Nigerian government to resume prospecting oil in Lake Chad basin. $17b illegal petrol sale: NNPC sacks three top shots - The Nigerian National Petroleum Corporation on Thursday confirmed the sacking of officials linked with its missing 130 million litres of petrol.
In a statement, the NNPC said it sacked the staff in line with its ongoing reforms, while also announcing the deployment of others. The retired staff are: Esther Nnamdi-Ogbue, Managing Director, NNPC Retail Limited; Alpha P. Mamza, Executive Director, Operations, NNPC Retail Limited; and Oluwa Kayode Erinoso, Manager, Distribution, NNPC Retail Limited. Adeyemi Adetunji is the new Managing Director of NNPC Retail Limited; Engr. Lawal Bello, Executive Director, Operations, NNPC Retail Limited; Affiong Akpasubi, Executive Director, Services, NNPC Retail Limited; and Agwandas A.
Copyright The Eagle Online.Permission to use quotations from this article is granted subject to appropriate credit being given to www.theeagleonline.com.ng as the source. $12bn Trans-Sahara Gas Pipeline on track - NNPC. Nigeria: State Has Over 1,000 Illegal Mining Sites - Expert. By Ruth Tene Natsa The President of the Nigerian Mining and Geosciences Society(NMGS)and Chairman, Mining Implementation and Strategic Team(MIST) Professor Olugbenga Okunlola has said Nigeria has over 1000 unregulated mining sites, also known as illegal mines.
This is even as he observed that "illegal mining has persisted because something that has persisted over the years and is prevalent all over the country, will be a bit difficult to stop overnight" According to the Prof. "We have well over 1000 illegal mining sites in these country and I am even being conservative, in a particular state alone, you can have 200 illegal mining sites He however was optimistic that the scourge was reducing as he said "I know of a surety that in the last two years it has reduced.
Speaking on government efforts to curb the menace, he said "Recently the government acquired about 38 vehicles which has never happened before. US increases imports of Nigerian crude by 287% The United States almost tripled the volume of crude oil bought from Nigeria last year, seven years after it began depending less on the country ‘s crude.
This comes as the Shale oil production surged. Latest data from the US Energy information Administration (EID) shows that the country imported 76.9 million barrels of the country’s oil in 2016. From a figure of 19.9 million barrels in 2015. When global oil prices started to fall in 2014, from a peak of $115 per barrel, Nigeria witnessed a further drop in the US imports of its crude from 87.4 million barrels in 2013 to a record of 21.2 million barrels. Nigeria: NNPC Recorded N197 Billion Loss in 2016. By Oladeinde Olawoyin The Nigerian National Petroleum Corporation, NNPC, has said that it recorded N197.49 billion total loss at the end of the 2016 financial year.
According to data generated from the corporation's Financial and Operational report for 2016, the corporation earned N1.726 trillion but recorded an expenditure of N1.923 trillion. Further checks revealed that the corporation recorded a loss of N17.01 billion in December 2016 as against the N18.72 billion recorded in November of the same year. "This represents a decrease of N1.71bn in trading deficit as against November 2016. Nigeria’s quest for oil in Northeast — Business — The Guardian Nigeria. Abiodun Adesanya Nigeria has been prospecting for oil wells in the country’s North East.
Abiodun Adesanya, CEO, Dege Conek and president of the National Association Of Petroleum Explorationists, joined CNBC Africa’s Esther Awoniyi to discuss this. Oil wasn’t discovered in the North Eastern part of the country. What has happened is that since 1984 there’ve been exploration efforts in North East Nigeria. To be particular we call it the Bornu or the Chad Basin area. You mentioned gas. Nigeria Wins Back Africa's Largest Oil Block. ‘44 solid minerals untapped in Nigeria’ NEITI: ‘FG earned $111.32bn from oil, solid minerals in 2014’ - Nigeria Today. From Uche Usim, Abuja The Nigeria Extractive Industries Transparency Initiative (NEITI) has computed its 2014 audit exercise, disclosing that the Federal Government earned $55.5 billion from the oil and gas sector and N55.82 billion from solid minerals, totalling $111.32 billion.
