NEITI: NNPC, Oil Firms in $8bn Legal Tussle over Royalty, Tax Computations Chineme Okafor
The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that a total of $8 billion is currently at stake in a disagreement between the Nigerian National Petroleum Corporation (NNPC) and its contractors (oil multinationals) over the legal basis for calculating revenues from Petroleum Sharing Contracts (PSC), royalty payments and petroleum profit tax (PPT) accruable from Nigeria’s hydrocarbon resources. Full story...
Source:http://www.thisdaylive.com
Posted by Amaka, 19 September 2012
Nigeria: Oil Field Tussle - Obi Dares Wada
By David-Chydy Eleke and Ahuraka Isah
Two weeks after President Goodluck Jonathan declared Anambra as Nigeria's 10th oil-producing state following his inauguration of the state's first oil refinery, the Kogi State government has amplified its claims to the oil wells that will serve the refinery. This position has provoked a war of words between governors Peter Obi of Anambra and Idris Wada of Kogi. The standoff reached a belligerent crescendo yesterday. Full story...
Source:http://allafrica.com
Posted by Amaka, 14 September 2012
Jersey Enables Heritage's Nigerian Acquisition
Channel Islands law firm, Mourant Ozannes has advised Heritage Oil Plc on the Jersey legal aspects of a complex reverse takeover involving the USD850m acquisition of a major interest in OML 30, a significant oil producing asset in Nigeria.On June 29, 2012, Heritage Oil announced that a subsidiary and its local partner in Nigeria had reached an agreement to acquire a 45% participating interest in OML 30, together with a 45% interest in other assets under the joint operating agreement for OML 30, for a total cash consideration of USD850m.
Source:http://www.tax-news.com
Posted by Amaka, 5 September 2012
The New PIB – Another Crude Cocktail?
By Abubakar Nuhu Koko
The journey towards enactment of a new petroleum (i.e., oil and gas) law for Nigeria has been a very long, tedious and wasteful one, to say the least. Beginning from about the year 2000, Nigeria, under a new democratic dispensation ushered in in 1999, started the process of reviewing many of its laws and public policies that were put in place by the military regimes which ruled the country for the greater part of its post-colonial history. The argument was that many of them had become outdated and irrelevant. The petroleum laws and policies were amongst those that came under the radar for a major review. Full story...
Source: www.businessdayonline.com
Posted by Ufuoma, 3 August 2012
PENGASSAN Charges National Assembly to Cut Short Vacation
By Linda Eroke
Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has expressed concern at the attitude of the House of Representatives towards the Petroleum Industry Bill (PIB) sent to it by the Presidency.. Reacting to the recess embarked upon by the National Assembly last Thursday, PENGASSAN President, Comrade Babatunde Ogun, described the action of the legislators as a mark of gross insensitivity to the Nigerian people and lack of appreciation of the criticality of the oil industry to the nation’s economy. Full story...
Source: www.thisdaylive.com
Posted by Ufuoma, 23 July 2012
Govt’s N1.5tr Gas Scheme in Jeopardy, Oil Firms Shun Investment (NNPC Decries PHCN’s N13billion Debt)
By Sulaimon Salau
THE $10 billion (about N1.5 trillion) gas monetisation agenda of the Federal Government announced by President Goodluck Jonathan earlier this year is in danger of failing. The oil firms that are expected to push the gas supply initiative and infrastructure investment may have been excluded from the critical planning stage, and they are now worried about the viability of the project. Besides, the Nigerian National Petroleum Corporation (NNPC) has decried the increasing debt profile of the Power Holding Company of Nigeria (PHCN) which is estimated at N13 billion, and growing by about N1.5 billion monthly. Full story
Source: www.ngrguardiannews.com
Posted by Ufuoma, 24 July 2012
New PIB Ensures Win-Win Situation for Nigeria Says Diezani Alison-Madueke
ABUJA, NIGERIA – (23.07.12) - The Minister of Petroleum Resources, Mrs Diezani Alison-Madueke, on Thursday threw more light into the draft Petroleum Industry Bill (PIB) that has just been transmitted to the National Assembly and the features that make it different from other fake versions reportedly making the rounds, adding that the new Bill is tamper proof. The Minister made the clarifications while receiving a delegation of the United States of American government led by Mr. Michael Froman, a Deputy Assistant to the President of the United States and Deputy National Security Adviser for International Economic Affairs. Full story...
