Monday 31 August 2015

CHANGING TRENDS CHALLENGE NIGERIA TO CREATIVELY UTILSE ITS CRUDE – EXPERTS

Changing trends challenge Nigeria to creatively utilse its crude – expertsChanging trends in global crude oil demand are creating rising uncertainty for Nigeria, as appeal for its product – ‘Bonny light’ continues to wane, with a growing focus on ‘heavy crude’ which is produced by countries including Saudi Arabia, Mexico and Angola.
 
Experts consequently say that for Nigeria to optimally sustain its economy under prevailing circumstances, it must come up with creative ways to deploy its crude.
 

SHELL NIGERIA DECLARES FORCE MAJEURE ON BONNY LIGHT CRUDE EXPORTS

Indication emerged weekend that about 10 million barrels of Nigerian crude oil cargoes for September-loading are still looking for buyers, and face steep competition from other crude oil grades. This is coming on the heels of Shell shutting in about 162, 000 per day as it declares force majeure on Bonny light crude. This would mean delay in realizing revenue from crude export into the federation account.

Read more @ Vanguard Online
 

NNPC SHUTS WARRI REFINERY OVER VANDALISM

GMD, NNPC, Dr. Emmanuel KachikwuBarely a month after it resumed production, the Warri Refining and Petrochemical Company Limited has been shut down again, a situation that may constitute a setback to the new administration’s current efforts at shoring up local supply of petroleum products.
 
The Nigerian National Petroleum Corporation said on Sunday that it took the action because the pipelines supplying crude oil to the Warri refinery had been compromised by vandals.
 

Friday 28 August 2015

SHELL DECLARES FORCE MAJEURE ON BONNY LIGHT EXPORTS

Barely a week after it resumed gas supplies to the Nigeria LNG Limited from the Eastern Gas Gathering System, Shell Petroleum Development Company has declared force majeure on Bonny Light crude oil exports.
 
Bonny Light is one of Nigeria’s main export grades. The oil major said in a statement on Thursday that the force majeure, which followed the shutdown of both the Trans Niger Pipeline and Nembe Creek Trunkline, was effective August 27, 2015.
 

FILLING STATIONS REJECT N87 PRICE, CLOSE STATIONS

NNPC filling stationPetrol station owners in Umuahia, the Abia State capital, on Thursday, closed shops in protest against government’s insistence that they should dispense the premium motor spirit at the official pump price of N87 per litre.
 
The Department of Petroleum Resources had three weeks ago sealed off over 11 filling stations in Umuahia for selling petrol above the official pump price.
 

MIDWESTERN OIL AND GAS CLARIFIES TRANSACTION WITH MART RESOURCES

Midwestern Oil and Gas Company Limited has confirmed the termination of the business arrangement it had with Mart Resources, Inc. It blamed the development on the inability to raise enough funds to finance the transaction.

In a statement yesterday, the management of Midwestern Oil and Gas noted that it elected to terminate the “Arrangement Agreement” between both companies in accordance with its terms.
Read more @ Thisdaylive

NIGERIA TO SAVE $13.8 MILLION DAILY FROM SCRAPPING OF OIL SWAP DEAL

Oil barrel.Moves by the President Muhammadu Buhari administration to terminate the controversial offshore dispensation and oil swap agreements may save the country an average of 230,000 barrels a day.

At a market price of an average of $60 per barrel, the country would be saving about $13.8 million of crude oil daily.Nigerian National Petroleum Corporation (NNPC) data show that the corporation allocated just over 79 million barrels (or roughly 218,000 barrels a day) to swaps in 2011 alone.

Read more @ The Guardian

NNPC SLASHES CRUDE BUYERS FROM 43 TO 16

Group Managing Director, NNPC, Dr. Emmanuel KachikwuThe Nigerian National Petroleum Corporation on Thursday said it had reduced the number of crude oil off-takers for the proposed 2015/2016 term contract from 43 to 16.
 
It said the move was part of measures to optimise the marketing of the nation’s crude oil and secure new market potential
 

Thursday 27 August 2015

DOWNSTREAM OPERATORS SEEK LIBERALISED FUEL PRICE REGIME

IPMAN-fuel pumpOperators in the downstream sector of Nigeria’s oil and gas industry have called for the total liberalisation of petroleum products price regime, maintaining that government’s regulation of petroleum products prices has created more obstacles than incentives in the system.
 
