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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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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Bundesliga: Reus nets as Dortmund bounce back

    Borussia Dortmund players paid tribute to injured defender Marc Bartra as they beat Eintracht Frankfurt 3-1 on Saturday in their first Bundesliga match since the bomb attack on their team bus. Germany winger Marco Reus scored on his return after six weeks out on an emotional afternoon for the club. Sokratis Papastathopoulos and leading scorer Pierre-Emerick Aubameyang were also on target in a home victory which let Thomas Tuchel’s side to all but wrap up a top-four finish and boost morale at the end of a traumatic week….

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KIDNAPPING: ‘Big business’ that took over from armed robbery

Kidnapping began some years back with the agitation in the Niger Delta region for resource control. Overtime it assumed an alarming dimension with schools becoming targets and pupils taken away for ransom. In this report, ISIOMA MADIKE, looks at this disturbing menace that has seen many Nigerians lose millions to abductors   Ikorodu, the aquatic neighbourhood in the ‘centre of excellence’, has been in the news lately, though for the wrong reasons. It is gradually but steadily becoming kidnappers’ den. But, before this new dimension to criminality, armed robbers had…

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