attacks claimed the lives of over 48 civilians, vigilantes and soldiers in Magumeri Local Government Areas of Borno state.  Read more

 

Stakeholders express worries over Nigeria’s oil future.  Tribune Online 

Stakeholders in the oil and gas industry have expressed concerns over the bleak future of Nigeria crude oil. This becomes imperative due to moves by other technology – advanced countries that intend to move focus from crude oil as a major source of energy to alternative energy like solar and electricity.

 

Speaking at the ongoing international conference organised by Society of Petroleum Engineers (SPE) in Lagos, the Minister of State for Petroleum Resources, Dr Ibe Kachikwu, stated that “the future is not encouraging at all. Our peers are leaving us behind. Saudi Arabia is floating bonds, UAE is investing in infrastructure. People are moving from oil. Electric cars are taking over, alternatively energy like solar is taking over.

 

“There is huge infrastructural gap. We realised over $15 billion gap when we were in China and this has not been met. Countries that are smart enough invested in infrastructure all over the world. What we did with oil proceeds was not encouraging.  Read more

Last changed: Aug 02 2017 at 2:40 PM

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