Monday, 7 January 2013

Top 10 most viewed stories on Nigeria Energy Intelligence in 2012



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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