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'MISSING' U.S. $5 BILLION FROM EXCESS CRUDE ACCOUNT (ECA)
'MISSING' U.S. $5 BILLION FROM EXCESS CRUDE ACCOUNT (ECA)
[Read More]
Government Partners with Firms on Power Projects
Government Partners with Firms on Power Projects
[Read More]
Ethiopia & China Sign $1 Billion Contract for Power Transmission
Ethiopia & China Sign $1 Billion Contract for Power Transmission
[Read More]
NERC Plans to Increase Supply to 9,000mw, Partners NHRC
NERC Plans to Increase Supply to 9,000mw, Partners NHRC
[Read More]
Ethnic Groups Accuse Petroleum Minister & SPDC Of Fraudulent Oil Deal
Ethnic Groups Accuse Petroleum Minister & SPDC Of Fraudulent Oil Deal
[Read More]
Eko Electricity Distribution Company Announces Planned Power Outage.
Eko Electricity Distribution Company Announces Planned Power Outage.
[Read More]
Senate Decries the Federal Government's Misuse of N783billion Natural Resources Fund;Decides to Examine the Development of Solid Minerals in Nigeria.
Senate Decries the Federal Government's Misuse of N783billion Natural Resources Fund;Decides to Examine the Development of Solid Minerals in Nigeria.
[Read More]
Senate Decries the Federal Government's Misuse of N783billion Natural Resources Fund;Decides to Examine the Development of Solid Minerals in Nigeria. By Ijeoma Chukwuemelie.
Senate Decries the Federal Government's Misuse of N783billion Natural Resources Fund;Decides to Examine the Development of Solid Minerals in Nigeria. By Ijeoma Chukwuemelie.
[Read More]
Nigeria Restructures Ministry of Power in 2013
Nigeria Restructures Ministry of Power in 2013
[Read More]
PPPRA Budget Defence: Petroleum Committee Hardly Clears Agency.
PPPRA Budget Defence: Petroleum Committee Hardly Clears Agency.
[Read More]
NIGERIA - Sokoto Commissions Renewable Energy Model Village
NIGERIA - Sokoto Commissions Renewable Energy Model Village
[Read More]
IOCs, Local Oil, Gas Operators, OPS Diverge on PIB
IOCs, Local Oil, Gas Operators, OPS Diverge on PIB
[Read More]
BPE Delays Power Privatisation
BPE Delays Power Privatisation
[Read More]
National Assembly Faults NNPC over Budget Defence
National Assembly Faults NNPC over Budget Defence
[Read More]
Remote and condition monitoring of oil and gas sites:
Remote and condition monitoring of oil and gas sites:
[Read More]
Nigeria Sets Up Task force on Petroleum Revenue
Nigeria Sets Up Task force on Petroleum Revenue
[Read More]
Kaztec Engineering Ltd. Set for Major Oil and Gas Industry Events
Kaztec Engineering Ltd. Set for Major Oil and Gas Industry Events
[Read More]
NUPENG & SHELL RESOLVE ENERGY CRISIS
NUPENG & SHELL RESOLVE ENERGY CRISIS
[Read More]
Chevron Corp.- Blowout and Oil Rig on Fire
Chevron Corp.- Blowout and Oil Rig on Fire
[Read More]
Privatisation: FG Shuts down PHCN, Suspends Funds
Privatisation: FG Shuts down PHCN, Suspends Funds
[Read More]
EU Embarks on Fact-finding Operation In Niger Delta
EU Embarks on Fact-finding Operation In Niger Delta
[Read More]
NNPC has updated audited accounts- Dr. Ajuonuma
NNPC has updated audited accounts- Dr. Ajuonuma
[Read More]
FG Asked to Discard Planned Increase in Fuel Price, Electricity Tariff
FG Asked to Discard Planned Increase in Fuel Price, Electricity Tariff
[Read More]
Nigeria loses N180bn to imported substandard bulbs annually – SON
Nigeria loses N180bn to imported substandard bulbs annually – SON
[Read More]
Federal Govt. Approves New Wage Bill for PHCN Workforce
Federal Govt. Approves New Wage Bill for PHCN Workforce
[Read More]
Federal Govt. Assures Supply of Gas to Power Plants
Federal Govt. Assures Supply of Gas to Power Plants
[Read More]
Ghana Increases Electricity & Water Prices
Ghana Increases Electricity & Water Prices
[Read More]
International Companies Eye Libyan Oil
International Companies Eye Libyan Oil
[Read More]
SHELL DECLARES “FORCE MAJEURE” ON OIL EXPORTS
SHELL DECLARES “FORCE MAJEURE” ON OIL EXPORTS
[Read More]
Gas Flaring: U.S Pledges Support to Nigeria
Gas Flaring: U.S Pledges Support to Nigeria
[Read More]
Nigeria to lose $3b annually to PIB passage, NEITI warns
Nigeria to lose $3b annually to PIB passage, NEITI warns
[Read More]
BAYER THREATENS TO LEAVE GERMANY OVER HIGH ENERGY COSTS
BAYER THREATENS TO LEAVE GERMANY OVER HIGH ENERGY COSTS
[Read More]
Turkey Hosts Second Annual Iraq 2011: Future Energy Conference
Turkey Hosts Second Annual Iraq 2011: Future Energy Conference
[Read More]
National Assembly start new deliberations on Petroleum Bill
National Assembly start new deliberations on Petroleum Bill
[Read More]
 