Source: www.webwire.com
Posted by Ufuoma, 24 July 2012
Uncertainty as PIB Provides for Deregulation, Equalisation Fund
There is apparent ambiguity in the new draft Petroleum Industry Bill (PIB) before the National Assembly as the reform bill seeks the deregulation of the downstream sector and at the same time, retains the Petroleum Equalisation (PEF) to ensure uniform benchmark prices of fuel throughout the country. THISDAY gathered that the PIB seeks to retain PEF to reimburse petroleum products marketing companies any loss they might suffer for selling fuel at uniform benchmark prices. This development, it was learnt, defeats the core objectives of a deregulated regime, which the reform bill also seeks to enthrone. Full story...
Source: www.thisdaylive.com
Posted by Ufuoma, 24 July 2012
PIB: One Delay Too Many
...PIB Highlights
Objectives
* Enhance exploration and exploitation of petroleum resources in Nigeria for the benefit of the people
* Optimize domestic gas supplies, particularly for power generation and industrial development Full story...
Source: http://leadership.ng
Posted by Ufuoma, 23 July 2012
Unveiling New PIB Bill [analysis]
Louis Achi All Africa Global Media
The compelling intrigues allegely scripted by IOCs, entrenched local political-economic interests and shadowy business cabals to hobble or dilute the initial structuring of the Petroleum Industry Bill for parliamentary endorsement was indicative of its critical importance to the transformation of Nigeria. Today, after a 12-year marathon kicked off by efforts of the Oil and Gas Reform Implementation Committee (OGIC), an authentic executive bill, encapsulating a blue-print for the reinvention and management of the nation's hydro-carbon resources was transmitted to the National Assembly last week. LOUIS ACHI examines the bill to elucidate the key highlights and how it will impact various socio-economic dimensions along the line. Full story...
Source: www.equities.com
Posted by Ufuoma, 23 July 2012
Africa: PIB - Experts Set Agenda For New NOC
By Chineme Okafor, 23 July 2012
Economic experts have evaluated viable economic options to be adopted by the new National Oil Company (NOC), which is expected to be unbundled from the existing Nigerian National Petroleum Corporation (NNPC) when the Petroleum Industry Bill (PIB) is passed into law. Following an objective study of the commercial framework and operations of 12 national oil companies of Iran, Mexico, Cameroon, Ghana, Vietnam, Kazakhstan, Malaysia, Angola, Saudi Arabia, Brazil, Norway and Nigeria, by the Revenue Watch Institute (RWI), these experts in critique of the new PIB, expects the new NOC to completely operate differently from what exists in NNPC. Full story...
Source: http://allafrica.com
Posted by Ufuoma, 24 July 2012
PIB Critics Outline Concerns
Patrick Atuanya & Olusola Bello
Some provisions in the long delayed Petroleum Industry Bill (PIB), which was sent to the National Assembly last week and whose passage is needed to unblock billions of dollars of stalled investment into exploration and production, are raising concerns among stakeholders and industry critics. Full story...
Source: www.businessdayonline.com
Posted by Ufuoma 23 July 2012
NEITI: NNPC, Oil Firms in $8bn Legal Tussle over Royalty, Tax Computations Chineme Okafor
The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that a total of $8 billion is currently at stake in a disagreement between the Nigerian National Petroleum Corporation (NNPC) and its contractors (oil multinationals) over the legal basis for calculating revenues from Petroleum Sharing Contracts (PSC), royalty payments and petroleum profit tax (PPT) accruable from Nigeria’s hydrocarbon resources. Full story...
