Wednesday 23 December 2015

OIL PRICES REBOUND, LIFT STOCKS OF PETROLEUM FIRMS

oil workersWorld stock markets eked out small gains yesterday, lifted by a recovery in oil prices from 11-year lows as investors unwound some of their bearish bets on the battered commodity.

European stock markets followed Asia higher. The pan-European FTSEurofirst 300 gained 0.4 per cent after two days of falls while U.S. stock futures suggested Wall Street shares may build on Monday’s rally.

Read more @ The Guardian

GLOBAL OIL DEMAND TO HIT 110 MBPD BY 2040

Oil Wells PHOTO: www.theheraldng.com The Organisation of Petroleum Exporting Countries (OPEC) has estimated that global oil demand would hit 110 million barrels per day (mbpd) by 2040.
Also, the cartel said about $10 trillion, (in 2014 prices), is required as oil-related investment needed to cover future demand for oil at the global level between 2015 and 2040.

Read more @ The Guardian

Tuesday 22 December 2015

PETROLEUM EXPLORATIONISTS SEEK REVIEW OF PRODUCTION SHARING CONTRACTS

Geologists and geophysicists under the aegis of the Nigerian Association of Petroleum Explorationists (NAPE) have asked the Federal Government to review the fiscal terms of Production Sharing Contracts (PSCs) for the mutual benefit of both the government and the operators.

This recommendation was part of the communiqué of NAPE’s pre-conference workshop held recently in Lagos with the theme “Survival Strategies for Petroleum Exploration and Exploitation in a Challenging Environment”


Read more @ Thisdaylive

TOTAL’S WITHDRAWAL FROM BRASS LNG WILL NOT HAMPER FID, SAYS KACHIKWU

180815F-Ibe-Kachikwu.jpg - 180815F-Ibe-Kachikwu.jpgThe Minister of State for Petroleum and Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu has said that the planned withdrawal of the French oil giant, Total, from the Brass Liquefied Natural Project (LNG) will not hamper the signing of the Final Investment Decision (FID) for the multi-billion dollar project.
Read more @ Thisdaylive

KACHIKWU DEPLOYS NNPC STAFF IN FUEL STATIONS, OIL PRICES HIT NEW LOWS

Kachikwu Deploys NNPC Staff in Fuel Stations, Oil Prices Hit New LowsIn a bid to eradicate queues at fuel stations across the country, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has ordered the deployment of personnel of the Nigerian National Petroleum Corporation (NNPC) in filling stations across the country for effective monitoring of the distribution system.

Speaking at an emergency meeting with the senior staff of the corporation at the NNPC headquarters in Abuja yesterday, Kachikwu said though there were a number of challenges in the supply and distribution system that hamper efficient distribution of products across the country

Read more @ Thisdaylive

Monday 21 December 2015

SHELL EXPRESSES DISGUST OVER RULING OF DUTCH COURT IN FAVOUR OF NIGERIAN FARMERS

Shell Petroleum Development Company of Nigeria Limited (SPDC), has expressed disappointment at the Dutch Appeal Court which ruled on Friday that a case against the company brought by four Nigerian farmers will proceed.

Reade more @ Businessday Online

KACHIKWU ORDERS SPECIAL PETROL SUPPLY FOR HITCH-FREE FESTIVITIES

Dr. Emmanuel Ibe Kachikwu, Nigeria's minister of state for Petroleum Resources.The Minister of State for Petroleum Resources and Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Ibe Kachikwu has directed the Pipelines and Products Marketing Company, PPMC, and Petroleum Products Pricing Regulatory Agency, PPPRA, to embark on renewed special supply intervention measures to ensure a country-wide availability of petroleum products ahead of the forthcoming yuletide and beyond.
 
The NNPC in a statement informed that the special supply intervention mechanism which entails the ramping up of additional supply via massive truck-out to guarantee product penetration to the nooks and crannies of the country teed-off over the weekend.

NIGERIA’S CRUDE OIL FALLS TO $31.49

oil-pricesAs the Federal Government grapples with how to salvage the economy, the continued sliding of the price of crude oil may require that its effort should be intensified.

Indeed, Nigeria’s Bonny Light crude oil hit its lowest level at $31.49 a barrel at the weekend due to global crude oil glut at the international market. The price of Organisation of Petroleum Exporting Countries (OPEC) basket of 12 crudes stood at $31.49 a barrel compared with $32.28 it earlier recorded.

Read more @ The Guardian

Friday 18 December 2015

FED GOVT ‘LL NOT REMOVE FUEL SUBSIDY, SAYS KACHIKWU

Fed Govt ‘ll not remove fuel subsidy, says KachikwuThe Minister of State for Petroleum, Dr. Emmanuel Ibe Kachikwu yesterday said  the Federal Government will not scrap the Petroleum Support Fund (also known as subsidy) but will, instead, embark on price modulation.

