Thursday 30 April 2015

Seven Energy Begins Supply of Gas to Calabar NIPP

Gas supply to facilitate addition of 560MW of additional generation capacity into the grid

Image result for uquo gas plant

Seven Energy International Limited (“Seven Energy”), the indigenous Nigerian integrated gas Company has commenced the supply of gas to the 560 MW Calabar National Integrated Power Project (“NIPP”). The commercial delivery of gas to Calabar NIPP commenced in March 2015, and is being executed through Accugas, a wholly-owned subsidiary of Seven Energy. When operating at full capacity Calabar NIPP will increase national power generation by over 10%.  

Gas is being supplied to the power plant from Seven Energy’s Uquo Gas Processing Facility in Akwa Ibom State through the Seven Energy pipeline network. The gas supply will enable the power plant to complete commissioning and start delivering electricity into the national grid.

Commenting on the achievement, Phillip Ihenacho, Chief Executive Officer, Seven Energy, said; “Delivering a cost effective and reliable gas supply is critical to providing sustainable power supply into the national grid to meet the government’s reform objectives and to facilitate industrial development. I am delighted that our ability to deliver an indigenous gas solution, from end to end is now being recognised by a broad range of industrial and power sector customers. Not only will the gas we supply drive enhanced power generation, but when combined with improvements in transmission and distribution it will also facilitate industrial and commercial developments which will have a far reaching impact throughout the community, stimulating industry and generating employment as a result.”

Steve Tierney, Managing Director, Accugas said “The Calabar NIPP is a major power plant in Calabar  and a further endorsement of the quality and reliability of our services. Our strong capability across the region with ownership of gas reserves and pipeline infrastructure have enabled us to commercialise our gas assets, delivering a solution that the market has been demanding for many years. We are ready and look forward to adding more customers to our network across the South East of Nigeria, bringing affordable and reliable gas to a wider audience.”

Seven Energy has continued to champion an industrial gas revolution through the development and production of natural gas, and, critically, its commercialisation through investment in processing and distribution infrastructure, where the Company has invested over $1 billion in the south east region of the Niger Delta in the last 5 years.

With significant capacity built into its distribution infrastructure, the Company is capable of providing a long-term supply of gas to additional off takers for power generation and for local industry.

Since the commissioning of the Uquo Gas Processing Facility in 2014, Seven Energy has begun the supply of gas to other off takers such as the Ibom Power Company, Notore Chemical Industries Limited and the United Cement Company of Nigeria, also in Calabar.

Tuesday 28 April 2015

MOBIL ABSOLVES SELF FROM OIL SPILL AT IBENO QIT

Mobil Producing Nigeria Unlimited (MPN), operator of the Nigerian National Petroleum Corporation (NNPC), has said that the suspected oil spill that sparked protest from the youths of its host community was not from any of its facility.

The Manager, Media and Communication, ExxonMobil, Mr. Ogechukwu Udeagha, offered the explanation yesterday, while responding to questions from Thisday.
 

NNPC ADVOCATES QUICK REFORM TO MITIGATE OIL REVENUE EROSION

The Nigerian National Petroleum Corporation (NNPC) has proposed immediate reforms that would reduce Nigeria’s seeming over reliance on oil revenue to offset over 85 per cent of her national expenditure.
NNPC Advocates Quick Reform to Mitigate Oil Revenue Erosion
 NNPC explained that a structural reform of Nigeria’s public finance model to insulate her oil industry from serving as a source of economic rent instead of an economic enabler to all other sectors of the economy, should first be pursued by the federal government now that the global price of crude oil is at a low ebb.
 

SHELL AND TOTAL DELAY WEST AFRICA PROJECTS AFTER OIL PRICE ROUT

Royal Dutch Shell and France's Total have delayed multibillion-dollar offshore oil projects in west Africa as part of efforts to rein in costs and shore up cash flow following the collapse in crude prices.

MISSING' $20BN OIL MONEY: I HAVE NOTHING TO HIDE, JONATHAN TELLS BUHARI

President Goodluck JonathanPresident Goodluck Jonathan on Monday said his administration had nothing to hide in respect of the claim by a former Central Bank of Nigeria Governor, Lamido Sanusi, that $20bn oil money was not remitted to the Federation Account by the Nigerian National Petroleum Corporation.
 
To prove this, he said he had directed that the full report by PriceWaterHouse which was commissioned to carry out a detailed investigation into the activities of the NNPC be made public immediately.
 

Monday 27 April 2015

UNCERTAINTY LOOMS AS FUEL MARKETERS RUN OUT OF STOCK TODAY

There are indications that fuel marketers and importers would run out of stock for Premium Motor Spirit (PMS), otherwise known as fuel at the Apapa Depot and filling stations across the country due to the inability of the Federal Government to meet subsidy obligations of over N356.2 billion.

