Chevron to address claims over rig fire incident
CHEVRON Nigeria Limited, operator of the Nigerian National Petroleum Corporation NNPC/Chevron Joint venture, has unfolded plans to address letters of claims it received from lawyers and representatives of some communities in Bayelsa State and beyond over its rig fire incident.
The incident occurred at Funiwa 1A natural gas well on January 16, (about 10 kilometres) off the coast of Nigeria.
A statement from the spokesman of the company, Deji Haastrup said that the company will address each claim on its own merit, adding that an independent body, comprising of representatives of the NNPC, Chevron Nigeria Limited, Bayelsa State government, Department of Petroleum Resources (DPR) and Regional Development Committees (RDCs) of communities, is being set up for the purpose.
Other participants include National Spill Detection and Response Agency (NOSDRA) and Non Governmental Organisations (NGOs).
Guardian
Nigeria loses $5bn to oil theft yearly –Shell
The Managing Director of Shell Petroleum Limited, Mr. Mutiu Sunmonu, has revealed that Nigeria loses $US5bn to crude oil theft on a yearly basis Sunmonu made the disclosure yesterday at a public hearing organised by the House of Representatives Joint Committee on Petroleum (Upstream) and Navy. “Nigeria loses an average of $5bn to these oil thieves every year,” he said.
Sunmonu, who is also the Country Director of Shell, one of the oldest oil companies in Nigeria, explained that the Navy and other se-curity officers manning Nigeria’s coastal waters were incompetent and lackadaisical.
“The issue is that the authorities in charge of our coastal waters are not doing enough to stop this bunkering. This trend has been with us for a very long time, but the level of crude oil theft is very pervasive now. The situation we have found ourselves in now is a very pervasive situation. “The crime is being perpetrated at the level of bunkering rascals to big institutions. The bigger guys in the oil industry take the crude from these rascals and export to other countries.
Global mood, oil fears weigh on Nigeria markets – Analysts
Nigeria’s beleaguered naira, bonds and stock markets are likely to see little relief in coming months, as jittery investors, worried it could be hit by falling oil prices, continue to sell off positions. The naira has lost 4 percent since April, as offshore investors exit bonds, while its main stock index is struggling to rise much above its 21,000 point support level.
The recent sell off has been spurred by fears that world oil prices could fall below the $72 a barrel price on which the government has based its 2012 budget, Reuters reports. Oil, Nigeria’s main export commodity, has fallen to around $90, compared with its peak of almost $126 earlier in the year, on concerns about a weak global economy and crisis in Europe.
“The underlying problem is Nigeria’s great dependence … on oil earnings. It cuts to the heart of most investor exposure,” said Razia Khan, head of Africa Research at Standard Chartered. “For as long as there is concern that oil earnings could be at risk, then Nigeria is unlikely to see a scaling up of foreign portfolio investor flows,” she told Reuters.
Ondo to generate own power with gas resources
IN its efforts to increase the state economic indices through massive industrialisation, the government of Ondo State has commenced the process of generating its own electricity using the abundant gas resources along its coastline.
The state Governor, Dr. Olusegun Mimiko last week blamed his administration’s inability to revive moribund state-owned industrial concerns on national epileptic power supply and expressed optimism that the state would soon find a way around the problem.
State Commissioner for Commerce and Industry, Tayo Akinjomo disclosed that a power plant being constructed by the state government to generate 35 megawatts of electricity using gas turbine at Omotosho town would soon be completed.
Total signs pact with host community, universities
TOTAL Exploration and Production Nigeria Limited (TEPNG) has signed the partnership agreement it renewed with the Egi community in Ogba Egbema /Ndoni Local Government Area of Rivers State.
The Managing Director of Total Upstream Companies in Nigeria, Mr. Guy Maurice said the renewed signing of Memoranda of Understanding (MOU) followed series of workshop that identified innovative ways for capacity development and continuous improvement of livelihood of the people.
Also, the company signed MoUs with three universities namely the African University of Science & Technology (AUST), Abuja, the Lagos Business School (LBS) and the University of Port-Harcourt (UNIPORT).
