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NNPC to resume oil search in Chad Basin.

May 17 2017
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NNPC to resume oil search in Chad Basin. Punch Online

The Nigerian National Petroleum Corporation on Monday said it would resume oil exploration activities in the Chad Basin in the next six weeks.


It said the projection came on the heels of improved security situation in the North-East region, which has been devastated by the activities of Boko Haram insurgents.


The Group Managing Director, NNPC, Dr. Maikanti Baru, disclosed this during a courtesy visit to the Governor of Borno State, Kashim Shettima, and the Shehu of Borno, Dr. Abubakar El-Kanemi, in Maiduguri on Monday.  Read more


Oil workers threaten to shut down OML 42 operations, production.  Vanguard Online

Oil workers under the aegis of the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, yesterday, threatened to shut down the operations of Neconde Energy Limited (NEL) over non-compliance with agreement reached on transfer of 25 workers to Warri.


Neconde, an indigenous oil and gas company, operates OML 42 in partnership with the Nigerian Petroleum Development Company of Nigeria (NPDC), a subsidiary of the Nigerian National Petroleum Corporation, NNPC. PENGASSAN blocked the entrance to NEL offices on Victoria Island, Lagos, from 6.00am, yesterday, and picketed the company’s offices in Lagos and Warri insisting, that the actions would continue if the company refuses to come to terms with their demands.  Read more


Agip to contribute two discoveries to marginal fields bid round.  Vanguard Online

Facts have emerged that for the first time ever, undeveloped discoveries in Nigerian Agip Oil Company operated acreages may be awarded as marginal fields.


Vanguard learnt that two accumulations operated by the company are likely to be part of about 40 fields expected to be on offer, when the Nigerian government launches the much awaited marginal fields bid round later in the year. Sources in Agip, confirmed that preliminary data from two of the company’s operated undeveloped discoveries are in the “bid basket” of the Department of Petroleum Resources, DPR, the government agency responsible for conducting the bid round.  Read more


Senate warns Kachikwu over claims on PIB. Guardian Online

The Senate yesterday warned the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, to stop making false claims on the on-going process of passing into law the Petroleum Industry Bill (PIB).


In a statement by its spokesman, Senator Aliyu Sabi Abdullahi, the Senate said the PIB which has got to the final stage and is scheduled to be passed before the second anniversary of the eighth Senate is a private member bill and did not emanate from the executive Abdullahi said:


“As part of our own legislative agenda, we had decided long time ago that after the passage of 2017 budget, our next major assignment is to pass the Petroleum Industry Governance Bill and immediately fast-track the process of passage of the Host Community Bill and the Fiscal Regime Bills which are also related to the reforms of the petroleum sector,” Abdullahi stated.  Read more


Fashola: Why NERC Wants Revenues, Accounts of 11 Power Discos Escrowed. Thisday Online

The Minister of Power, Works and Housing, Mr. Babatunde Fashola, has said that the Nigerian Electricity Regulatory Commission (NERC) wants the accounts of and revenues generated by the 11 electricity distribution companies (Discos)to be centralised and escrowed to protect the power sector from collapsing.


Fashola explained at the last monthly meeting of operators in the sector in Jos, Plateau State that the decision was taken to protect the power sector from collapsing on the back of Discos’ reported dishonesty with their financial collections which legally belong to the market.


He also explained that the Discos were opposed to the move despite their prior agreements with the Central Bank of Nigeria (CBN) before they got loans from the apex bank to support their operations and capacity upgrades at very low interest rates.  Read more


NNPC, JV Partners to Grow Domestic Gas Supply to 5bcf/d in Three Years. Thisday Online

The Nigerian National Petroleum Corporation (NNPC) has said that it would collaborate with its joint venture partners to increase the amount of gas available to Nigeria’s domestic economy in 2020 to about five billion standard cubic feet per day (5bscf/d).


The corporation said in a recent statement from its Group General Manager Public Affairs, Mr. Ndu Ughamadu, in Abuja that the development would help the federal government’s plan to have more gas sent to Nigeria’s industries to stimulate economic growth in the country.


It noted that NNPC and its partners have evolved a scheme to achieve this, adding supply will grow by 285per cent from 1.3bscf/d to 5bscf/d by 2020.  Read more

Last changed: May 17 2017 at 8:22 AM