True Dominion Enterprises Ltd: June 2016

True Dominion Enterprises Ltd

Thursday 30 June 2016

PTDF signs MoU with France to sponsor Nigerian students

30 June 2016, Abuja – Abuja – The Petroleum Technology Development Fund (PTDF) on Thursday signed a Memorandum of Understanding (MoU) with the French government to sponsor 13 Nigerian students to study in France. The Acting PTDF Executive Secretary, Alhaji Ahmed Galadima, said at the signing of the MoU in Abuja that the agreement involved providing […] More »

Nigeria may face fresh hurdle with Brexit, says Report

30 June 2016, Lagos – The effective implementation of a new foreign exchange mechanism and liberalisation of the fuel sector will face fresh hurdles following the United Kingdom surprise vote to exit the European Union, a report has stated. EXX Africa, in a special report on the likely impact of Brexit on Africa, held the view […] More »

Dangote refinery, fertiliser projects to create 235,000 new jobs

30 June 2016, Lagos – The refinery and fertilizer projects of Dangote Industries Limited is expected to create a minimum of 235,000 new jobs, both direct and indirect jobs, as it becomes operational in the first quarter of 2019. President of Dangote Group, Aliko Dangote, who revealed this yesterday, also stated that the projects would cost […] More »

30 June 2016, Lagos – The federal government has suspended West African Ventures (WAV) from participating in ongoing and future tenders in Nigeria’s oil and gas industry for violating the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010, better known as the Nigerian Content Act. The government has also directed ExxonMobil Companies in […] More »

NNPC, China sign $50bn MOU on oil and gas Development

30 June 2016, Abuja – ‎ The Nigerian National Petroleum Corporation (NNPC) has signed a Memorandum of Understanding (MoU) worth 50 billion dollars with some Chinese companies for infrastructure development in oil and gas sector. The information is contained in a statement issued by the Corporation on Wednesday in Abuja. It stated that “NNPC wishes to […] More »

Attack on oil installations: We can’t pay salaries anymore, Okowa cries

30 June 2016, Warri – Governor Ifeanyi Okowa of Delta State, has said the impact of the renewed destruction of oil assets in the state producing environment has gone so bad that the state is now unable to pay salaries regularly anymore. The governor, yesterday at the Government Office Annex, Warri, where he convened a stakeholders […] More »

30 June 2016, Abuja- President Muhammadu Buhari has been urged to ensure the passage of Petroleum Industry Bill to stop further loss after $80billion direct foreign investment and $10bn fresh investment were recorded in the oil sector due to the non-passage of the PIB. Experts in oil and gas and the civil society made the call […] More »

Concerns grow over Nigeria’s dwindling oil wells, active rigs

30 June 2016, Lagos – The fortunes of what still remains the mainstay of the Nigerian economy – oil and gas – are plummeting, indicating there is no silver lining in the clouds for now. This has manifested in the dwindling number of producing wells which has dropped from 2,010 in 2014 to 1,947 by December […] More »

South Africa: DA to request treasury intervention in fuel fund deal

30 June 2016, Johannesburg – The Democratic Alliance , DA, will submit a letter to the National Treasury requesting that the dodgy Chevron deal be investigated and prevented from going ahead. In such a dire economic climate, the government has no need to spend public money on establishing a retail presence in the fuel sector […] More »

New forex regime fails to attract petrol imports

30 June 2016, Lagos – The recent decision by the Central Bank of Nigeria to abandon a peg of the naira to the United States dollar, in an effort to attract dollars liquidity to the nation’s currency market has failed to spur petrol imports as dollar demand continues to outstrip supply. Nigeria is the West Africa’s […] More »

Power: Govt eyes offshore, inland basin gas reserves

30 June 2016, Lagos – – The recent militant attacks on oil and gas facilities may have prompted the Federal Government to look towards developing alternative sources of gas supply for power generation in the country. Government officials, who gave the indications on Wednesday at the Nigerian Gas Association’s Business Forum 2016 in Lagos, highlighted a […] More »

OPEC daily basket price close at $45.82/b

30 June 2016, Sweetcrude, Vienna, Austria — The price of OPEC basket of thirteen crudes stood at $45.82 a barrel on Wednesday, compared with $44.46 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Minas […] More »

NNPC set to attract investments through Beijing Road Show

Nigeria is targeting about $15 billion foreign investments from China and the Gulf States to replace and expand its ageing infrastructure in the oil industry. More »

