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Foreign exchange supply from autonomous sources most oil firms precipitated a 73 per cent fall in demand at the official market last week.
PETROCHEMICALS group Sasol was bracing itself for claims arising from its contraventions of competition laws, CE Pat Davies said on Friday.
Holidaymakers who will be driving to their destinations might be disappointed about a 27 cent fuel increase expected ahead of the festive season.
According to oil marketers, the Kenyan refinery is holding some 300, 000 tonnes of crude belonging to marketers.
Nigerian National Petroleum Corporation (NNPC) has been indicted over the execution of the $24.114 million contract for the repairs of an oil storage vessel , MT Tuma, a 136,000 metric tonnes vessel acquired by the Federal Government in 1985.
The National Union of Petroleum and Natural Gas Workers (NUPENG) Wednesday said prices of petroleum products would increase even if more refineries were established.
Former President Ibrahim Badamasi Babangida has commended the amnesty programme of President Yar'adua and advocated improved well-being of oil producing areas and their people. He made the call yesterday in Abuja at the lunch of a book, Participation in Petroleum Development: Towards Sustainable Community Development in the Niger Delta, authored by Aseme-Alabo Edward T.Bristol Alagbariya.
SIX market women were killed in the early hours of yesterday at Effurun, Delta State, by a trailer suspected to be laden with stolen crude oil, while a mob partly razed the Ebrumede Police Station in a spur-of-the-moment reaction to the unpleasant incident.
Of late, the Group Managing Director of NNPC has joined on the side of the protagonists and the apostles of Deregulation of the Downstream Sector of the Nigerian Oil Industry.
As the debate and disagreements between the federal government and the organised labour hots up, Minister of Petroleum Resources, Dr. Rilwanu Lukman, has gone to the World Bank in Washington to galvanise support for the federal government on the Petroleum Industry Bill and the ongoing reforms in the nation's oil sector.
Mobil Producing Nigeria (MPN) says it has reach agreement with the federal government to renew its joint venture lease with the Nigerian National Petroleum Corporation (NNPC).
THE education sector stands to benefit from the ongoing economic growth and oil discovery, the new director of Kampala International School (KISU) has predicted.
Management of the Brass Liquefied Natural Gas (LNG) in Brass Local Government Area (LGA), Bayelsa State is to train 120 youths at the Petroleum Training Institute (PTI), while local contractors would boost their knowledge in procurement and contract execution through workshops.
Until the global economy recovers, OPEC has to make sure it does not put too much crude oil in the market because it would drive down petroleum prices, Minister of Petroleum Resources, Dr. Rilwanu Lukman has warned.
Civil society activists have piled pressure on the government to make public all agreements it has entered with companies prospecting in oil that has been discovered in the Albertine region in western Uganda.
EXECUTIVE Director of the Environmental Rights Action/Friends of the Earth, Nigeria (ERA/FoN), Mr. Nnimmo Bassey has called on the Federal Government and stakeholders in the oil industry to realise that the time had come for the nation to plan ahead in the event of the country's crude oil resource being exhausted.
The 2010 fiscal year gross federally collectible revenue is projected at N6. 211 trillion as against N5.305 trillion for the current budget year. These figures are contained in the 2010-2012 Fiscal Framework under sources of revenue with which government intends to fund its proposed expenditures and deficits.
Following the embracement of the amnesty offer by majority of the Niger-Delta militants, after years of hostility and destruction of oil facilities, the Federal Government has entered into various deals with the militants. Offer of money has been the major attraction for the militants who have submitted a major part of the massive arsenals in their possession.
We are disturbed by all this unending deregulation blues. This is where the government becomes everything to itself. It is the judge and the jury. The citizenry has no choice but to accept whatever judgment is handed down by government.
The problems of the Niger Delta are Marginalization, lack of infrastructural development and lack of political space. These problems gave rise to youth militancy. The federal Government is in a hurry to stop the militancy for each immediate gains of increased oil production but appear not to be equally eager to address the real problems of Niger Delta.
Shell's reentry into the Niger Delta has started yielding expected jumps in production figures as the oil giant prepares to reclaim its status as Nigeria's lead oil and gas producer. Shell Petroleum Development Company (SPDC) weekend declared record gas production for the nation's internal distribution grid targeted at meeting rising industrial and commercial demands in the domestic market.
The cassakero project has targeted the installation of 10,000 small scale bio-ethanol refineries in the 36 states of Nigeria including the Federal Capital Territory (FCT), over the next four years from December 2009 to December 2013 to produce the daily ethanol cooking fuel requirement for 4 million families.
The International Oil Companies (IOCs) operating in Nigeria has blamed government for poor measurement and record keeping in the country's oil and gas industry.
In a bid to stimulate the debate on Uganda's newly discovered oil and the sharing of the oil wealth, Business Vision runs a series of articles by Professor Kasozi, the director of the National Council for Higher Education. This week's article focuses on how Uganda can avoid depending on oil as a sole major export
SASOL, Statoil of Norway and US- based Chesapeake Energy have made a joint application for onshore petroleum exploration rights in SA.
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