Read more @ Guardian Online

HOPE DIMS FOR PIB AS LEGISLATORS WIND DOWN

Oil workers on dutyThe promoters of the Petroleum Industry Bill anticipate that it will bring sanity into the oil and gas sector by ensuring transparency and a new fiscal regime but the hope that it will be passed soon is fading fast.
 
The Petroleum Industry Bill looks set to suffer the same fate that befell it during the 6th National Assembly as the end of the current legislature’s tenure is just a month and few days away.
 

BUHARI TO LAUNCH NEW INQUIRY INTO MISSING $20BN OIL MONEY

President-elect Muhammadu Buhari has said that his administration will revisit the $20 billion money alleged to have been unremitted by the Nigerian National Petroleum Corporation (NNPC) to the Federation Account.

Buhari to Launch New Inquiry into Missing $20bn Oil Money Buhari's statement deviates from the one made by the All Progressives Congress (APC) Campaign Organisation’s Director in charge of Policy and Strategy, Dr. Kayode Fayemi, who told Bloomberg last week that the incoming administration would publish the forensic audit report of PricewaterhouseCoopers (PwC), which was contracted by the Jonathan administration to investigate the finances of NNPC when the issue of the missing $20 billion was made public over a year ago.
 

Friday 24 April 2015

EIGHT CONVICTED IN PETROBRAS CASE

PetrobrasA Brazilian judge has convicted a former Petrobras executive of money laundering and racketeering for his role in the massive kickback scandal engulfing the state-run oil company, but he will only serve one year of house arrest.


Petrobras’ former director of refining and supply, Paulo Roberto Costa, who named many of those implicated in the widening corruption scandal in a plea bargain deal with prosecutors, was sentenced to 7 years and 6 months in prison.

Read more @ SweetCrude Report

PENGASSAN DEMANDS OPTIMISATION OF OIL SECTOR FOR JOB CREATION

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has said that optimisation of the oil and gas sector has the potential for limitless job creation opportunities that could make many Nigerians seeking greener pasture overseas to be engaged within the country. 

PENGASSAN, in a statement condemning the attacks of Nigerians and other foreigners in South Africa, tasked government to create an enabling environment and opportunities for gainful employment to encourage Nigerians to remain in the country, adding that checks should be put in place to reduce human and capital flights to other countries.

Read more @ New Telegraph

NNPC PUSHES FOR FUEL SUBSIDY REMOVAL

IPMAN-fuel pumpThe Nigerian National Petroleum Corporation on Thursday, strongly advocated the complete halt in the payment of subsidy on petrol.

Although the corporation admitted that it was aware of the massive nationwide protests and industrial actions that took place in January 2012 when the Federal Government announced the complete withdrawal of subsidy on petrol, it however maintained that the continued payment of subsidy was not sustainable.
 

Thursday 23 April 2015

INDEBTEDNESS: OIL MARKETERS WARN OKONJO-IWEALA OF FUEL SCARCITY

Ngozi Okonjo-IwealaMajor oil marketers have warned that fuel scarcity may linger for a while as the federal government has not paid what it owes marketers who imported fuel into the country.

Oil marketers under the auspices of Major Oil Marketers Association of Nigeria (MOMAN) have decried the government’s inability to disburse the outstanding payments due to its members for the import of Premium Motor Spirit (PMS) under the Petroleum Subsidy Fund Scheme (the “Scheme”).

Read more @ SweetCrude Reports

URHOBO MILITANT GROUP ISSUES FRESH ULTIMATUM TO NPDC, FG

 Urhobo militant group issues fresh ultimatum to NPDC, FG An Urhobo militant group, Urhobo Gbagbako, which claimed responsibility for series of pipeline explosions that recently rocked Ughelli, Delta State, communities, yesterday, issued a fresh ultimatum to the Nigerian Petroleum Development Company, NPDC, Nigerian National Petroleum Corporation, NNPC and the Federal Government threatening further attacks if their demands for allotment of jobs in the pipeline surveillance contract were not met immediately. 

The group, in a statement, threatened to launch more attacks on pipelines across the length and breadth of the 24 Urhobo kingdoms, warning the government against negotiating with Host Communities, HOSTCOM, on its behalf, adding that “HOSTCOM does not have the mandate of Urhobo communities to represent them.”

Read more @ Vanguardngronline

OIL SPILL AGENCY REPORTS FRESH INCIDENT FROM EXXONMOBIL FACILITY IN A'IBOM

OIL SPILL AGENCY REPORTS FRESH INCIDENT FROM EXXONMOBIL FACILITY IN A'IBOMThe National Oil Spill Detection and Response Agency on Wednesday said a fresh oil spill was detected at the Qua Iboe Terminal, Ibeno oil facility operated by Mobil Producing Nigeria Unlimited in Akwa Ibom.