Source:http://www.thisdaylive.com
Posted by Amaka, 19 September 2012
Nigeria: Oil Field Tussle - Obi Dares Wada
By David-Chydy Eleke and Ahuraka Isah
Two weeks after President Goodluck Jonathan declared Anambra as Nigeria's 10th oil-producing state following his inauguration of the state's first oil refinery, the Kogi State government has amplified its claims to the oil wells that will serve the refinery. This position has provoked a war of words between governors Peter Obi of Anambra and Idris Wada of Kogi. The standoff reached a belligerent crescendo yesterday. Full story...
Source:http://allafrica.com
Posted by Amaka, 14 September 2012
Jersey Enables Heritage's Nigerian Acquisition
Channel Islands law firm, Mourant Ozannes has advised Heritage Oil Plc on the Jersey legal aspects of a complex reverse takeover involving the USD850m acquisition of a major interest in OML 30, a significant oil producing asset in Nigeria.On June 29, 2012, Heritage Oil announced that a subsidiary and its local partner in Nigeria had reached an agreement to acquire a 45% participating interest in OML 30, together with a 45% interest in other assets under the joint operating agreement for OML 30, for a total cash consideration of USD850m.
Source:http://www.tax-news.com
Posted by Amaka, 5 September 2012
The New PIB – Another Crude Cocktail?
By Abubakar Nuhu Koko
The journey towards enactment of a new petroleum (i.e., oil and gas) law for Nigeria has been a very long, tedious and wasteful one, to say the least. Beginning from about the year 2000, Nigeria, under a new democratic dispensation ushered in in 1999, started the process of reviewing many of its laws and public policies that were put in place by the military regimes which ruled the country for the greater part of its post-colonial history. The argument was that many of them had become outdated and irrelevant. The petroleum laws and policies were amongst those that came under the radar for a major review. Full story...
Source: www.businessdayonline.com
Posted by Ufuoma, 3 August 2012
PENGASSAN Charges National Assembly to Cut Short Vacation
By Linda Eroke
Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has expressed concern at the attitude of the House of Representatives towards the Petroleum Industry Bill (PIB) sent to it by the Presidency.. Reacting to the recess embarked upon by the National Assembly last Thursday, PENGASSAN President, Comrade Babatunde Ogun, described the action of the legislators as a mark of gross insensitivity to the Nigerian people and lack of appreciation of the criticality of the oil industry to the nation’s economy. Full story...
Source: www.thisdaylive.com
Posted by Ufuoma, 23 July 2012
Posted by Ufuoma, 23 July 2012
Govt’s N1.5tr Gas Scheme in Jeopardy, Oil Firms Shun Investment (NNPC Decries PHCN’s N13billion Debt)
By Sulaimon Salau
THE $10 billion (about N1.5 trillion) gas monetisation agenda of the Federal Government announced by President Goodluck Jonathan earlier this year is in danger of failing. The oil firms that are expected to push the gas supply initiative and infrastructure investment may have been excluded from the critical planning stage, and they are now worried about the viability of the project. Besides, the Nigerian National Petroleum Corporation (NNPC) has decried the increasing debt profile of the Power Holding Company of Nigeria (PHCN) which is estimated at N13 billion, and growing by about N1.5 billion monthly. Full story
Source: www.ngrguardiannews.com
Posted by Ufuoma, 24 July 2012
Posted by Ufuoma, 24 July 2012
New PIB Ensures Win-Win Situation for Nigeria Says Diezani Alison-Madueke
ABUJA, NIGERIA – (23.07.12) - The Minister of Petroleum Resources, Mrs Diezani Alison-Madueke, on Thursday threw more light into the draft Petroleum Industry Bill (PIB) that has just been transmitted to the National Assembly and the features that make it different from other fake versions reportedly making the rounds, adding that the new Bill is tamper proof. The Minister made the clarifications while receiving a delegation of the United States of American government led by Mr. Michael Froman, a Deputy Assistant to the President of the United States and Deputy National Security Adviser for International Economic Affairs. Full story...