Significant Oil Production by local companies in Nigeria

2013-08-28 14:04:16
Oil Reforms: NNPC Opens Talks with Foreign Banks

2010-03-17 00:39:39
China, OPEC & the IEA energy predictions

2010-03-12 22:44:36
Chevron Plans To Sell Refinery

2010-03-10 12:19:23
New Nuclear Power Gets America's Attention

2010-03-03 23:41:55
The transition to Electric Vehicles

2010-02-26 01:37:24
A new phenomenon: Generating Electricity from air!

2010-02-15 13:13:37
NIGERIA:STILL COMBATING FUEL SCARCITY

2010-02-03 23:07:52
COAL POWER OR RENEWABLE ENERGY: An emerging Crisis

2010-01-29 23:12:29
MASDAR : Driving Future Energy Postulations

2010-01-25 12:14:21
Two encounters attempting to decipher alternatives to traditional energy efforts at the World Future Energy Summit.

2010-01-19 21:59:56
The World’s first solar powered aircraft at World Future Energy Summit

2010-01-15 02:00:19
More than 70 companies from Germany have confirmed their participation in the World Future Energy Summit, clearly demonstrating the nation’s strength in renewable energy.

2010-01-13 00:31:07
Copenhagen Summit : Gains Or Losses

2010-01-04 10:51:55
Cabot Oil & Gas Corp. in lawsuit over gas and water contamination

2010-01-02 19:09:56
Oil production to hold steady at the 155th OPEC annual conference

2009-12-22 21:35:21
MEND on the attack again?

2009-12-21 22:48:46
Nigeria: NNPC Stands to Combat Fuel Crisis

2009-12-18 13:28:18
INDIA -" We are interested in sourcing LNG terminals in Africa."

2009-12-10 01:01:05
Nigerian Vessel with stolen Oil seized by the Ghanaian armed forces :

2009-11-30 09:27:32
Federal Government’s decision to end gas flaring, Shell Petroleum Development Company

2009-11-21 00:08:01
Oil& Gas firms operating on the Nigerian

2009-11-15 22:05:51
ESSAR ENERGY TO BUY SHELL REFINERIES

2009-10-31 23:49:09
Nigerian crisis and the Jump in US oil crisis

2009-10-18 19:49:14
How soon will algea become fuel

2009-10-10 00:03:20
NIGER DELTA MILITANTS ACCEPT AMNESTY

2009-10-06 09:07:03
N46bn Debt: PPPRA Awaits Approval To Pay Marketers

2009-09-30 09:10:02
Yar’adua’s amnesty, UN Position and Peace in Niger Delta

2009-09-25 19:11:39
CORRUPTION AS A SNAG TO ELECTRICITY SUPPLY IN NIGERIA.