Some of the obstacles, according to the Chairman/Managing Director of Mobil Oil Nigeria Plc, Mr. Tunji Oyebanji, include fixed margins, delay in subsidy refunds, product adulteration, indiscriminate construction of stations and terminals, distortion in the market and prolonged products outages.
 

NNPC CALLS FOR REVIEW OF PIB

Group Managing Director, NNPC, Dr. Emmanuel KachikwuThe Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Ibe Kachikwu, has said the fall in global crude oil prices calls for a review of the Petroleum Industry Bill in order to iron out all the grey areas in the bill. The PIB has been before the National Assembly for about seven years.
 

NIGERIA FACES DECLINE IN OIL DEMAND FROM EUROPE

Nigeria faces decline in oil demand from EuropeNigeri's plan to increase its crude oil export in October may suffer setback as European refinery maintenance is expected to peak in that month, limiting the amount of crude oil they consume.
 
Europe, which is Nigeria’s biggest regional market, has increased its import of Nigerian crude in recent times, partly offsetting the county’s loss of the United States as a key buyer. In 2014, 45 per cent of Nigerian crude exports went to Europe, according to the US Energy Information Administration.
 

NNPC CANCELS CONTRACTS FOR CRUDE OIL DELIVERY TO REFINERIES

Ohi AlegbeThe Nigerian National Petroleum Corporation (NNPC) has cancelled contracts for supply of oil to refineries among other steps aimed at boosting operational efficiency.

General Manager, Group Public Affairs Division, Ohi Alegbe, in a statement issued in Abuja yesterday said the new measures would strengthen the corporation across its value chain.

Read more @ The Guardian

Wednesday 26 August 2015

OIL FIRMS GROAN AS PRICE VOLATILITY HITS BALANCE SHEETS

AAAdrom-CopyFalling oil prices may have given rise to uncertainties in the oil and gas corporate world, as corporate balance sheets are being continually assailed.

While oil and gas production could be assessed to be booming around the globe, the same thing could not be said about corporate profits.

Read more @ The Guardian

AGIP, ARCO GAS CONTRACT CRISIS DEEPENS OVER $77M PRICE VARIATION

The last may not have been heard about the controversies surrounding the multi-billion dollar contract for the maintenance of Nigerian Agip Oil Company, NAOC’s OBOB/Kwale/Ebocha gas plant.

Indeed, Agip and the indigenous oil service company, Arco Petrochemical Engineering Company Plc, among others, have continued to lock horns on the need to follow due process in the approval of the contract, while the cost of the project remains a bone of contention.

Read more @ The Guardian

NNPC RAISES HOPE ON PASSAGE OF PETROLEUM INDUSTRY BILL

Kachikwu, NNPC GMDThe Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu has raised hope over the stalled Petroleum Industry Bill (PIB), promising that the corporation needs at least one year to get it back on track.
Kachikwu said NNPC needs to x-ray the issues and therefore requires extensive engagements with all stakeholders to iron out all grey areas.

Read more @ The Guardian

NNPC SETS NEW TERMS FOR CRUDE SWAPS

230715F-Muhammadu-Buhari.jpg-230715F-Muhammadu-Buhari.jpgFollowing President Muhammadu Buhari’s approval to the Nigerian National Petroleum Corporation (NNPC) for the cancellation of the offshore process contracts and crude oil swaps, the state-run oil firm has started the process of setting out new terms for the selection of new traders for the oil swap programme.

Speaking on the cancellation, a top NNPC official said though the president had approved the Group Managing Director, Dr. Ibe Kachikwu’s request to cancel contracts, it had not been communicated to the traders.
 

Tuesday 25 August 2015

OGONI YOUTHS BLOCK EAST-WEST ROAD OVER UNEP REPORT

Hundreds of Ogoni youths on Monday barricaded the Akpajo-Eleme axis of the East-West Road that leads to the Port Harcourt Refinery, Indorama Petrochemicals and the Onne Free Trade Zone.
The youths, who are members of the Ogoni Central Indigenous Authority, expressed dissatisfaction that the current administration led by President Muhammadu Buhari was not carrying them along in the proposed implementation of the United Nations Environment Programme Report in Ogoni land
 

TOTAL NIGERIA MOBILISES TO SECURE SABOTAGED OIL EXPORT PIPELINE

Total Exploration and Production Nigeria has disclosed that the Joint Investigation Visit, JIV, team which visited the oil spill reported at Kilometer 25 and 27 locations on the Obagi – Rumuekpe oil export pipeline recorded that the incident was due to third party sabotage.

