Wednesday 30 September 2015

Oil Exports Under Threat as Crude Carriers Shun Nigerian Waters

Oil Exports Under Threat as Crude Carriers Shun Nigerian WatersThe efforts by the federal government to curb crude oil theft by imposing strict conditions on Very Large Crude Carriers (VLCC) lifting the Nigeria’s crude oil is threatening the exports of the country’s crude oil, as Asian vessels have shunned the country’s territorial waters.

This latest development will potentially compound the country’s dwindling oil revenue caused by the slump in oil prices.
 
 

Analysts see reform opportunity for NNPC

Analysts see reform opportunity for NNPCThe deal reached earlier this year over the Iranian nuclear programme is beginning to rekindle old oil alliances, leaving the state oil company NNPC in Africa’s largest oil producer fretting over the possibility of losing market share.
 
A South Africa delegation made up of officials from PetroSA and government aides will fly to Tehran in October to meet with Iranian oil executives
 
 

I will be petroleum minister, says Buhari

I will be petroleum minister, says BuhariAs the nation awaits President Muhammadu Buhari’s ministerial list, the President on Tuesday said he would head the Ministry of Petroleum Resources.
 
Buhari dropped the hint in one of the interviews he granted one of the foreign media in his hotel shortly before departing New York.

Read more @ Punch Online
 

Tuesday 29 September 2015

Oil rallies on gasoline jump, worries over decline in drilling

Oil prices rallied on Monday, with U.S crude up as much as 3 percent, amid a jump in gasoline prices and on concerns that U.S. oil output may slow as drilling steadily declines.

Gasoline futures on the New York Mercantile Exchange surged more than 3 percent after a fire was reported Saturday at a unit of Husky Energy’s 155,000 barrel-per-day refinery in Lima, Ohio.

Read more @ Businessday Online

NNPC should not be allowed to formulate policies for oil, gas sector – experts

Industry experts have warned of the dangers of allowing the Nigerian National Petroleum Corporation (NNPC) to spearhead the formulation of policies for the oil and gas sector.   The state oil company has rather been asked to focus on making the newly created directorates profit centres, instead of massive cash-guzzling points.
 
The experts point to the pronouncement by the Ibe Kachikwu, group managing director (NNPC) calling for the removal of petroleum subsidy as a policy issue that would only distract the NNPC from the current reforms being embarked upon by the new helmsman.
 

Nigeria, other oil producers face 2.25% loss – IMF

Oil workers on dutyEnergy-exporting countries, including Nigeria, could see about 2.25 per cent loss in economic growth annually from 2015 to 2017, compared to 2012 to 2014, due to the sharp decline in oil prices over the past year, according to the 2015 World Economic Outlook by the International Monetary Fund.
 
The new report, two chapters of which were released on Monday, noted that the recent drop in commodity prices had been accompanied by pronounced declines in real Gross Domestic Product growth rates, much more so in commodity-exporting countries than in other emerging markets and developing economies.

Read more @ The Punch Online
 

FG to increase Excess Crude Account to $3.95bn

The Federal Government, in a bid to attain robust external reserves, is planning to increase the amount in the Excess Crude Account from the current balance of $2.25bn to $3.95bn next year.
 
It is also targeting fresh private sector investment of $1.5bn (N315.2bn) in infrastructure within the 2016 fiscal period.
 

Pipeline protection: We won’t deploy drones now, says NNPC

Group Managing Director, NNPC, Dr. Ibe KachikwuThe deployment of drones to monitor petroleum products pipelines across the country is not going to take effect anytime soon, the Nigerian National Petroleum Corporation has said.

About two months ago, the NNPC promised Nigerians that it would end oil theft and pipeline vandalism within eight months through the deployment of drones to monitor pipelines and movement of oil vessels in the nation’s territorial waters.

