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Forte Oil plc, formally African Petroleum has projected N3billion Profits after Tax in 2013, Akin Akinfemiwa, the group chief executive officer, has said. He said that the present administration had …

• Shuts pipeline, blames crude theft for explosion The nation’s revenue projection from crude sales may suffer further, following an explosion that rocked and engulfed the 28 section of the Trans Niger Pipeline (TNP), facility belonging to Shell at Bodo West in Ogoni land, in Rivers State, Nigeria. Shell, on Thursday, confirmed the explosion and the accompanying fire, saying it had the shutdown its Trans Niger Pipeline (TNP). Some 150,000 barrels of oil per day is deferred from the closure of TNP, and Nigeria earns an estimated 85 per cent of its revenue from sale of crude oil. This step, a statement by its Corporate Media Relations Manager of the Shell subsidiary in Nigeria, Shell Petroleum Development Company of Nigeria Limited (SPDC), Tony Okonedo said, followed an explosion and fire at a crude theft point on the 28” section. The company maintained that action was taken by the Joint Venture (JV) with the knowledge of the Nigerian National Petroleum Corporation (NNPC). Prior to the incident, SPDC had shut down the 28” TNP to remove crude theft connections, and has now closed the 24” TNP as a precautionary response to the fire. This means that the entire TNP system, comprising the 28” and 24” pipelines have been shut-in. The statement assured that the 24” TNP will be reopened when it is safe to do so, while the 28” TNP will remain shut-in until the fire has been extinguished, and investigation and damage assessment completed. Commenting on the incident, SPDC Managing Director and Country Chair, Shell Companies in Nigeria, Mutiu Sunmonu, said: “This is another sad reminder of the tragic consequences of crude oil theft. “Unknown persons continued to reconnect illegal bunkering hoses at Bodo West even as our pipeline team were removing crude theft points. It was therefore not surprising that the fire occurred from the continuing illegal bunkering even as a previous crude oil theft point was being repaired by the team. So far, there is practically no spill from this event as the oil is burning off. What is visible in the water is from an earlier oil spill which was also as a result of oil theft. “The explosion also triggered a fire on a nearby barge. Crude theft continues to pose significant challenges to people, the environment and the local and national economy, and all stakeholders must work together to stop this criminal activity.” The Federal Government needs an estimated N8.6 trillion or $50 billion from crude oil sales, to fund the 2013 budget, a projection now being threatened by the twin worries of continued crude theft in the Niger Delta region and the declining price of crude at the international market.

Business

Crude: Shell defers 150, 000bpd as explosion rocks Ogoni facility

June 20, 2013

• Shuts pipeline, blames crude theft for explosion The nation’s revenue projection from crude sales may suffer further, following an explosion that rocked and engulfed the 28 section of the Trans …

Business

Dwindling oil revenue: FG must fix infrastructure, regulation –PwC Rep

June 20, 2013

More bad times await Nigeria crude earnings, according to the latest report by global audit and consulting giant, PriceWaterhousCoopers, which stresses that the self-reliance in crude oil by the United States …

Business

BPE to unveil shortlisted bidders for NIPP power plants Aug. 8

June 20, 2013 - 1 Comment

The Bureau of Public Enterprises (BPE) says it would name shortlisted bidders for the 10 National Integrated Power Projects (NIPP) power plants owned by the Niger Delta Power Holding Company (NDPHC) …

Business

Nigeria loses $7b to oil theft annually – UK group

June 19, 2013

• FG increases petrol importation by 10% Tuesday challenged world leaders to put an end to the international business cartel behind crude oil theft in Nigeria’s Niger-Delta region. The call …

Business

NLNG complies with FG’s order to pay NIMASA

June 19, 2013

About six after its renewed face-off with the Nigerian Maritime Safety and Administration (NIMASA) over unpaid N60 billion levies, management of the Nigeria Liquefied Natural Gas Limited (NLNG), Tuesday said it …

Business

Sterling Bank unveils right issue, to raise N12.4b

June 19, 2013

In response to the call by its shareholders at the bank’s annual general meeting in May, the board of Sterling Bank has officially unveiled a right issue of 5.888, 949,162 ordinary …

Business

NSE’s new sectorial indices begin July

June 19, 2013

The Nigerian Stock Exchange (NSE) says it is putting final touches to the biannual review for the NSE 30, NSE 50 and the five sectoral Indices of The Exchange – the …

Business

‘Ghost’ workers and indulgent exorcists

June 19, 2013

The Free Encyclopedia defines a ghost, in traditional belief and fiction, as the soul or spirit of a deceased person or animal that can appear in visible form or other manifestation, …

Business

Terrorism: NAICOM orders insurers to blacklist four firms, 15 individuals

June 18, 2013

The National insurance Commission (NAICOM) has directed all insurance operators in the country to suspend further business transactions with certain individuals and companies based on the order of the Nigerian Financial …