Oil Price War to Hit Both Sides Amid Flat Demand

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The rapid depreciation of oil seen in the recent weeks threatens to trigger a global price war, which will eventually damage all of its participants to different extents.


Oil prices have been trending downwards for some time now as new deposits have opened up new supplies to the world. One of the biggest is the North American shale oil boom, which has given America some energy independence for the first time in many decades.
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Abductors fed me with garri and oil for the 18 days.

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Chief Inengite Nitabai, President Goodluck Jonathan’s uncle and adopted father, has been rescued by the police after 18 days in the kidnappers’ den.  However, Nitabai, whose abduction had occupied media space, has sour tales to tell. Narrating his ordeal in the hands of his captors, Nitabai, a former university lecturer, said his abductors fed him with garri and oil for the 18 days he was held captive.

He also said he was blindfolded throughout the period. He said  he was almost submerged in a swamp while the kidnappers were moving him from one spot to another because he was blindfolded.  The already emanciated man, said, “My ordeal in the hands of my captors was simply horrendous.

Video: Chairman Of Oil Spill Agency Talks On Shell Controversy

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The Chairman of the panel of Nigeria Gas Spill Recognition and Response Firm, NOSDRA, Lancelot Anyanya, talking concerning the debate concerning fat giant, Layer and Amnesty International.

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Video Post: Chairman Of Oil Spill Agency Speaks On Shell Controversy

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Navy impounds Suspected Oil Rogues' Vessel From Ghana

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The Nigerian Navy, Central Naval Command, has arrested nine Nigerians and three Ghanaians on board a vessel laden with crude oil suspected to have been stolen from Akassa community in Brass Local Government Area of Bayelsa State.

The suspects were arrested on Friday by operatives of the Forward Operating Base of the Navy, known as FORMOSO, offshore Nun River on board MT FRANKENSEN, allegedly loaded with over 1,092,000 litres of stolen crude oil.

Reps Declare ₦320bn Lacking From Crude oil Remittance

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Chairman, House of Representatives Committee on Finance, Hon Abdulmumuin Jibrin, last weekend declared N320billion missing from the remittance by the Nigeria Nationl Petroleum Corporation (NNPC). He said that the sum of  N1.516 trillion was paid in by NNPC into the Federal Government treasury.

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Aliko Dangote borrows $3.3billion from 12 banks to build oil refinery

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12 local and international banks have loaned Africa's richest man and foremost industrialist Aliko Dangote $3.3 billion to build Nigeria’s biggest petroleum refinery and petrochemical/fertilizer plants.

The banks are: Standard Chartered Nigeria, Guaranty Trust Bank, Fidelity Bank, Ecobank Nigeria, United Bank for Africa, Access Bank, Zenith Bank, Standard Bank of South Africa, Diamond Bank, First Bank Nigeria, First City Monument Bank, and FirstRand Bank. 

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Dangote signs multibillion dollar deal with Banks to build oil refinery in Nigeria

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Armed Robbers Arrested In Ondo And You Won't Believe The Reasons They Gave For The Criminal Act

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Residents of Akure town in Ondo State recently heaved a sigh of relief after the Anti-Robbery Squad of the Ondo State Police Command arrested several armed robbery suspects who had been snatching vehicles and dispossessing their victims of other valuables.  Among the suspects currently undergoing interrogation at the SARS office are Tobechukwu Aguonu a.k.a. Alhaji Seriki Thunder and Uche Igwe. It was gathered that the two suspects, along with one Chinedu (surname unknown) invaded the premises of their latest victim’s house at about 11 p.m. on Wednesday, July 3 where they hid until about 3a.m. on July 4 when they struck.

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NLC Calls For Mass Protests Over Oil Theft

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The Nigerian Labour Congress on Tuesday said it was high time Nigerians staged peaceful road shows and street protests against the continued loss of crude oil caused by pipeline vandalism, theft, illegal bunkering and political interference.

According to the congress, Nigerians have spoken for so long without concrete actions to stop crude oil losses, adding that it was time to take to the streets and demand decisive actions from the Federal Government.

The Vice President, NLC, Mr. Issa Aremu, said it was saddening that Nigeria was losing over 400,000 barrels of crude oil per day and nothing seemed to have been done to address the ugly development. Aremu spoke at a public hearing on the Petroleum Industry Bill organised by Patriots for New Nigeria Initiative in Abuja.

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Heart Diseases: Nutritionists Recommends Regular Consumption Of Palm Oil

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A nutritionist at the Wuse General Hospital in Abuja, Hajiya Jummai Abdul, has said that regular consumption of palm oil could be effective in preventing stroke, heart attack and other diseases.

Abdul told journalists in Abuja that palm oil also “aids circulation of blood and controls sugar level”.

According to her, palm oil contains essential fatty acids, vitamins, minerals, antioxidant and phytonutrients that are essential for good health.

Phytonutrients are nutrients derived from plant materials that are necessary for sustaining human life.
She said that palm oil was also beneficial in pregnancy, as it helped in improving Vitamin A status for mother and child.

Court Remands 14 NNPC Workers In Prison For Crude Oil Theft

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Fourteen casual workers of the Nigerian National Petroleum Corporation (NNPC) accused of vandalising petroleum pipes to siphon crude oil for sales to foreigners have been sent to Kuje Prison on remand.

The defendants arrested by a unit of the Guards of Brigade of the Nigerian Army with 14 tankers loaded with crude oil were sent to the prison by Justice Evon Chukwu after the federal government put them on trial on economic sabotage related offenses.