The company disclosed that the Joint Investigation Visit, JIV, was carried out in accordance with the extant regulations, at the oil spill locations, with relevant regulatory agencies (DPR, NOSDRA, Rivers State Ministry of Environment).

Read more @ SweetCrude Report

BAYELSA ASSURE ON PROBE OF AGIP PIPELINE EXPLOSION

Bayelsa State Government, yesterday, said that investigation into last month crude oil pipeline explosion that killed 14 persons at the Agip oil field in Azuzuama, Southern Ijaw Local Government Area of the state was underway.

Among those who lost their lives in the tragic explosion were 12 maintenance crew members, one official each from Bayelsa Ministry of Environment and National Oil Spills Detection and Response Agency, NOSDRA -

Read more @ Vanguard Online

GAS CONTRACT: PRESIDENCY WADES INTO AGIP, ARCO DISPUTE

gasThe Presidency may have waded into the impasse between the Nigerian unit of Italian oil giant, Nigerian Agip Oil Company, NAOC, and indigenous oil service company, Arco Petrochemical Engineering Company Plc, with a view to resolving the crisis, which is now before a Port Harcourt Federal High Court.

Although there are no official confirmations from both parties, but Vanguard reliably gathered that the Presidency’s intervention is at the instance of Agip

Read more @ Vanguard Online

SHAKE-UP IN NNPC RAISES HOPE OF OIL REFORM

Shake-up in NNPC Raises Hope of Oil ReformThe Nigeria Extractive Industries Transparency Initiative (NEITI) has stated that the ongoing organisational restructuring at the Nigerian National Petroleum Corporation (NNPC) has given it the confidence that the government would initiate far-reaching reform in the Nigeria’s oil and gas sector.

NEITI said recently in Abuja that so far, the decision of President Muhammadu Buhari to restructure the management organ of NNPC, starting with the top cadre of the state oil firm was suggestive of a strong political will to change the latent mode of operations in the country’s hydrocarbon industry.
 

Monday 24 August 2015

CSOS CALL FOR PUBLIC HEARING ON REMOVAL OF PETROLEUM SUBSIDY

CIVIL Society Orga-nizations, CSOs in Nigeria and other stakeholders have advocated a public hearing on the removal of petroleum subsidy to enable President Muhammadu Buhari take a final decision.

This is part of the resolutions taken at a round-table of CSOs and stakeholders convened in Abuja by the Africa Network for Environment and Economic Justice (ANEEJ) on the ongoing efforts of President Buhari’s administration to reform the Nigeria oil and gas sector, with special focus on the Berne Declaration.

Read more @ Vanguard Online

DPR SEALS NNPC, FORTE OIL, 12 OTHER PETROL STATIONS

 DPR SEALS NNPC, FORTE OIL, 12 OTHER PETROL STATIONSThe Department of Petroleum Resources on Friday stormed several filling stations at Ikorodu, Ibeju-Lekki and Ketu, in Lagos, shutting down 14 stations for manipulating their dispensing pumps and over-charging buyers, among other offences.
 
While all the affected stations had N87 per litre on their pumps as the selling price, the pumps were under-dispensing Premium Motor Spirit, also known as petrol, with almost one litre lost by buyers for every 10 litres bought.
 

NNPC CONSIDERS COMMUNITY PROTECTION MODEL FOR PIPELINES

vandalised-pipelineThe Nigerian National Petroleum Corporation (NNPC) is considering adopting the community-based security model for the protection of its gas and oil pipelines across the country, its Group Managing Director, Dr Emma Kachikwu has said.

Speaking while receiving the Ambassador of Canada to Nigeria, Perry John Calderwood! at the NNPC Towers, Abuja, Dr. Kachikwu pledged to give a lot of attention to the perennial menace of pipeline vandalism and oil theft.

