Wednesday 23 December 2015

OIL PRICES REBOUND, LIFT STOCKS OF PETROLEUM FIRMS

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

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

Read more @ The Guardian

GLOBAL OIL DEMAND TO HIT 110 MBPD BY 2040

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

Read more @ The Guardian

Tuesday 22 December 2015

PETROLEUM EXPLORATIONISTS SEEK REVIEW OF PRODUCTION SHARING CONTRACTS

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

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


Read more @ Thisdaylive

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

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

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

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

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

Read more @ Thisdaylive

Monday 21 December 2015

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

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

Reade more @ Businessday Online

KACHIKWU ORDERS SPECIAL PETROL SUPPLY FOR HITCH-FREE FESTIVITIES

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

NIGERIA’S CRUDE OIL FALLS TO $31.49

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

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

Read more @ The Guardian

Friday 18 December 2015

FED GOVT ‘LL NOT REMOVE FUEL SUBSIDY, SAYS KACHIKWU

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

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

BUHARI APPROVES NNPC’S UNBUNDLING INTO FOUR AUTONOMOUS UNITS

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

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

Wednesday 16 December 2015

NUPENG BLAMES FG FOR PROTRACTED FUEL SCARCITY

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

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

OPEC AND THE BATTLE FOR MARKET SHARE

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

Read more @ The Guardian

TOTAL PARTNERS SANY ON QUALITY LUBRICANT

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

Read more @ The Guardian

ANGOLA OVERTAKES NIGERIA IN CRUDE OIL PRODUCTION

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

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

Read more @ Thisdaylive

Wednesday 9 December 2015

REMOVE OIL SUBSIDY NOW, WORLD BANK TELLS BUHARI

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

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

Read more @ Vanguard News

CRUDE CONTRACTS: NNPC SHUNS REPS ORDER ON PRESIDENTIAL APPROVAL

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

FRESH TROUBLE AS CRUDE OIL PRICES’ FALL CONTINUES

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

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

Read more @ The Guardian

Tuesday 8 December 2015

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

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

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

Read more @ The Guardian

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

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

Read more @ BusinessDayNg

GOVT UNFOLDS FUNDING PLAN FOR JV CASH CALLS

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

Read more @ The Guardian

FG UNBUNDLES PIB, NEW DRAFT SPLITS NNPC

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

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

Monday 7 December 2015

OPEC DIVIDED OVER OIL OUTPUT CUTS

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

Read more @ BusinessDayNg

FG TO RAISE FUNDS FOR JV CASH CALLS

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

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

Read more @ Vanguradngr

Thursday 3 December 2015

OPEC NOVEMBER OIL OUTPUT RISES, LED BY IRAQ, SAUDI

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

Read more @ Businessday

MARGINAL OIL FIELDS MAKE GAINS AMIDST FALLING GLOBAL PRICES

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

Read more @ Businessday Online


NIGERIA’S CRUDE REVENUE DEFICIT HITS N37.8BN

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

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

Read more @ New Telegraph

Wednesday 2 December 2015

NNPC PAYS N872.90B TO FED GOVT

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

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

Read more @ The Nation Online

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

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

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

Read more @ NewTelegraph

Tuesday 1 December 2015

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

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

Read more @ BusinessDayNg

IRAN SPEEDS AHEAD WITH OIL REFORMS AS NIGERIA LAGS

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

Read more @ BusinessDayNg

NNPC RECORDS N304.18B OPERATING REVENUE IN TWO MONTHS

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

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

Read more @ The Guardian