Osinbajo, NNPC executives, others meet oil majors on PIB
Vice-President Yemi Osinbajo has met with some stakeholders in the oil and gas industry in continuation of the Federal Government’s consultations ahead of the passage of the Petroleum Industry Bill (PIB) currently before the National Assembly. A statement by Osinbajo’s…
New PIB may weaken oil industry’s growth if –LCCI
The Lagos Chamber of Commerce and Industry (LCCI) has expressed fear that some provisions of the new Petroleum Industry Bill (PIB) could adversely affect growth of the industry and economy. Emphasising its support for government’s efforts at driving industry reform…
CSOs seek sustainable deregulation of downstream petroleum sector
A consortium of Civil Society Organizations (CSOs) has asked the federal government to entrench the deregulation drive of the downstream sector of the petroleum industry by enacting an appropriate legislation or embedding it as part of the Petroleum Industry Bill…
Introduce clause forbidding EFCC from detaining oil vessels in PIB, NASS advised
As all is set for the Ministry of Petroleum Resources to hand in the revised Petroleum Industry Bill (PIB) to the National Assembly in two weeks for passage into law, experts in oil and gas industry has called on lawmakers…
For Nigeria to raise revenue, more oil fields must come on board—W’Mackenzie
Leading global oil and gas research group, Wood Mackenzie has said in its new research published on Friday that Nigerian government risks cash squeeze in nearest future if its major oil fields remain stagnant and unexplored. Mackenzie Report also warned…
Mackenzie Report: Nigeria may not access ready $30bn investments in oil & gas
Strong indications have suggested that the high targets of the Federal Government in oil and gas exploration investments from deep pocket global oil majors may not come not necessarily because of the recently assented Deep Offshore/PSC Act, but the endless…
Harmonisation of existing PIB versions from 2000 to date at final stage—Minister
…Plans different regulators for midstream, downstream sectors The Minister of State for Petroleum Resources, Chief Timipre Sylva, has raised the dampened hopes of oil and gas industry stakeholders and Nigerians on the chances of early passage and presidential assent of…
Nigeria’s oil sector bleeds up to 92.9% of total illicit flows—NEITI
Fresh report by the Nigeria Extractive Industries Transparency Initiative (NEITI), has decried the jumping yearly losses to Illicit Financial Flows (IFFs) in Nigeria, saying about 92.9 per cent of the total bleeds away from the oil and gas sector. Illicit…
Subsidy hobbling investors’ in refining as daily fuel usage jumps to 56m litres
Happenstances in the nation’s downstream petroleum sector seem to be disproving every known economic and investment principles. This was the submission of leading industry analyst, Dr Bala Zaka in an interview. He said with the huge market for refined products…
Expert links delay in reviewing PSCs to unassented PIGB, others
Leading energy consultant and managing partner, J.O Adidi and Co., John Adidi, has linked the observed delays in the necessary review of Production Sharing Contracts (PSCs) with International Oil Companies (IOCs) to the non-passage of the Petroleum Industry Governance Bill…