Read more @ The Guardian

SHELL LIFTS FORCE MAJEURE ON GAS SUPPLIES TO NLNG

SHELL LIFTS FORCE MAJEURE ON GAS SUPPLIES TO NLNGShell Petroleum Development Company of Nigeria on Friday said it had lifted the force majeure on gas supplies to the Nigeria LNG Limited from the Eastern Gas Gathering System following repair of a sabotage leak on the line.
 
The oil major, in a statement signed by the Corporate Media Relations Manager, SPDC, Mr. Precious Okolobo, said the force majeure was declared on August 4, 2015.
 

Friday 21 August 2015

AN EXCLUSIVE INTERVIEW WITH ACCUGAS MANAGING DIRECTOR, STEPHEN TIERNEY


Stephen-Tierney


We have a solid platform that allows private companies to develop gas infrastructure in-country for supply to power, industrial sectors’
- Stephen Tierney

Stephen Tierney is the Managing Director of Accugas, Seven Energy’s wholly owned midstream business, which focuses on sales and marketing, processing and distribution of gas to Nigeria domestic market. In an exclusive interview with Frank Uzuegbunam, Editor, BusinessDay West Africa Energy, he spoke on his company’s plans to push Compressed Natural Gas (CNG) to the small and medium-sized enterprises (SMEs), Nigerian gas market amongst other issues.

 

STOP FIXING FUEL PRICES, NNPC, OTHERS TELL FG

Group Managing Director, NNPC, Dr. Emmanuel KachikwuThe fixing of petroleum products’ prices is denying the country investment in the downstream sector of the oil and gas industry and depriving Nigerians certain benefits from the country’s petroleum resources, industry stakeholders said on Thursday.

The Federal Government currently regulates the prices of Premium Motor Spirit, otherwise known as petrol, and kerosene, and subsidises their prices to enable Nigerians to get the products at the regulated prices.
 
 
 

US PLEDGES SUPPORT FOR NIGERIA'S OIL SECTOR

The United States Government has pledged its readiness to work with the new management of the Nigerian National Petroleum Corporation in achieving the Federal Government’s reforms in the country’s oil and gas industry.

Speaking during a courtesy call on the NNPC’s Group Managing Director, Dr. Ibe Kachikwu, at the corporation’s headquarters in Abuja, the US Ambassador to Nigeria, Amb. James Entwistle, said his country was willing to provide all necessary support to the new NNPC management to realise its set goals and objectives.

Read more @ Punch Online

NNPC, OTHERS INSIST ON OIL SECTOR DEREGULATION

Ibe KachukwuTo ensure efficiency, transparency and free enterprise in the country’s oil sector, the Nigerian National Petroleum Corporation (NNPC) has reiterated the need for deregulation of the industry.

The NNPC also disclosed that it was putting in place a fresh strategy aimed at rehabilitating brownfield refineries using a new business model

Read more @ The Guardian

Thursday 20 August 2015

JV PRODUCTION FACES FURTHER DECLINE AMID OIL SLUMP

Crude oilWith the slide in global oil prices showing no sign of abating and further driving down the Federal Government’s receipts from oil sale, production from joint venture operations in the country looks set to continue its downward trend.
 
Production from joint venture companies including Shell, ExxonMobil, Chevron, Total, and Pan Ocean has over the past few years declined, partly due to funding constraints occasioned by the inability of the Nigerian National Petroleum Corporation to meet its share of cash calls.
 

KACHIKWU RESORTS TO PRIVATE SECTOR HIRES TO TURN AROUND NNPC

180815F-Ibe-Kachikwu.jpg - 180815F-Ibe-Kachikwu.jpgPresident Muhammadu Buhari has assured indigenous companies operating in Nigeria’s oil and gas sector of the full support and protection of his administration.

At a meeting Wednesday with members of the Independent Petroleum Producers Association in the Presidential Villa, Buhari commended the determination to increase the participation of Nigerians in the country’s oil industry and promised to do all within his powers to address the challenges which they currently face.
 

TOTAL CHARGES STAFF ON ENTREPRENEURIAL SKILLS’ ACQUISITION

Executive General Manager, Total E&P Nigeria Ltd, Vincent Nnadi has advised staff of the company to acquire business skills that would enable them to succeed in post-service years, especially in view of recent volatility of global oil market.
 
