Stats: 3,186,774 members, 7,930,646 topics. Date: Sunday, 25 August 2024 at 01:02 AM |
Nairaland Forum / Nairaland / General / Business / Total, Mobil, Others Yet To Remit N6tr Oil Revenue (5352 Views)
Enugu Government Shuts ShopRite, SPAR, Other Malls Over Failure To Remit Taxes / Mobil Filling Station, ₦10,000 & POS Wahala: How Can I Resolve This Issue? / MDAs Failed To Remit N1.2 Trillion - Fiscal Commission Says (2) (3) (4)
Total, Mobil, Others Yet To Remit N6tr Oil Revenue by zakim(m): 6:32am On Jul 16, 2018 |
The House of Representatives ad hoc committee investigating revenue leakages in the Department of Petroleum Resources (DPR) at the weekend said about N6 trillion from gas sales and royalties is yet to be remitted to the Consolidated Revenue Fund by oil majors operating in the country. According to the committee Chairman, Jarigbe Agom Jarigbe (PDP, Cross River) the leakages were the result of the faulty Production Sharing Contract (PSC), which gives room for the oil firms to fleece Nigeria of billions of naira revenue. Specifically, he said the committee uncovered over US$8 billion unremitted accrual from gas sales by Total Oil & Gas Limited between 2007 and 2017; US$170 million by Mobil; US$34 million by Neconde; among others. “The Production Sharing Contracts (PSC) is faulty and does not provide for the remittance of the proceeds from gas sales. It gives room for most of the oil companies to fleece our revenues. In the Bonga Field, Total alone has over US$8 billion unremitted gas sales to the Consolidated Revenue Fund between 2007 and 2017. Mobil owes over US$170m on gas sales from Bonny Terminal; Neconde owes about $34 million in royalty,” the chairman stated. He also said records from the Central Bank of Nigeria (CBN), JP Morgan, signature bonuses, concession rentals, crude oil, gas and flaring royalties, revealed that Sterling Global Oil Resources Ltd, has no evidence of payment of crude oil and gas sales, despite operating in the upstream sector of the oil industry. The lawmaker equally frowned at the level of impunity by the oil majors and other actors in the oil industry, and called for total overhaul of the PSC. As a result, he added, the ad hoc committee has summoned the management of five oil firms namely; Sterling Global Oil Resources Ltd, Neconde Energy Ltd, ND Western Limited, Newcross E & P and Allied Energy Ltd., to provide their evidence of payment of royalties. “We think all the funds have to be remitted to the Consolidated Revenue Fund. So, we have asked NNPC and DPR to make their submissions to the committee. I can confirm to you that if we get the fund, the Federal Government will borrow less to finance the deficit budget,” Jarigbe said. Responding to questions on the non-enforcement of extant laws regulating the oil industry, the lawmaker said there are sanctions such as suspension of export permits, but that there must be political will by the executive to enforce them. https://www.dailytrust.com.ng/total-mobil-others-yet-to-remit-n6tr-oil-revenue-261151.html |
Re: Total, Mobil, Others Yet To Remit N6tr Oil Revenue by Nbote(m): 7:09am On Jul 16, 2018 |
I expected d Minister of Petroleum to have sanitised d petroleum sector ... Jus too many leakages and shady dealings in dat sector and d govt is being shortchanged.. What do I know, he's either unaware of what happens under his nose which is very unlikely or he's got his hands deep in d cookie jar.. 2 Likes |
Re: Total, Mobil, Others Yet To Remit N6tr Oil Revenue by Sunbassen(m): 7:35am On Jul 16, 2018 |
Needful required! |
Re: Total, Mobil, Others Yet To Remit N6tr Oil Revenue by MANNABBQGRILLS: 7:35am On Jul 16, 2018 |
Get them to pay NOW! Stealing is now CORRUPTION!! 9 Likes 2 Shares |
Re: Total, Mobil, Others Yet To Remit N6tr Oil Revenue by inoki247: 7:36am On Jul 16, 2018 |
Continue . The remitted ones where are dey? dey will collect d 6trillion now nd use it to bid for Election. we are still waiting for d Abacha Loot... 2 Likes |