Read more @ Punch Online

Monday 28 September 2015

NNPC not broke, despite huge debts – Kachikwu

THE GROUP MANAGING DIRECTOR NIGERIAN NATIONAL PETROLEUM COMPANY [NNPC] DR EMMANUEL IBE KACHIKWU WITH JOURNALISTS  DURING HIS  WORKING VISIT TO KADUNA REFINERY ON WEDNESDAY. PHOTO:OLU AJAYI.The Nigerian National Petroleum Corporation, NNPC, said, weekend, that despite losing N230billion annually from marketing and refining operations, the Corporation was not broke. It also disclosed that it owes over $6billion in cash call arrears.
 
NNPC insisted that there was no way the Corporation can be broke, given its assets base and equity holding in the petroleum industry.

Read more @ Vanguard Online

Oil export to U.S. imminent

THERE are indications that Nigeria may resume crude oil export to the United States (U.S.) soon.

A visiting Professor and Fellow of the Emerald Energy Institute of the University of Port Harcourt, Prof. Paul Michael Wihbey, predicted the return of large volumes of Nigerian crude to the lucrative U.S. market at a public lecture chaired by former Special Adviser to the President on Energy Matters, Dr. Emmanuel Egbogah, at the Institute.

Read more @ The Guardian Online

Buhari Thanks China for Intercepting Stolen Nigerian Crude

280915F-Buhari-Speak-Chines.jpg - 280915F-Buhari-Speak-Chines.jpg


President Muhammadu Buhari on Sunday in New York said China has intercepted shiploads of crude oil stolen from Nigeria.

A statement by the Special Adviser to the President, Media and Publicity, Mr. Femi Adesina, said the intercepted shiploads of crude oil were to be sold and proceeds paid into private accounts.
 
Buhari spoke at a meeting with President Xi Jinping of China on the sidelines of the 70th United Nations General Assembly.
 

Trial of NNPC looters to begin soon – Buhari

President Muhammadu Buhari on Sunday said the prosecution of those who misappropriated the revenue of the Nigerian National Petroleum Corporation under the past administrations would soon commence.
He, however, was not specific on either when the trial will start or those who have been indicted.

Read more @ Punch Online
 

Wednesday 23 September 2015

NIGERIAN CRUDE MAY SEE RESURGENCE IN US MARKET

CRUDE-OILNigeria’s crude oil may enjoy a resurgence in the United States as many analysts believe it is well suited to meet a current gap in the market created by lower production of shale oil.

SweetcrudeReports had reported last week that Nigerian crude appears to be enjoying a little respite lately as the Brent/WTI crude futures’ spread narrows, and arbitrage opportunities are beginning to open up for Nigerian crude to head trans-Atlantic, with a few cargoes said to be heading to US refineries, trading sources said.
 

FUEL SUBSIDY: REPS QUERY N222.1BN EXTRA-BUDGETARY SPENDING

The House of Representatives Ad-Hoc Committee on the Non-Implementation of the 2015 Capital Budget has queried the executive expenditure of N222.1bn on fuel subsidies from January to July, 2015.
 
Speaker, House of Representatives, Yakubu DogaraChairman of the committee, Aliyu Pategi (APC Kwara), expressed the committee’s position during a public hearing in Abuja on Tuesday.
 

NIGERIANS IN DIASPORA TO EXPLORE OPPORTUNITIES IN LOCAL OIL, GAS SECTOR

Tony-AttahThere are indications that Nigerians in Diaspora are now gathering interest in exploring opportunities in the local oil and gas market, even as they are keen to repatriate their richly endowed skills to support their motherland.

Indeed, no fewer than 270 personnel representing Nigerian companies within and outside the country, who gathered at a business summit in Aberdeen, indicated interest to repatriate skills and experience to the domestic oil and gas industry

Read more @ The Guardian

WORLDWIDE OFFSHORE OIL RIGS DROP TO 304

OILThe numbers of active offshore rigs worldwide have declined from 377 to 304 due to the plummeting crude oil prices since 2014, according to the United States Energy Information Administration (EIA).
 
In Nigeria, the number of active crude oil rigs in Nigeria plunged to 28 in April from the 38 it recorded in January this year, mostly triggered by the slump in global crude oil prices.
 
