More controversies have continued to trial the Petroleum Industry Bill, PIB, currently before the National Assembly, as industry players reiterated that when if passed into law, it would deal a heavy blow to small field operators in the industry by way of harsh taxes and royalties rates.

FOLLOWING sanctions imposed on Iran by European Community, (EU) Iranian oil tankers are contending with longer delays in shipments and some are idled amid increasing pressure on buyers to curb purchases from what was once OPEC’s second-biggest producer.

The Nigeria Electricity Regulatory Commission (NERC) has said that for the power sector to grow to the anticipated level attainable to international standard there must be the political will as well as the required regulatory services.

ANGRY Ijaw youths, weekend, took over Chevron Nigeria Limited, CNL’s Gas Pipelines Project after chasing away workers from site.

THERE are indications that the current fuel scarcity bedeviling the nation may not get into the yuletide season as Techno oil, a major player in the downstream oil sector is expected to discharge 60,000 metric tonnes of Premium Motor Spirit, PMS or petrol during the Yuletide Season. This is expected to complement supplies from the Nigerian National Petrol Corporation, NNPC, within the same period.

London Exchange-listed Eland Oil and Gas, said it plans to invest about $190million into developing its Oil Mining Lease, OML 40 asset in Nigeria, while hoping to increase crude production from the asset from current 3000 barrels per day, bpd, to 50,000bpd over the next three years.

In line with the payment mechanism for the privatisation of the Power Holding Company of Nigeria, PHCN successor generation and distribution companies, the Bureau of Public Enterprises, BPE, confirmed it has received bank guarantees of over $335.85million from the preferred bidders for the companies.

The Nigeria Content Development and Monitoring Board, NCDMB, and the Petroleum Technology Association of Nigeria, PETAN, have signed a Memorandum of Understanding, MoU that will make creating employment for young and qualified graduates as part of the conditions for winning oil and gas contracts.

Following reports that President Goodluck Jonathan terminated the $23.7million management contract for the Transmission Company of Nigeria, TCN awarded to a Canadian firm, Manitoba Hydro International, MHI, the company said it has not received any official termination notice from the Federal Government.

Shell Petroleum Development Company, SPDC, has denied media reports saying that two of its staff were arrested by government security forces for alleged involvement in crude theft.