2009-09-21 16:18:42
Energy & sustainibility

2009-09-15 22:16:58
BP divests Ningbo LPG

2009-09-04 12:48:45
'Sustainability can solve all our energy problems'

2009-08-26 22:39:43
Without oil, does Nigeria have a future?

2009-08-05 18:08:15
The emergence of Nigeria’s largest indigenous drilling contractor

2009-08-04 01:08:13
An unprecedented push by the U.S. government to widen rewards for energy-conscious homeowners is underway.

2009-07-27 08:52:48
ELTEC BIOPOWER Accomplishes Market Entry in Belgium; Biogas Plant to Generate Power and Heat for Textile Industry

2013-08-28 17:26:38
Shell Pipeline Spill oil into UK North Sea

2011-08-19 18:18:38
Alternative Fuel Cars get Attention in the UK

2011-07-21 18:32:04
WORLD BANK: EASTERN EUROPE IS FALLING SHORT ON POWER INVESTMENT

2011-04-21 10:55:06
Italy Halts Nuclear Power Plans

2011-04-21 10:53:25
AMEC and SZPE Form New Joint Venture in China

2010-08-11 13:12:48
Aurelian Oil & Gas Company hires a new exploration manager

2009-12-04 23:55:28
ExxonMobil Resumes Drilling at Beryl in UK North sea

2009-09-14 23:39:29
Known for oil, Exxon Mobil focused on growing natural-gas production

2009-08-25 00:48:42
Energy giant PetroChina agrees to buy $41 billion worth of Australian liquefied natural gas

2009-08-25 00:47:55
Britain needs a global recovery to keep its growth

2009-08-19 19:43:46
California May Rival Western Europe in Development and Deployment of Renewable Energy in Next Decade, Says AltaTerra Research

2009-08-13 00:54:43
Oil fund's Cosco investment under fire after spill

2009-08-09 23:01:58
Oil fund's Cosco investment under fire after spill

2009-08-09 23:01:16
California May Rival Western Europe in Development and Deployment of Renewable Energy in Next Decade, Says AltaTerra Research

2009-07-25 00:37:28
Energy in Europe

2009-07-24 22:58:27
Europe considering mandatory energy efficiency targets

2009-07-24 22:57:16
StatoilHydro spotlights on Peon gas discovery

2009-07-24 22:56:09
LNG Park for ONS 2006
By: test souirce
2009-05-16 18:00:15
Nigeria: Solar Energy

2013-12-03 00:31:56
Gas Supply Stalls 5,000 Megawatts Power Generation

2012-02-10 18:16:29
Chevron Corp.- Blowout and Oil Rig on Fire

2012-01-22 12:30:42
PHCN Rips Consumers of N240bn Annually- ECAN

2011-10-31 10:25:55
Nigeria announces 2012 budget proposal

2011-09-20 21:34:56
Shell Reopens Utorogun Gas Plant

2011-08-30 00:40:58
PHCN Privatisation: BPE Unveils Industry Agreements

2011-08-29 17:21:33
FG Pledges 5000mw of Power by December 2011

2011-08-29 17:19:58
NNPC and Capital Oil Launch Kero-Direct Scheme in Abuja

2011-08-17 16:24:18
Oando Announces Acquisition, Financing Contract with Exile Resources

2011-08-09 00:11:25
Nigeria begins electronic tracking of petroleum products distribution

2011-07-20 00:53:01
IPMAN Demands Kerosene Allocation from NNPC

2011-06-20 11:23:41
Nestoil Gas Pipeline in Alaoji

2011-05-18 16:44:28
Japan’s calamity and lessons for Nigeria

2011-04-18 14:51:08
100m Nigerians without access to electricity - BPE

2011-04-15 10:57:19
Oil & Gas Sector Reforms: Nigeria, UK Government Boost Bilateral Capacity