Read more @ The Guardian

NIGERIA’S OIL OUTPUT UP 70,400BPD IN AUGUST

crude-oil-pipe-702x336-436x336Nigeria’s crude oil output increased by about 70,400 barrels per day, bpd, to 1,857,000bpd last month (August), according to the most recent figures released by the Organisation of the Petroleum Exporting Countries, OPEC, in its latest monthly oil market report released last week.
OPEC, which said the figures were based on secondary sources, added that the August output for Nigeria compares with the country’s July production of 1,787,000bpd.
 

Tuesday 22 September 2015

BAYELSA SENDS PROTEST LETTER TO AGIP

Bayelsa sends protest letter to AgipThe Bayelsa State Government has sent a protest letter to the Nigerian Agip Oil Company complaining about the pollution of the state’s environment as a result of alleged oil spillage from the firm’s facilities.
 
In the letter, which was addressed to NAOC’s Managing Director, by the Commissioner for Environment, Mr. Iniruo Wills, the government noted with dismay what it described as the rate of spillage in the state.
 

NUPENG WANTS GOVT INTERVENTION IN CHEVRON, WORKERS’ CRISIS

President, Nigerian Union of Petroleum and Natural Gas Workers, Comrade Achese IgweThe Nigerian Union of Petroleum and Natural Gas Workers has given the Federal Government a seven-day ultimatum to intervene in the crisis between Chevron Nigeria Limited and its contract workers.
 
The President, NUPENG, Igwe Achese, stated that the workers would embark on a nationwide strike if the Federal Government, Nigerian National Petroleum Corporation and other relevant agencies failed to address the issues at the expiration of the ultimatum.
 

PIB: INVESTORS PUT $150BN OIL, GAS INVESTMENTS ON HOLD

Investors have drawn back deals of over $150 billion meant for Nigeria’s oil and gas industry over the incessant pipeline vandalism and uncertainty in the country’s oil and gas regulatory policies and laws, investigation by New Telegraph revealed at the weekend. While $125 billion out of the sum is snagged by the fiscal instability, significant gaps and uncertainties in the oil and gas regulatory policies and laws, the incessant pipeline vandalism is responsible for the remaining $25 billion.

Read more @ New Telegraph

NNPC, OIL FIRMS GET N1.35BN AS INSURANCE CLAIMS

NNPC, oil firms get N1.35bn as insurance claimsAs part of their obligations to policyholders, 11Nigerian underwriters have paid N1.35 billion to operators in the oil and gas sector including the Nigerian National Petroleum Corporation (NNPC).

The oil companies that benefitted from the payment are those whose claims request were verified after suffering losses.
Details of the payment contained in a document, which was obtained by New Telegraph, revealed that the underwriters paid between N3.6 million and N200 million to the policyholders depending on the nature of policy and the degree of damage or loss.

Read more @ New Telegraph

Monday 21 September 2015

BAYELSA, ERA THREATEN LEGAL ACTION OVER AZUZUAMA OIL SPILL TRAGEDY

Bayelsa State Commissioner for Environment, Mr. Inuro Wills (left) and Executive Director of ERA/FoEN, Godwin Uyi Ojo during  a formal presentation of the group’s official report on the incident titled “Agip’s Azuzuama Tragedy” to newsmen in Yenagoa, Bayelsa State, recently Consistent trend of explosions leading to needless deaths has trailed the company’s operations, hence the need for the Federal and state government to set up an investigative panel to review its operations as well as its spill contingency plans and protocols, which have so far put production and profit at the fore and left safety in the back seat.

FOLLOWING the incident that occurred during a clean up exercise by Nigerian Agip Oil Company (NAOC) that left the 14 persons killed on July 9, 2015, the Bayelsa State government and Environmental Rights

Read more @ The Guardian

EXXONMOBIL ACCUSES FG OF DEFAULTING ON JV OPERATIONS

The partnership between ExxonMobil and the federal government over oil and gas activities in Nigeria is being threatened as the latter has been accused of defaulting in meeting its side of cash call obligations under the joint venture assets held by the United States multinational and the Nigerian National Petroleum Corporation (NNPC).

