Eleven years after former President, Olusegun Obansanjo granted licenses to 18 individuals to construct refineries in a bid to open up the country’s downstream sector of the petroleum industry to private investors, there are indications that the government will not achieve its aims, as issues bordering on financing are hindering the construction of refineries by the investors.
The management of PHCN Ikeja Electricity Distribution Company has said that the fire incidence that occurred at the Ikeja West Transmission station was as a result of some defective transmission transformers.
Nigeria earned about $16.609 billion (N2.641 trillion) from the export of crude oil in three months — between January and March 2013, according to data released by the Central Bank of Nigeria, CBN.
Part one of this article reviewed the legal framework of Dodd-Frank, calling attention to its transparency and disclosure provisions in the global extractive industry.
The Nigeria Electricity Regulatory Commission, NERC has commenced the N50, 000 new pre-paid meter scheme, under the Credited Advance Payment for Metering Implementation (CAPMI).
Governor Babatunde Fashola of Lagos State, on Tuesday, urged Nigerians to imbibe the culture of conservation as a way of life in all sectors, especially in the energy area.
The Nigeria Extractive Industries Transparency Initiative, NEITI, has kicked against certain provisions of the Petroleum Industry Bill, PIB, especially sections that seek to increase the powers of the minister of petroleum, calling for a review of the Bill to limit the powers of the minister.
Attendance at the 2013 Offshore Technology Conference, OTC, which held at the Reliant Park in Houston Texas, USA between May 6 and 9, reached a 30-year high of 104,800, the second highest in show history and 17 percent above last year.
Seplat Petroleum Development Company Limited, a major indigenous player in the petroleum exploration and production business in Nigeria and its Joint Venture partner, Nigerian Petroleum Development Company (NPDC) a subsidiary of Nigeria National Petroleum Corporation, NNPC have commenced its 2013 Corporate Social Responsibility, CSR, initiatives in host communities.
In an effort to improve the fortunes of the downstream sector of Nigeria oil and gas industry, the Western Zone arm of the Independent Petroleum Marketers Association of Nigeria (IPMAN) has advised its members to re-strategise their business investment’s plan.
In July 2010, the United States Congress carried out a robust reform of the financial industry with the passage of Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) The act is geared towards enhancing transparency and accountability in the U.S. financial system.
When some representatives of five oil communities in Delta State travelled all the way to the National Assembly complex in Abuja late last month, they somehow succeeded in giving life to the over flogged issue of the transfer of Shell shares in some onshore blocks.
… Says more convergence than divergence in PIB
One of the issues that could frustrate the success of the Petroleum Industry Bill, PIB, is over-regulation of the industry, the Director, Department of Petroleum Resources, DPR, Mr. Osten Olorunsola has said.
Nigerian unit of Anglo-Dutch oil giant, Shell, has admitted that the spate of crude oil theft from its facilities in the Niger Delta is reducing, a development he attributed to the surveillance of the Joint Task Force, JTF, set up by the Nigerian Government to check the menace.
Regulation of the downstream petroleum industry has been identified as a major hiccup for the take-off of three green field refineries in Nigeria, for which Memoranda of understanding MoUs, have been signed with a Chinese construction firm.
Managements of the Nigerian National Petroleum Corporation (NNPC) and Pipeline and Products Marketing Company (PPMC) have said there is no plan to set up a pipeline protection agency.
Due to Nigerian Liquefied Natural Gas Company (NLNG) disregard and unwillingness to abide by the country’s Maritime laws the Nigerian Maritime Administration and Safety Agency, (NIMASA) using Global West Vessels Specialist platforms has blocked access to the Bonny Channel thereby hindering the Nigerian Liquefied Natural Gas Company (NLNG) vessels from leaving or reaching the area.
Department of Petroleum Resources, DPR, the regulator of oil and gas operations in Nigeria, has instituted the monitoring of trucks bearing crude or refined petroleum products, with a view to checking products adulteration, diversion and other unethical practices.
The European Union (EU) recent decision to enact a law that will make oil, gas, mining and logging firms declare payments to governments, as part of efforts to end poverty in resource-rich nations is good for our country. The EU law mandates companies to report payments at project as well as country level, beginning at a threshold of 100,000 Euros ($130,600).
The Federal Government should formulate policies to galvanize the renewable energy sector of the economy and save Nigerians from the effect of the over N100 billion investment on generators by individuals and organizations in the country, said Mr. Bode Adefolu, Chief Executive Officer, Folub Eletrik Servz a power and renewable energy company.
A former Chief Economic Adviser and Petroleum Minister, Mr. Philip Asiodu, has called on the Federal Government to immediately commence the re-negotiation of fiscal provisions in deep offshore Production Sharing Contracts, PSC, while the Petroleum Industry Bill, PIB, is been awaited.
Addax Petroleum Development (Nigeria) Limited has restated its commitment to the promotion of the local content initiative of the Federal Government.
The incumbent Executive Secretary of Petroleum Products Pricing Regulatory Agency (PPPRA) Mr. Reginald Stanley has emerged one of this year’s National Association for Energy Economics (NAEE) award winners.
British energy giant BP said on Tuesday it has earmarked $540 million to ramp up its operations in South Africa and Mozambique over the next five years.
The implementation of the Nigerian Content Act, by the Nigerian Content Development and Monitoring Board, NCDMB, has saved Nigeria a capital flight of about $380 billion and a job loss of two million in the oil and gas sector.
The National Integrated Power Project, NIPP, of the Niger Delta Power Holding Company (NDPHC) is expected to contribute up to 4,200 megawatts or 50 percent of the 9,000MW, which would be available to Nigerians by December.
Some Lagos residents under the aegis of Ikate Community Development Area, CDA, have complained of neglect and poor services by the Power Holding Company of Nigeria, PHCN, in the area.
Accugas Limited has begun the development of a $225 million (N35.78 billion) project designed to increase the supply of gas to two power plants in Nigeria, to boost power supply in the country.
Part one and two of this article examined the regulatory framework of the Petroleum Industry Bill (PIB), and the importance of independent industry regulation.
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