NEITI presents 2013 reports of oil, gas and solid minerals to AGF

30 June 2016, Abuja – Mr Waziri Adio Executive Secretary, Nigeria Extractive Industries Transparency Initiative (NEITI), has presented the 2013 oil, gas and solid mineral reports to the Acting Auditor-General of the Federation (AGF), Mrs Florence Anyanwu. This is contained in a statement issued by Mrs Olawunmi Ogunmosunle, Deputy Director, Press in the Office of […] More »

NAPIMS, NCDMB commend Nigerdock over delivery of Ofon 2 platforms

Chuks Isiwu 29 June 2016, Sweetcrude, Lagos – It was praises galore for the management and workers of Nigerdock, an indigenous oil services company and member of Jagal Group, following the company’s successful completion and load-out of the Ofon platforms fabricated entirely by the company for the NNPC/Total joint venture. The platforms are part of facilities being put […] More »

Lekoil to complete Otakikpo field within $82m budget

Sam Ikeotuonye 29 June 2016, Sweetcrude, Lagos – Lekoil, the oil and gas exploration and development company with a focus on Nigeria and West Africa, says it is on track to complete and bring the to production within the original $82 million capital expenditure budget that was estimated in 2014. The company expects to start commercial […] More »

Steer clear of Ogoni oil, MOSOP warns NPDC

Mkpoikana Udoma 29 June 2016, Sweetcrude, Port Harcourt – The Movement for the Survival of the Ogoni People, MOSOP, has dissociated itself from an alleged negotiations for the immediate commencement of oil extraction in Ogoni between the Nigerian Petroleum Development Company Limited, NPDC, and some Ogoni natives. MOSOP warned the NPDC to steer clear of Ogoni, […] More »

Gas cut: Ghana battles with economic, political fallout

29 June 2016, Sweetcrude, Lagos – Ghana is currently battling with the economic and political fallout of the recent gas supply cut by the Nigerian National Petroleum Corporation, NNPC. Nigeria suspended the flow of natural gas to Ghana over unpaid bills, totalling about $181 million. There are indications that the development may lead to a […] More »

Gas: The’re investment worth over $55bn in Nigeria – NGA

Kunle Kalejaye 29 June 2016, Sweetcrude, Lagos – There are currently over $55 billion worth of investment opportunities in the Nigerian gas sector, the Nigerian Gas Association has said. President of the association, Mr. Bolaji Osunsanya, who disclosed this in Lagos, expressed optimism for the growth of the gas sector. He said turning natural gas into […] More »

Why Russia will help Nigeria resuscitate Ajaokuta Steel – Ambassador

29 June 2016, Sweetcrude, Abuja – The Russian Ambassador to Nigeria, Mr. Nikolay Udovichenko, has said his country will help Nigeria resuscitate and complete the moribund Ajaokuta Steel project in Kogi State as part of his country’s contribution to helping Nigeria’s industrialisation. According to him, Russia was also ready to assist Nigeria to overcome current challenges […] More »

Nigeria-China Business Council urges ban on imported meters

29 June 2016, Sweetcrude, Abuja – The Nigeria-China Business Council has called on the Federal Government to ban the importation of prepaid meters to promote indigenous production of the device. The National co-coordinator of the council, Mr Mattew Uwakwe, made the call in Abuja as spoke against the background of complaints by indigenous smart meter manufacturers […] More »

NUPENG blames tanker accidents on bad roads

Mkpoikana Udoma 29 June 2016, Sweetcrude, Port Harcourt – The Nigerian Union of Petroleum and Natural Gas Workers, NUPENG, has called on the Federal Government to ensure its change agenda reflects on roads across the country. The oil workers’ union made the call in Port Harcourt during a training organised by its national body for tanker […] More »

NERC loses bid to escrow Discos’ accounts

Oscarline Onwuemenyi 29 June 2016, Sweetcrude, Abuja – Two Federal High Courts sitting in the Federal Capital Territory, Abuja, have granted separate injunctions at the instance of eight electricity distribution companies, DISCOs, restraining the Nigerian Electricity Regulatory Commission, NERC, from implementing its directive for the Central Bank of Nigeria, CBN, to escrow the accounts of […] More »

Transparency: NIMASA to automate payment process

Kunle Kalejaye 29 June 2016, Sweetcrude, Lagos – In line with its restructuring programme, the Nigerian Maritime Administration and Safety Agency, NIMASA, is set to automate its payment collection processes to engender greater efficiency and eliminate revenue leakages. The Director General of the agency, Dr. Dakuku Peterside, said this when he hosted representatives of major shipping […] More »