Source: www.webwire.com
Posted by Ufuoma, 24 July 2012
Uncertainty as PIB Provides for Deregulation, Equalisation Fund
There is apparent ambiguity in the new draft Petroleum Industry Bill (PIB) before the National Assembly as the reform bill seeks the deregulation of the downstream sector and at the same time, retains the Petroleum Equalisation (PEF) to ensure uniform benchmark prices of fuel throughout the country. THISDAY gathered that the PIB seeks to retain PEF to reimburse petroleum products marketing companies any loss they might suffer for selling fuel at uniform benchmark prices. This development, it was learnt, defeats the core objectives of a deregulated regime, which the reform bill also seeks to enthrone. Full story...
Source: www.thisdaylive.com
Posted by Ufuoma, 24 July 2012
PIB: One Delay Too Many
...PIB Highlights
Objectives
* Enhance exploration and exploitation of petroleum resources in Nigeria for the benefit of the people
* Optimize domestic gas supplies, particularly for power generation and industrial development Full story...
Source: http://leadership.ng
Posted by Ufuoma, 23 July 2012
The compelling intrigues allegely scripted by IOCs, entrenched local political-economic interests and shadowy business cabals to hobble or dilute the initial structuring of the Petroleum Industry Bill for parliamentary endorsement was indicative of its critical importance to the transformation of Nigeria. Today, after a 12-year marathon kicked off by efforts of the Oil and Gas Reform Implementation Committee (OGIC), an authentic executive bill, encapsulating a blue-print for the reinvention and management of the nation's hydro-carbon resources was transmitted to the National Assembly last week. LOUIS ACHI examines the bill to elucidate the key highlights and how it will impact various socio-economic dimensions along the line. Full story...
Source: www.equities.com
Unveiling New PIB Bill [analysis]
Louis Achi All Africa Global MediaThe compelling intrigues allegely scripted by IOCs, entrenched local political-economic interests and shadowy business cabals to hobble or dilute the initial structuring of the Petroleum Industry Bill for parliamentary endorsement was indicative of its critical importance to the transformation of Nigeria. Today, after a 12-year marathon kicked off by efforts of the Oil and Gas Reform Implementation Committee (OGIC), an authentic executive bill, encapsulating a blue-print for the reinvention and management of the nation's hydro-carbon resources was transmitted to the National Assembly last week. LOUIS ACHI examines the bill to elucidate the key highlights and how it will impact various socio-economic dimensions along the line. Full story...
Source: www.equities.com
Posted by Ufuoma, 23 July 2012
Africa: PIB - Experts Set Agenda For New NOC
By Chineme Okafor, 23 July 2012
Economic experts have evaluated viable economic options to be adopted by the new National Oil Company (NOC), which is expected to be unbundled from the existing Nigerian National Petroleum Corporation (NNPC) when the Petroleum Industry Bill (PIB) is passed into law. Following an objective study of the commercial framework and operations of 12 national oil companies of Iran, Mexico, Cameroon, Ghana, Vietnam, Kazakhstan, Malaysia, Angola, Saudi Arabia, Brazil, Norway and Nigeria, by the Revenue Watch Institute (RWI), these experts in critique of the new PIB, expects the new NOC to completely operate differently from what exists in NNPC. Full story...
Source: http://allafrica.com
Posted by Ufuoma, 24 July 2012
Posted by Ufuoma 23 July 2012
Nigeria: What Manner of PIB
Tayo Fagbule
For over half a century, ever since oil was discovered, the growth of the sector has been an integral part of Nigeria’s economy. Hence the debate about the ambitious petroleum industry bill (PIB). Oil companies, while recognising government’s prerogative to enact laws, are uncomfortable with fiscal and non-fiscal aspects of the bill, as is. Sotto voce, commentators are tenuously mulling the question: isn’t Nigeria better off without the new PIB? Full storySource: www.businessdayonline.com
Posted by Ufuoma, 23 July 2012
Nigeria: When Petroleum Is More of Evil Than Good
By Tonnie Iredia, 22 July 2012
Some eight years ago, the University of Maiduguri found me worthy to serve as its 18th Convocation lecturer. The topic was "the place of Nigeria in the global village". Initially, it didn't strike me as a difficult subject because the question whether Nigeria should be ranked among the rich and developed nations or among the poor and underdeveloped entity should not be hard to answer. But then, several issues troubled my thought process. Nigeria is obviously not supposed to be counted among poor countries in view of her immense wealth. Full story...
