BRITISH oil major, BP and China National Petroleum Corp., or CNPC, signed an initial agreement with Iraq to develop Rumaila, Iraq’s largest producing oil field, paving the way for a final deal calling for investment estimated at as much as $15 billion, an Iraq ministry spokesman said.

THE Movement for Emancipation of the Niger-Delta has dismissed the government’s amnesty programme as a propaganda exercise aimed at hoodwinking companies to return to the Niger Delta and pump production back up while the militant threat persists. In an emailed communique to journalists Mend said it will resume attacks against the oil industry at the expiration of the cease-fire on 15 October.

UNTIL relatively recently, big oil gave little thought to sub-Saharan Africa beyond the coast of Nigeria and Angola. That’s changing rapidly after a significant find off the Atlantic coast of Sierra Leone, where both Anadarko Petroleum and U.K.-based Tullow have exploration licenses, and another strike in Uganda, where Tullow operates.

THE proposed Petroleum Industry Bill (PIB), has continued to receive knocks from stakeholders and other concerned individuals and groups with workers in the upstream sector of the petroleum industry faulting among others, the absence of specific provisions on expatriate quota and local manpower training.

Dr. Edmund Daukoru, the Amayanabo of Nembe Kingdom in Bayelsa state and former minister of energy has expressed total support for efforts at optimizing government’s socio/economic return in petroleum arrangements.

The National Association of Microfinance Banks of Nigeria (NAMFBIN) and Association of Microfinance Bank in Nigeria (AMBN) have merged to further serve the interest of both customers and member banks better.

PRECIOUS Mines & Mineral Processing Company (PMMPC) Limited, a subsidiary of DVCF Oil & Gas Plc, has announced its readiness to deliver over 51% of the country’s local demand for marble and other precious stones.

ABUJA — A Polish developer, Polnord SA, is leading a coalition of various coal and power companies from the European country to invest in Nigeria ’’s moribund coal industry, towards boosting the Federal Government’’s coal to power project.

An unidentified middle aged man, suspected to be a member of a gang specialised in vandalism of Power Holding Company of Nigeria’s ( PHCN) installation has been electrocuted to death. The suspect died last Tuesday, after he neatly cut off a 3-core armored up riser cable serving 7-up bottling company and environs from the ground and later climbed the High Tension (H.T) pole.

Vice President Goodluck Jonathan has called on African leaders to harness the continent’s potential and opportunities to better the lot of the citizens.