He denied saying  the price of petrol will go up in January. Addressing a press conference in Abuja, he said the Nigerian National Petroleum Corporation (NNPC) will alongside the Petroleum Product Pricing Regulatory Agency (PPPRA) sit to determine the new template to arrive at a new price which will be subject to quarterly review in line with the price of crude oil.
 

BUHARI APPROVES NNPC’S UNBUNDLING INTO FOUR AUTONOMOUS UNITS

Muhammadu-Buhari-office-0526.jpg-Muhammadu-Buhari-office-0526.jpgPresident Muhammadu Buhari has approved the next restructuring phase of the Nigerian National Petroleum Corporation (NNPC), the Minister of State for Petroleum Resources and the corporation’s group managing director, Dr. Ibe Kachikwu, disclosed on Thursday.

Kachikwu said at a town hall meeting with journalists and civil society organisations in Abuja that the next phase of the restructuring, as approved by the president, would see the state oil company broken into four different autonomous profit-oriented companies.
 

Wednesday 16 December 2015

NUPENG BLAMES FG FOR PROTRACTED FUEL SCARCITY

260812F2.FG-VS-NUPENG.jpg - 260812F2.FG-VS-NUPENG.jpgThe Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has blamed the federal government for the protracted scarcity of petroleum products in the country, describing government explanations as window dressing.

The union also said while it recognised the fraud in the fuel subsidy regime, it would resist any attempt by government to remove subsidy until necessary paliative measures were put in place to reduce the impact on the populace.
 

OPEC AND THE BATTLE FOR MARKET SHARE

Opec HQ Photo: WikimediaAs the prices of crude plummet to its lowest level in nearly a decade, the ability of members of Organisation of Petroleum Exporting Countries (OPEC) to reclaim its market share has become a concern to stakeholders.
Oil prices fell for a seventh straight session on Monday, coming close to 11-year lows, on growing fears that the global oil glut would worsen in the months to come in a pricing war between leading OPEC and non-OPEC producers.

Read more @ The Guardian

TOTAL PARTNERS SANY ON QUALITY LUBRICANT

Total Nigeria Plc and Sany Nigeria Company Limited have signed on a lubricant supply agreement. Following a global cooperation agreement signed by Total Lubrifiants and Sany Group Company Limited in China, the two companies became partners for the sales of Total lubricants across Sany Group’s overseas networks.

Read more @ The Guardian

ANGOLA OVERTAKES NIGERIA IN CRUDE OIL PRODUCTION

Nigeria’s crude oil production fell by 250,000 barrels per day (bpd) in November, making the country lose its status as Africa’s top oil producer to Angola, latest data from the Organisation of Petroleum Exporting Countries (OPEC) has shown.

Angola Overtakes Nigeria in Crude Oil ProductionNigeria recorded the biggest drop in output in November among its peers in OPEC, followed by Saudi Arabia, the group’s biggest producer.  OPEC, in its latest monthly oil market report, put crude oil production from Nigeria at 1.607 million bpd in November based on direct communication, down from 1.812 million bpd in October.

Read more @ Thisdaylive

Wednesday 9 December 2015

REMOVE OIL SUBSIDY NOW, WORLD BANK TELLS BUHARI

Fresh trouble as crude oil prices’ fall continuesAgainst the backdrop of the current fuel crisis across the country showing no sign of abating, the World Bank, yesterday, told President Muhammadu Buhari that the time to remove petroleum subsidy is now.

While the Buhari administration has given hints of its intention to remove fuel subsidy, many Nigerians, including the organised labour, have rejected the plan.

Read more @ Vanguard News

CRUDE CONTRACTS: NNPC SHUNS REPS ORDER ON PRESIDENTIAL APPROVAL

The Nigerian National Petroleum Corporation has yet to provide document from the Presidency authorising it to trade 445,000 barrels of crude oil under its Refined Product Exchange Agreement contracts.
 
Otherwise known as SWAP, the transactions involved the exchange of crude oil for refined petroleum products in which the corporation gave out 445,000 barrels of crude daily to trading companies.
 
 
 

FRESH TROUBLE AS CRUDE OIL PRICES’ FALL CONTINUES

Oil-Price-Fall-Despite the Federal Government’s using a crude oil price benchmark of N38 for its 2016 proposed budget, an economic crisis looms. This is because by yesterday, the oil price continued to plummet, falling below $37 per barrel and international Brent crashing to below $40 for the first time since early 2009. The prices may fall further.

