Oil and Gas industry news

In exercise of the presidential authorities vested in the Executive arm of government, Acting President Yemi Osinbajo, SAN, today signed three executive orders that will significantly change some of the ways government business and operations are conducted in the country forthwith. Ahead of the signing, the Acting President held an interactive session at the old Banquet Hall of Presidential Villa with all relevant government officials, including ministers, permanent secretaries and heads of departments and agencies among others. The session was meant to directly engage government officials who would be implementing the orders and the new instructions. The executive orders also stipulate sanctions and punitive measures meant to address violations where necessary. Specifically, Prof. Osinbajo signed three executive orders giving specific instructions on a number of policy issues affecting: *the promotion of transparency and efficiency in the business environment designed to f...

The Nigerian National Petroleum Corporation, NNPC, will today, sign a $6 billion crude oil swap agreement with 10 groups of oil trading firms for the exchange of 330,000 barrels per day of crude oil for premium motor spirit, PMS, also known as petrol, and diesel. According to a report, the NNPC had already signed the agreements with four (4) of the ten 10 groups, while the rest will be signed today. The report disclosed that after several extensions, by at least three months, the deal would come into effect July 1, 2017. Curiously, the NNPC, which last year said it would no longer allow middlemen participate in the process, appeared to have recanted, as the report stated that this year’s deal includes international trading houses and not just oil refineries. However, when contacted, Group General Manager, Group Public Affairs Division of the NNPC, Mr. Ndu Ughamadu, said he was not aware of any contract signing in that regard. For this year, the contract is given to an internatio...

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 Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said that the country’s oil and gas sector has been held down by a few interest groups for so long. The minister, however, promised that his ministry was working hard to unlock the sector through the 7BigWins initiative launched by the president last year. Kachikwu who disclosed this on Thursday in Abuja while receiving a report compiled by professional Nigerians in Diaspora said the whole essence of the 7BigWins was to point Nigerians to opportunities in the sector. “The oil sector has been too locked down by a few interest groups for so long, positively or negatively but the time has come to open it up to Nigerians,” he said. “We’ve devoted ourselves to a level of openness because the resource isn’t ours, we are just gatekeepers in the management of this resource and so it is our responsibility to help every Nigerian who has an idea, no matter how mundane, to see how that idea can come to fruition...