Yemisi Izuora The 6th Sustainability in the Extractive Industries, SITEI 2017 Conference would be focusing energy on how Nigeria can harness the estimated and promising potential inherent in the extractive industries. According to the U.S. Energy Information Administration (EIA), energy consumption will increase by 48 per cent from 2012 to 2040, and fossil fuels will continue to account for 78 per cent of the energy. In addition, an average growth rate of 13.5 per cent between 2017 and 2020 is expected in global mining according to Fitch Group research arm BMI. In a local industry assessment by PwC, mining activities may…
Author: orientalnewsng
Yemisi Izuora Vandalisation of oil infrastructure and theft mainly in the Niger Delta has caused oil giant to count significant loss. Mr Osagie Okunbor, Country Chair of Shell Companies in Nigeria, disclosed that Shell Petroleum Development Company Joint Venture (SPDC JV) might have lost N3.34 billion to crude oil theft and pipeline vandalism in 2016 alone. Okunbor announced this on the side-line on a review of Shell operations in Nigeria for 2016 while presenting the 2017 Shell Nigeria briefing notes in Lagos. He said that Shell JV lost over 5,660 barrels of crude oil per day in 2016 to crude…
Yemisi Izuora The Energy Information Administration, EIA, has estimated that the oil export revenues of Organisation of Petroleum Exporting Countries, OPEC would likely hit US$539 billion this year, citing rising oil prices. It said that oil export revenue of OPEC members last year declined by 15 percent on 2015 to US$433 billion, on an unadjusted basis. According to the EIA, this was the lowest result since 2014, affected by the drop in crude oil prices and a decline in exports. This year, however, the EIA is more optimistic for the cartel, projecting revenues to grow to US$539 billion thanks to higher…
Joseph Bakare/Yemisi Izuora The House of Representatives Committee on Public Procurement has sought clarification from the Central Bank of Nigeria (CBN) over the payment of $163.7 million to pre-shipment inspection agents (PIAs) involved in the monitoring of crude oil and gas exports from Nigeria from 2009 to 2014 without the approval of the National Assembly. The committee, led by Mr. Wole Oke, also frowned at the Ministry of Finance involvement in the payment of the money. The CBN Governor, Mr. Godwin Emefiele, who testified at the resumed investigative hearing of the committee gave a run down of monies released to…
• Saraki flays anti-graft crusade Source- Guardian The House of Representatives Committee on Public Procurement has summoned the Minister of Finance, Mrs. Kemi Adeosun over the alleged violation of the law in the engagement of consultants for pre-shipment inspection and monitoring of crude oil and gas exports from the country. Adeosun and the permanent secretary in her ministry are to appear before the committee led by Mr. Wole Oke by 10:00 a.m. today in the two-day investigative hearing on the issue at the National Assembly in Abuja. Activities in the oil and gas sector are reportedly bogged down by a…
..To Raise Domestic Gas Supply To 5bcf/d Yemisi Izuora The Nigerian National Petroleum Corporation (NNPC), is taking steps to supply more gas to the domestic market to further uplift the industrial sector. The oil company said it would collaborate with its joint venture partners to increase the amount of gas available to Nigeria’s domestic economy in 2020 to about five billion standard cubic feet per day (5bscf/d). The corporation’s Group General Manager Public Affairs, Mr. Ndu Ughamadu said in a statement that the development would help the federal government’s plan to have more gas sent to Nigeria’s industries to stimulate…
Yemisi Izuora The Central Bank of Nigeria (CBN) on Monday injected 457.3 million dollars into various segments of the market. The CBN Spokesman, Mr Isaac Okorafor in a statement in Abuja, said that both the spot and forwards segments garnered 267.3 million dollars, while the wholesale segment got 100 million dollars. Okorafor said the Small and Medium Enterprises (SMEs) and invisibles segments comprising basic travel allowance, tuition fee and medical got 50 million dollars and 40 million dollars respectively. Okorafor expressed satisfaction with the level of activities in the market. He said that the volume of activities being recorded in…
Yemisi Izuora Aiteo Group has appointed Mr. Ratko M. Knezevic to its Global Executive Management team as Group Advisor on Business and Capital Development. Mr Knezevic will lead Aiteo’s funds raising activities from global capital markets with the primary objective of reinforcing the Group’s growth and diversification targets in Nigeria and across Africa as a whole. Ratko brings to this role vast experience and expertise acquired through proven track record of direct operational leadership, strategy development, team building, financial and relationship management. He has achieved this immense depth of capability from more than 20 years of top flight experience in…
.. Inaugurates Ibile Oil And Gas Corporation Yemisi Izuora/Hyacinth Chinweuba The Lagos State Government has inaugurated the state-owned oil company, Ibile Oil and Gas Corporation (IOGC, to serve as a business arm of the state in the oil and gas industry. At the inauguration ceremony the state Governor, Akinwunmi Ambode, said the initiative was in line with governments determination to leverage on the recently acquired status of oil producing state in Nigeria. The governor, represented by the state Commissioner for Energy and Mineral Resources, Mr. Olawale Wasiu Oluwo, said the company was set up to manage the downstream and upstream…
Yemisi Izuora Technology Distributors Limited, one of Schneider Electric’s major partners has given out mouth-watering discounts to mark her 18th anniversary in a promotion called “seller-bration”. The strictly online event which held for 18 hours, from 6am – 12pm on May 15th, ensured that customers got real value for their money while putting money back in their pockets. Speaking to our correspondent, the CEO, Technology Distributions, Mrs Chioma Ekeh said “Technology Distributors is 18 and like any other 18 year old, this anniversary marks the dawn of a new age. Our 18th anniversary crystallises into a year in which we…