Lamenting the crash in oil price, Asset Management Company of Nigeria (AMCON) said the decline had far-reaching implications in its efforts to meet obligations

Read more @ The Guardian

Tuesday 8 December 2015

OIL FIRMS PAY $293B TAXES IN SIX YEARS, SAYS NEITI

Oil workers, member sof PENGASSAN. Photo: naijThe oil companies operating in the country have paid over $293 billion to the Federal Government coffers in terms of taxes, royalties and dividends between 2006 to 2012, going by the data from the Nigeria Extractive Industries Transparency Initiative (NEITI).

The Acting Executive Secretary, NEITI, Orji Ogbonnaya Orji, who disclosed this during the inauguration of companies’ forum in Lagos, also disclosed that agency has signed off agreements that will herald the commencement of work on the new audit report

Read more @ The Guardian

FG PEGS OIL BENCHMARK AT $38 PER BARREL, 2.2M BARRELS PER DAY FOR 2016

The Federal Government on Monday pegged the benchmark oil price for the 2016 budget at $38 per barrel with an estimated daily output of 2.2 million barrels, in a new three-year expenditure framework- the first in President Buhari’s administration, and subject to National Assembly approval.

Read more @ BusinessDayNg

GOVT UNFOLDS FUNDING PLAN FOR JV CASH CALLS

oil workersThe Federal Government has unfolded plans to raise funds from international investors and the private sector in 2016 to finance the Joint Venture (JV) cash calls between the Nigerian National Petroleum Corporation (NNPC) and international oil companies operating in the country.
Kachikwu made this disclosure during an interactive session with Nigerians living in Vienna, Austria.

Read more @ The Guardian

FG UNBUNDLES PIB, NEW DRAFT SPLITS NNPC

101115F-Ibe-Kachikwu.jpg - 101115F-Ibe-Kachikwu.jpgThe federal government is breaking up the Petroleum Industry Bill (PIB) that has been stuck in parliament for years, replacing it first with a law to overhaul the state sector which aims to close loopholes that create avenues for rent seeking, according to a draft seen by Reuters.

Under the draft legislation, the state oil giant the Nigerian National Petroleum Corporation (NNPC) will be split in two - rather than a series of units as envisaged by the stalled 2012 bill - including a National Oil Company that will be run on commercial lines and partly privatised.
 

Monday 7 December 2015

OPEC DIVIDED OVER OIL OUTPUT CUTS

OPEC is expected to stick with its strategy of not cutting oil production when its ministers meet in Vienna on Friday, with the cartel split over who should take responsibility for reducing supply to support prices.

Read more @ BusinessDayNg

FG TO RAISE FUNDS FOR JV CASH CALLS

FG to raise funds for JV cash callsThe Federal Government, yesterday, disclosed that it would raise funds from international investors and the private sector next year, to fund the Joint Venture cash calls between the Nigerian National Petroleum Corporation, NNPC, and International Oil Companies, IOCs, operating in the country.

The Federal Government, in a statement through the NNPC in Abuja, also stated that it would launch an initiative that would compel International IOCs operating in Nigeria to adopt global best practices towards the maintenance of the environment, while adding that it intends to make the country’s refineries semi-autonomous within the next 24 months

Read more @ Vanguradngr

Thursday 3 December 2015

OPEC NOVEMBER OIL OUTPUT RISES, LED BY IRAQ, SAUDI

Nigeria’s crude revenue deficit hits N37.8bnOPEC oil output has risen in November from the previous month, a Reuter’s survey found, led by a rebound in Iraqi exports after bad weather had temporarily halted supply growth from the group’s second-largest producer.

Read more @ Businessday

MARGINAL OIL FIELDS MAKE GAINS AMIDST FALLING GLOBAL PRICES

Indigenous and marginal field oil producers are taking advantage of low oil prices to drive down their cost of production per barrel. Though low crude oil price poses a huge challenge at the moment to the oil and gas sector, industry experts say that some indigenous oil companies are using the low price environment to prune down their production cost to sub-$30 per barrel.

Read more @ Businessday Online


NIGERIA’S CRUDE REVENUE DEFICIT HITS N37.8BN

Nigeria’s crude revenue deficit hits N37.8bnNigeria a recorded N37.8 billion ($189 million) crude revenue deficit in September with a production shortfall of 4.2 million barrels below target in the month under review.

The country, which targeted 2.34 million barrels daily production, according to a data by the Nigerian National Petroleum Corporation (NNPC), produced 2.2 million barrels per day in September.

Read more @ New Telegraph

Wednesday 2 December 2015

NNPC PAYS N872.90B TO FED GOVT

Between January and October this year, the Nigerian National Petroleum Corporation (NNPC) remitted N872.90billion for Domestic Crude Oil & Gas and other receipts to the Federation Account.

