FG SUMMONS 23 MODULAR REFINERIES LICENSEES FOR STATUS REPORT

The Federal Government has summoned 23 companies licensed to establish (LTE) Modular Refineries, to report on progress made so far, BusinessDay investigation has revealed.

Licensing modular refineries is part of government’s efforts to get crude oil refined locally in-country, so as to reduce dependence on imported petroleum products and cut cost. 

Read more @ Businessday

TOTAL UPGRADES LUBRICANT PLANT WITH LATEST TECHNOLOGY

Total Nigeria Plc successfully commissioned a high speed filling machine at the Lagos blending plant. This machine comes with the latest technology and has the capacity to produce 7,000 cans per hour with ultimate precision performance.

Read more @ Businessday

PANGS OF LOW CRUDE PRICES HIT OIL FIRMS

Nigerian companies operating in the upstream oil and gas industry have cried out on the severe impact of the sliding crude oil prices on their operation.

The sector operators lamented that the nation has lost about $21 billion to the plummeting crude oil price saga, while the oil companies reel in financial quagmire. 

Read more @ Tadall

OIL FIRMS’ CASH FLOWS WORSEN, BANKS JITTERY

Nigerian indigenous oil and gas firms are recording negative cash flows as the plunge in global oil prices lingers, a development that has sent shivers down the spines of many banks.

 

Nigerian banks have in recent years increased their exposure to the nation’s oil and gas sector, providing financing for asset acquisitions and development by indigenous firms.

 

Read more @ Punch Online

FUEL SCARCITY LOOMS AS FG SEEKS TO SWAP MORE OIL

Nigeria is on the verge of another round of petrol shortages as the precipitous decline in oil prices leaves Africa’s largest crude producer with fewer options for importing fuel.

According to Reuters, traders and local sources have warned that new fuel bookings have shrunk because oil marketers could not get the dollars needed to buy, while the Nigerian National Petroleum Corporation (NNPC) has not been able to sign agreements quickly enough to exchange crude oil for products.

 

Read more @ Thisdaylive

NIGERIA’S CRUDE OIL LANGUISHES, AWAITS BUYERS

While Asian traders were mopping up Angola’s crude oil, Nigeria’s crude remains in ample supply, languishing as it waits buyers.

According to Reuters, Nigeria’s Erha programme surfaced after weeks of delays that traders said related to a disagreement between state oil firm Nigerian National Petroleum Corporation (NNPC) and the field operator, Exxon-Mobil.

 

Read more @ Thisdaylive

FG PLANS INCREASED REVENUE FROM DEEPWATER OIL PRODUCTION

There are strong indications that the Federal Government is looking to review the commercial terms of deep-water Production Sharing Contracts in order to increase its share of revenue from the PSC production.

 

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, dropped the hint at the 45th Convocation Ceremony of the University of Nigeria, Nsukka, where he made a presentation on ‘Oil Resource Management and Implications on National Security and Economic Survival, a copy of which was obtained by our correspondent.

 

Read more @ Punch Online

HOUSE TO INVESTIGATE $260M USAN DEEP WATER CONTRACT AWARD

The House of Representatives wednesday mandated its Committees on Petroleum Resources (Upstream) and Public Procurement to investigate the $260 million Usan Deep Water project contract approved by a department of the Nigerian National Petroleum Corporation (NNPC), the National Petroleum Investment Management Services (NAPIMS).

NAPIMS granted approval for Esso Exploration and Production Nigeria Limitedd, a subsidiary of ExxonMobil, to award four single source contracts for the project allegedly without a tendering process.

 

Read more @ Thisdaylive

KACHIKWU, OTHERS TO X-RAY NIGERIA’S OIL INDUSTRY

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu and other industry stakeholders will converge on Abuja next month to provide insights into the way forward for the Nigerian oil and gas industry amid the low oil price environment.

 

The Society of Petroleum Engineers, Nigeria, said Kachikwu had confirmed his participation as the guest of honour and host minister at the 25th edition of its Annual Oloibiri Lecture Series and Energy Forum taking place on March 3, 2016.

 

Read more @ Punch Online

LCCI PARTNERS CARITAS FOR 2016 INDUSTRY AWARDS

Lagos, Nigeria, February 19, 2016: The Lagos Chamber of Commerce & Industry (LCCI) has partnered with Caritas Communications Limited for the 2016 edition of the Commerce and Industry Awards. Caritas Communications is Africa’s leading reputation management consultancy reputed for addressing business risks and opportunities through the lens of corporate reputation.

The award is scheduled to hold on the 14th of May 2016 at Shell Hall, Muson Centre, Onikan, Lagos. The LCCI Commerce and Industry Award will present a total of 20 awards to deserving organisations at the ground-breaking event this year.