The State Director of the Agency, Enyi Udeogu, said the spill occurred near Mkpanak community close to Ibeno Beach on Sunday, April 19.

Read more @ Premium Times

I’M BEING PERSECUTED FOR STEPPING ON BIG TOES IN OIL INDUSTRY – DIEZANI

Diezani Alison-MaduekePetroleum Resources Minister, Diezani Alison-Madueke, on Wednesday said she was being persecuted for stepping on big toes while ridding the petroleum sector of corruption.
 
She equally declared that she had not sought for assistance from anywhere to protect her name as reported in some dailies, because she has not been indicted for committing any crime

Read more @ SweetCrude Reports

NNPC WILL COUGH UP MORE THAN $1.5BN UNDER APC GOVT

NNPC will cough up more than $1.5bn under APC GovtNigeria’s beleaguered national oil company, NNPC will be made to refund more than the $1.5 billion stated in the highlights of a PricewaterhouseCoopers (PwC) LLP report released by the auditor-general in February,

Read more @ Businessdayonline

Wednesday 22 April 2015

SHELL BLAMES BAYELSA OIL SPILL ON SABOTAGE

Oil spill in Niger DeltaShell Petroleum Development Company has blamed sabotage for the Kolo Creek oil spill Bayelsa State.
 
The leak at the SPDC operated Kolo Creek oilfield discharged an unquantified volume of crude into the environment on April 15, 2015.
 

OPEC SEES VICTORY IN WAR AGAINST SHALE

OPEC says the demand for its oil will rise during 2015 because the cartel is winning its price war against US shale producers by driving them out of business.

Read more @ Businessday

FIRM INVESTIGATES OFFICIALS OVER BRIBERY ALLEGATION IN NIGERIA

A French firm and leading player in marine services for offshore oil and gas industry, Bourbon has launched an investigation against its officials over bribery allegations in Nigeria, Equatorial Guinea and Cameroon.
bribery
This comes as the company, which operates in Nigeria as Bourbon Interoil Nigeria confirmed at the weekend that its crew boat, the Surfer 1440, was boarded off the Nigerian coast in the night of April 8, 2015 and three crew members of Nigerian nationality kidnapped.

Read more @ SweetCrude Reports

U.S. IMPORT FROM OPEC NATIONS DROPS

The United State’s crude imports from Organisation of Petroleum Exporting Countries (OPEC) member countries dropped has by 200 tbpd or eight per cent and accounted for 32 per cent of total US crude imports.
 
U.S. import from OPEC nations dropsOPEC, which made this disclosure in its monthly report for April, stated that US product imports from OPEC Member Countries dropped as well from a month earlier to stand at 219 tbpd, representing a share of 10 per cent of the total amount of products imported by the US and a decline of 45 per cent from the same month last year.

Read more @ Guardian

Monday 20 April 2015

LOCAL UNDERWRITERS INSURE NNPC FOR N14.6BN

Local underwriting firms licensed to carry out non-life business have insured the Nigerian National Petroleum Corporation for a premium of N14.66bn ($73.7m) for the current financial year, investigation has revealed.
 
Commissioner for Insurance, Mr. Fola DanielMutual Benefits Assurance Plc, a major player in the oil and gas business, is the lead underwriter for the risk of the corporation for the second year running after its initial contract was automatically renewed. The company had similarly undertaken the task last year and is required to put in place appropriate reinsurance treaty for the risk in the current period.
 

‎NIGERIA: GOVT LOSES N31.7BN TO CRUDE THIEVES – NEITI

The Nigerian Extractive Industries Transparency Initiative (NEITI) has disclosed that billions of naira worth of crude products were stolen by oil thieves in 2012.
 
NEITI made the disclosure in its latest audit report entitled ‘Financial, Physical and Process Audit: An Independent Report Assessing and Reconciling Financial, Physical and Process Flows within Nigeria’s Oil and Gas Industry – 2012’ where it found that Nigeria lost 2,842,116 barrels per day valued at N1, 960,607,108 to export crude theft and sabotage.

Read more @ SweetCrude Report

SHELL INTRODUCES COMMUNITY HEALTH INSURANCE

Shell’s deepwater subsidiary in Nigeria, Shell Nigeria Exploration and Production Company, says it has extended its Community Health Insurance Scheme to Anambra State, with the recent inauguration of the initiative at the Iyi-Enu Mission Hospital.
 
The scheme, in a statement by the firm on Sunday, was being executed in partnership with the Anambra State Government, the Idemili CHIS Board, and two Health Maintenance Organisations – Proserve and Avon.