In its October 2015, Financial and Operations Report, posted on its website yesterday, it noted that: “ the sum of N872.90billion for Domestic Crude Oil & Gas and other receipts have been paid to the Federation Account from January to October 2015.”

Read more @ The Nation Online

FG EARNS $487.37BN OIL REVENUE IN 13 YEARS –NEITI

FG earns $487.37bn oil revenue in 13 years –NEITIThe Federal Government earned $487.37 billion (28.392 trillion) revenues from the oil and gas sector in 13 years, the Nigerian Extractive Industry Transparency Initiative (NEITI) has declared. NEITI’s Acting Executive Secretary, Dr. Orji Ogbonnaya, who disclosed this in a paper at the 4th Sustainability in the Extractive Industries (SITEI) conference, maintained that the revenues came from equity crude sales, royalty, signature bonuses and taxes between 1999 and 2012.

The government of former President Olusegun Obasanjo received about $200 billion, one third of the total money, the paper showed.

Read more @ NewTelegraph

Tuesday 1 December 2015

OIL MARKETERS URGE SENATE TO APPROVE FUEL SUBSIDY APPROPRATION TODAY TO AVERT CRISIS

The Senate is expected to today approve the N413 billion for fuel subsidy sent to it by President Muhammadu Buhari. Approving the money would help cushion the pains associated with the current fuel scarcity that has adversely affected the economy, causing many motorists to sleep at filling stations.

Read more @ BusinessDayNg

IRAN SPEEDS AHEAD WITH OIL REFORMS AS NIGERIA LAGS

Iran speeds ahead with oil reforms as Nigeria lagsIran has taken the petroleum industry by storm after announcing a bold, ambitious new regime of incentives for its oil partners, as it seeks to outsmart sluggish nations like Nigeria to win the required investment for its post sanctions era in which the door is also open to US firms.

Read more @ BusinessDayNg

NNPC RECORDS N304.18B OPERATING REVENUE IN TWO MONTHS

NNPC records N304.18b operating revenue in two monthsThe operating revenue of Nigerian National Petroleum Corporation (NNPC), after subsidy for September and October has hit N304.18 billion, according to its monthly financial report.

Besides, the Pipelines and Product Marketing Company (PPMC) realised N514.04 billion revenue from sale of white products from January to October this year.

Read more @ The Guardian

Monday 30 November 2015

P’HARCOURT REFINERIES TO PRODUCE 5M LTRS OF PETROL DAILY

P’Harcourt refineries to produce 5m ltrs of petrol dailyFresh moves by the Federal Government and other stakeholders to end the current fuel scarcity in the country may have begun, with plans by the Nigerian National Petroleum Corporation (NNPC) to activate five million litres of petrol daily from the two refineries in Port Harcourt, Rivers State.

Besides, some oil marketers have resumed importation of petrol into the country, with Nigerian Independent Petroleum Company (NIPCO) discharging about 37 million litres of the commodity at a Lagos jetty at the weekend.

Read moew @ The Guardian

TOTAL OTHERS RATED HIGHLY IN TOP 100 COMPANIES’ SURVEY

The analysis of the 2015 Top 100 Companies’ Survey has shown that Nigerians are well pleased with some multinationals and a host of indigenous companies operating in the Nigerian terrain. Notable among the multinationals are Nestle, Nigerian Bottling Company (Coca Cola), 7-Up, Procter and Gamble, Mobil, Total, Chevron, Ecobank, Toyota Nigeria, Microsoft and Google. 

Read moew @ Businessday

FG EXPECTS N368BN FROM NLNG

FG expects N368bn from NLNGThe Federal Government is expecting over N368 billion ($1.6 billion) from taxes and dividends increase from the Nigeria Liquefied Natural Gas Limited (NLNG) by 2017.

The company is owned by four shareholders, namely the Federal Government of Nigeria, represented by the Nigerian National Petroleum Corporation (NNPC), (49per cent), Shell Gas BV (SGBV), (25.6 per cent), Total LNG Nigeria Limited (15 per cent) and Eni International (10.4 per cent).

Read more @ New Telegraph

Friday 27 November 2015

DEPLOY MORE TROOPS IN RIVERS COMMUNITY, NNPC TELLS OPS

The Nigerian National Petroleum Corporation has called for more deployment of troops in Okrika area of Rivers State to check the activities of pipeline vandals.

The Managing Director, Port Harcourt Refining Company, Mr. Banfred Enjugu, made the call when the Commander, Operation Pulo Shield, Major General Alani Okunlola, paid a working visit to NNPC and Petroleum Pipeline Marketing Company in Port Harcourt, Rivers State.

