Oil & Gas

MEDIATRACNET With the harmonized draft Petroleum Industry Bill (PIB) awaiting President Muhammadu Buhari’s final assent, criticisms have continued to trail the resolution by the Senate to cut the proposed allocation from total operational surplus by the oil companies for the host communities’ development trust fund from five percent to three.…

By Etim Etim The Niger Delta Development Commission (NDDC) is to construct and donate 1000-capacity hostel blocks to the University of Uyo as part of its interventions in the education sector in the region. The Commission, which anounced plans to embark on the construction of the hostels to the management…

By Bassey Udo Amid the various controversies trailing last week’s passage of the Petroleum Industry Bill (PIB) by the National Assembly, the Nigerian Governors’ Forum (NGF), the umbrella body of the 36 State governors, raised yet another it considered a fundamental concern over the ownership structure of the Nigerian National…

MEDIATRACNET Despite the revocation order by the Department of Petroleum Resources (DPR) on the operating license for  Oil Mining Lease (OML 46), Bayelsa State government is insisting on reclaiming ownership of the oil lease. The OML was one of acreages whose license was revoked by the petroleum industry regutory authorities for…

MEDIATRACNET The demand by governors of the States in the southern part of the country for five percent allocation for Host Community Fund in the proposed Petroleum Industry Bill (PIB) is not too much, the Akwa Ibom State governor, Udom Emmanuel, has said. The governor who was answering questions from…

MEDIATRACNET The Major Oil Marketers Association of Nigeria (MOMAN) and the Depot and Petroleum Products Marketing Association of Nigeria (DAPPMAN) on Tuesday criticized the proposal in the Senate version of the Petroleum Industry Bill (PIB) restricting the issuance of fuel import licenses to only local refinery owners. The position of…

MEDIATRACNET   The Africa Continental Free Trade Area (AfCFTA) says the roll-out of a Pan-African Payments and Settlements System (PAPSS) would save the continent about $5 billion annually.  The Secretary General of AfCFTA, Wamkele Mene, said at the 2nd edition of the AfCFTA secretariat quarterly briefing on Friday, the savings…

MEDIATRACNET The Board of Directors of the Nigeria LNG Limited (NLNG) on Friday named a new Managing Director/Chief Executive Officer of the company. He is Philip Mshelbila, who would succeed the outgoing Managing Director/Chief Executive Officer, Tony Attah. Attah is scheduled to return to his parent company, Shell Petroleum Development…

MEDIATRACNET To guarantee energy security and drive towards wealth creation for all Nigerians, the Nigerian National Petroleum Corporation (NNPC) has reiterated its commitment to effective stewardship of the nation’s hydrocarbon resources to realize set targets. Nigeria’s aspirations in the oil and gas industry are to grow crude oil production capacity…

MEDIATRACNET Nigeria’s loss to crude oil theft and other disruptive activities in the oil industry between 2015 and 2018 was valued at about N4.5trillion, Minister of Environment, Mohammad Abubakar, quoted estimates by Nigeria Natural Resources Charter (NNRC) on Monday. Some of the disruptive activities, which have caused the country huge…