Nnadi gave the charge in Abuja during a two-day training organised by Total for staff on how to be productive outside paid employment in a sector that catered adequately for their welfare
 

NIGERIA AMONG OPEC’S ‘FRAGILE FIVE’ AS OIL PRICES PLUNGE

Nigeria among OPEC’s ‘Fragile Five’ as oil prices plunge Nigeria has been grouped alongside Algeria, Iraq, Libya and Venezuela as members of the Organisation of Petroleum Exporting Countries (OPEC) ‘fragile five’, according to RBC Capital Markets Ltd.
 
The countries are said to be OPECs most vulnerable nations who are exposed to risks of worsening political and economic turmoil as oil prices plunge to six year lows
 

Wednesday 19 August 2015

GLOBAL PETROLEUM CONSUMPTION TO GROW BY 1.3 MBPD


PETROL-DISPENSEREnergy Information Administration (EIA) expects global consumption of petroleum and other liquids to grow by 1.3 million bpd in 2015, unchanged from the previous month’s Short Term Energy Outlook.

EIA said in its report yesterday, that growth in 2016 global consumption was revised upward by 0.1 million b/d compared with last month to an average of 1.5 million bpd.

Read more @ The Guardian

WITH OIL AT SIX-YEAR LOW, CRUDE EXPORTERS, FIRMS DOWNSIZE

160912F.Crude-oil-barrels.jpg - 160912F.Crude-oil-barrels.jpgOther than Nigeria’s plummeting finances, oil companies in the country's oil and gas sector, as is the case with oil producers worldwide, have been forced to scale down on investments, slash their budgets and lay off staff as plunging oil prices takes a toll on crude oil exporting countries and industry operators.

Brent sold at $45.54 Tuesday afternoon, down 20 cents but still some way from its 2015 low of $45.19, while US crude futures hit an intraday low of $41.43 - close to their lowest since early 2009 - before picking up when they traded at yesterday's close price of $41.87 a barrel.
 

NNPC TO PUBLISH FINANCIAL TRANSACTIONS PERIODICALLY

Kachikwu, NNPC GMDGroup Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu has said that the corporation will from next month publish periodically its financial transactions.

The new development, according to Kachikwu,is aimed at ensuring transparency in the financial transactions of the corporation.

Read more @ The Guardian

OIL SPILL: TOTAL SHUTS PRODUCTION FROM OBAGI FIELD

Total E&P Nigeria Ltd (TEPNG) has stopped expedition of crude on its Obagi – Rumuekpe 12” Oil Export Pipeline in Rivers State.
During crude oil expedition operation on 16th of August 2015 an abnormal situation was observed as the oil expedited from Obagi was not received at Rumuekpe metering station. Expedition was immediately stopped and a helicopter over-flight was carried out, which revealed oil spill and fresh excavations on the pipeline Right Of Way.
Relevant authorities have been informed.
In view of the highly volatile nature of the area and the security concerns, we are working with the Nigerian Security Agencies to secure the location and provide safe access for intervention teams.
The volume of oil spilled and area of impact have not been estimated.

 

Tuesday 18 August 2015

NOSDRA THREATENS TO SANCTION SHELL OVER $3B FINE ON OIL SPILL

NOSDRA threatens to sanction Shell over $3b fine on oil spillTHE National Oil Spill Detection and Response Agency (NOSDRA) has threatened to sanction the Shell Nigeria Exploration and Production Company (SNEPCo), for failure to pay $3.6 bilion fine for damages to the livelihood of host communities through its massive oil spill.
The oil spill monitoring agency alleged that SNEPCO spilled about 40,000 barrels of crude oil from its Bonga oil field due to technical failures but failed to clean up within the stipulated period by the law.

Read more @ The Guardian

SHALLOW WATERS STIFLE CRUDE LIFTING TO WARRI REFINERY

The shallowness of the water channel leading into the Warri port in Delta State is set to slow down President Muhammadu Buhari’s effort to limit the expenditure of scarce foreign exchange on refining petroleum products abroad and enhancing the speed to market of motor fuels.
Shallow waters stifle crude lifting to Warri refinery 
While Buhari’s initiative to accomplish both objectives has been gaining traction on the drawing board, the waterway leading to the Warri refinery, where crude is to be delivered for processing, is said to have silted up and will require to be dredged before laden barges can navigate through.
 