House To Probe Minister of Petroleum Over “Suspicious Oil Deals”

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The House of Representatives is set to investigate the Minister of Petroleum Resources,  Diezani Alison-Madueke over allegation of suspicious oil deals worth N59 trillion.

Speaking on a matter of public importance, member Representing Ogbaru Federal Constituency in Anambra State, Representative Victor Ogene accused the minister of impropriety and abuse of due process in the transaction leading to the sale of seven oil mining leases.

The matter was brought to the house following a petition by group from oil producing communities in Delta, who alleged that there was a deliberate exclusion of indigenious operators from the exercise.

Nigerian oil workers to suspend production if crude theft persists — spokesman

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Nigeria loses billions of Naira monthly to crude theft.

Oil workers in Nigeria have threatened to embark on strike if the federal government does not curb the increased rate of crude oil theft.

The workers, members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) said on Friday that they would suspend production if the Federal Government did act to stop the menace.

The National Industrial Relations Officer (NIRO) of the Association, Chika Onuegbu, said this in an interview with the News Agency of Nigeria in Port Harcourt.

Reps intervene in Kogi-Anambra oil well dispute

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The House of Representatives yesterday directed its committees on Special Duties and Disaster and Emergency Management to liaise with the National Boundary Commission, NBC, on the lingering clashes between Enugu-Otu, Nkpunado and Eziagulu-Otu communities of Aguleri in Anambra East Local Government of the state and Olu communities of Ibaji Local Government of Kogi State, over the oil rich land.

The decision of the House to give the committees the mandate, arose from a motion sponsored by Hon. Chriscato Amaeke (PDPAnambra), seeking the intervention of the House.

Shell shuts down Nigeria oil pipeline over thefts

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LAGOS, Nigeria — Royal Dutch Shell PLC says it has shut down a major pipeline in Nigeria’s oil-rich southern delta to remove points that thieves are using to steal crude from it.

Shell said Wednesday that its Nigerian subsidiary shut down the Nembe Creek Trunkline, halting production of around 150,000 barrels of oil a day. Shell said it had issued a force majeure warning on its Bonny Light crude oil exports — meaning that it is unable to meet the contracted demand for the crude.

Despite a government amnesty deal, crude oil thefts continue to rise in Nigeria.

How oil dealers used ‘dead’ vessel to dupe Nigeria of N1.5bn

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Shocking details emerged, yesterday, of how four smart Nigerian oil dealers conspired and fleeced the nation of N1.5 billion in the name of supplying premium motor spirit (petrol) to the country.

The four suspects, Alhaji Saminu Rabiu, Jubril Rowaye, Alminur Resources Limited and Brila Energy, reportedly claimed to have used a vessel that had long been put out of circulation to ‘supply’ petrol to Nigeria under the scandalous fuel subsidy administration that made the nation to lose close to N2.3trillion in revenue in 2011.

But when the case against the four suspects opened, yesterday, at the Abuja High Court, an Economic and Financial Crimes Commission operative, confronted them with evidence that the so called ‘vessel’, which they claimed to have used in ‘supplying’ the fuel to Nigeria, was not in existence at the time they claimed it was used for transporting fuel to Nigeria.

Federal Government has no plan to remove oil subsidy, says Okupe

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The Federal Government stated yesterday that contrary to the speculation in the media that the government was planning to withdraw the remaining subsidy on petrol, such plan is not on its table for now. They said for now o! :-)

The Senior Special Assistant to the President on Public Affairs, Dr. Doyin Okupe, released the statement saying:

"We wish to state categorically that, the removal of oil subsidy is not on the table of the Transformation Agenda of the President. The statement made by President Goodluck Jonathan at the recent Economic Summit held in Lagos was a frank, intellectual and well articulated contribution by the President to the discussion on the Nigerian economy at the said summit, and it was from a honest and sincere leadership perspective."

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Federal Court Strikes Down Government’s Oil Deregulation Policy

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A Federal High Court in Abuja presided over by Justice Adamu Bello has nullified the federal government’s deregulation of the downstream sector of the petroleum industry.
 
Justice Bello in a ruling delivered Tuesday in a suit filed by Lagos lawyer, Mr. Bamidele Aturu declared the policy unconstitutional, illegal, null and void.
  

Update 1:

 "That the policy decision of the Defendants to deregulate the downstream sector of the petroleum industry by not fixing the prices at which petroleum products may be sold in Nigeria is unlawful, illegal, null, void and of no effect whatsoever being in flagrant violation of the mandatory provision of section 4 of the Price Control Act, cap P28, Laws of the Federation of Nigeria, 2004," the judge said.

CHOP OUR MONEY: See The Names of Nigerians with Oil Blocks

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S/No	Name of Operator	LicenCe	Year of Award	Names of Directors/shareholders
1	Alfred James Petroleum	OPL 302	1991	Adewunmi Sijuade, Goke Sijuade, Adedeji Sijuade, Olayinka Sijude, Adeyemi Osiyemi and Femisola Awosika, with A.O Adeyinka as Chairman
2	Soglas Nigeria Limited	OPL 226	1991	Oscar P. Udoji, P.E Udoji, E.E. Nwosu, with J.O. Udoji as Chairman
3	NorthEast Petroleum	OPL 215, 840 &902	1991	Kommer Complex Limited, Nwokema Ngozi Mbu, Abubakar Jubril and Ashiru B. Aliu, A. Ayankoya with Saleh Jambo as Chairman