NNPC SECURES $1.2BN ALTERNATIVE FUNDING FOR 36 JV OIL WELLS

66rNNPCheadquarters(1).jpg-66rNNPCheadquarters(1).jpgThe Nigerian National Petroleum Corporation (NNPC) yesterday disclosed that it had secured a $1.2 billion multi-year crude oil drilling financing package to enable it drill 36 offshore and onshore oil wells under the NNPC/Chevron Nigeria Limited Joint Venture arrangement.

NNPC, in a statement from its Group General Manager Public Affairs, Ohi Alegbe, in Abuja, described the development as a landmark deal designed to supplement the federal government’s cash call commitment to its various joint venture operations
 

Friday 18 September 2015

BAYELSA GOVT WARNS ERRING FIRMS ON OIL SPILLS

220815F-Seriake-Dickson.jpg - 220815F-Seriake-Dickson.jpgThe Bayelsa State Government has warned business operators, especially oil firms operating in the state to strictly comply with guidelines for oil spill response to avert further environmental degradation.

The state warned that stiff penalties await any firm that fail to adhere strictly to its directive as it was no longer ready to tolerate any violations henceforth.
 

NAVY ACQUIRES ISRAELI SURVEILLANCE SYSTEM TO TACKLE OIL THEFT

180512N.Naval-Ship.jpg - 180512N.Naval-Ship.jpgIn a bid to tackle crude oil theft and bring it to an end, the Nigerian Navy (NN) Thursday said it had acquired Israeli-installed mass civil surveillance system known as Falcon Eye.

This system, they said, would enable it monitor and track suspected crude oil thieves and other sea criminals within the country’s territorial waters.
 

US DEMAND FOR NIGERIAN CRUDE RISES

Nigerian crude oil differentials were stable on Thursday, with traders saying that demand from Europe and the United States has offset weaker demand from Asian buyers. According to Reuters, traders said purchases of Nigerian oil for October from the US were at significantly higher levels than for earlier months
 

NEITI WANTS INCREASED PENALTIES FOR ERRANT OIL FIRMS

Executive Secretary, NEITI, Mrs. Zainab AhmedThe Nigeria Extractive Industries Transparency Initiative on Thursday called for an amendment to its law so as to allow it to double civil monetary penalties on mining, oil and gas companies that provide false information regarding volumes of production, sales and income.
 
The agency’s Director of Legal, Peter Ogbobine, who presented an overview of the proposed amendments to the NEITI Act, 2007 at a roundtable event in Abuja, explained that limiting civil sanctions to about N20m was inadequate given the value of transactions involved in the oil and gas industry.
 

Thursday 17 September 2015

CHEVRON, CONTRACTORS’ ROW DEEPENS AS NUPENG PROTESTS

President, Nigeria Union of Petroleum and Natural Gas Workers, South-West branch, Alhaji Tokunbo KorodoThe row between Chevron Nigeria Limited and some employees of companies contracted by the oil major deepened on Wednesday as members of the Nigerian Union of Petroleum and Natural Gas Workers stormed its offices in Lagos, Port Harcourt and Warri in protest.
 
Chevron, however, described the protests as contrary to the advice of the Federal Ministry of Labour and the order of the National Industrial Court.
 
 
 

EXXONMOBIL BEGINS CRUDE OIL PRODUCTION IN ERHA NORTH PHASE 2

United States oil giant, ExxonMobil Corporation, Wednesday announced that its subsidiary, Esso Exploration and Production Nigeria Limited (EEPNL), has started oil production five months ahead of schedule at the Erha North Phase two project offshore Nigeria.

The world’s largest publicly traded international oil and gas company also noted that Erha North Phase two came on stream $400 million below the budget estimate, with Nigerian contractors accounting for more than $2 billion of project investment for goods and services, including subsea equipment, facilities and offshore installation.
 