Nigeria can’t afford solar power – Fashola

Oscarline Onwuemenyi 29 June 2016, Sweetcrude, Abuja – Minister of Power, Works and Housing, Mr. Babatunde Fashola, has says the Federal Government cannot afford to fund wide-scale energy produced by solar power. Fashola explained that it would cost the government an estimated N3 billion ($150 million) if it were to consider funding solar power projects and their […] More »

CBN forex policy: Energy experts calls for transparency

Sam Ikeotuonye 29 June 2016, Sweetcrude, Lagos – The Central Bank of Nigeria, CBN, has been commended for allowing the Naira to be driven by market forces. Making the commendation in Lagos, Wumi Iledare, Director, Emerald Energy Institute, also praised the CBN for not placing a price ceiling or floor as was the case with the petroleum market. […] More »

29 June 2016, Abuja – The storage arrangement otherwise known as thru put operated by the Nigerian Independent Petroleum Company (NIPCO) for the Nigeria National Petroleum Corporation (NNPC) has reached a record mark of 1.8 billion litres in the last nine years. The thru put programme, which allowed the NNPC to use NIPCO’s storage facility […] More »

NNPC promises to raise living standards of Nigerians, develop communities

29 June 2016, Abuja – The Nigerian National Petroleum Corporation, NNPC, on Wednesday, said that it is working on a number of initiatives that would help develop communities around the country, improve the lives of Nigerians and help prepare youths to cope with the challenges of an increasingly difficult world. Speaking at the grand finale […] More »

East Africa: Kenya signs crude pipeline deal with Ethiopia

29 June 2016, Addis Ababa- Ethiopia signed an oil pipeline deal with Kenya on June 23, 2016, during an official visit by Prime Minister Hailemariam Desalegn to the neighbouring country. Kenya’s President, Uhuru Kenyatta and the visiting PM signed the agreement to construct a crude pipeline from a coastal town Lamu, to Addis Abeba, Ethiopia. […] More »

PIB: Buhari urged to stop further slips after $80bn loss

29 June 2016, Abuja – President Muhammadu Buhari has been urged to intervene and secure the political will to stop further loss of investments after loss of $80billion direct foreign investment and another $10billion fresh investment were recorded in the oil sector due to the non-passage of the Petroleum Industry Bill (PIB). Experts in oil and […] More »

Somalia rides the ups and downs of a global oil crisis

29 June 2016, Mogadishu — Drivers in the morning rush hour in Mogadishu jostle for space to fill their tanks in one of the newly opened petrol stations in the city. An attendant shouts at the drivers, directing them: “Come forward a bit, a bit more. Stop.” These scenes are new to the city and […] More »

Nigerian Navy smashes petroleum smuggling gang, intensifies patrol around Badagry

29 June 2016, Lagos – Badagry metropolis of Lagos, a border town between Seme and Benin Republic, has always been in the news following usage of the route by smugglers of various kinds of contraband goods, including vehicles. In addition to the nefarious activities of these recalcitrant smugglers, is the diversion of Premium Motor Spirit, […] More »

Tanzania discovers huge helium deposits in Lake Rukwa

29 June 2016, Dar es Salaam — Tanzania’s Minister for Energy and Minerals, Prof Sospeter Muhongo, and scientists around the world have hailed the discovery of vast deposits of helium gas in the Lake Rukwa area in southern Tanzania. Scientists who participated in the discovery said the extraction of the deposits would alleviate global shortages of […] More »

Egbogah urges Buhari to incorporate NNPC’s joint ventures

29 June 2016, Lagos – The former Special Adviser to the late President Umaru Musa Yar’ Adua and former President Olusegun Obasanjo on Petroleum Matters, Dr. Emmanuel Egbogah, has urged President Muhammadu Buhari to approve the conversion of the existing Joint Ventures (JVs) between the Nigerian National Petroleum Corporation (NNPC) and the international oil companies […] More »

8 multinational oil firms urged to pay N34trn as compensation for oil spill

29 June 2016, Uyo – Eight multi-national oil companies operating in Akwa Ibom State have been dragged to the National Human Rights Commission Special Investigation Panel sitting in the state for the payment of N34 trillion as compensation for oil spill victims in the state. The oil companies involved are ExxonMobil; Shell Petroleum Development Company; Seven […] More »