The 2014 audit result, being the latest, also showed that $4.7 billion and N318.2 billion that should have gone to the federation account were not remitted by Nigerian Petroleum Development Company (NPDC) and its parent company, the Nigerian National Petroleum Corporation (NNPC). According to the Executive Secretary/Chief Executive Officer of NEITI, Waziri Adio, losses from crude-for-product swap and Offshore Processing Arrangements (OPA) were put at $198.7 million in 2014. “At the close of the 2014 audits, NPDC had not paid the outstanding $1.7 billion for the eight Oil Mining License’s (OMLs) under the Shell Joint Venture (JV) divested to it by the NNPC. Nigeria getting more revenue from sand than gold… 5 revelations from NEITI reports. The Nigeria Extractive Industries Transparency Initiative (NEITI) released its 2013 audit reports on Monday, analysing the returns in solid minerals, oil and gas exploration in the country.
The reports, which were categorised into oil and gas, and solid minerals, had a number of interesting revelations for the Nigerian state and the state of her mining industry. Here are five things learnt from NEITI’s reports: Gold is one of the most expensive commodities on the international market. As at Tuesday afternoon, gold was trading at $1241.70 per ounce (28 grams). NNPC, Schlumberger Collaborate On Frontier Exploration.
The Nigerian National Petroleum Corporation, NNPC, has stepped up collaboration with the reputable multinational oil service company, Schlumberger, in the deployment of state-of-the-art technology in the ongoing search for commercial hydrocarbon deposits in the Chad basin and other parts of the inland sedimentary basins.
In an interview published in the latest edition of the monthly NNPC News bulletin, chief operating officer, COO Ventures, Dr. Babatunde Adeniran, said that the Corporation is on the verge of executing an agreement with Schlumberger to foster teamwork in vital areas bordering on exploration and reservoir management among others. “We are concluding partnership arrangement with Schlumberger in four research areas commencing 2017. The first is Exploration & Risks Assessment studies of the Nigerian Frontier Basins, which include the Upper Benue where NNPC is currently carrying out exploration works.
Nigeria to Begin Tracking of Oil Production, Sales Destination. By Chineme Okafor Abuja — Nigeria will from this year begin to track the volume of its crude oil production from fields of production and loading bays, to sales destinations in a renewed effort to cut down on prevalent oil theft and loss of revenue, the Minister of State for Petroleum Resources, Dr.
Ibe Kachikwu, has said. Speaking in a podcast he released tuesday in Abuja where he made projections of his work this year, Kachikwu also said he would initiate processes to gradually move the country away from holding annual crude oil lifting contracts to looking for partners that it could sign long-term lifting agreements with. The minister explained that the country has lost huge revenues from oil production slippages and thefts, and would in this regard finally move to stop these practices. Nigerian government to set up $500 million exploration fund. Non-implementation of gas flare penalties costs Nigeria N2.9trn. By Michael Eboh LACK of political will on the part of the Federal Government to enforce its own laws on gas flare penalties, has cost the country $14.298 billion between April 2008 and October 2016.
This came as international oil companies, IOCs, and other oil companies operating in the country fail to abide by the regulation stipulating penalty of $3.5 for every 1,000 Standard Cubic Feet, SCF, of Gas flared in the country. Nigerian Extractive Industries Transparency Initiative, NEITI, in its latest audit report, the 2014 Nigerian Oil and Gas Audit Report, disclosed that in 2008, the Federal Government in its fiscal regime for the petroleum sector had set a penalty of $3.5 per 1,000 SCF of gas flared by the oil companies, stating, however, that the companies have refused to comply with the directive. Efforts to get the reaction of the Ministry of Petroleum Resources proved abortive, as messages sent to key officials of the Ministry were not responded to.
Subsisting penalty rate. Oando, Sahara Energy, 37 others to buy, sell Nigerian crude in 2017. The Nigerian National Petroleum Corporation, NNPC, on Wednesday released the names of 39 bidders for the sale and purchase of Nigerian crude for 2017/2018. Announcing the results on its Website, the Group General Manager, Crude Oil Marketing Division NNPC, Mele Kyari, said the contract would run for one year effective from January1 for consecutive 12 circles of crude oil allocation.