TOTAL NIGERIA POST N1.98 BILLION PROFIT

Total Nigeria Plc, the company that distributes and markets refined petroleum products and fuels has overcome the subsidy gloom by posting a profit after tax of N1.96 billion in the first six months of the year.

The company’s profit before tax increased by 8 percent to N3.68 billion in June 2015 as against N3.42 billion as at June 2014.

Read more @ Businessday Online

RISING EXPLORATION COSTS STALL OIL PROJECTS

Oil vesselThe Nigerian Association of Petroleum Explorationists has attributed the lag in petroleum exploration in the country by oil companies to the rapidly rising costs of exploration, which in most cases more than double the initial costs.
 
This situation, they lamented, had been aggravated by the absence of the desired tax brakes, tax rebates, among other business incentives from the government
 

Wednesday 16 September 2015

CONSOLIDATION IN OIL, GAS INDUSTRY THROUGH MERGERS, ACQUISITIONS

The oil price recently fell as low as $46 a barrel having hovered around $50-$60 per barrel since the beginning of the year. It may yet fall further given the crisis rocking China’s capital market or could rebound starting a welcome recovery. The current low prices is putting tremendous strain on the cash flow of all oil companies irrespective of size begging them to ask serious questions of themselves as to their survival in the near and/or long term.
 
 
 

CRUDE OIL PRICE CRASH: MATTERS ARISING

Crude oil price crash: Matters arisingThere was a time in Nigeria when Oil companies like Mobil Nigeria, Elf Nigeria were drilling on high water depths and Chevron was on low water depth creeks as they are today.

The medium for moving men and machines from shore to their facilities was through Boats called the “Crew Boat” for men and “Supply Boat” for machines and consumables.

Read more @ The Guardian

NNPC TO REVIEW PRODUCTION AGREEMENTS WITH OIL COMPANIES

Group Managing Director, NNPC, Dr. Ibe KachikwuThe Nigerian National Petroleum Corporation says it is set to revisit the fiscal terms of the existing Production Sharing Contracts entered into by it with some international oil and gas companies with a view to seeking favourable benefits to the country based on prevailing realities in the industry.
 
Speaking at the France-Nigeria Business Forum organised to mark the state visit of President Muhammadu Buhari to France, the Group Managing Director, NNPC, Dr. Ibe Kachikwu, said that in the weeks and months ahead, the corporation would be re-negotiating the contracts to extract as much benefit as possible for the nation.
 

Tuesday 15 September 2015

RIVERS SEEKS DIALOGUE WITH FG OVER CEDED OIL WELLS

010512T.Oil spill in Ogoniland.jpg - 010512T.Oil spill in Ogoniland.jpgThe Rivers State Government has said it would open dialogue with the federal government over its ceded oil well to correct imbalances in its revenue.

The state Governor, Nyesom Wike, said the state would dialogue with the federal government through the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) to resolve the issues of oil wells of the state and ensure that the state gets its right revenue.
 

BUHARI SHOWS COMMITMENT TO UNEP REPORT

010415F-Muhammadu-Buhari.jpg - 010415F-Muhammadu-Buhari.jpgAfter four years of lacklustre efforts by the immediate past administration to implement the report of the United Nations Environmental Programme on Ogoniland, President Muhammadu Buhari has set up a governance structure to implement the outstanding actions recommended by the world body. Ejiofor Alike reports

EXPERTS WANT IMPROVED TECHNOLOGY IN UPSTREAM OIL SECTOR

Industry players have called for technological consolidation of processes within the oil and gas sector to ensure operational excellence as well as eliminate the inefficiencies bedevilling the system. They said the call for technological consolidation was in a bid to confront the current challenges besetting the global oil and gas industry.
 