Read more @ PunchOnline

NIGERIA SHUNS WORLD BANK-BACKED ZERO GAS FLARING SUMMIT

Gas flaring in Nigeria.Chief Executives from major oil companies joined senior government officials from several oil-producing countries in Washington to commit, for the first time, to end the practice of routine gas flaring at oil production sites by 2030 at the latest. The commitment was made on the sideline of the IMF/World Group Spring Meetings in Washington.

On the list of participating countries, Nigeria was absent. Those who endorsed the move are Norway, Cameroon, Russian Federation, Kazakhstan, Gabon, Uzbekistan. Others are Republic of Congo, Angola and France.

Read more @ SweetCrude Reports

PSC CONTRACT DEADLOCK STALLS GAS SUPPLY TO POWER PLANTS

PSC contract deadlock stalls gas supply to power plantsThe nation’s dream of achieving uninterrupted power supply may not materialise, following the alleged dispute between the Federal Government (FG) and international oil companies (IOCs), over the ownership of gas in the deep offshore fields being operated under the Production Sharing Contract (PSC).

Read ore @ Businessdayonline

Friday 17 April 2015

$16B GAS PROJECT: 'BLAME NNPC FOR IJAW, ITSEKIRI VIOLENCE'

The Nigeria National Petroleum Corporation (NNPC) has been blamed for the “misinformation,” which led to Tuesday’s clash between the Ijaw of Gbaramatu and Itsekiri of Ugborodo in Warri Southwest of Delta State.
 
Many were injured in the early morning invasion of Madangho, an Itsekiri community, by armed Ijaw youths.
 

BLOOMBERG PROJECTS NIGERIA AMONG TOP 20 ECONOMIES BY 2030

Nigerian economyAmidst the euphoria of a successful general elections, Nigeria’s economy has been forecast to be amongst top 20 largest in the world by 2030, according to Bloomberg report on new world economic order.
Nigeria is ranked 19th just above Netherlands, which is 20th in the forecast report
 
Though this is a mark-down against the 2020 projected by the Federal Government under former President, Olusegun Obasanjo to arrive at the top 20, this is the first time such report is projecting Nigeria in the top global economies.
Read more @ SweetCrude Report

DELTA MILITANTS THREATEN ATTACKS OVER PIPELINE PROTECTION CONTRACT

Shell pipeline in the Niger DeltaUrhobo Gbagbako, an Urhobo militant group in Delta State, has warned that it may launch attacks on facilities of the Nigerian Petroleum Development Company to press home its demands that the oil pipeline protection contract be extended to Urhobo concerns.

In an email sent to journalists on Thursday, the group took exceptions to the appointment of the President of the Ijaw Youth Congress to mediate between it and the NPDC.
 

NIGERIA'S OIL PRODUCTION FALLS MOST AMONG OPEC MEMBERS

Minister of Petroleum Resources, Mrs. Diezani Alison-MaduekeStill smarting from the plunge in revenue, Nigeria saw the highest drop in crude oil production in March among its peers in the Organisation of Petroleum Exporting Countries, the latest monthly report from the 12-member oil cartel has shown.
 
The report, which was released on Thursday, put oil output from Nigeria at 1.67 million barrels per day in March, down from 1.80 million bpd in February, based on direct communication. The country pumped 1.96 million bpd in January.
 
 

Thursday 16 April 2015

100,000 OIL WORKERS LOSE JOBS GLOBALLY

The effect of plummeting crude oil prices may have hit hard on the global economy, as the Organisation of Petroleum Exporting Countries (OPEC) yesterday declared that about 100,000 people have lost their jobs to the situation.
opec
Meanwhile, industry sources said that about 21,000 people working across the oil and gas value chain have already got their employment terminated in Nigeria.
According to the source, the industry has suffered major setback in the last few years due to the controversies trailing the nation’s oil and gas sector reforms particularly the Petroleum Industry Bill (PIB).

Read more @ Ngrguardiannews

POST-ELECTION: FUEL IMPORTATION DROPS, SCARCITY WORSENS IN ABUJA

The rate of importation of Premium Motor Spirit (PMS), otherwise called petrol, to West Africa from Europe has slowed down as demand dropped after Nigeria’s presidential elections.
IPMAN-fuel pump
Reports show that the pre-election relative stability in fuel importation and supply was orchestrated by the administration to win support from Nigerians, and may have been abandoned since the loss in the March 28 Presidential elections.
 

MASSIVE OIL SPILL OCCURS AT SHELL'S CRUDE PIPELINE IN BAYELSA

251012T.Oil-pipelines.jpg - 251012T.Oil-pipelines.jpgA massive oil spill has occurred on a pipeline belonging to the Shell Petroleum Development Company (Shell) in the Kolo Creek oil field operation in Bayelsa State a company official has confirmed.