EXPERTS CANVASS GAS MASTER PLAN REVIEW, LICENSING ROUND

Gas pipelinesThe Nigerian Gas Master Plan, which came on stream seven years ago, should be amended and licensing round should be carried out to expand access to gas reserves for development, industry operators and experts have said.
 
The NGMP, which was approved in February 2008, was designed to optimise the vast gas resources in the country, with key strategies being to stimulate the multiplier effect of gas in the domestic economy; position Nigeria competitively in high-value export markets, and guarantee long-term energy security in the country.
 

NIGERIA’S CRUDE OIL EXPLORATION, PRODUCTION HIT RECORD LOW

NNPC-24-1-15-The nation’s crude oil exploration and production activities may have hit a record low, going by the latest report from the Nigerian National Petroleum Corporation (NNPC).

Specifically, only Shell Petroleum Development Company (SPDC) and Addax carried out exploration/drilling activities during the month of March, according to available data from NNPC’s monthly report.
 
Read more @ The Guardian 

Monday 17 August 2015

NAVY DESTROYS 78 ILLEGAL REFINERIES IN RIVERS

NNPC TowersNigerian government’s recent ban of nearly 100 oil tankers from the country’s waters has sown confusion in the operations of Africa’s largest crude exporter.

There are also fears that the decision could backfire leading to sharp reduction in near-term oil revenue for the cash-strapped new government.
 

NAVY DESTROYS 78 ILLEGAL REFINERIES IN RIVERS

Nigerian Navy said it has destroyed 78 illegal crude oil refineries in Rivers State. Chief of Naval Staff, Vice Admiral Ibok-Ete Ibas, also warned officers and men of the Navy against aiding oil theft in Niger Delta region.

Destruction of the illegal refineries commenced June 15 and is still onging, even as the operations were carried out in Onne axis, Bolo, Alakiri, Cartharwn channels, Bille and Ke in Port Harcourt and Bonny areas.

Read more @ National Mirror

AGIP PIPELINE ERUPTION: BAYELSA GOVT SEEKS FG’S INTERVENTION

dicksonThe Bayelsa Government has called for Federal Government’s intervention, to check frequent oil pipeline explosions in the Niger Delta.

Bayelsa’s Commissioner for Environment, Mr Iniruo Wills, made the call in an interview with News Agency of Nigeria (NAN) in Yenagoa on Sunday. He regretted that such explosions had caused the death of many residents.

Read more @ Leadership Online

STAKEHOLDERS LIST CONDITIONS FOR EFFICIENCY

There are strong indications that at least 700 more staff of the Nigerian National Petroleum Corporation (NNPC) will be relieved of their posts by the Presidency and management, BusinessDay learnt at the weekend.
 
Sources within the NNPC told BusinessDay that going by the categories of those to be affected, over 700 workers would leave the service of the corporation at the end of the exercise.

Read more @ Businessday Online

NNPC GMD MEETS UNIONS, WORKERS TODAY

GMD, NNPC, Dr. Emmanuel KachikwuThe management of the Nigerian National Petroleum Corporation, headed by its Group Managing Director, Dr. Emmanuel Kachikwu, will start meeting with key officials of unions in the sector as well as the entire workforce of the national oil firm beginning from today (Monday).
 
It was also learnt that the sack in the corporation would only affect top management workers and most of those affected had already been fired.
 

Friday 14 August 2015

NNPC APPOINTS 15 NEW GROUP GENERAL MANAGERS

KachikwuThe Nigerian National Petroleum Corporation, NNPC, Thursday appointed 15 new Group General Managers (GGM) to man some of its divisions.

This was even as the Group Managing Director of the NNPC, Mr. Emmanuel Kachikwu, commiserated with victims of the helicopter crash in Lagos, Wednesday.

Read more @ Vanguard News

TOTAL CALLS FOR DEREGULATION OF GAS PRICE

The Managing Director, Total Exploration and Production Nigeria Ltd, Mrs. Elisabeth Proust has called for the deregulation of gas price and provision of sufficient infrastructure as a panacea to gas challenge in the country.

Proust who was represented by Mr. Ahmadu Kida, Deputy General Manager made this call while speaking at the just concluded International conference of the Society of Petroleum Engineers (SPE) and exhibitions in Lagos.