NNPC ISSUES GUIDELINES FOR SALE, PURCHASE OF NIGERIA’S CRUDE

030915F-Emmanuel-Ibe-Kachik.jpg - 030915F-Emmanuel-Ibe-Kachik.jpgIn its renewed bid to ensure transparency in all commercial activities relating to petroleum operations in Nigeria, the Nigerian National Petroleum Corporation (NNPC) has released the guidelines for the participation of local and foreign companies in the sale and purchase of the various grades of Nigerian crude oil.

The release of the guidelines is coming a few weeks after the corporation initiated measures to make the yearly Offshore Processing Agreements (OPAs) between it and oil traders more transparent.
 

Monday 14 September 2015

PENGASSAN SEEKS SPECIAL FORCE AGAINST OIL THEFT

Related imageThe Petroleum and Natural Gas Senior Staff Association of Nigeria has called on the Federal Government to establish a special force for the protection of the nation’s pipelines and other oil installations.
 
This, the association argued, would reduce the incidence of oil theft in the country.
 

OGONI CLEAN-UP: SHELL URGES GOVT TO STOP VANDALISM

Related imageThe Shell Petroleum Development Company has urged the Federal Government to halt the activities of petroleum pipeline vandals and illegal crude refiners in Ogoniland, to make the planned clean-up of the area a success.
 
Quoting the United Nations Environment Programme report, the oil major said treating the problem of environmental contamination within the space merely as a technical clean-up would ultimately lead to failure.
 

NNPC TO INVITE FIRMS TO TENDER FOR CRUDE DELIVERY CONTRACT

140512N.NNPC-Towers,-Abuja.jpg-140512N.NNPC-Towers,-Abuja.jpgA few weeks after the Nigerian National Petroleum Corporation (NNPC) cancelled the crude oil delivery contract for its refineries with Ocean Marine Transport (OMT) citing exorbitant costs and inappropriate process of engagement, it intends to retender the contract which will now be awarded on a stop-and-go basis.

As a stopgap measure, NNPC engaged its subsidiary – NIDAS Marine Limited – to provide crude delivery service to its refineries on a negotiated industry standard rate, pending the establishment of a substantive contract.
 

Friday 11 September 2015

OIL FIRMS TO CUT PRODUCTION SPENDING BY $100 BILLION

Oil PlatformInternational Energy Administration (IEA) has estimated that globally, companies would cut their 2015 spending on new oil and gas production projects by more than $100 billion, a decline of over 20 per cent compared with 2014.

IEA Executive Director, Fatih Birol, who made this disclosure on Wednesday to the Chinese Academy of Social Sciences in Beijing, stated that with the recent dip in oil prices, oil companies are preparing for further cuts as they revisit their spending plans.
 
Read more @ The Guardian

NNPC LIFTS BAN ON 113 OIL TANKERS

Group Managing Director, NNPC, Dr. Emmanuel KachikwuThe Nigerian National Petroleum Corporation has lifted its ban on 113 vessels from engaging in crude oil/gas loading activities in any of the terminals within the nation’s territorial waters.
 
The letter, dated September 8, said President Muhammadu Buhari had approved the consideration of all incoming ships subject to a letter guaranteeing that they would not be used for any illegal activity.
 

Thursday 10 September 2015

NIGERIA’S DAILY FUEL SUBSIDY DROPS TO N1.07 BILLION

Nigeria’s daily fuel subsidy drops to N1.07 billionThe Federal Government’s daily spending on petrol subsidy may dropped from the N2.4 billion it recorded in June to N1.07 billion as at Monday this week.

Specifically, the country’s daily subsidy per litre of fuel has decreased from the N51.61per litre it recorded on June 11 to N22.42 per litre.

Read more @ The Guardian

ROW OVER OIL FIRMS $16M DEBTS TO NNPC

Controversy yesterday greeted the $16 million debts, which two oil companies- Zenon and Fineshade allegedly owe the Nigerian National Petroleum Corporation (NNPC). The two firms are owned by one of Nigeria’s richest men, Femi Otedola.

SaharaReporters reported yesterday that the $16 million debt was owed through the Pipelines and Product Marketing Company (PPMC), a subsidiary of the NNPC between 2004 and 2008.

