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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NMRC, developers laud Nigeria’s House Price Index

The Nigerian Mortgage Refinance Company (NMRC) and developers of Lekki Gardens have thrown their weight behind the takeoff of Roland Igbinoba House Price Index (RI), the first in the country. Executive Director of NMRC, Mr.Kehinde Ogundimu, who represented his managing director, gave insight into the usefulness of a house price index in Lagos. He pointed out that absence of useful data had been a major challenge to government, home seekers and investors in the drive to make decision about housing market. He lauded President of Pison Housing Company, Mr Roland…

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$100m oilfield chemical investments at risk

The over $100 million investments in oilfield chemical sub-sector of Nigeria’s oil and gas industry is on the brink of collapse, New Telegraph has learnt. Investigations revealed that stakeholders in sub-sector are rising against this major threat to business exasperated by longerthan- necessary tendering cycle in Nigeria, which is six times longer than that of its rival oil producer in Africa, Angola. Former President, Nigerian Society of Chemical Engineers, Dr. John Erinne, has also confirmed this challenge. He told this newspaper on the side-line of Second National Oil and Gas…

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PDP to Buhari: Your scorecard is very poor

Oyegun: You’re talking nonsense   The People’s Democratic Party (PDP) has taken a critical assessment of the almost two-year-old All Progressives Congress (APC)-led Federal Government and returned a damning verdict: President Muhammadu Buhari has failed in every facet of the nation’s life. The party, which based its assessment on President Muhammadu Buhari’s Easter message to Nigerians, said Mr. President claimed achievements were insult to the intelligence of Nigerians who have been at the receiving end of his government’s mismanagement in the last two years. Spokesperson for the PDP National Caretaker…

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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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‘Fleet mgt firms rake in N1.7bn yearly’

The management of Rosabon Financial Services has said that fleet management and other corporate lease solutions made on average return of about N1.7 billion annually from companies in the country. Head, Communication, Kehinde Ruth Onasoga, in a statement, said: “Recent statistics have shown that companies in Nigeria, on the average, spend at least N1.7 billion annually on fleet management and other corporate lease solutions just to be able to address their logistical challenges. “Even at that, combining daily business activities with fleet management operations is becoming an increasingly difficult task…

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