Read more @ SweetCrude Reports

NNPC LOSES N50B PETROL TO THIEVES

The Nigerian National Petroleum Corporation (NNPC) yesterday said 531 million litres of petrol, valued at over N50 billion was lost to pipeline vandals between January and September.

This occured at the problematic System 2B Pipeline network which stretches from the Atlas Cove in Lagos to Ilorin, the Kwara State capital.

Read more @ The Nation Online

END PETROL SCARCITY IN TWO WEEKS, SENATE TELLS KACHIKWU

The Senate on Thursday asked the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, to end the current scarcity of petrol within two weeks.
 
The upper chamber also directed the Permanent Secretary of the ministry, Mrs. Jamila Soara, and heads of other agencies in the sector to ensure steady supply of the product in all filling stations across the country at the approved pump price.
 

Thursday 26 November 2015

NNPC ENLISTS DSS, EFCC TO TACKLE FUEL CRISIS

NNPC GMD, Ibe KachukwuTo end the fuel scarcity in the country, the Nigerian National Petroleum Corporation (NNPC) is engaging the Department of State Services (DSS) and Economic and the Financial Crimes Commission (EFCC) to check the hoarding and diversion of petroleum products by some unscrupulous marketers.

The NNPC in Abuja yesterday said the engagement of the security agencies was also meant to assist in the monitoring of nationwide fuel truck out to retail outlets

Read more @ The Guardian

STAKEHOLDERS LIST CHALLENGES OF PETROLEUM INDUSTRY

NNPC GMD, Ibe KachukwuLow capacity utilization of refineries, proliferation of non-additive lubricants, underfunding of Joint Ventures (JVs) and poor pricing of products, have been identified by stakeholders as some major challenges confronting Nigeria’s oil and gas sector.

Specifically, they raised alarm over the importation of non-premium quality base oil, which are high in sulphur and ash content into the Nigeria’s lubricant market.

Read more @ The Guardian

TOTAL TO BUILD EIGHT SOLAR-POWERED FILLING STATIONS

Total Nigeria Plc, has expressed its commitment to further improve service delivery to customers, even as it unveiled plans to lunch additional eight solar-powered filling stations to make a total of 10 efficient stations across the country.
 
The oil marketing firm already has one solar-powered station in Ikeja Lagos and Abuja, but Its Managing Director, Mr. Alex Vovk, told The Guardian recently that works are on-going at other eight stations, which are expected to be commissioned by December this year.
 
Read more @ All Africa

N600BN DEBT, COST OF NAIRA SEEN AS OBSTACLES TO IMPORTATION OF FUEL

N600BN DEBT, COST OF NAIRA SEEN AS OBSTACLES TO IMPORTATION OF FUELOutstanding debts amounting to over N600 billion owed oil marketers by government, as well as the need to bringing down cost of naira and making foreign exchange available to end users, among others, could stem the current fuel crisis in the country, according to stakeholders.

Read more @ Businessday

Wednesday 25 November 2015

ASSOCIATION BLAMES INADEQUATE FUNDING FOR NON-DISCOVERY OF OIL

Lack of political commitment, coupled with inadequate funding are responsible for the non-discovery of oil and gas in commercial quantity, the Association of Petroleum Inland Basins States of the North (APIBON) has said.

The Secretary General of the Association, Yusuf Sani, who stated this in Abuja while speaking on the parlous state of oil basins in the country, said Niger Republic, Chad Republic and Sudan which have structural stratigraphic similarities with the ones in Nigeria have recorded greater successes in oil discoveries.

Read more @ The Guardian

IRAQ SELLS AT $30 AS OPEC READIES FOR NEW BATTLES

OPECIraq may increase oil output further in 2016, although less dramatically than this year, intensifying a battle for market share between OPEC members and non-OPEC rivals that has forced Baghdad to sell some crude grades for as little as $30 a barrel.
Iraq’s output in 2015 has jumped almost 500,000 barrels per day (bpd), or 13 percent, according to the International Energy Agency (IEA). That has made Iraq the world’s fastest source of supply growth and a key driver of surging OPEC production.

Read more @ The Guardian

TOTAL TARGETS 10 SOLAR-POWERED FILLING STATIONS BY DECEMBER

Total Nigeria Plc, has expressed its commitment to further improve service delivery to customers, even as it unveiled plans to lunch additional eight solar-powered filling stations to make a total of 10 efficient stations across the country.

Read more @ The Guardian

GAS EXPORTERS RUE INDUSTRY’S CHALLENGES

Dr.Ibe KachikwuNigerian Minister of Petroleum Resources Emmanuel Ibe Kachikwu, has stressed the need to tackle the challenges before gas exporting countries to maintain supplies of natural gas.

