Investors Will Lose Confidence If NLNG Act Is Amended -Attah
Tony Attah, managing director of the Nigerian LNG Limited, says the proposed amendment to the NLNG act will result in immediate loss of investor confidence. Attah, who spoke at the 2017 Nigeria Oil and Gas Strategic Conference and International Exhibition in Abuja, lamented the decline in investments in gas and the liquefied natural gas industry. “It is time for gas. We need deliberate decisions and policies to decouple oil from gas and attract investment. We need to do that now. Investments in the gas and the LNG industry are declining,” he said.
NNPC Calls For Tariff Harmonization Of Non-Oil Products
Chief Operating Officer, Upstream, Nigeria National Petroleum Corporation (NNPC), Dr Bello Rabiu, has called for the harmonization of tariffs on non-Economic Community of West African States (ECOWAS) goods to promote cooperation on non-oil exports. Rabiu spoke during the panel session of West African International Petroleum Exhibition and Conference (WAIPEC) organised by the Petroleum Technology Association of Nigeria (PETAN) in Lagos.
Govt Eyes 3bscf/d From Bonny-Olokola-Lekki Pipeline
The Federal Government is expecting three billion standard cubic feet per day (scf/d) when the Bonny-Olokola-Lekki gas pipeline takes off next year, the Chairman of Society of Petroleum Engineers (SPE) Nigeria Council, Dr Saka Matemilola, has said. Matemilola said the project would help in transferring gas from Bonny to Olokola and Lekki in Lagos. He said the power sector would bounce back if all went well with the project.
OPEC Members Must Lower Costs To Compete With Shale – Kachikwu
Nigeria’s oil minister said on Wednesday that members of the Organization of the Petroleum Exporting Countries (OPEC) must lower production costs to compete better with shale producers, reports. Emmanuel Ibe Kachikwu, in an interview with CNBC Africa, also said he was confident that an output reduction agreement agreed in November would see oil prices hold.
Malabu Oil Deal: Eni Denies Involvement In ‘Corrupt Conduct’, Clears CEO
ENI, also known as the Nigeria Agip Exploration Limited, has said the transactions leading up to the auctioning of $1,616,690,656.78 Malabu oil block were not fraudulent. The board of directors of the oil firm made this known in a statement on Wednesday. ENI said that an independent US law firm had conducted forensic investigations into the block and returned a “not guilty verdict”. It said that neither the company nor its CEO Claudio Descalzi were involved in alleged illicit conduct.
Nigeria Generated $43 Million From Export Of Gum Arabic In 2016 — Minister
The Federal Government has earmarked N263 million to boost the production and export of Gum Arabic as the country earned more than $43 million from the export of the commodity in 2016. The Minister of Agriculture and Rural Development, Audu Ogbeh, confirmed this when he briefed State House correspondents on the outcome of the meeting of the Federal Executive Council (FEC), which was presided over by Acting President Yemi Osinbajo.
GTB Wins Six Prizes At CBN Awards
Guaranty Trust Bank Plc, emerged a multiple award winner at the 2017 Electronic Payment Incentive Scheme (EPIS) awards, organised by the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS). With six awards, GTBank took home half of the dozen honours won by banks, and had the highest number of the total awards presented to financial institutions. The EPIS Efficiency awards was established to reward and celebrate financial institutions, merchants and other stakeholders at the forefront of driving electronic payment in Nigeria.
Multi-Billion-Rand Trade At Risk From Xenophobia
This revelation comes from the South Africa-Nigeria Chamber of Commerce (SA-NCC) situated in Johannesburg which represents South African and Nigerian companies doing business or exploring commercial opportunities in the two countries. “The outbreak of xenophobic violence in South Africa and the reprisal events in Nigeria‚ including direct attacks on foreign-owned businesses in both South Africa and Nigeria‚ poses a threat to Africa’s fragile economic recovery‚” said SA-NCC President Suresh Chaytoo.
‘Proposed Nigeria Development Bank Not Backed By Law’
The Chairman, Senate Committee on Petroleum Resources (Upstream), Omotayo Alasodadura, on Tuesday said there was no law backing the establishment of the proposed Development Bank of Nigeria, DBN. The senator was speaking during a panel discussion on the topic ‘‘How will New Legislation and Policy Develop the Oil and Gas Industry’’ at the ongoing Nigerian Oil and Gas (NOG) 2017 conference in Abuja.
Nigeria LNG Gives Reasons For Opposing Proposed Amendment Of Enabling Law
The Nigeria Liquefied Natural Gas Limited, NLNG, on Wednesday opposed the proposed amendment of its founding law, saying it could pose a barrier to efforts towards future investments in gas development in Nigeria. The Managing Director of NLNG, Tony Attah, made the position of the company known in Abuja at the ongoing 2017 Nigeria Oil and Gas Strategic Conference and International Exhibition titled: “Nigeria’s Gas Sector – The Catalyst for Economic and Industrial Growth?”