The list comprises 39 winners with 18 Nigerian companies, 11 International Traders, five foreign refineries, three National Oil Companies (NOCs) and two NNPC trading arms. Nigeria Secures $150m World Bank Support for Mining Development - Footprint to Africa. The Nigerian Government, through the Ministry of Mines and Steel Development, has secured a $150million (N45.7 billion) support from the World Bank to spur investments in mining, through the Mineral Sector Support for Economic Diversification (MSSED or MinDiver) programme.
The Minister of Mines and Steel Development, Dr Kayode Fayemi, disclosed that the Ministry is working with the Nigerian Sovereign Investment Authority, the Nigerian Stock Exchange and other institutions to assemble a $600million investment fund for the sector, by first quarter of 2017. The Minister stated this in his 2016 End of year Ministerial Briefing and Projections for Year 2017, at the conference room of the Ministry in Abuja. Nigeria loses N94bn to gas flaring in four months - SweetCrudeReports. *Gas flaring in the Niger Delta. 29 December 2016, Lagos – The country lost at least N94bn in four months as oil and gas companies flared a total of 87.03 billion standard cubic feet of natural gas in that period.
The latest monthly report from the Nigerian National Petroleum Corporation showed that 22.60 billion scf of gas was flared in October; 21.50 billion scf in September; 21.14 billion scf in August; and 21.79 billion scf in July, this year. It stated that out of the 215.43 billion scf of gas produced in October, a total of 121.63 billion scf was commercialised, comprising of 29.29 billion scf and 92.34 billion scf for the domestic and export markets, respectively. The gas flare rate in the month was 10.49 per cent, compared with the average flare rate of 9.36 per cent for the period of November 2015 to October 2016. The draft policy states, “While gas flaring levels have declined in recent years, it is still a prevailing practice in the petroleum industry. Firm announces huge coal deposit find in Sokoto - SweetCrudeReports. *Coal miners. Oscarline Onwuemenyi25 December 2016, Sweetcrude, Abuja – Efforts of the federal government to diversify Nigeria’s economy has received a major boost with the discovery of a huge deposit of coal in Sokoto State.
This discovery was revealed by the founder/executive chairman of BUA Group, Alhaji Abdulsamad Rabiu, when he informed the minister of solid minerals development, Dr. Nigeria to allocate new oil licenses to fund 2017 budget. The Federal Government will issue new oil licences as part of efforts to explore new streams of revenues to fund the 2017 budget, an official has said. NNPC doesn't know how many oil blocks Nigeria has - COO. Nigeria to begin new funding arrangement for oil, gas joint ventures. Nigeria lost over N1.5 trillion to attacks by Niger Delta militants, oil vandals in 2016. The Nigerian Petroleum Development Company, NPDC, lost N1.5 trillion due to attacks on its facilities in 2016, an official has said.
Nigeria's oil reserve now 37 billion barrels - NNPC. Nigeria's state-oil firm, NNPC, lost N418.97 billion in 21 months - Report. Nigeria: NNPC Lifted Crude Oil Worth N6.6 Trillion in 22 Months - Report. By Hamisu Muhammad and Simon Echewofun Sunday The Nigeria National Petroleum Corporation (NNPC) lifted crude oil worth N6.6trillion between January 2015 and September 2016, a report by the Nigeria Extractive Industries Transparency Initiative (NEITI) has said. Obaseki: Edo solid minerals can generate more revenue than oil. Edo solid minerals sector has greater capacity to generate revenue than oil. Mining Revenues Have Increased Significantly – Fayemi. The minister of Mines and Steel Development, Dr KayodeFayemi has identified inadequate tracking as a key challenge to effective monitoring of revenue leakages in the nation’s mining sector. Nigeria to end joint venture agreement with foreign owned oil companies.
Untitled. Nigeria’s oil sector needs $7b yearly investment — Business — The Guardian Nigeria. China Nigeria MiningInvestors Road Show. Nigeria: 150 Companies to Feature in Nigerian Mining Summit. FG makes N1bn from mining leases, licences - Punch Newspapers. Ajienka: There are good prospects in inland oil exploration — Saturday Magazine — The Guardian Nigeria. Buhari unveils new roadmap to grow Nigeria’s oil industry. ExxonMobil discovers ‘1bn barrels of oil’ in Nigeria. Nigeria establishes new Development Bank with $1.3 billion.