“We are meeting at a critical period in the history of our industry, a period where Gas markets are experiencing drastic structural changes owing to the complexity of the dynamics shaping the architecture of energy markets,” he told the GECF 17th Ordinary Ministerial Meeting in Iran.

Read more @ The Guardian

Tuesday 24 November 2015

PENGASSAN CHARGES FG ON EMPLOYMENT, ALLEGED EXPATRIATE QUOTA ABUSE

president of PENGASSAN, Francis Johnson The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has urged the Federal Government to put in place ‘sustainable plans’ for job and wealth creation.

In a communique issued at the end of its National Executive Council (NEC) meeting in Abuja, PENGASSAN challenged the Federal Government to diversify the economy by resuscitating the Agricultural, Tourism and Manufacturing sectors for job creation purposes.

Read more @ The Guardian

NIGERIA: ECONOMY EXPANDS AT FASTER PACE AS OIL OUTPUT REBOUNDS – NBS

*Nigeria opportunities.Gross domestic product rose 2.8 percent from a year ago, compared with 2.4 percent in the second quarter and 6.2 percent in the same period of 2014, the National Bureau of Statistics said in an e-mailed report on Tuesday. Oil output jumped to 2.17 million barrels a day from 2.05 million barrels.
Nigeria’s economy, the largest in Africa, expanded at a slightly faster pace in the third quarter as oil production increased.







Read more @ SweetCrude Report

BUHARI IN TEHRAN, CANVASSES FAIR PRICING FOR GAS

BuhariPresident Muhammadu Buhari has charged the Gas Exporting Countries Forum (GECF) to take appropriate steps towards sustaining the pricing of gas at the international market for the benefit of member countries.

The President made the call during his remarks at the third summit of the GECF in Tehran, the capital city of Islamic Republic of Iran.

Read more @ The Guardian

SENATE PLEDGES TO BREAK JINX ON PIB

The SenateThe Senate yesterday resolved to break the jinx of failure on consideration and passage of the Petroleum Industry Bill (PIB) as witnessed in the 6th and 7th Senate and by extension, National Assembly.

President of the Senate, Bukola Saraki, who spoke yesterday at the inauguration of additional 11 standing committees of the Senate, said passage of the PIB when represented by the executive is very necessary for adequate reforms in the nation’s oil and gas sector.

Read more @ The Guardian

Monday 23 November 2015

FUEL CRISIS WORSENS, MORE PAINS FOR COMMUTERS

Three weeks on, there does not seem to be as yet any light at the end of the fuel scarcity tunnel. Queues remain long at filling stations and the hardship continues with a litre of Premium Motor Spirit (PMS) selling at an average of N120 to N150 at filling stations and about N200-N250 at the black market. This is in spite of efforts by the Federal Government and the Nigerian National Petroleum Corporation (NNPC) to ameliorate the hardship just as President Muhammadu Buhari had promised to pay subsidy arrears of N413 billion to marketers.
Read more @ The Guardian Online

OIL TRADES NEAR THREE-MONTH LOW AS EXCESS SUPPLY TAKES TOLL

Brent crude oil futures traded near three-month lows on Friday as the pressure of a persistent supply glut quashed any optimism about a price recovery. An early rally in Brent crude proved difficult to sustain, as focus returned to an overhang that has cut prices by more than 10 percent this month.
Read more @ Businessdayonline

LOW CRUDE OIL PRICE: NIGERIA LOSES ABOUT N10BN DAILY

Slide in crude oil prices since June 2014 means that Nigeria loses about N10 billion per day, says Victor Eromosele, board secretary, Centre for Petroleum Information (CPI), saying, 'people are under-estimating the size of the haemorrhage going on.'
Businessday Page 6

PRESIDENT BUHARI ARRIVES TEHRAN FOR 3RD GECF SUMMIT

President Muhammadu Buhari on Sunday arrived in Tehran, Iran, to participate in the Gas Exporting Countries Forum (GECF) summit on Monday. The Minister of State for Petroleum Resources, Mr Ibe Kachikwu and the National Security Adviser, Retired Maj.-Gen. Babagana Monguno were at the airport to welcome the President.


Friday 20 November 2015

OIL PRICE CRASH DIPS NIGERIA'S REVENUES BY N11.96BN IN TWO DAYS

Nigeria’s crude revenues dipped by N11.96 billion in the last two days as prices of oil, country’s cash cow, dipped below $40 a barrel at the global market.