Re: Total, Mobil, Others Yet To Remit N6tr Oil Revenue by DrObum(m): 7:38am On Jul 16, 2018 |
All these ones na for them to comot part of the money settle these politicians. Not like the ones remitted got to the common man. 1 Like |
Re: Total, Mobil, Others Yet To Remit N6tr Oil Revenue by Olawalesadiq(m): 7:39am On Jul 16, 2018 |
they know where they keep the money, Politics is a game of the smart and intelligent, Nigeria itself is Game, at my age i cant be played by one stupid politician way no get brain |
Re: Total, Mobil, Others Yet To Remit N6tr Oil Revenue by tayo4ng(m): 7:39am On Jul 16, 2018 |
They should do because we need money |
Re: Total, Mobil, Others Yet To Remit N6tr Oil Revenue by kasim155: 7:40am On Jul 16, 2018 |
So many wrong things happening in Naija |
Re: Total, Mobil, Others Yet To Remit N6tr Oil Revenue by abbaapple: 7:43am On Jul 16, 2018 |
![]() I blame Lord Lugard in everything! The mofo knows all this poo will happend! ![]() ![]() |
Re: Total, Mobil, Others Yet To Remit N6tr Oil Revenue by seguno2: 7:44am On Jul 16, 2018 |
NNPC is working. Baru is stealing. Buhari is collecting. ![]() 1 Like |
Re: Total, Mobil, Others Yet To Remit N6tr Oil Revenue by Apelex(m): 7:45am On Jul 16, 2018 |
Nbote: My brother it is thesame people in the petroleum ministry and NNPC that is short changing the country"thier own country" |
Re: Total, Mobil, Others Yet To Remit N6tr Oil Revenue by cacmatters(m): 7:45am On Jul 16, 2018 |
This is very bad |
Re: Total, Mobil, Others Yet To Remit N6tr Oil Revenue by Louis005(m): 7:47am On Jul 16, 2018 |
Tomorrow now those who stole this money will come and run for a position and claim they have never stole any public funds and then we will have youths hailing them |
Re: Total, Mobil, Others Yet To Remit N6tr Oil Revenue by Navalsadiq(m): 7:49am On Jul 16, 2018 |
They should send them out |
Re: Total, Mobil, Others Yet To Remit N6tr Oil Revenue by rottennaija(m): 7:51am On Jul 16, 2018 |
I think most members of nairaland don't read. The report shows it is as a result of faulty production sharing contracts PSC which allows them to take advantage and not remit proceeds of gas sales. The report also shows it is from 2007 till 2017 I keep sharing, a lot of work needs to be done in this country. Many laws need to be revisit (there are so many loopholes in many laws), many contractual agreements needs to be revisited and probably renegotiated zakim: 2 Likes 1 Share |
Re: Total, Mobil, Others Yet To Remit N6tr Oil Revenue by Nobody: 7:54am On Jul 16, 2018 |
Re: Total, Mobil, Others Yet To Remit N6tr Oil Revenue by rottennaija(m): 7:58am On Jul 16, 2018 |
Louis005: Bros, go read the material again. It is not about stealing money but about the oil companies taking advantage of faulty contractual negotiations to flees the country. 2 Likes |
Re: Total, Mobil, Others Yet To Remit N6tr Oil Revenue by rottennaija(m): 7:59am On Jul 16, 2018 |
Navalsadiq: LOL... We don't just send them out like that. We need them and their resources. We simply need to renegotiate the contracts, because obviously, they are taking advantage of the loopholes in the contract |
Re: Total, Mobil, Others Yet To Remit N6tr Oil Revenue by Iruosonobrugwhe: 8:10am On Jul 16, 2018 |
it was a contract we signed....we didnt do our due diligence...we will live with it. rottennaija: 2 Likes |
Re: Total, Mobil, Others Yet To Remit N6tr Oil Revenue by Mccullum: 8:16am On Jul 16, 2018 |
abbaapple: Don't blame L. Lugard on this, blame Nnamdi Azikwe who insisted that UK shouldn't give us independent separately in 1957 and that delayed our independent till 1960 if not southern Nigeria would have gained her sovereignty along with Ghana in 1957.... But Zik caused this not Lugard. 1 Like |
Re: Total, Mobil, Others Yet To Remit N6tr Oil Revenue by deepwater(f): 8:17am On Jul 16, 2018 |
lol |