Read more @ Champion Newspapers

KACHIKWU UNFOLDS THREE-PRONGED STRATEGY FOR NNPC’S RESTRUCTURING

Kachikwu Unfolds Three-pronged Strategy for NNPC’s RestructuringThe Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Dr. Emmanuel Ibe Kachikwu, has given a hint on the three-pronged strategy for the restructuring of the state-run oil firm, adding that this would entail the reorganisation of management personnel, a forensic audit of the firm's accounts, and a review of its contracts with oil majors and other industry operators.

Read more @ Thisdaylive

Thursday 13 August 2015

BAYELSA THREATENS TO SANCTION AGIP

Bayelsa State Governor, Seriake DicksonBayelsa State Government has threatened to sanction the management of Nigerian Agip Oil Company for the delay in releasing the autopsy reports of the victims of a pipeline explosion which occurred at the oil company’s Azuzuama oilfield.
 
Fourteen persons died in a pipeline explosion which occurred on July 9, 2015 at Agip’s oilfield in Azuzuama, Ijaw-South Local Government Area of Bayelsa.
 

GAS PRODUCERS SEEK BETTER PRICING, IMPROVED REGULATION

Amid growing demand for natural gas in the country, especially for power generation, gas producers have said that the current gas pricing in the country remains a significant drawback to investment.
 
The gas producers including Shell, Frontier Oil Limited, Seven Energy and Oando Plc also stressed the need for stable regulatory, legal and fiscal framework to encourage more gas projects in the country.
 

OIL SECTOR ACCOUNTS FOR 80% OF NIGERIA'S CORRUPTION

OIL SECTOR ACCOUNT FOR 80% NIGERIA'S CORRUPTIONNigeria’s oil and gas sector accounts for about 80 per cent of the total corruption-related issues across the country, the Independent Petroleum Marketers Association of Nigeria has said.
 
According to IPMAN, although some cases of corruption may not be seen as involving the oil sector at the surface level, in-depth analysis of most of such cases normally have direct or indirect links to the oil and gas industry.
 

Wednesday 12 August 2015

BUHARI FIRES MDS OF NNPC SUBSIDIARIES

NNPC Towers AbujaPresident Muhammadu Buhari on Tuesday evening fired the managing directors of the subsidiaries of the Nigerian National Petroleum Corporation and retired 38 top management staff of the firm, trimming down their number from 122 to 83.
 
The President also approved four new directorates for the national oil corporation and appointed four directors to man them.
 

Tuesday 11 August 2015

STOP POLITICAL INTERFERENCE IN NNPC —PENGASSAN

President, Petroleum and Natural Gas Senior Staff Association, Comrade Francis JohnsonThe Petroleum and Natural Gas Senior Staff Association of Nigeria has urged President Muhammadu Buhari to halt political interference in the operations and activities of the Nigerian National Petroleum Corporation, as part of the ongoing reforms in the oil and gas industry.
 
Its President, Mr. Francis Johnson, said only this step would make the corporation efficient and enable it to compete favourably among its peers in the world, such as the Saudi Aramco of Saudi Arabia, Petronas of Malaysia and Petrobras of Brazil.
 

NIGERIA OIL INDUSTRY AWAITS BUHARI PLAN

When Nigeria’s president Muhammadu Buhari last week named a Harvard-trained lawyer as head of a state-run oil company notorious for its mismanagement, industry observers saw the move as a sign of his commitment to reform a sector where crude theft and government corruption has been rampant.
 

DPR BEGINS IMPLEMENTATION OF GAS TRANSPORTATION CODE

The Department of Petroleum Resources (DPR) has stated that it had commenced the implementation of Nigeria Gas Transportation Network Code (NGTNC).

This is coming as the Nigeria Gas Company (NGC) has hinted that gas supply to power plants would increase to 800 million standard cubit feet by the end of 2016.
 

MASSIVE FUEL IMPORTS CONTINUE AS REFINERIES FAIL

Warri RefineryDespite claims that Nigeria’s refineries are now operational, the country will have to depend largely on imported petrol in the third quarter of 2015.
 
It was learnt on Monday that import allocation for petrol was given to importers of the product last week.
 