Mr. Joseph Obari, SPDC spokesman, on Wednesday stated that the oil giant would react to the development in due course, even as he refused to explain the cause of the spill.
 

BUHARI TO SACK NNPC TOP MANAGEMENT

Nigeria’s President-elect, Muhammadu Buhari is said to have concluded plans to sack and replace all top management of the Nigerian National Petroleum Corporation, NNPC, as part of his mission to overhaul the oil and gas industry.

All Progressives Congress, APC, sources say the new administration will first sack and replace the top management of the state oil company. Then it will review its accounts to restore credibility.

Read more @ SweetCrude Reports

NIGERIA CAN RAISE $75BN SELLING DOWN OIL ASSETS – CBN GOV

Nigeria can raise $75bn selling down oil assets – CBN GovGodwin Emefiele, governor of the Central Bank of Nigeria (CBN), has said Nigeria’s incoming government could raise about $75 billion (N15 trillion) for infrastructure development, if it considers selling down the nation’s majority stakes in joint ventures with multinational oil companies.

Read more @ Businessdayonline

Wednesday 15 April 2015

EXCITING CAREER OPPORTUNITY

MARKETING MANAGER – eloPhotos.com

Location: Ikeja, Lagos (Nigeria)
Image result for job opportunities We are one of the biggest photography business brands in West-Africa with about 10 years experience. The company created other subsidiaries that have equally played crucial roles in the photography industry.
 

We require a suitable candidate to fill the role of Marketing Manager. The candidate must be confident, self-motivated and result-orientdThe role will involve providing business, product development and marketing support to the organization


DESCRIPTION:

v  Responsible for planning and leading the execution of marketing activities for strategic photography-related subsidiaries of eloPhotos.com. Execution will meet corporate, and brand/business unit objectives. 

v  Work with the CEO to develop new concepts and strategy for the photography products/services. 

v  Drive awareness and positive perception of all eloPhotos-related brands into the defined markets.

v  Implement the overall brand strategy, brand re-positioning, marketing of new products and overseeing the implementation of all communication and brand materials. 

QUALIFICATION & EXPERIENCE

v  Good bachelor’s degree in marketing or any of the social sciences or humanities discipline.

v  Membership of relevant professional association will be an added advantage.

v  Minimum of 5-7 years marketing experience preferably in a service-oriented industry.

v  Proven track record with driving campaigns & meeting (& exceeding) financial marketing targets.

v  Experience with a variety of consumer-oriented marketing channels (direct mail, print advertising, etc).

v  Analytical ability and project management skills

v  Confident and dynamic personality.

v  Excellent communication skills, both verbal and written and the ability to represent the organisation.

v  Good knowledge of Microsoft office packages.
 
 
METHOD OF APPLICATION

Please send curriculum vitae to hr@caritaspr.com indicating reference code. Applicants without reference code will not be processed. Applications must be sent within two weeks of this publication

Tuesday 14 April 2015

POST ELECTION: FUEL IMPORTATION DROPS, AS SCARCITY WORSENS

The rate of importation of Premium Motor Spirit (PMS), otherwise called petrol, to West Africa from Europe has slowed down as demand dropped after Nigeria’s presidential elections.

Reports show that the pre-election relative stability in fuel importation and supply was orchestrated by the administration to win support from Nigerians, and may have been abandoned since the loss in the March 28 Presidential elections.

Read more @ SweetCrude

POWER SUPPLY FALLS TO 2,988MW

Power supply from the national grid again slumped below the 3,000-megawatts mark to 2,988.72MW on Sunday on the back of gas shortfall and lower water supply to the nation’s thermal and hydropower plants respectively, our correspondent learnt on Monday.

Gas-fired power plants generate about 70 per cent of the nation’s electricity, while the balance is derived from hydro power plants, including the Kainji and Jebba power stations, which have a combined installed capacity of 1,330MW.

Read more @ SweetCrude

GOVT RECEIVES N9.6 TRILLION FROM SHELL IN FOUR YEARS

The Shell Petroleum Development Company of Nigeria Limited (SPDC) paid $48 billion (N9.6 trillion) revenues to the Nigerian government from 2010 to 2014.

Also, the company paid $3 billion (N600 billion) share of royalties and taxes to the Nigerian government in 2014, with $1.8 billion from SPDC and $1.2 billion from Shell Nigeria Exploration and Production Company SNEPCo in the year under review.

Read more @ Guardian

ELECTION OF NEW POLITICAL PARTY CREATES UNCERTAINTIES IN NIGERIA'S OIL INDUSTRY

A new report by Wood Mackenzie has predicted new challenges and uncertainties for Nigeria’s oil and gas industry, following the recent victory of the All Progressives Congress (APC) in the presidential election.