2011-04-12 12:18:04
NNPC Assures of Constant Fuel Supply

2011-03-26 20:57:31
Nigerian arms suspect says deceived by Iranian

2011-03-14 12:34:41
NASARAWA PARTNERS FIRM ON POWER PROJECT

2011-02-28 18:10:01
President Jonathan Commissions Transmission Substation in Kaduna

2010-10-28 08:53:21
Petrol Scarcity Looms as NUPENG Begins Strike

2010-10-26 18:51:43
Financiers bid to handle Nigeria Power Privatisation

2010-09-01 18:35:58
Shell reopens Shut Flow Stations in Niger Delta

2010-08-30 15:15:25
Nigeria: Govt. Drags Chevron to UN Over Oil Spill

2010-08-18 15:14:39
Allied Energy to Double Electricity Generation Capacity

2010-07-27 21:58:23
Protesting a 2-yr PHCN black-out in Delta State

2010-07-10 12:01:01
New Refineries to Reduce Unemployment – NNPC Chief

2010-07-05 22:23:45
Nigeria Warns Exxon Mobil on Offshore oil Spills

2010-06-16 15:23:36
Reforming The Power Sector

2010-05-28 03:23:48
Nigeria: Tracking Oil Transactions in NNPC

2010-05-24 19:30:22
NNPC Fully Supports Deregulation

2010-04-24 16:54:19
MOHAMMED BARKINDO EXPLAINS 6,000 MEGAWATTS FAILURE

2010-03-30 17:46:13
DAMAGE BY NIGERIA's OIL BILL MAY BE Hard To FIX

2010-03-24 18:01:01
NIGERIA: fuesl AT last

2010-02-10 19:27:29
Nigeria To Sell Off Rights To Oil fields

2010-02-03 19:22:53
India To Invest in Nigeria's Oil Blocks

2010-01-24 00:34:26
Nigeria exceeds OPEC Target

2010-01-04 21:23:41
Niger Delta - Amnesty on Shaky Ground

2009-12-26 13:59:02
NNPC REPAIR NIGER DELTA PIPELINES

2009-12-05 23:17:19
Updates in Niger Delta

2009-11-01 14:03:09
MEND VOWS TO RESUME ATTACKS DESPITE AMNESTY

2009-10-09 23:58:06
MEND NAMES MEDIATION TEAM

2009-10-02 13:40:19
Nigeria Cease fire and Nigeria Government readiness

2009-09-15 22:08:47
Technology at increasing oil production in Nigeria underway.

2009-08-25 00:46:53
Multinationals Oil firms criticize government’s decision to legislate CSR

2009-08-17 20:19:54
ExxonMobil says it has invested $3.7b in research and development in the last 5 years

2009-08-13 00:53:17
Civil society group makes a statement the on low standards of living of communities in the Niger Delta

2009-08-07 00:17:47
Fate of Petroleum Bill hanging

2009-08-05 19:21:55
GHANA: REDUCTION IN ELECTRICITY MAY HURT ECONOMY

2013-11-18 17:09:05
Angola signs declaration on climate changes and soils managem

2012-04-20 23:58:30
Mobil, NNPC Gets $1.5bn Loan for Drilling Operations

2012-03-01 20:02:23
Ethiopia Completes Electric Cables to Sudan

2012-02-21 15:23:05
Uganda gets US$120m loan for Power Supply

2011-07-14 12:10:49
GLOBAL OIL BIG-HITTERS TO FOCUS ON GHANA AT ACCRA SUMMIT

2011-07-04 20:26:23
Hillary Clinton Warns Africa Of New “Colonialism”

2011-06-13 19:30:02
The Kenya-Uganda oil pipeline Project

2011-04-25 20:46:14
Uganda to Produce First Oil in July 2011

2011-04-25 20:44:38
Ethiopia Launches Hydro-electric Power Project

2011-04-22 09:24:41
Eni To Develop Deepwater Angolan Oil Fields with SBM Offshore's FPSO Xikomba

2011-04-19 22:09:02
Trina Solar says finance is the biggest challenge (Focus on renewables at African Utility Week)

