30 January 2019, Sweetcrude, Lagos — International business leader and founder of Aiteo Group, Benedict Peters, was awarded African Icon of…
Browsing: international oil companies
OpeOluwani Akintayo 05 August 2018, Sweetcrude, Lagos — The Nigerian Content Development and Monitoring Board, NCDMB, is targeting in-country retention…
…To saves N5bn annually for govt OpeOluwani Akintayo 24 July 2018, Sweetcrude, Lagos — The Nigerian Content Development and Monitoring Board,…
OpeOluwani Akintayo 04 July 2018, Sweetcrude, Abuja — Shell Petroleum Development Company of Nigeria Ltd, has called on the federal…
“Our estimate is that you need about $100 billion worth of investment to drive this sector. Those investments will go into gas projects, they will go into pipelines that have be replaced, they will go into new plants, they will go into the flare policy of the government, they will go into the development of LPGs and CNGs.”
Okunbor said that pipeline vandalism was the main reason Nigeria elapsed into recession in 2016, adding that the country was losing about 300,000 barrels per day due to sabotage at the time when oil prices were at historic lows.
“Based on the agreement reached at the meeting with the DSS, NUPENG resolved after an emergency meeting of the National Administrative Council (NAC) in Abuja to suspend the 15-day ultimatum issued the Federal government in order to pave way for social dialogue to settle the nagging problems.”
“Desirous of the need to do a thorough job on the assignments with a view to getting all the material facts surrounding the matter”, the committee had no option than to request for additional time to accomplish its work.
“We are going to look at what is the net value for the country in these future projects. We are not, as a country, very impressed with the PSCs we put together. We lose a lot of money in the contracts,” he added.
“Under the Deep Offshore Act, there was a provision in 1993 that says once the price of crude exceeds $20 a barrel, the government will take steps to ensure that the premium element is then distributed under an agreed formula so that we can get more from our oil. But over the last 20 years, nothing really was done.”