Source: http://allafrica.com
Posted by Ufuoma, 23 July 2012
A New Deal for Oil Producers
by Sebastine Obasi. Sunday, 22 July 2012
If the new Petroleum Industry Bill sails through in the National Assembly, local oil producers will enjoy unlimited expansion capacity while their foreign counterparts benefit from a reduced tax regime. Full story...
Source: www.newswatchngr.com
Posted by Ufuoma, 23 July 2012
Govt Scraps DPR, PPPRA
The Federal Government has scrapped the Department of Petroleum Resources (DPR) and Petroleum Products Pricing Regulatory Agency (PPPRA) under its planned reform of the oil sector. They are to be replaced with the Petroleum Technical Bureau (PTB) and Downstream Petroleum Regulatory Agency (DPRA), if the Petroleum Industry Bill (PIB) is passed by the National Assembly. Full story
Source: www.thenationonlineng.net
Posted by Ufuoma, 20 July 2012
House returns PIB to Presidency
The House of Representatives has returned the Petroleum Sector Reform Bill (PIB) to the Presidency, citing late submission and incomplete copies. The lawmakers said it was insensitive and wrong of the President to have sent in the Bill when he was aware that they were about to began a two month recess. Shortly after the Speaker, Aminu Tambuwal read the letter, the Minority Leader Femi Gbajabiamila (ACN, Lagos) raised a point of order under matters of personal privilege. He wondered the justification for the request of the President that the bill should be treated with expedited action. He said the President was not known to have treated Bills passed by the National Assembly with dispatch. Full story
Source: www.thenationonlineng.net
Posted by Ufuoma, 20 July 2012
New Petroleum Bill: NNPC Loses Power To Manage Joint Ventures
Provisions of the new Petroleum Industry Bill (PIB) will strip the Nigerian National Petroleum Corporation (NNPC) of management of the joint ventures, minister of petroleum resources Mrs Diezani Alison-Madueke has said. She stated this yesterday while listing some of the new provisions in the bill when a delegation of the United States government led by Mr. Michael Froman, a Deputy Assistant to the US president and deputy national security adviser for international economic affairs, paid her a visit in Abuja. Full story
Source: http://leadership.ng
Posted by Ufuoma, 20 July 2012
Disquiet Grows Over New PIB
While there is respite that a new Petroleum Industry Bill draft has gone to the National Assembly, key stakeholders, especially those with the largest investment in the industry, remain nervous about the bill and some of its content, BusinessDay can report. Full story
Source: www.businessdayonline.com
Posted by Ufuoma, 20 July 2012
UPDATE 1-Nigeria's Parliament Receives Landmark Oil Law
By Joe Brock
ABUJA, July 19 (Reuters) - Nigeria's parliament has received the latest draft of a long-delayed oil law, which would restructure every aspect of Africa's largest energy industry, but it won't be debated until at least Sept. 17 due to lawmakers' annual holiday. The Petroleum Industry Bill (PIB) is potentially the most important piece of legislation in Nigeria's history. It could unlock billions of dollars of delayed investment, help boost oil production and promote interest in the world's seventh largest gas reserves, which are largely untapped. Full story
Source: http://uk.reuters.com/
Posted by Ufuoma, 20 July 2012
Bonga Spill: Shell Says $5 Billion Fine is Unjustified
Royal Dutch Shell on Wednesday said it broke no laws in Nigeria that would warrant a $5 billion penalty from a 40,000-barrel oil spill in December. Shell in December closed operations at the offshore Bonga production platform following a leak from an export line feeding a tanker. The company said preliminary estimates indicated 40,000 barrels of oil spilled, making it one of the worst in Nigeria in decades.
Source: www.channelstv.com
Posted by Ufuoma, 18 July 2012
Nigeria: Shell Faces $5bn Fine As Environmental Damages For Spill
Source: www.ventures-africa.com
Posted by Ufuoma, 18 July 2012