Ghana's jubilee fields will start pouring oil in commercial quantities in the last quarter of 2010, but Ghana could end up with a paltry 14% stake in the fields if it fails to stall the Exxon, Kosmos deal.
"If we hadn't discovered oil, we would have been better off today. Once we had oil, our agriculture sector collapsed. Oil has made us lazy .We have become corrupted" - Former Minister of State for Finance in Nigeria, Mrs. Nedadi Usman (Credit - Jonathan Power: The perils of African oil, 2004)
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.
The two diesel fired back-up power stations that can provide Maputo with electricity in the event of interruption to the normal power supply are being converted to run on natural gas, according to a report in Monday's issue of the Maputo daily "Noticias".
There are regrettable flaws in recent government moves to deregulate the downstream oil sector. The cost to the nation is equally regrettable. When on October 10, Mr. Aminu Babakusa, the Group Executive Director, Commercial and Investment of Nigerian National Petroleum Corporation (NNPC), announced November 1, 2009 as the date for commencement of the full deregulation of the sector, he could only ...
Since the advent of oil boom in Nigeria, governments have been lax in collecting taxes from citizens, corporate bodies and organisations to fund their programmes.
Top government officials in charge of the oil industry refused yesterday to say when the full deregulation policy of the downstream oil sector will take place, saying they were still in consultations to try to build a national consensus around the policy.
Going back to the issue of deregulation and the merits of this market reform strategy, a useful re-entry point to this discussion would lie in the review of the central plank of the stock argument, generally favoured by the ranks of the opponents of the deregulation proposals.
Mozambican port managers have denied claims by Malawi that the current shortage of fuel in that country is due to congestion in the Mozambican ports of Nacala and Beira.
Fresh revelations emerged last week on how the Pipelines and Products Marketing Company (PPMC), a subsidiary of the Nigerian National petroleum Corporation (NNPC), through some of its engineers and technicians saved the country the trouble of going through what it described as the 'mother of all fuel scarcity' in the country.
Oil prices fell by more than 2 per cent on Friday after larger-than-expected October U.S. unemployment numbers emerged to shake financial markets. Reuters reported that U.S. crude for December delivery was down $1.86 to $77.86 a barrel by 1420 GMT, retracing early gains as high as $80.34 in the trading session. London Brent crude fell $1.70 to $76.29. According to Reuters, government figures ...
The Federal Capital Territory, FCT Abuja seems to be the worst hit as gradual fuel scarcity takes its toll on residents. Since the Federal Government announced its decision to deregulate the downstream petroleum sector, life of residents and those around its environ have not been the same.
Oando Plc, Nigeria's integrated energy solutions provider has announced in Lagos the signing of a memorandum of understanding (MOU), with Russia's energy giant, Gazprom to jointly develop projects in multiple sectors of Nigeria's oil and gas industry.
The hand-over of 76 oil wells from Cross River state to Akwa-Ibom state last April by the federal government seems to have devastated the developmental plans of Senator Liyel Imoke, as the governor was Wednesday compelled to assent to the amendment of the state's Appropriation Bill of 2009.
In what appears to be a volte face, the federal government has declared that it is yet to decide on a date for the take-off of the deregulation of the downstream sector of the oil and gas industry.