The report, which considered the impact of APC’s landmark victory on the country's oil and gas industry, cautioned that since another political party other than the PDP has been elected, there will be new challenges and uncertainties for the oil and gas sector.
 

WORLD BANK BACKS BUHARI TO PROBE NNPC

Former Head of State,  Gen. Muhammadu Buhari (retd.)The World Bank has thrown its weight behind President-elect, Maj.-Gen. Muhammadu Buhari (retd.), to probe the Nigerian National Petroleum Corporation over allegations of missing funds.
 
Speaking in a video conference from Washington to journalists from across Africa on the release of the bank’s analysis of issues shaping the continent entitled, ‘Africa’s Pulse’, top officials of the bank commended President Goodluck Jonathan for exhibiting political maturity after the March 28 presidential election that would end the tenure of his administration on May 29.
 

Monday 13 April 2015

INDIA, BRAZIL OTHERS CUT DEMAND FOR NIGERIA'S CRUDE

The contracts for the construction of 10 Greenfield refineries worth N8.1 trillion ($51.8 billion) have finally collapsed as investors have lost interest in executing the project.
India, Brazil others cut demand for Nigeria's crude
The Federal Government had signed the N8.1 trillion worth of Memorandum of Understanding (MoU) with various local and international investors between 2011 and 2012 for the construction of the 10 new refineries across the country.

Read more @ New Telegraph

NIGERIA: BUHARI CAN CANCEL POWER PRIVATISATION – NERC BOSS

The chairman, Nigerian Electricity Regulatory Commission (NERC), Dr Sam Amadi, has said that there is the possibility that the incoming government of General Muhammadu Buhari can undo the privatisation of the power sector.

Amadi who stated this during an interview in his office in Abuja, in response to the question whether such was possible, said, “Everything is possible; there’s no impossibility with government to, through due process or through extra-legal actions, reverse any policy or decision.”

Read more @ SweetCrude

OIL PRICES EDGE HIGHER

Oil prices inched up on Monday following a strong session on Friday, as financial traders increased their bets on higher prices amid a slowdown in US drilling, but analysts warned fundamentals remained weak.

Front-month Brent crude futures were trading at$57.89 a barrel in early trade, up 2 cents since their last settlement, while US crude was up 14 cents at $51.78.

Read more @ SweetCrude

LOCAL OIL FIRMS' PRODUCTION HITS 300,000BPD

oilIndigenous players in the exploration and production (E&P) value chain of the oil and gas industry account for 300,000 out of the about 2.2 million barrels (bbls) of oil produced daily in the country.

The daily production, according to data, is supposed to be between 2.4 million barrels and 2.5 million barrels per day (bpd), but owing to vandalism and oil theft, the volume sometimes drops to 2.1 million bpd.

Read more @ The Nation

FG EARNS N9.4TN FROM SHELL IN FIVE YEARS

Managing Director, Shell Petroleum Development Company of Nigeria Limited, Mr. Mutiu SunmonuShell Petroleum Development Company of Nigeria Limited paid to the Federal Government a total of $48bn (N9.46tn) in royalties and taxes from 2010 to 2014, Royal Dutch Shell Plc, the parent company of the SPDC, has said.
 
The oil major, in its ‘Sustainability Report 2014’ released on Friday, said its share of royalties and taxes paid to the government in 2014 was $3bn (SPDC, $1.8bn and Shell Nigeria Exploration and Production Company, $1.2bn
 

Friday 10 April 2015

DANGOTE OIL REFINERY TO BOOST NIGERIA'S ECONOMIC FORTUNES

Aliko DangoteThe scheduled completion and take-off in 2017 of a major oil refinery under construction by the Dangote Goup, will boost Nigeria’s economic fortunes in the medium to long term, a former deputy governor of the Central Bank of Nigeria (CBN), Dr. Kingsley Moghalu, has said.
 
Moghalu said the President elect, Muhammadu Buhari must have to come up with solutions to tackle an oil-lubricated economy, traumatised by a sharp decline in the price of crude oil, which makes up over 80 percent of the country’s revenues.

Read more @ Daily Independent

PETROL SELLS FOR N100 PER LITRE IN KWARA

Petrol sells for N100 per litre in KwsaraA litre of petrol is still being sold for N100 in Ilorin and towns in Kwara State. Our correspondent, who monitored the situation in Ilorin on Thursday, observed that some filling stations remained shut, with the attendants claiming that they had no petrol for sale.

Many buyers of the products had complained that despite assurances from the government that the product would be sold at the official price of N87 per litre, they were still buying it for N100.