Re: Total, Mobil, Others Yet To Remit N6tr Oil Revenue by deepwater(f): 8:43am On Jul 16, 2018 |
rottennaija: To be honest, nothing is wrong here. It is only on someone view that the PSC is faulty and leaking, hence the loophole to avoid some more remittance of funds . This has to be debated and confirmed or prove otherwise a better approach adopted or the statusquo remains. Not like the IOC/NOC are short paying the country as the PSC is been followed on "as is" basis. Instead of calling names of the oil companies "owing" you money, call out those who made the law to revisit and amend all loophole. Ensure that same is not obtained in subsequent bills being passed. But this is Nigeria, we all gonna look at it from a PDP/APC angle knowing how well be divide ourselves along partisan politics. The white boys just sits and sip coffee over our rants because they ensure to tighten all ends when signing contracts while we where more after what is my share here. Now the nation cries. Truth is that no one is visit that PSC formula in the next decade..............Buhari wont understand the topic of discussion. Until we learn to put subject matter expert in critical positions we would never get it right. Just imagine a Rotimi Amaechi saying he was never aware their was any moving train in Nigeria ![]() 2 Likes |
Re: Total, Mobil, Others Yet To Remit N6tr Oil Revenue by Jarus(m): 8:49am On Jul 16, 2018 |
Alarmist news. I used to believe these kinds of news until I started having direct dealings with the legislators on these matters. The alarms are usually as a result of poor understanding of the structure of oil and gas industry. |
Re: Total, Mobil, Others Yet To Remit N6tr Oil Revenue by Nobody: 8:52am On Jul 16, 2018 |
Jarus: Bunch of noisemaking illiterates. 1 Like |
Re: Total, Mobil, Others Yet To Remit N6tr Oil Revenue by Obijulius: 9:28am On Jul 16, 2018 |
Niger Delta Wealth! The rest of NIGERIA will do anything to ensure that this country doesn’t break apart. Imagine the level of wealth these oil producing regions will enjoy when Nigeria splits. For those that will come and cry that the leaders will loot it, save your breath, even with all the looting Tinubu, Fashola did in lagos it did not stop them from doing some minor projects. Balkanization Will surely do the Niger Delta and the others a lot of good! |
Re: Total, Mobil, Others Yet To Remit N6tr Oil Revenue by Ijaya123: 9:28am On Jul 16, 2018 |
rottennaija: They only read headlines and then rush to comment, hence most comments are at variance with the content of the story. 2 Likes |
Re: Total, Mobil, Others Yet To Remit N6tr Oil Revenue by OldSkoolHeadBoy: 11:08am On Jul 16, 2018 |
Haba ! This is totally wrong !!! The International Oil Companies (IOCs) do not sell GAS, they only flare it or re-inject into the wells for reservoir pressure maintenance. That is part of the reasons they have been reluctant to reinvest in recent years until the Petroleum Industry Bill (PIB) receives the attention it deserves. Oil production is similar to what happens when you answer the call of nature, unfortunately you cannot do #1 without #2. However, because Joint Venture (JV) and Production Sharing Contracts (PSC) that they signed does not cover gas, they have to painfully reinject the gas (instead of using sea water) or flare it off, especially in times of emergency. The only IOC that I know of selling gas/condensate (OSO Field) is Mobil and that is very clear and fully accounted for. |
Re: Total, Mobil, Others Yet To Remit N6tr Oil Revenue by Perfectnumber6(m): 1:27pm On Jul 16, 2018 |
6trn naira and naija still dey borrow, and her citizens still finding life difficult na wa oo which kind god forsaken country i come from now en �� |
Fresh Palm Oil Supply To Any State In Nigeria.( kano, Abuja, zaria) / Grant! Grant!! Grant!!! / Admob Self Clicking Beginners Guide.... Earn Big
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 40 |