This came as experts declared in two separate reports on Thursday that tougher times were still ahead for prodigal members of Organisation of Petroleum Exporting Countries (OPEC), stating that the commodity, which they depend on, could fall further to $30 per barrel in 2016.

Read more @ New Telegraph

PETROLEUM TAX FALLS BY N390BN – FIRS

Petroleum tax falls by N390bn – FIRSThe Petroleum Profits Tax collection for the year has dropped by N390bn from a target of N1.48tn to N1.09tn, the Acting Executive Chairman, Federal Inland Revenue Service, Mr. Babatunde Fowler, has said.
 
According to him, over 200 oil and gas companies operating in the country have not filed their tax returns for the year.
 

Thursday 19 November 2015

NIGERIA'S CRUDE PRODUCTION HITS 195.3BN BARRELS IN 3 MONTHS

100215F-Barrels-of-oil.jpg - 100215F-Barrels-of-oil.jpgCrude production from Nigeria surged to 195.3 billion barrels in the third quarter 2015. National Bureau of Statistics (NBS), which disclosed this in a new data, added that this has expanded the revenues of the largest economy in Africa at a slightly faster pace in the third quarter.

The gross domestic product rose 2.8 per cent from a year ago, compared with 2.4 per cent in the second quarter and 6.2 per cent in the same period of 2014.

Read more @ New Telegraph

NIGERIA'S OIL OUTPUT MAY FALL BY 2017

Nigeria's Oil Output May Fall by 2017Nigeria's oil output could drop by as much as 15 per cent in 2017 unless the government attracts more investment and resolves cash shortages at state oil firms, a senior Moody's analyst said on Wednesday.

Africa's biggest economy produces about 2.1 million barrels per day of oil with foreign and local companies through production sharing contracts and joint ventures.
 

Tuesday 17 November 2015

AGAIN, SENIOR OIL WORKERS BACK CONDITIONAL SUBSIDY REMOVAL

In a rather sharp contrast to the position of the larger central labour house, the Nigeria Labour Congress (NLC), the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has reiterated its support for the removal of subsidy on petrol by the federal government.
Read more @ Thisdaylive

OPEC EXPORT PRICE FALLS BELOW $40 PER BARREL

OPECThe average price of crude oil sold by the Organisation of Petroleum Exporting Countries (OPEC) fell below $40 a barrel for the first time since 2009, underscoring the financial cost of the group’s strategy to defend its market share.

The daily OPEC basket price dropped to $39.21 a barrel on November 13, according to an e-mail on Monday from the organization’s secretariat in Vienna.

Read more @ The Guardian

N'ASSEMBLY ASKS PRESIDENT TO SUBMIT REVISED PIB

311015F-Bukola-Saraki.jpg - 311015F-Bukola-Saraki.jpgThe National Assembly monday tasked President Muhammadu Buhari as the new Minister of Petroleum to as a matter of urgency send a revised Petroleum Industry Bill (PIB) to it for quick consideration.

The legislative institution made the call at the opening of a two-day dialogue organised by National Institute for Legislative Studies (NILS) in Abuja on the theme, “Dialogue on Economy, Security and Development”.
 

Monday 16 November 2015

PPPRA ALLOTS 1.5MMT TO MRS, TOTAL, FORTE OIL, 16 OTHERS FOR PETROL IMPORTATION IN Q4

The federal government has granted approval for the importation of 1.5 million metric tonnes of petrol to 19 companies for the fourth quarter of 2015.

This is coming as the co-founder and chief executive officer of Geneva-based Mercuria Energy Group, Mr. Marco Dunand, met with President Muhammadu Buhari on November 11, during which he indicated interest in investing $1.5 billion in Nigeria’s downstream and upstream oil sector.

Read more @ Thisdaylive

NUPENG URGES FG TO DIVERSIFY ECONOMY

NUPENG Urges FG to Diversify EconomyThe National Union of Petroleum and Natural Gas Workers (NUPENG) has urged the federal government to as a matter of urgency look inward by diversifying the nation's economy through the promotion of agriculture, solid minerals and tourism to generate more revenue for the country.
 
In a welcome address delivered at the 2015 NUPENG National Education Seminar in Owerri, the National President, Comrade Igwe Achese, expressed concern over the adverse effect the oil gloom in the world has caused on the nation's economy, which had in no small measure affected money in-flow and had reduced the revenue accruing to the nation by 50 per cent.
 

CHEVRON, SHELL SET TO SACK 8,000

Palpable fear has gripped the Nigerian staff of Chevron and Shell as the two multinationals begin compilation of 8,000 names for sack.

New Telegraph had exclusively reported plans by Chevron and Shell to sack 8, 000 staff in addition to the 8, 000 employees they announced earlier this year as the accounts of the oil firms slips into red.

