Monday, July 25, 2011

Nigeria, others to earn N150tr from oil export

IN its current Short-Term Energy Outlook indicator, the United States (U.S.) Energy Information Administration (EIA) has disclosed that Nigeria and other Organisation of Petroleum Exporting Countries (OPEC) would earn $1 trillion from crude oil export this year.

The EIA report, released at the weekend by the agency, stated that the 12 OPEC members could earn $1.028 trillion (about N166.2 trillion) of net oil export revenues in 2011 and $1.108 trillion in 2012.

Also, the Federal Government has sent a bill to the National Assembly as part of efforts to shield indigenous oil companies from the vagaries of the industry.

It is titled: “A Bill for an Act to make provisions for regulations and fiscal incentives in connection with petroleum operations carried out by indigenous oil companies.’’
The bill has passed through first reading at the Senate.

In a related development, Shell Petroleum Development Company of Nigeria Limited (SPDC) has defended the divestment of its equity from some oil blocks in the Niger Delta, saying the action is in compliance with its contractual rights and regulatory frameworks which guide the oil industry in Nigeria.

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