Read more @ New Telegraph

NNPC OPENS NEW OIL SWAP CONTRACTS

NNPC opens new oil swap contractsThe Nigerian National Petroleum Corporation may have set up four new crude oil swap contracts to replace those cancelled last month vital for bringing in about half of the country’s domestic fuel demand, industry sources have said.
 
The NNPC, under the leadership of Dr. Ibe Kachikwu, had on August 26 announced the cancellation of the contract for the delivery of crude oil to the nation’s refineries in Warri, Port Harcourt and Kaduna.
 

Wednesday 9 September 2015

NIGERIAN, NORTH SEA CRUDES TO COMPETE AMID GLUT

Brent crude oilThe expected rise in Nigeria’s crude oil export next month is coming at a time when output from the North Sea in Europe will reach the highest in more than three years amid a persistent global production surplus.

Europe, which is Nigeria’s biggest regional crude market, has increased its import of the country’s crude in recent times, partly offsetting the 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 SOLICITS MILITARY PARTNERSHIP TO CURB OIL THEFT

NNPC Solicits Military Partnership to Curb Oil TheftThe Chief of Defence Staff (CDS), General Gabriel Olonisakin, has assured the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Dr. Emmanuel Kachikwu, that the armed forces would partner with the corporation to ensure that problems militating against the NNPC are given optimum attention.

Olonisakin gave this assurance on Tuesday when the GMD of NNPC paid him a courtesy visit at his office at Defence Headquarters in Abuja.
 

Tuesday 8 September 2015

NIGERIA EARNS N3.8TRN FROM CRUDE EXPORT IN SIX MONTHS

crude-oil-pipe-702x336-436x336Nigeria earned N3.797 trillion from the export of crude oil in six months, between January and June 2015, data obtained from the National Bureau of Statistics, NBS, has revealed.

The amount earned from crude oil export is 84.57 per cent of the country’s 2015 budget of N4.49 trillion passed by the National Assembly. But it is also 146 per cent higher than the N2.61 trillion voted for recurrent expenditure in the budget and about six times the country’s capital expenditure of N556.9 billion.

Read more @ Vanguard Online

NNPC NOW SUPPLIES 876MSCUF OF GAS DAILY TO GENCOS

030915F-Emmanuel-Ibe-Kachik.jpg - 030915F-Emmanuel-Ibe-Kachik.jpgA preliminary report on the recent activities at the Nigerian National Petroleum Corporation (NNPC) submitted to President Muhammadu Buhari by the Group Managing Director (GMD) of NNPC, Dr. Ibe Kachikwu, has shown that the corporation now supplies up to 876 million standard cubic feet (mscuf) of gas per day to the country’s power sector.

The submission of the report which disclosed that efforts at repositioning the NNPC have started yielding result on the nation’s economy,and this was confirmed in a statement by president’s media aide, Mr. Garba Shehu.

Read more @ Thisdaylive


NNPC, SECURITY AGENCIES MEET OVER OIL THEFT

GMD, NNPC, Dr. Emmanuel KachikwuThe Nigerian National Petroleum Corporation has begun consultation with security agencies on how to use drones to monitor the movement of oil bearing vessels across the nation’s territorial waters.

It was learnt that the corporation would partner with the Nigerian military, navy, police and the Nigeria Security Civil Defence Corps for the purpose and would soon commence the deployment of drones in a bid to meet its target of halting oil theft in the next eight months.
 

Monday 7 September 2015

HOW NNPC PURPORTEDLY RUINED TAM OFFER ON P’HARCOURT REFINERY

Emmanuel Ibe Kachikwu.jpg - Emmanuel Ibe Kachikwu.jpgA top oil industry expert who claimed to have knowledge of the past handling of a tender for the turnaround maintenance (TAM) of the Port Harcourt refinery in Eleme at the weekend provided THISDAY with details of how officials of the Nigerian National Petroleum Corporation (NNPC) allegedly ruined TAM plans on the refinery.