Read more @ New Telegraph

NIGERIA IN TROUBLE AS OIL PRICES PLUMMET TO $45 ON LIMITED BUYING INTEREST

The falling oil prices, which plummeted to $45 per barrel coupled with constant decrease in the value of Nigeria’s crude oil, may lead the economy to further run into crisis of a larger magnitude in the nearest future.

Read more @ BusinessDayNg

Thursday 12 November 2015

N’ASSEMBLY APPROVAL DELAYING N413BN SUBSIDY PAYMENT – KACHIKWU

President Muhammadu Buhari has sought the approval of the National Assembly to pay the N413bn approved last week as subsidy claims to oil marketers across the country.
 
The Federal Government stated on Wednesday that it was making efforts to pay the outstanding subsidy claims in a week’s time.
 

DOWNSTREAM OPERATORS WANT CRUDE REFINING POLICY

Stakeholders in the downstream subsector of Nigeria’s petroleum industry have stressed the need for a national refining policy, which defines the framework for encouraging investment in petroleum refining in Nigeria.
 
The stakeholders at the Ninth Oil Trading Logistics Africa Downstream Week 2015 held in Lagos, said the move would facilitate increased national revenue and infrastructure development
 

PETROLEUM SLOT FOR BUHARI AS NEW MINISTERS GET PORTFOLIOS

Ngige-and-BuhariTrue to his pronouncements in New York late September, President Muhammadu Buhari named himself the substantive Minister of Petroleum Resources in the long-awaited cabinet he unveiled yesterday.

He also confirmed, as he had long-indicated, that ministries have been rationalised and pruned to 24.

Read more @ The Guardian

KACHIKWU LISTS BUHARI'S POLICIES FOR OIL SECTOR

Kachikwu Lists Buhari's Policies for Oil SectorPresident Muhammadu Buhari’s overall plan for Nigeria’s oil and gas sector for the next four years was on Wednesday made known by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu.

Kachikwu who doubles as the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), said in Abuja that the government would pay more attention to increasing Nigeria’s crude oil and gas production within this period to earn more revenue from there.


 

Wednesday 11 November 2015

OIL PRICE TO RECOVER TO $80 ONLY BY 2020, SAYS IEA

Oil prices are set for a slow recovery, according to the latest report from International Energy Agency (IEA), which cautioned against the deep investment cutbacks in the industry.

In its latest World Energy Outlook, the IEA’s central scenario for oil prices forecast that the oil market would rebalance at $80 a barrel (bbl) in 2020, “with further increases in price thereafter.”

Read more @ The Guardian

CHEVRON: INVESTMENT IN NIGERIA’S OIL AND GAS INDUSTRY DROPS BY 20%

d44AliMoshiri.jpg-d44AliMoshiri.jpgThe President of Chevron Africa and Latin America Exploration and Production, Mr. Ali Moshiri, has raised the alarm that total investment by all players in Nigeria’s oil and gas industry, which stood at $20 billion in 2014 has dropped by 20 per cent in 2015.

This is coming as the Governor of Lagos State, Mr. Akinwunmi Ambode, has said that the state will soon become the 11th oil producing state in the country, but decried what he described as the declining reserves, profitability and competitiveness of Nigeria’s operating environment in the oil and gas business.
 

NNPC ON THE VERGE OF OIL FIND IN LAKE CHAD AREA – KACHIKWU

Nigeria, Africa’s biggest crude oil producer, may be “on the verge of a significant oil find” in the Lake Chad area of the northeast, NNPC managing director Ibe Kachikwu was quoted as saying in a statement issued by the state oil company on Sunday.

Read more @ Businessday Online

PLUMMETING CRUDE OIL PRICES HIT NIGERIAN FIRMS’ BALANCE SHEET

Niger-Delter-E&P-Asset-CopyTumbling oil prices have hit the earnings of Nigeria’s indigenous energy companies, in one of the first tangible signs of how the oil supply glut is reverberating across the global economy.

For instance, indigenous oil firm, SEPLAT Petroleum Development Company Plc, reported a fall in revenue and profit in the first nine months of 2015 as a substantial lift in production was not enough to offset the large fall in oil prices.

Read more @ The Guardian

Tuesday 10 November 2015

NIGERIA’S UNSOLD OIL CARGOES REDUCE TO 15

crude-oil-CopyNigeria’s unsold crude oil cargoes, which were over 20 last month, have reduced to 15, according to trade sources.

A fall in futures prices and a strong recovery in gasoline refining margins have helped to shore up demand for light sweet Nigerian crude oil, but slow sales, up until now, have kept differentials, that is, the difference between the sold and unsold, low.

Read more @ The Guardian