Local oil firms walking a tight rope

Indigenous firms are the worst-hit by myriads of challenges bedeviling the oil and gas industry. ADEOLA YUSUF reports on how many of them are running into bankruptcy     Aiteo, an indigenous oil firm, made the headlines penultimate week; basking in the euphoria of its new status as the biggest Nigerian- owned oil firm in terms of production, hitherto known by many as the petroleum product trading firm, it announced the production of the largest share of the 313,602 barrels per day output from indigenous companies. The firm’s management cannot…

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FG shifts Forcados, Bonga’s re-opening date to June, July

The Federal Government has announced new dates for re-opening of two major oil and gas installations in Nigeria-Bonga Floating Production Storage and Offloading (FPSO) and Forcados line. Minister of State for Petroleum resources, Dr. Ibe Kachikwu, who said this in a report, stated that Forcados would reopen in June and Bonga in July. Shell, operator of Bonga, had earlier said that the facility would re-open by April. The shutdown of these facilities have impacted the crude production in Nigeria as over 225, 000 barrels of oil is shut-in on Bonga…

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Shall I tell this to the president?

They already own everything; they own our politics, our economy and our money. Even the CBN is being privatised and controlled by this cartel. The same cartel now wants to control the water we drink and the air we breathe to complete their vicious cycle of enslaving and subjugating us all. They don’t care about the future but only about the dark interest they represent. Unrestrained capitalism is evil and should be challenged. The media knows about this but will never write about it. Our elite knows about this but…

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Slippery crude oil swap

The recent payment of over $202 million to the Nigerian National Petroleum Corporation (NNPC) downstream entities by Aiteo Energy Resources Limited for fraudulent deals under the scrapped crude oil swap arrangement has reaffirmed the need to fully unravel all transactions surrounding the controversial barter plan during the last administration. The amount includes Aiteo’s share of the $184 million total indebtedness by three companies on crude swap obligations and other downstream liabilities. Televaras Group of Companies has also pledged to make a tranche payment of $17.2 million while NNPC is still…

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Nigeria is not ripe for Diaspora, electronic voting -Rep Garba

Hon. Abubakar Kannaike Garba represents Ilorin East/Ilorin South Federal Constituency of Kwara State and is the Deputy Chairman of the House of Representatives Committee on Works. In this interview with PHILIP NYAM, he speaks on a wide range of issues including the delay in the passage of budget, the problem associated with credit facilities for farmers and SME’s and the use of card reader and electronic voting system in the country   The issue of late passage of the budget has remained an albatross in the country and the 2017…

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Hair cutting saga: 10 things FRSC officers can’t do – Bisi Kazeem

Sequel to the wide spread criticisms against the Rivers State Sector Commander of the Federal Road Safety Corps (FRSC), Andrew Kumapayi, who cut the hair of some female colleague as a punitive measure for flouting the agency’s dress code, the Head Media Relations and Strategy of the Corps, Mr. Bisi Kazeem, said the action is among 10 things an FRSC’s officer is not supposed to do. According to him, although the Federal Government’s agency has regulations on maintenance of discipline in FRSC, which contains all offences and penalties awardable to…

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