Read more @ SweetCrude

SHELL STAKES $70.2 BILLION ON BG GROUP IN BUYOVER DEAL

Royal Dutch Shell has agreed to buy British Gas (BG) for £47 billion ($70.2 billion) in the first major energy industry merger in more than a decade, giving the company a greater stake in the world’s natural gas markets in the wake of tumbling oil prices.
This is coming barely two weeks after selling off its OML 29 to an indigenous oil firm in Nigeria.

Read more @ Guardian

EXPERT IDENTIFIES CHALLENGES OF RENEWABLE ENERGY

A Solar Power stationLack of political will and poor access to finance have been identified as major reasons why Nigeria lagging behind its West African has been peers such as Ghana and Sierra Leone in renewable energy development.
 
Industry analysts have stressed the need for the government to provide incentives for the development of renewable energy sources such as solar and hydropower to engender a robust energy mix.
 

Thursday 9 April 2015

SAHARA GROUP ADVANCES ACTIVITY ON OIL BLOCK OPL 274

Sahara Group’s Upstream Company said it is making good progress with its activities in oil prospecting lease (OPL) 274, an asset it has a 100 per cent working interest. It is also pressing forward to optimise opportunities in the block where it has achieved first oil.

The firm last year doubled its certified Proved plus Probable (2P) reserves in the Oki-Oziengbe South field in Edo State, making a new commercial discovery with the Oluegi-1 exploration well.

Read more @ The Nation

COMMUNITY LEADER FAULTS DISTRIBUTION OF PIPELINE PROTECTION CONTRACTS

A community leader, Titus Shenkale has petitioned the federal government, demanding that it reconsiders the procedures adopted in engaging communities to protect its long stretch of petroleum pipelines across the country.

Shenkale, who alleged that his company, Gabskel Industries Limited initiated the operational plan for engagement of communities in pipeline security, noted that the government has betrayed its trust by the unfair selection of the beneficiary companies and excluding his company.

Read more @ SweetCrude

OPEC’S NET OIL REVENUES FELL 11% IN 2014, SAYS EIA

UNSOLD NIGERIAN CRUDE GROWS AS BUYER INTEREST FALLSThe United States Energy Information Administration (EIA) has estimated that the members of the Organisation of the Petroleum Exporting Countries (OPEC), excluding Iran, earned about $730 billion in net oil export revenues (unadjusted for inflation) in 2014.

This represents an 11 per cent decline from the $824 billion earned in 2013, largely because of the decline in average annual crude oil prices and, to a lesser extent, from decreases in the amount of OPEC net oil exports.

Read more @ SweetCrude

OPEC DAILY BASKET PRICE CLOSE AT $54.61/B

The price of OPEC basket of twelve crudes stood at 54.61 dollars a barrel on Tuesday, compared with $53.20 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 Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

Read more @ SweetCrude

SHELL TO BUY BG GROUP IN $70BN ENERGY DEAL

Royal Dutch Shell says it has agreed to buy oil and gas exploration firm, BG Group, in a deal that values the business at $70 billion, reports USA TODAY. The two firms say they have reached agreement on a cash and shares offer which gives investors a 50 percent premium on BG Group’s share price.

Read more @ Businessday

Wednesday 8 April 2015

‎OVER 60% OF NIGERIANS SEE NO IMPROVEMENT IN POWER SUPPLY – POLL

More than sixty percent of Nigerians have reported no significant improvement in power supply over the past two years, a survey has shown.

Power poll results released by NOIPolls Limited for the first quarter of 2015 revealed that an average of 62.6 percent of Nigerian households saw no improvement in power supply to their households (from Q1 2013-Q1 2015); leaving only 37.4 percent who said they saw some improvement.

Read more @ SweetCrude

AFRICAN OIL PRODUCERS DEMAND PRODUCTION CUT

Minister of Petroleum Resources, Mrs. Diezani Alison-MaduekeThe African Petroleum Producers Association (APPA), which represents oil and gas producers from Algeria to South Africa, has called for a cut in oil output globally.

The group also includes the continent’s biggest producers, Nigeria and Angola. It is starting an initiative led by Angola and Algeria to seek collaboration among members of the Organisation of Petroleum Exporting Countries (OPEC) and other oil producers to reduce output and stabilise oil prices which have halved since the end of June.
 

INDIGENOUS OIL FIRMS FLARE 80% OF GAS PRODUCED

Indigenous oil firms flare 80% of gas producedNigerian independent oil and gas firms and marginal field operators burnt most of the natural gas produced on their fields in the fourth quarter of last year, data from the Nigerian National Petroleum Corporation has shown.
 
Although International Oil Companies, including Shell, Total and Chevron still account for the bulk of flared gas in the country, they wasted less than 20 per cent of their total gas production in the period.
 

