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OPEC Will Resist Sabotage by Shale Oil Producers, Says Kachikwu.

May 30 2017
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OPEC Will Resist Sabotage by Shale Oil Producers, Says Kachikwu. Thisday Online

The Minister of State for Petroleum, Dr. Ibe Kachikwu, has stated that the Organisation of Petroleum Exporting Countries (OPEC) will resist any deliberate action by shale producers to sabotage the oil market.


In their continuing efforts to stabilise the oil market, 14 OPEC member countries and 10 participating non-OPEC producing countries, led by Russia, extended their production adjustments, which originally started January 1, 2017, for a further period of nine months, beginning July 1, 2017.


The move will keep roughly two per cent of global production off the market in an attempt to boost prices.  Read more


Controversy trails oil block revocation by Buhari. Punch Online

President Muhammadu Buhari’s approval of the withdrawal of Oil Prospecting Licences 2001, 2002 and 2003 in the Utapate Field won by indigenes of the Niger Delta is not only being tackled by the investors but may lead to chaos in the oil-rich region if not properly addressed.


According to the investors, about N44.6bn signature bonuses paid for the licences is also under threat following the approval of the President to withdraw the OPLs from the winners who emerged after the Federal Government opened up the oil blocks to bidders in the 2007 bid rounds.


After winning the bids for the blocks, the bid round was stalled for eight years by litigation until it was resolved amicably in 2015, before the Department of Petroleum Resources handed OPLs 2001, 2002 and 2003 to Jahcon International Limited, Hi Rev Exploration and Production Limited and Oil and Industrial Services Limited, respectively.  Read more


FG eyes Russian investment in oil sector. OPEC appoints Nigerian, Alternate Chairman, OPEC board. Vanguard Online

The Federal Government has invited Russia and investors from the country to invest in the Nigerian oil and gas sector. In a statement by the Ministry of Petroleum Resources in Abuja, Minister of State for Petroleum Resources, Mr. Ibe Kachikwu met with his Russian counterpart, Alexander Novak, where they explored areas of mutual interest in the oil industries of their countries.


Kachikwu expressed Nigeria’s interest in having Russia and Russians come to participate in the Nigeria’s growing oil sector, pointing out that the reforms and processes being put in place which aims to enhance the investment climate in Nigeria, has recorded major achievements with the on-going implementation of the 7 BigWins – Nigerian Petroleum Industry Roadmap.


In his response, Novak assured Kachikwu that Russia is interested in participating in the Nigerian oil industry and would suggest that preliminary technical talks begin as soon as possible between the two countries. Novak extended an invitation to Dr. Kachikwu to visit Russia during the next Gas Exporting Countries Forum Ministerial Meeting, scheduled for next October, where further talks on the matter can take place.  Read more


I facilitated settlement of $1.09b Malabu Oil dispute, says Adoke. The Nation Online

A former Attorney General of the Federation (AGF) and Minister of Justice, Mr. Mohammed Bello Adoke(SAN), has said his involvement in  the $1.09b Malabu oil block deal was only that of a facilitator.


He said he facilitated amicable settlement between two parties over a long-standing dispute because of the economic implications for the country.


He said his role was “without any personal gain to me or to any other person”.  Read more

Last changed: May 30 2017 at 5:51 PM