On Tuesday October 4, President Goodluck Jonathan forwarded to the National Assembly a 2012 Fiscal Strategy Paper, FSP, with plans to commence the withdrawal of fuel subsidy from next year and save the country well over N1.2 trillion annual spends on fuel subsidy.

Following the launch of the federal government’s gas revolution agenda by President Goodluck Jonathan last year the National Petroleum Investment Management Services (NAPIMS) a subsidiary of the NNPC has concluded arrangement to meet with the management of Shell Nigeria over the proposal by Drake Nigeria Limited and its partners to facilitate a $1.5bn (N150.75bn) gas processing /methanol power plant.

The Minister of Petroleum Resources and Board Chairman Nigerian National Petroleum Corporation, NNPC, Dr. Diezani Alison-Madueke on Wednesday distanced herself from insinuations in some quarters that she is set to join the race for the Bayelsa Government House in the forth coming governorship election in the state.

The Lagos State Ministry of Energy and Mineral Resources has commenced enforcement of rules and regulations guiding mining operations in the State.

The Governor of Zamfara State, Alhaji Abdul’aziz Abubakar Yari has advised the Federal Government to give priority to the private sector as a means of generating employment for the teeming youths in the country rather than concentrating on crude oil.

NIGERIA Labour Congress, NLC, has advised the Federal Government to rethink its poverty-inducing policies such as the proposed astronomical increases in the prices of petrol and a 50-100 percent hike in electricity tariff.

The Extractive Industries Transparency Initiative (EITI) is a global effort aimed at improving the management of oil, gas and mining revenues in resource-rich countries. The initiative effectively took off in 2002 during the World Summit on Sustainable Development, which held in Johannesburg, South Africa.

Global Biofuels Limited, the first Biofuel Refinery in Nigeria, in collaboration with its financial advisors has concluded arrangements for the implementation of a Clean Development Mechanism (CDM) project titled, Grow Your Energy (GYE). Upon completion, the project would generate 30mega watts (WM) of electric power from biomass co-generation ancillary.

Techno Oil Limited, a leading indigenous oil and gas downstream operator has restated its commitment to Health, Safety and Environment, HSE matters in all its operations.

The Federal Ministry of Water Resources and the Ministry of Power have signed a Memorandum of Understanding, MoU, for the use of some of the country’s dams for power generation, the Minister of Water Resources, Mrs. Sarah Reng Ochekpe, has said.