2011-03-11 00:17:09
Eskom’s Coal Supply Struck by Heavy Rain in South Africa

2011-01-06 21:27:11
EAST AFRICA: $15m Credit granted for Clean Energy

2010-11-05 02:28:03
Togo Becomes self sufficient in electrical energy production

2010-10-16 11:07:11
Natural Resources in Ghana

2010-09-28 10:16:00
Crude oil from Equatorial Guinea To Ghana

2010-09-08 17:12:00
World Bank Lends Tanzania $150 mln for Power Transmission

2010-09-01 18:30:41
Ethiopian government, EIB Stop Cooperation on Gibe III Hydro Project

2010-08-13 23:12:23
Fire destroys 110 Megawatts Thermal Power Plant in Ghana

2010-07-19 20:03:36
Regional Leaders Endorse New Initiative To Improve Solar Energy

2010-07-08 12:09:41
'REDUCE POWER CONSUMPTION' - Dipuo Peters

2010-06-18 11:27:58
Solar is a System With Many Benefits- Zuma

2010-04-29 14:04:16
UNEP CALLS FOR CAUTION ON POWER PROJECT

2010-03-23 11:53:36
UGANDA: "IT's Time TO Take Energy Seriously"

2010-02-15 17:31:38
Zimbabwe Welcomes Power Project Investors

2010-02-11 18:05:40
Climate Change Increases The Risk Of Malaria

2010-01-03 01:22:33
Iran & Russian establish a joint venture as Russian gets invited to OPEC conference in Angola

2009-12-03 00:27:08
Angola considers Norwegian-style wealth fund

2009-11-28 21:56:10
Sonangol and Petrobras Hit Oil in Deepwater Angolan Well

2009-11-18 10:58:00
Kenya and France agree $168.8 million in energy funding

2009-10-23 20:27:51
Uganda - "We Welcome China..."

2009-10-04 12:11:47
Angola begins LNG production by 2012

2009-10-02 13:42:15
Corruption undermines Libya's oil-rich economy

2009-09-04 12:46:09
Ghana proffers measures to improve Nigeria’s power sector

2009-08-25 00:52:47
South Africa seen as renewable growth area

2009-08-19 19:49:49
Halliburton to keep up fluid services for Total in Angola

2009-08-19 19:48:36
ExxonMobil Starts Drilling Libya''s First Deepwater Well

2009-08-13 00:59:11
Chevron Announces Significant Discovery Offshore AngolaChevron Announces Significant Discovery Offshore Angola

2009-08-13 00:58:34
Ghanaian government approves phase one of Jubilee

2009-08-13 00:56:39
Africa going green: report

2009-08-09 23:02:37
The Ministry gives PA Resources the nod for Aseng oil field project

2009-08-04 01:10:42
Expro awarded subsea contract on Ghana's first deepwater field development

2009-08-04 01:09:54
Saipem wins new offshore contracts worth $ 650 million

2009-08-04 01:09:15
EnerGulf provides updates on Namibia Block 1711

2009-07-27 08:56:41
Rocksource to drill the “low-risk” Cheval in Senegal

2009-07-27 08:53:50
 

Fate of Petroleum Bill hanging
Sunday Osanyintuyi As the public hearing of the on going petroleum bill ended, hope of passing the bill by the senate appears to be hanging in the air as the south south senators in the national assembly called for the remover of the Petroleum minister, subsequently trashed the bill in dust bill.

They said the bill as it currently is, doesn’t support growth of the industry particularly small-scale producers, who are mainly Nigerians. But the minister has said in many for a that such position is not true.

South-South governors also rose from a meeting last week with an agreement that they would no longer support the presidential amnesty arrangement for the militants alleging deceit by the government. They said that government wants to use that as a tool for electioneering campaign for the next elections in 2011. The success of the PIB unarguably depends largely on the level peace in the Niger Delta region. If there were no peace in the region, efforts to make the petroleum industry viable and result-oriented as well as the implementation of the PIB, would end in futility.

