Category: Local Content
Nigeria’s oil sector to record $25bn investment in two years –NCDMB
Esther Ajibola – Lagos The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote has said that next two years promises to be bright for operators in the Nigerian oil and gas industry with an investment opportunities of $25 billion underway. Addressing journalists in Lagos yesterday, Wabote revealed that within the past…
Nigeria’s refineries post N114.3bn loss in 11 months
By Oke Peter Nigeria’s refineries posted a cumulative loss of N114.3 billion in the first 11 months of 2018, the latest industry data have revealed. Figures obtained from the Nigerian National Petroleum Corporation (NNPC) on Friday in Abuja showed that the Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company and Warri Refining and Petrochemical…
Nigeria earns N3.72trn from royalties, petroleum tax in one year .Begins fuel import from China
Nigeria earned N3.72 trillion from royalties and petroleum profit tax (PPT), in the oil and gas sector in 2018, according to data obtained from the Central Bank of Nigeria, (CBN). The CBN, in its Economic Report for the Fourth Quarter of 2018, stated that the amount the country earned from royalties and PPT in 2018…
Nigeria hits oil majors with billions in back taxes
Nigeria has ordered foreign oil and gas companies to pay nearly $20 billion in taxes it says are owed to local states, industry and government sources said, in a move that could deter investment in Africa’s largest economy. In a letter sent to the companies earlier this year via a debt-collection arm of the government,…
Uncertainties, security, price to affect Nigeria’s oil sector
The oil and gas sector in Nigeria, particularly upstream, will be affected by policy uncertainties, security, and slump in the price of crude oil, stakeholders have said. Players in the industry, in an outlook, ahead of the general elections, equally urged politicians to desist from comments that could further reduce investment inflow of into the…
Nigeria: Oil firms get 12,383 service permits in one year
Oil and gas companies operating in Nigeria got a total of 12,383 service permits in 2018 for the services rendered in the sector. The Punch has reported. The Department of Petroleum Resources (DPR) said the service permits were issued in three categories. In a document detailing some of its achievements in 2018, which was obtained…
Atiku promises to complete Mambilla Power Project if elected
Nigeria’s former Vice President and presidential candidate of the People’s Democratic Party (PDP) Alh Atiku Abubakar, on Tuesday, promised to complete the Mambilla Dam if elected president in the forthcoming presidential election. The Sun has reported. Abubakar made the promise while addressing party faithful in at the presidential campaign of the party in Jalingo. He…
NUPENG, PENGASSAN urge Buhari to accelerate PIB assent
By Oke Peter The leadership of Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and Petroleum and Natural Gas Senior Staff Association (PENGASSAN) has again appealed to President Muhammadu Buhari to accelerate the final executive assent to the entire Petroleum Industry Bill (PIB). The oil workers argued that the bill, when passed into law,…
Samsung sets new record in Nigerian content, trains female welders
Esther Ajibola – Lagos In line with its belief that the future of Nigeria should be in Nigerian hands, Samsung Heavy Industries (SHI) has set a new record on Nigerian content in the oil and gas industry as it has trained another batch of internationally-certified female welders. Speaking to journalists, one of the beneficiaries of…
NNPC partners African Transportation Union to halt cross-border leakages
The Nigerian National Petroleum Corporation (NNPC) has sought effective collaboration with members of the African Union of Transportation and Logistics Organisation to halt incidents of cross-border leakages of petroleum products. The corporation said smuggling of petroleum products remained a blight in the nation’s fuel supply and distribution matrix. NNPC Group Managing Director, Dr Maikanti Baru,…