Friday, November 16, 2018

Tag "Emmanuel Kachikwu"

    Oil crisis worsens as PENGASSAN begins nationwide strike

Oil crisis worsens as PENGASSAN begins nationwide strike

Members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) have commenced a nationwide strike.The strike is coming amid fuel scarcity which has lasted two weeks.Ibe Kachikwu, minister of state for petroleum resources, had attributed the scarcity to a shortfall in the supply of oil products, promising that queues at filling stations would "disappear in a couple [...]

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    Forcados pushes Nigeria’s crude production to one-year high

Forcados pushes Nigeria’s crude production to one-year high

Nigeria's crude oil production has hit one-year high, according to a report released by the Organisation of Petroleum Exporting Countries (OPEC).The report attributed the increased production output to the resumption of loadings at Forcados terminal in Delta state.After militants attacked the pipeline terminal in February 2016, Shell declared force majeure, a legal clause that allows it to stop shipments at [...]

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    Q&A: 9 things to know about PIGB

Q&A: 9 things to know about PIGB

The senate passed the petroleum industry governance bill (PIGB), which is the first part of the petroleum industry bill (PIB)PIB has been in the works since the tenure of former President Olusegun Obasanjo who led Nigeria between 1999 and 2007.Here are nine questions to help you understand what the bill is all about.Q: When did all this reformation talk start?A: Efforts [...]

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    Kachikwu: Nigeria open to joining OPEC production cut — but not right now

Kachikwu: Nigeria open to joining OPEC production cut — but not right now

Emmanuel Kachikwu, minister of state for petroleum resources, says that Nigeria is not opposed to joining OPEC production cuts but that would only happen when the country is back to full production."First, our production is still relatively about 1.5 million barrels on an average although we have had spikes, still below the 1.8 catch point," he said."Forcardos has started loading [...]

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    Nigeria to begin payment of $5.1bn debt to IOCs

Nigeria to begin payment of $5.1bn debt to IOCs

The federal government says that it would begin payment of a $5.1 billion debt owed to five international oil companies (IOCs) by the end of April.The debt, which was incurred from 2010 to 2015 due to Nigeria’s inability to make its share of capital contributions to the joint ventures, will be settled through crude sales over five years and will [...]

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    Nigeria close to securing $4bn loan from China, says Kachikwu

Nigeria close to securing $4bn loan from China, says Kachikwu

Emmanuel Kachikwu, minister of state for petroleum resources, says Nigeria is expecting a loan facility of close to $4 billion from China.Speaking with state house correspondents after Wednesday's meeting of the federal executive council, Kachikwu said the loan, which will be used to bolster infrastructure in the oil industry, was one of the results of the July road show in China, where Nigeria signed a [...]

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    More heads will roll in NNPC, says Kachikwu

More heads will roll in NNPC, says Kachikwu

Emmanuel Kachikwu, group managing director of the Nigerian National Petroleum Corporation (NNPC), says the shakeup in the corporation is far from over.Addressing state house correspondents after meeting with President Muhammadu Buhari on Thursday, Kachikwu said: “things have been done wrongly and things need to be done differently”.He said the restructuring would not be restricted to the top management staff of [...]

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    PROFILE: The 1st-class lawyer, Hints publisher and Harvard graduate chosen to head NNPC

PROFILE: The 1st-class lawyer, Hints publisher and Harvard graduate chosen to head NNPC

Emmanuel Kachikwu took over the leadership of the Nigerian National Petroleum Corporation (NNPC) on Tuesday.A first-class graduate of Law from the University of Nigeria (UNN),  Nsukka, Enugu state, and the Nigerian Law School, Kachikwu was the executive vice-chairman and general counsel of Exxon-Mobil (Africa).The new NNPC chief executive also has master's and doctorate degrees in law from the Harvard Law [...]

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Exchange Rates

November 13, 2018USDGBPEUR
INTERBANK306397354
LAGOS359475418
KANO359476420
PH360476420
ABUJA359478419
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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