The Senate was also divided on the bill before it scaled the second reading because of its inadequate provisions for the Niger Delta. The Chairman Senate Committee on Environment, Senator Grace Bent and some of the committee members restated the poor provision of the bill on environmental concerns in the region. Senator Bent said that the 80 per cent of the cause of the Niger Delta crises are hinged on environmental issues.

The operators of the Nigeria’s oil and gas industry including the international oil companies (IOCs), indigenous producers, marginal field producers and the service companies at a forum organized by the Petroleum Club in Lagos, unanimously agreed that the PIB doesn’t favour growth of the industry especially the indigenous oil and gas firms. The interactive forum was a platform for the operators to bare their minds and propose solutions on the way forward.

They said the bill is investor-unfriendly and uneconomic and will militate against government’s targets on oil and gas. They said the bill needs to be carefully reviewed or it will draw back the industry from the achievements already made.

The operators also raised alarm that the bill exists in more than one version. Some of the operators said that the version they have access to, is different from the one before the National Assembly and the one presented to the stakeholders at the consultative forum in Abuja.

The operators, which included the managing directors of the IOCs and indigenous operators condemned the introduction of new taxes by the bill including the Nigerian Hydrocarbon Tax (NHT), Company Income Tax (CITA), Niger Delta Development Commission (NDDC) levy, rent on acreages, education tax and penalty for flared gas, which is currently $3.50 per 1000 standard cubic feet (scf), among others.

The multinational and indigenous oil firm operators unanimously said if the bill would be passed into law in its current state with the numerous taxes and royalty, government would be taking a step to gradually stifle the petroleum industry and particularly indigenous players and local content.

Mr. Bunmi Toyobo and Chidi Momah who spoke on behalf of the IOCs the bill should encourage growth in oil and gas capacities, reform institutional framework, enhance linkage to broader economy, balance income and promote investor certainty and confidence.

He noted that industry operators, however, have not been consulted enough on the bill, as there are a lot of gray areas. Toyobo said for instance, the bill makes Production Sharing Contract (PSC) uneconomic at a production price of $60 per barrel.

They said that IOCs support the reform intentions of the new Petroleum Industry Bill but noted that certain provisions such as boosting gas development will help to materialise the Federal Government’s aspirations.

"The present oil price is $60 per barrel and the introduction of new taxes has increased cost of production. If we pay these aggravated taxes, it would reduce capital expenditure (capex) by $32 billion and reduce operating expenditure (opex ) by $11.1billion.

According to him, the new PSC investments must generate acceptable economic returns, and considering the high technical, complexities and costs of developing deepwater acreages and challenges in small field sizes, the PIB should make projects viable.

"Progressive PSC fiscal terms will provide sustainable investment environment for low prices, and increased government take in a high price scenario.

Current prices of gas for all categories of consumers require to be reviewed and consolidation at corporate level.

The indigenous operators were represented by Dr. Ebi Omatsola who is also the Managing Director of Conoil. He said that they face the same problems the IOCs face.

He said that some of the taxes paid should be repealed and to accelerate gas development in Nigeria, enablers such as gas or investment allowances, time-limited royalty waivers, are required. He said that government should show value for taxes paid.

The bill according to them, if passed into law as it is, will lead to proliferation of mushroom oil firms. They said the bill should reflect the peculiarities of the Nigerian situation and not patterned along other countries’ blueprints.

The Chairman Senate Committee on Upstream Petroleum, Senator Lee Maeba who was the Special Guest of Honour at the event assured that the legislators would consider their concerns and input in the bill. On the existence of various versions of the bill, he said the PIB is not a book that does have various versions, "PIB is a bill and there is a procedure in attending to a bill. We are following the procedure. We will request memoranda from the operators and there will be public hearing on the bill. He said that considering the importance of the bill, it would not be passed in a hurry.

He said: "No Senator took a wholesome approval of the bill, which means that the bill also has been subject to criticisms by the representatives of the people. It will be out of place to do a bill right now that will not protect and project the overall interest of the Nigerian operators and it will also be out of place to do a bill that will not accommodate the interests of our foreign investors and IOCs. Also it will be suicidal to ignore the rising problems in the oil-producing communities in a bill at this time."
 
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