Responding to recent disclosure that over $287 million was saved by the corporation from its engagement of local contractors to undertake the TAM exercise as stated by the Group Managing Director (GMD) of NNPC, Dr. Ibe Kachikwu, during his assessment of the Port Harcourt and Warri refineries, the expert stated that the NNPC might have deliberately altered the facts in the TAM exercise.
 

NNPC REPORT: NIGERIA TO SAVE $1BN FROM FUEL IMPORT SUBSTITUTION

180815F-Ibe-Kachikwu.jpg-180815F-Ibe-Kachikwu.jpgA preliminary report submitted to President Muhammadu Buhari by the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu, has shown that $1 billion in foreign exchange will be saved from fuel import substitution when local refineries commence full production.

The president’s media aide, Mr. Garba Shehu, yesterday confirmed the submission of the report to the president. In the report, the NNPC said the nation's refineries were likely to achieve full production by the end of the year.
 

NNPC TO RECOVER N1.4TN FROM JV PARTNERS


Group Managing Director, NNPC, Dr. Ibe KachikwuThe Nigerian National Petroleum Cooperation has commenced the process of recovering over $7bn (N1.4tn) in over-deducted tax benefits from joint venture partners on major capital projects.
 
It was learnt on Sunday that the corporation had also engaged an international accounting firm to ascertain the exact amount due to government on the Strategic Alliance Contracts entered by Nigerian Petroleum Development Company, where up to $2.46bn (N484.6bn) of government money would be recovered.
 
Read more @ Punch Online

Friday 4 September 2015

DROP IN OIL PRICE HITS NSE MARKET

Nigerian-Stock-Exchange.NSETrading activities on the Nigerian Stock Exchange (NSE) for the second consecutive day maintained a downward trend with the market capitalisation losing N164 billion. The market capitalisation, which opened at N10.272 trillion on Thursday, lost N164 billion or 1.59 per cent to close at N10.108 trillion.

Also, the All-Share Index lost 29,393.77 points representing 1.59 per cent to close lower at 29,393 compared with 29,870.86 attained on Wednesday following huge loss.

Read more @ Sweetcrude Reports

KACHIKWU GIVES WARRI REFINERY 90-DAY DEADLINE TO COME ON STREAM

030915F-Emmanuel-Ibe-Kachik.jpg - 030915F-Emmanuel-Ibe-Kachik.jpgThe Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu, has given a 90-day ultimatum to the management of the Warri Refining and Petrochemicals Company (WRPC) to commence full production at the facility.

WRPC has the capacity to process 125,000 barrels of crude oil per day. Kachikwu however said at the end of his inspection of the refinery and the adjoining Pipelines and Products Marketing Company (PPMC) jetty and depot in Warri, Delta State, that he wants its management to ensure that the plant is streamed back to full active service within the deadline.
 

NNPC TO INTRODUCE NEW PIPELINE TRACKING SYSTEM

Kachikwu, NNPC GMDThe Group Managing Director of Nigeria National Petroleum Corporation (NNPC) Dr. Emmanuel Kachikwu, yesterday in Warri assured “tireless efforts” are being made to ensure that all the refineries is working efficiently as there is so much expectation from Nigerians.

He equally disclosed that the NNPC was planning to introduce a new pipeline tracking system and command posts to monitor the feed pipeline that supplies Warri Refining and Petrochemical Company (WRPC) crude oil, when fixed.

Read more The Guardian

Thursday 3 September 2015

OIL FIRMS COUNT LOSSES FROM PRICE COLLAPSE


The slide in global oil prices is weighing heavily on Nigerian oil firms, with one of the major indigenous independents, Seven Energy, forced to reduce the number of rigs working on its blocks to one from five at the beginning of the year.

Oil production platformSeven Energy Finance Limited, together with its parent company Seven Energy International Limited, the indigenous Nigerian oil and integrated gas company, posted a loss after tax for the six months ended 30 June 2015, compared to a profit of $27m in the first half of 2014.