Monday 10 August 2015

PRESIDENT TO HEAD MINISTRY OF PETROLEUM FOR 18 MONTHS

President Muhammadu Buhari on Sunday ordered all ministries, agencies and departments of government to stop forthwith the operation of multiple bank accounts for the purpose of keeping revenues and incomes.
 
The Presidential order affects the Nigerian National Petroleum Corporation, the Central Bank of Nigeria, the Federal Airports Authority of Nigeria and the Nigerian Maritime Administration and Safety Agency.
 

KACHIKWU INVITES TRADERS ON OIL SWAPS, OPAS, FUNDS RECOVERY

050815F-Emmanuel-Ibe-Kachik.jpg - 050815F-Emmanuel-Ibe-Kachik.jpgFollowing the carte blanche given by President Muhammadu Buhari to clean up the Nigerian National Petroleum Corporation (NNPC) and plug the leakages in the state-run oil firm, its new Group Managing Director, Dr. Emmanuel Kachikwu, will from this week start inviting oil traders who were awarded crude oil swaps and offshore processing contracts by NNPC during the administration of President Goodluck Jonathan.

Read more @ Thisdaylive

WHY BUHARI WON’T SELL REFINERIES

Port Harcourt refineriesStrong indications have emerged in Abuja that President Muhammadu Buhari may not be in a hurry to sell Nigeria’s three refineries.

It was understood he may not do so because it may place the economy in the hands of the private sector and lay it open for possible exploitation which may bring hardship to poor Nigerians.

Read more @ The Guradian

TOTAL E&P NIGERIA GETS NEW DMD, DEEPWATER DISTRICT

Ahmadu-Kida  MUSA The Management of Total E&P Nigeria Ltd. announces the appointment of Mr. Ahmadu-Kida MUSAas Deputy Managing Director, DeepWater District based in Lagos with effect from August 1, 2015. He replaces Mr. Charles NGOKA who has proceeded on retirement.

Ahmadu-Kida is a dynamic and focused manager with 30 years outstanding career in oil and gas operations & management. He is a 1984 Engineering graduate (B.Eng. Civil) of the Ahmadu Bello University, Zaria.

Read more @ SweetCrude Rep

PH REFINERY TO RESUME PRODUCTION OF PETROL THIS WEEK

140512N.NNPC-Towers,-Abuja.jpg - 140512N.NNPC-Towers,-Abuja.jpgHope for Nigeria’s less-dependent on imported petroleum products has been renewed as the Port Harcourt Refinery will this week resume full production of petrol, when Chrome Oil Services Limited would have completed the rehabilitation of Area 3, where petrol, Liquefied Petroleum Gas (LPG) and other lighter products are produced.

The 210,000 barrels per day capacity refinery had earlier started preliminary production with Unit 1 producing largely Dual Purpose Kerosene (DPK) and Automotive Gas (AGO), otherwise known as diesel.
 

Friday 7 August 2015

AI: SHELL MUST MATCH GOVT’S COMMITMENT TO CLEAN OIL SPILLS

Amnesty International (AI) yesterday appealed to Shell to ensure that it complies with the federal government’s new commitment to tackle oil pollution in the Niger Delta by dramatically improving on how it cleans up oil spills in the Niger Delta.

President Buhari’s had on Wednesday announced a trust fund to pay for the clean-up of the Ogoniland region.
 

AT LEAST 50% OF NNPC MANAGEMENT STAFF TO GO

ibeAs the efforts to reposition the Nigerian National Petroleum Corporation (NNPC) continue, there are indications that about 50 percent of the top level officers of the corporation would be retired.

An industry source told BusinessDay that most of the group general managers and managing directors of the corporation’s subsidiaries would be affected by the next wave of the exercise which started with the replacement of the group managing director.
 

FORENSIC AUDITORS TO PROBE ECA, FEDERATION, NNPC ACCOUNTS

Buhari_GovernorsThe National Economic Council’s ad hoc committee on the management of the Excess Crude Account proceeds and accruals into the Federation Account on Thursday agreed to engage two international accounting firms to carry out a forensic audit of the accounts and the Nigerian National Petroleum Corporation.
 
The committee is made up of the governors of Edo State, Mr. Adams Oshiomhole; Gombe, Ibrahim Dankwaabo; Akwa Ibom, Emmanuel Udom; Lagos, Akinwunmi Ambode; and Kaduna, Nasir el-Rufai.

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