Tuesday 7 April 2015

ALTERNATIVE FUNDING FOR JOINT VENTURE PROJECTS

070415F-Joseph-Dawha.jpg - 070415F-Joseph-Dawha.jpgEjiofor Alike writes on the imperatives of alternative funding options to meet the additional one million barrels of oil equivalent per day (1mboed) target from joint venture by 2020

The federal government, through the Nigerian National Petroleum Corporation (NNPC) has over the last 10 years demonstrated lack of financial capacity to fund the Joint Venture (JV) projects between the NNPC and the International Oil Companies (IOCs).

Read more @ Thisdaylive

OPEC'S NET OIL REVENUES FELL 11% IN 2014, SAYS EIA

161214F-OPEC-logo.jpg - 161214F-OPEC-logo.jpgThe United States Energy Information Administration (EIA) has estimated that the members of the Organisation of the Petroleum Exporting Countries (OPEC), excluding Iran, earned about $730 billion in net oil export revenues (unadjusted for inflation) in 2014.

This represents an 11 per cent decline from the $824 billion earned in 2013, largely because of the decline in average annual crude oil prices and, to a lesser extent, from decreases in the amount of OPEC net oil exports.
 

168,000 FISHERMEN AFFECTED BY 2011 BONGA SPILL – MONARCH

Oil spill in Niger DeltaNo fewer than 168,000 fishermen in 350 communities of Bayelsa and Delta states were affected by the 2011 Bonga oil spills. In 2011, an oil spill from Bonga offshore, operated by Shell Nigeria Production and Exploration Company, left the communities devastated.
 
The Paramount Ruler of Olobia community in Koluama, Southern Ijaw Local Government Area of Bayelsa State, Chief Howells Levi, said in an interview on Monday in Yenagoa that fishermen were mostly impacted by the spills.
 

NLNG BOSS SEEKS ADOPTION OF QATARI GAS EXPANSION MODEL

070415F-Babs-Omotowa.jpg - 070415F-Babs-Omotowa.jpgThe Managing Director of the Nigeria Liquefied Natural Gas (NLNG) Limited, Mr. Babs Omotowa, has called for the deployment of an accelerated development model in producing and utilising Nigeria’s vast gas deposit.

In his presentation at the 2015 edition of the Nigeria Oil and Gas (NOG) conference and exhibition in Abuja, Omotowa advocated for an adoption of the business model used by Qatar in developing and utilising its gas resources, saying the Qatari model could help Nigeria to drive improved investments in the sector.
 

Thursday 2 April 2015

GUNMEN KIDNAP FIVE EXXONMOBIL WORKERS IN A'IBOM AFTER ELECTIONS

Gun-toting security personnel have been drafted to Mobil Producing Nigeria Unlimited, a subsidiary of ExxonMobil, following the kidnapping of five personnel of the oil company by unknown gunmen

The kidnapping occurred 20 hours after the presidential and parliamentary elections took place. It was gathered that the incident took place on Monday at a Floating Storage and Offloading Vessel (FSO) in Ibeno Local Government Area of Akwa Ibom State.
 

INSECURITY, OFFSHORE ATTRACTION CAUSE IOCS DIVESTMENTS

Insecurity, offshore attraction cause IOCs divestmentsThe sale of onshore assets by International Oil Companies operating in Nigeria, including Shell and Chevron, has been largely triggered by security risk and the increasing shift by the oil majors towards the offshore region, industry experts have said.
 
The growing onshore risks have over the last few years prompted a number of IOCs to expand their footprint on the offshore region, where lies huge untapped potential with less risks.
 

Wednesday 1 April 2015

DWINDLING CRUDE PRICES: HARD KNOCKS ON SHALE OIL DEVELOPMENT

The global attention towards the development of shale oil may have continued to suffer setback, as the hope of nations on the assessed world energy changer gets dimmer owing to sliding crude prices.

Indeed, oil multinationals that were wholly committed to the shale projects are now having a rethink, as the projects become more uneconomical by the day. Shale oil producing countries, such as Turkey, Ukraine and Argentina, Romaian , Poland and Hungary, Germany and South Africa, are now left at crossroads on the way forward to oil boom.

Read more @ The Guardian

EXPLORATION, DRILLING ACTIVITIES IN PETROLEUM SECTOR HIT RECORD LOW

Nigeria’s oil and gas sector is facing low exploration and drilling activities as only two companies are currently engaged in activities in the industry, according to the Nigerian National Petroleum Corporation (NNPC).

This may be as a result of the non-passage of the Petroleum Industry Bill (PIB) and the uncertainty in the crude oil market. Specifically, as at November and December last year, only Shell Petroleum Development Company (SPDC) and Addax carried out exploration/drilling activities during the months under review.

Read more @ The Guardian