1. Gunmen abduct Seven Expatriates on Chevron Facility
Seven expatriates working for oil servicing company and contractor to Chevron Nigeria Limited were abducted by gunmen at the Pennington oil platform in offshore Nigeria. The spokesman for the Joint Task Force (JTF) Operation Pulo Shield, Lt. Col. Onyema Nwachukwu, has confirmed the incident.... http://nigeriaenergyintelliegence.blogspot.com/2012/10/gunmen-abduct-seven-expatriates-on.html
2. Nigeria:
Petroleum Industry Bill - Reasons to Be Sceptical
Heading the reform team is
Diezani Alison Madueke. Madueke is the Minister of Petroleum Resources. She is
also a former director of Shell Petroleum Development Corporation. This employment history potentially poses
a conflict of interests. In 2010, leaked
US diplomatic cables quoted
Ann Pickard, then Vice-President of Shell for Africa, boasting about how Shell
encouraged employees to infiltrate
all relevant government agencies.
3. N1 billion Contract scandal hits Petroleum Ministry
House of Representatives Committee on Petroleum Resources
(Upstream), has ordered the Minister of Petroleum Resources and the contractor
to appear before it to explain the circumstances surrounding the payment of
over N1.1 billion for a contract that was not performed. The
committee, led by Hon Ajibola Muraina, decided to summon the minister and the
contractor when it became obvious that a vessel, which had not been supplied to
Petroleum Training Institute...
4. Quest for Nigerian Oil assets: Heritage Oil launches $370m rights issue
Heritage Oil has launched a $370m (£237m) rights issue to
raise finance for its entry into the Nigerian oil industry. The fully
underwritten rights issue will provide the backing for Heritage and its
Nigerian partner, Shoreline Power, to buy a 45pc share of an onshore oil
producing block called OML 30 from oil majors Shell, Total and ENI for $850m...
5. Oil Payments: NEITI Summons NNPC, Shell Others
Nigeria Extractive Industries Transparency Initiative
(NEITI) has invited the Nigerian National Petroleum Corporation (NNPC) and some
oil companies to streamline
its audit report of petroleum proceeds accruing to the Federal Government
between 2009 and 2011. Also invited are Shell Petroleum Development Company
(SPDC), Chevron Nigeria Limited, and Nigeria Agip Oil Company (NAOC) Ltd among others to validate and
reconcile payments they made to the government...
6. PHCN Privatization Shady – NUPENG
Nigeria Union of
Petroleum and Natural Gas
Workers, NUPENG, has accused BPE of shady deals aimed at allowing cronies and
fronts of the powers that be
to buy up the PHCN companies at ridiculous prices. NUPENG made this accusation
less than 24 hours after the Bureau of Public
Enterprises, BPE, released names of companies that bidded for the Power Holding
Company of Nigeria, PHCN’s, 11 distribution companies..
7. Subsidy Fraud now N388.5 billion, 4 more firms indicted
The Presidential Committee on Verification and
Reconciliation of Fuel Subsidy Payments has increased the number of companies indicted in its probe to 25 from
an earlier 21. The four new companies indicted by the committee for a total sum
of N6.49 billion, are Capital Oil Plc, Ceoti Limited, Heyden Petroleum and
Master Energy Oil and Gas
limited. This brings the total new fraudulent subsidy claims amount by the 25 indicted companies to N388.49
billion. This was contained in a letter written to President Goodluck Jonathan,
by the chairman of the Committee, Aigboje Aig-Imoukhuede...
8. Diesel price drops on back of improved power supply
The demand for diesel has reduced
significantly over the past few weeks, causing the price of the product to drop
by 6.05 percent. This follows a significant increase in power supply levels
across the country, from the national grid, in the same period. Diesel, which sold weeks back, for
N165 per litre at fuel stations, now sells for N155, a drop of N10 per litre, a
positive development for users and a pain for importers. Many parts of the
country have in recent times experienced...
9. OPEC to cut oil demand growth forecast for 2013
Citing a vague and turbulent outlook
for the global economy, OPEC has said that it may have to reduce its forecast
for growth in world oil demand for 2013 by 20%. OPEC forecast that demand will
expand by 810,000 barrels per day (bpd) next year, although the odds suggest
oil use could undershoot that figure.
OPEC expects world economic growth
to slow to 3.2% next year from 3.3% in 2012, hindered by a slightly slower
expansion in the United States and China, the world's two largest oil
consumers, and weakness in the euro zone...
10. Global decline in Mining, Quarrying Sector
The United Nations Industrial
Development Organization (UNIDO) in a report said that growth in global
production from activities relating to mining and quarrying - a sector that
includes the mining of coal and the extraction of crude petroleum and natural
gas has slowed down. World Statistics on Mining and
Utilities 2012 showed that the total world production of the mining and utility
sectors slowed to a growth rate of 1.9 per cent per annum between 2005 and
2010, compared to an average annual growth of 2.7 per cent between 2000 and
2005...
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