World 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
Wednesday 23 December 2015
GLOBAL OIL DEMAND TO HIT 110 MBPD BY 2040
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
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
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
The 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
Read more @ Thisdaylive
KACHIKWU DEPLOYS NNPC STAFF IN FUEL STATIONS, OIL PRICES HIT NEW LOWS
In 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.
Read more @ Thisdaylive
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
Reade more @ Businessday Online
KACHIKWU ORDERS SPECIAL PETROL SUPPLY FOR HITCH-FREE FESTIVITIES
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.
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
As 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
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
The 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
President 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.
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
The 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.
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
As 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
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
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.
Nigeria 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
Nigeria 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
Against 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
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
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
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
The 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
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
Read more @ BusinessDayNg
GOVT UNFOLDS FUNDING PLAN FOR JV CASH CALLS
The 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
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
The 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
Read more @ BusinessDayNg
FG TO RAISE FUNDS FOR JV CASH CALLS
The 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
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
OPEC 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
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
Read more @ Businessday Online
NIGERIA’S CRUDE REVENUE DEFICIT HITS N37.8BN
Nigeria 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
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
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
The 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
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
Read more @ BusinessDayNg
IRAN SPEEDS AHEAD WITH OIL REFORMS AS NIGERIA LAGS
Iran 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
Read more @ BusinessDayNg
NNPC RECORDS N304.18B OPERATING REVENUE IN TWO MONTHS
The 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
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
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