Ebonyi, Chinese company partner on 10MW Solar Power Plant

29 June 2016, Abakaliki – Ebonyi State Government has sought partnership with a Chinese firm, CAMC Engineering Company Ltd, in the area of power, agriculture,mining, manufacturing and health. Governor David Umahi, while receiving a delegation from UNIDO and CAMCE at the Governor’s Lodge in Abakaliki on Wednesday, said, “On the issue of power, hospital, mining, agriculture, […] More »

Nigerians divided over govt’s peace overtures to militants

It is unclear if talks have already begun. An official at the state-owned oil company told a news agency last week that the government and the Avengers had agreed to a cease-fire, a charge the group denied on its Twitter account. More »

N2m transformer scandal: Disco to forfeit assets on tariff – NERC

The Minister of Works, Power and Housing, Mr Babatunde Fashola had ordered an investigation by the regulatory agency into the alleged exchange of money following a protest letter by the youth of the community to his office. More »

NLNG bags ‘Gas Company of the Year’ award

Kunle Kalejaye 29 June 2016, Sweetcrude, Lagos — Nigeria LNG Limited, NLNG, has clinched the Gas Company of Year award. NLNG is said to have clinched the award based on recognition of its pivotal role in reducing gas flares; complying fully with tax laws; and impacting the lives of Nigerians through its Corporate Social Responsibility, […] More »

Investment: Nigerian government, Chinese firm sign $8.5bn oil deal

The minister said in an interview that, “We’re looking to raise about $40 to $50 billion. Going to places like China, which have a huge capacity to put money in the oil sector, is very helpful.” More »

NIMASA calls for enhanced seafarers’ welfare

Kunle Kalejaye 29 June 2016, Sweetcrude, Lagos — The Nigerian Maritime Administration and Safety Agency, NIMASA, has called on maritime stakeholders to enhance the living and working conditions of seafarers. NIMASA stated while joining the rest of the world in commemorating the International Day of the Seafarer. In a welcome address at the event, the […] More »

Oil prices rise on Norway strike threat; Brexit shock fades

29 June 2016, Singapore — Oil rose early on Wednesday as financial traders poured money back into commodities following the initial shock of Britain’s vote to leave the European Union, and as a potential strike in Norway and crisis in Venezuela threatened to cut supply. International Brent crude futures were trading at $48.76 per barrel […] More »

TCN embarks on grid capacity expansion to curtail system collapses

Currently, the grid stability is presently impaired, due to lack of adequate generation, the company said it will continue to work at averting the collapse of the system. More »

China’s robust crude oil imports mask changing fuel dynamics

29 June 2016, Launceston, Australia — China is a bigger concern for crude oil and products markets than the current worries about the British vote to leave the European Union. While the news media continues its relentless focus on Brexit, there is mounting evidence of a shift in the dynamics of China’s crude and fuel […] More »

…hurt by oil price slump 29 June 2016, Houston — A North Dakota refinery that was the first to be built in the United States since the 1970s has been sold at a loss, with profit elusive since it opened last year, as low oil prices took a toll on the region’s energy industry, crimping […] More »

Buhari says Nigeria suffering from mismanagement of oil revenue

"We refused to save for the rainy day. Now the rain is beating us. No money; no savings, nothing. And we are thoroughly wet from the rains," the president said. More »

No going back on 4-month deadline to meter all customers – NERC

The commission said its decision to sanction Discos that may default on its directive was sequel to the rising complaints from all categories of electricity customers over estimated bills they considered irreconcilable with the available power supply in the networks operated by the Discos. More »

The group has described as insensitive, provocative and illogical the spate of power system collapses despite the hike in the tariff of electricity. More »

‘Nigeria’s gas sector worth $55bn of investment opportunities’

28 June 2016, Lagos – The President of Nigeria Gas Association (NGA), Mr. Bolaji Osunsanya has stated that the Nigeria’s gas sector has over $55 billion worth of investment opportunities, thus indicating great potentials for extremely growth in the economy and in key areas such as exploration and production, processing, supply, and distribution. Speaking on the […] More »

Increasing relevance of NEITI’s audit reports

28 June 2016, Lagos – Ejiofor Alike writes on the increasing relevance of NEITI’s reports in enthroning good governance and accountability, as well as the need for the federal government to muster the political will to implement the agency’s recommendations After a careful analysis of the economic and political progress of countries in relation to […] More »

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