Over 600,000 Nigerians involved in illegal mining- Ministry of Solid Minerals. Nigerian minister seeks $500 million for mining sector development. Nigeria: 'World Class' Nickel Discovered in Nigeria, Govt to Sign Exploration Deal With Australian Firm. Nigeria mined 222.2trn tonnes of solid minerals in 6 years. Nigeria Loses 100kg Of Gold Daily To Illegal Miners – Minister. 356 Days After: Solid Minerals Roadmap Still Brewing. Nigeria can earn over $25bn annually from Solid minerals sector – minister. Nigeria: Gas Exports to U.S. Drops to Zero. NTA.ng - Breaking News, Nigeria, Africa, Worldwide. Nigeria Loses 100kg Of Gold Daily To Illegal Miners – Minister. Kaduna has more gold than South Africa, El-Rufai boasts. Shell faces corruption probe over $1bn oil deal in Nigeria. Nigeria: Refineries Can't Meet Demand At Optimal Capacity - Kachikwu.
ZA NigeriaCue Cards Mining 141015. Buhari: Nigeria to increase oil production by 30% Nigeria: Oil and Gas Exploration Set to Begin in North East - Buhari. Nigeria Targets 2030 to End Gas Flaring. Germany Interested in Nigeria’s Liquefied Natural Gas - TheNews.NG. 40 solid minerals awaiting development, says ABU V-C. Nigeria to break-up NNPC into 30 separate units - News for the Oil and Gas Sector. Nigeria: Crude Oil Production to Decline By 70,000 Barrels Per Day. Nigeria: 'Nigeria Can Generate N5 Trillion Annually From Solid Minerals' Nigeria ‘imported N20.2tr fuel in five years’ Nigeria Pledges To End Gas Flaring In Nigeria By 2020.
How solid minerals can lift Nigeria’s earnings by $50b. Solid minerals sector generates N10.8bn in 2015. Italy expresses interest in Nigeria’s minerals. Banks to have solid minerals desks, says Minister. Nigeria earns N413bn from gas export in three months. Nigeria aims to supply 20 pct of gasoline demand itself - Nigeria Daily News.
Nigeria earns N127bn from export of drilling platforms, light vessels – NBS. Nigeria to review mining licences as part of industry overhaul. Nigeria can generate $7.5bn from commercial gas. Two refineries to restart production before 2016 – Minister. Nigeria to review mining licences as part of industry overhaul. FG cancels oil, gas pre-shipment tender. Nigeria discovers 44 mineral deposits in 500 locations. Nigeria: Roadmap On Solid Minerals Investment Out Next Year, Says Fayemi. Nigeria to shift attention from oil to natural gas - Business and Finance. 'Significant oil find' possible in Lake Chad basin: Nigeria. Investment- Sustainable exploitation of Nigerias Mines another means to blooming economy.
Here are 4 natural resources the Nigerian government can explore to diversify the economy. Cash-strapped Nigeria to renegotiate contracts with oil majors. BOI Supports Nigeria’s Solid Minerals Sector With 24bn Naira. Nigerian gas reserves to last 79 years, says DPR. Nigeria Backs Quick Cleanup of Half Century of Oil Spills. Nigeria - Splitting of State-Owned Oil Company Underway. Business - Dangote Obtains License to Mine Gold, Other Minerals in Nigeria. Neglect of Solid Minerals - Why Nigeria Remains Poor. Nigeria set to resume oil search in Chad Basin after Boko Haram defeat. Consolidation Looms for Nigerian Companies to Survive Oil Price Drop, Articles. Jonathan's Oil Revenue As Much As Yaradua, Obj, Abdusalami & Abacha Combined. Nigeria-oil-blocks-1024x704.png (PNG Image, 1024 × 704 pixels) Nigeria has Africa's largest gas reserves, states OPEC report.
Govt’s lethargy traps $720bn Nigeria gas finds. Power: 11bn cubic feet of gas required for IPPs, says Minister - SweetCrudeReports. Nigerians spend N3.88bn on petrol daily —PPMC. 80 Percent of Nigerian Gemstone Smuggled Out Yearly, Says Minister. PH, Kaduna refineries to return to full capacities. NLNG generates over $50bn for the Nigerian economy in 14 years. Gas! Nigeria’s new oil. Shell to divest $15bn assets in 2yrs.