Out of 61 transactions valued at $40.4bn tabled for discussions in boardroom sessions at the just concluded African Investment Forum in Sandton, South Africa, 45 deals worth over $32bn were secured, the African Development Bank has said. In a statement made available to our correspondent in Abuja on Sunday, the AfDB said that the final…
No fewer than 500 employees are about to be dropped from the payroll of the Nigerian National Petroleum Corporation (NNPC) for reportedly failing to scale through a mandatory personnel assessment and promotion examinations the corporation recently conducted, THISDAY has gathered. Very reliable sources within the state oil company said the issue was already causing disquiet…
The Department of Petroleum Resources, (DPR), has said its commitment to optimising value creation and addition to the Nigerian economy is unwavering. The agency said it would continue to stimulate industry competitiveness and investments influx through analysis and valuation of producing and non producing oil assets for viability and net worth purposes. This comes after…
In line with the country’s local content agenda, over 98 per cent of Nestoil Group’s workforce, manning its operations nationwide, are Nigerians. This covers the Group’s engineers, fabricators, welders, architects and administrative staff members, among others. The Managing Director, IMPac Oil & Gas Engineering Limited, a subsidiary of the Group, Chuka Eze, disclosed this during…
The Nigerian Content Development and Monitoring Board (NCDMB) and the Indigenous Petroleum Producers Group (IPPG) have restated their commitment to ending unnecessary delays in contract cycles. In a bid to driving this, the entities signed a Service Level Agreement (SLA), which would boost local content implementation and simplify the procurement and tendering processes for oil…
Stakeholders in the country’s oil and gas sector have accused oil companies of deliberately hiding information about the various deals they undertake, with the intention to dodge relevant tax payments. They alleged that some oil firms go abroad to sign deals on oil assets domiciled in Nigeria, and thus deny Nigeria the full details of…
An average price of $80 a barrel for this quarter is “realistic,” with spikes to $90 or even $100 possible if further disruptions worsen a supply crunch amid rising consumption, Citi’s Global Head of Commodities Research, Ed Morse, said Tuesday. Benchmark Brent crude topped $85 early last month on concern United States sanctions on Iran…
Speaking on the need for and the implications of the Greenhouse Gas (GHG) Inventory Quality Assurance Workshop that held recently in Abuja and Lagos, Director, Department of Climate Change in the Federal Ministry of Environment, Dr Peter Tarfa, says that, besides being very fortunate to be picked for the training programme, Nigeria will immensely benefit…
In the sidelines of the Greenhouse Gas (GHG) Inventory Quality Assurance Workshop that held recently in Abuja and Lagos, William Agyemang-Bonsu, Manager, Mitigation and Transparency Support (Mitigation, Data and Analysis) at the United Nations Climate Change Secretariat, says emissions estimate should be the basis for which Nigeria decides what climate policies are appropriate We are…
Nigeria’s bid to prepare qualitative greenhouse gas (GHG) inventories has received a boost, thanks to a fatherly arm extended by the United Nations, whose bodies are collaborating in the landmark initiative. At the International Greenhouse Gas (GHG) Inventory Quality Assurance Training for Nigeria organised by the United Nations Framework Convention on Climate Change (UNFCCC) Secretariat,…
