A number of projects proposed in the Petroleum Industry Bill (PIB), which is due for passage by the Senate this month, are under real threat as the Senate Committee on Petroleum (Downstream) has rejected the N7.5 billion in the 2010 budget for execution of the projects.
After months of uncertainty over the implementation of the 2009 budget owing to the dwindling oil prices, the Federal Government has said the global oil markets are now stable and there is no need for the Organisation of Petroleum Exporting Countries (OPEC) to supply more crude oil to the international market.
RELIGIOUS leaders have called for the reduction of electricity tariffs to encourage the use of clean energy to reduce the effects of climate change.
The Ministry of Power yesterday in Abuja restated its commitment towards meeting the power generation capacity of 6,000 megawatts before the end of this year.
The Senate yesterday discovered irregularities, duplications and ambiguous provisions in the 2010 budget proposals of the Ministry of Petroleum Resources amounting to N10bn naira.
Since plans by government to deregulate the downstream sector of the oil industry became public knowledge, fuel marketers have intensified efforts in doing what they know how to do best: That is to hoard the product.
Government has reassured investors in the West African Gas Pipeline (WAGP) that the policy priority for domestic supply would not entail sabotage of the regional fuel grid.
The agitation for local content in the oil and gas industry recently got a boost from the House of Representatives, whose piece of legislation seems the boldest attempt to make Nigerians maximally benefit from the oil and gas endowment in the country.
REPRESENTATIVES of the government, labour, business and civil society have committed themselves to revive the structure that was set up to respond to the electricity crisis that overwhelmed SA early last year.
POWER utility Eskom plans to review its coal supply agreement with miner Exxaro Coal as part of its efforts to lower input costs.
Recently, the Venezuelan Ambassador to Nigeria, Enerique Fernando Arrundell, during a visit to the Minister of Information and Communications, Dora Akunyili, offered some advise to Nigerian government about how to make the huge revenue it derives from oil work for the citizens.
NIGER-DELTA peace activist, Mr. Cletus Arerebo, has commended Vanguard Newspapers, Governors Emmanuel Uduaghan and Timipre Sylva of Delta and Bayelsa States respectively for their role in the success the Federal Government has recorded so far in its amnesty programme for militants.
FORMER Group Executive Director incharge of Exploration and Production of Nigeria National Petroleum Corporation (NNPC), Dr. Chris Ogiemwonyi, has urged the Federal Government to speed up the proposed reforms in the oil industry to strengthen the NNPC for better productivity.
THE Itsekiri nation has been charged to design strategies to cash in on the 10% equity share of the oil and gas industry and the yet-to-be signed Petroleum Industry Bill as part of amnesty deal.
Delegations from Africa Oil and Range Resource have held talks with the representative of Somalia's Puntland state in the administrative capital of Garowe, where they discussed the amendment of an oil exploration accord.
Eskom has signed a 17-year agreement with ARM Coal and Xstrata to supply coal to the Majuba Power Station.
The chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Engr. Hamman Tukur, yesterday raised an alarm over the joint venture (JV) entered between the Federal Government and multinationals, declaring that Nigeria was being ripped off of billions of naira by foreign companies.
Plateau State governor, Da Jonah Jang, has frowned on the manner in which the Federal Government handled the issue of the 26 mercenaries arrested during the November 2008 crisis, saying the state does not know the outcome of investigation into the case in Abuja.
The Federal Government yesterday came close to admitting that it would not meet the power generation capacity of 6,000 megawatts by the end of December this year, even as it declared that it never entered into any deal of such target with Nigerians.
Despite the return of peace in the oil industry hub of Niger Delta following government's amnesty packages, illegal crude oil exports continues unabated in the region, causing production deficits and revenue loss.
Sirius Petroleum Plc reported that it has identified its first marginal oil field opportunity in Nigeria, through a strategic partnership under a letter of intent (LoI) with indigenous Frontier Oil Ltd.
The Federal Government's plan to revamp oil/gas sector could stall if oil reform bill does not pass by early next year, a scenario which some oil firms fear will further delay investment decisions in the country.
Following the reentry of its key gas suppliers to their respective production sites, the Nigerian Liquefied Natural Gas (NLNG) Limited says would ramp up output by next year when gas supply from Shell's Soku gas plant is expected to witness upbeat in activity.
Chevron Nigeria Limited gas called on fellow oil firms in the country to step up implementation of the local content development policy of the government by initiating processes and programs that would sustain growth in capabilities within the industry.
Presidential Adviser on Energy matters Dr. Emmanuel Egbogah, said Monday in Bombe, India that the Federal Government has invited Indian companies to operate in the country's oil and gas sector and expressed confidence that Indian investments in Nigeria would be profitable while at the same time it would secure India's energy supply needs.
