How we bribe community leaders to allow us vandalise pipelines, Suspect

A petroleum products pipeline vandalisation suspect, Kabiru Akinsanya, has said that his gang usually bribed community leaders whenever they wanted to break any pipeline.Akinsanya, who was discovered to have been in the illicit business for two years, disclosed that his gang usually filled over a hundred 50 litre cans during each operation.He said: “We sell each gallon of 50 litres for N2,000 or

OPEC daily basket price close at $107.20/b

The price of OPEC basket of twelve crudes stood at 107.20 dollars a barrel on Wednesday, compared with $107.66 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), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es

SURE-P Chairman under fire for poor performance

The joint Senate and House of Representatives Committees on Petroleum Downstream), have criticized Dr Christopher Kolade, Chaiman of the Subsidy Re-investment and empowerment Progrmme, SURE-P, over poor performance.Dr Kolade incurred the wrath of the two sister committees when he appeared before them to defend the agency’s budget.The lawmakers wondered how the body spent close to N40 billion of

Youths disrupt Pan Ocean operations over planned relocation of flowstation

Angry youths in Abavo kingdom, Delta State, have disrupted activities of Pan Ocean Corporation operating in the area, after they accused the company of alleged attempt to relocate a flow station in OPL 275 to a non-oil producing community, called Owalidima.The youths said the the company had remained adamant even after 56 host communities and the Delta State Government agreed that the flow

Arms shipment to Nigeria: British arms dealer jailed

A British arms dealer who helped ship thousands of guns plus ammunition from China to Nigeria without a licence was jailed for seven years at a London court on Wednesday.Gary Hyde, 43, was involved in the transfer of 40,000 AK47 assault rifles, 30,000 other rifles and 10,000 nine-millimetre pistols to the west African nation along with 32 million rounds of ammunition.He was convicted on two

Chevron announces $36.7bn budget for 2013

Chevron Corporation, Thursday, announced a $36.7 billion capital and exploratory investment programme for 2013.Included in the 2013 programme are $3.3 billion of planned expenditures by affiliates, which do not require cash outlays by Chevron.“Consistent with long-stated strategies, we’re investing in a portfolio of very attractive oil and gas projects that will deliver volume growth and real

Uganda passes long-awaited Oil Bill

After nearly a year of back-and-forth parliamentary deliberations, the Ugandan parliament Friday passed the long-awaited upstream oil bill, boosting its desire to transit from oil exploration to the production phase.


Ruling National Resistance Movement party law makers voted to pass the bill after forcing through an amendment reinstating a clause that gives the oil minister powers to solely

Bayelsa, Rivers carry oil well feud to Eko 2012

The bad blood brewing between Bayelsa and Rivers States over oil wells in neighboring communities seem to have boiled over to the 18th National Sports Festival in Lagos.The bone of contention was a Bayelsa State swimmer who was snatched by Rivers State.The athlete in question won gold in her event and Bayelsa State officials launched a protest immediately, claiming that the swimmer was ineligible

Total donates hospital equipment

The University of Port Harcourt Teaching Hospital (UPTH) has become the latest beneficiary of Total’s Corporate Social Responsibility initiatives with the commissioning and handover of a modern emergency room equipment by the company on Friday, November 23, 2012.The state of the art equipment donated are: 2 Defibrillators, 1 Ultrasound Scanner, 1 Mobile X-ray machine, 5 Ventilators, 1 EGC machine

Financial market update

Local and international financial market update.Nigeria - Nigeria is pushing to reverse years of neglect of its agriculture and mining industries by revamping railways n a big to reduce the economy’s dependence on oil. It is planned to spend more than USD3 billion to build about 300 kms rail lines over the next three years.USA - Service industries in the US unexpectedly grew at a faster pace in

PIB will engage host communities in oil, gas security – Allison-Madueke

Minister of Petroleum Resources, Mrs Diezeani Allison-Madueke, said in Abuja on Tuesday that the proposed Petroleum Industry Bill (PIB) will encourage host communities to protect oil and gas infrastructure in their area.Speaking at the 18th Nigeria Economic Summit during a panel discussion on the “PIB and the Future of Nigeria’s Oil Industry, the minister said: “We have created a mechanism to