Speaking on the partnership, the Director General, LCCI, Mr. Muda Yusuf said, “We are proud of this remarkable partnership with a reputation solutions specialist like Caritas Communications for this year’s LCCI industry awards. Caritas Communications will source for potential sponsors across various sectors of the economy, leveraging its stance as one of Nigeria’s versatile and respected corporate communications consultancy’’.

Responding to the partnership arrangement, the Group Managing Director/CEO of Caritas Communications Ltd, Mr. Adedayo Ojo said, “We feel honoured to be appointed partner for the 2016 LCCI industry awards. It is a rare privilege working with the Lagos Chamber of Commerce and Industry (LCCI) which is the largest chamber of commerce in Nigeria. The LCCI Commerce and Industry Awards is arguably the most credible, competitive, and inclusive award in the Nigerian private sector. We are happy to be part of this history making event’’.

The annual award, which is aimed at promoting trade and advocating business policies, will recognise deserving corporate and public institutions that have contributed to commerce and industry development in different sectors of Nigerian economy through innovations, business sustainability, and positive societal impact.

Sectors of the Nigerian economy that will benefit from this year’s edition include banking, pension, insurance, courier and freight services, aviation, power distribution, health care, hotel and restaurant, manufacturing, oil and gas sectors among others.

 

FURORE OVER $260M CONTRACT ON USAN OILFIELD

The last may not have been heard about the controversial award of the $260 million contract on Usan oil field by Esso Exploration and Production Nigeria Limited.
In the latest development on the matter, the Nigerian Content Front (NCF) has called on the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu to cancel $260 million contract, insisting that the award of the contract without open competitive bidding violates Section 16(1) (c) and (d) of the Public Procurement Act (PPA) of 2007 and is punishable under Section 58 (c) of the PPA.

Read more @ The Guardian

MAINTENANCE WORK ON LNG TRAIN TO LAST TILL APRIL

The Nigeria LNG Limited says it is carrying out scheduled maintenance work on one of its six Liquefied Natural Gas trains.

The maintenance of the train would last till the first week of April, the company said on Monday.

 

“It started on January 25 and will run for 70 days and there are no production challenges,” the NLNG spokesperson, Anne-Marie Palmer-Ikuku, was quoted by Reuters as saying.

 

Read more @ Punch Online

OIL FIRMS TO SLASH SPENDING BY 17% THIS YEAR

The oil price crash is expected to slash capital expenditure on global oil exploration and production by 17 per cent this year, after a 24 per cent drop in 2015, according to the International Energy Agency’s (IEA) medium-term outlook.

IEA said in the report, released yesterday, that this would be the first time since 1986 that upstream investment has fallen for two consecutive years.

Read more @ The Guardian

NIGERIA, SAUDI ARABIA COMMIT TO STABLE OIL MARKET

Nigeria and the Kingdom of Saudi Arabia (KSA) have expressed commitment to a stable oil market and a rebound of oil price.

This resolve formed the crux of discussion yesterday between President Muhammadu Buhari and King Salman Bin Abdulaziz Al Saud in the second day of the President’s state visit to the Kingdom.

Read more @ The Guardian

OIL SWAP PROBE: HOUSE C’TTEE SLATES MARCH 2 TO GRILL ALISON-MADUEKE

The House of Representatives Ad hoc Committee investigating the Refined Product Exchange Agreement/Crude Oil Swap between the Nigerian National Petroleum Corporation/Pipeline Products Marketing Companies (NNPC/PPMC) has slated March 2, 2016, to grill the former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke.

The minister is being invited to provide explanation into crude oil swap deals contract extensions granted Duke Oil Company Incorporated and Trafigura B.V, without valid contracts.

 

Read more @ Thisdaylive

300,000 BARRELS SHUT-IN, AS SHELL DECLARES FORCE MAJEURE ON FORCADOS

Over 300,000 barrels of crude oil and a substantial volume of gas for domestic use have been shut –in as Shell Petroleum Development Company of Nigeria Limited (SPDC) has declared force majeure on Forcados crude liftings effective 1500hrs (Nigerian time) February 21 2016.

Read more @ BusinessDay

CRUDE OIL PRICE RISES BY OVER 6%

Crude oil prices monday rose by over six per cent after the world’s oil consumer body, the International Energy Agency (IEA), said it expected United States shale production to fall this year and next, potentially easing a glut that has driven prices to their lowest in more than a decade.

Reuters reported that a bounce in global stock markets and the after-effects of a fall in the US oil rig count last week also supported prices.

 

Read more @ Thisdaylive

SAVE US FROM GAS FLARING, DELTA COMMUNITIES CRY OUT

Oil and gas producing communities in Ndokwa and Ukwuani Local Government Areas of Delta State have appealed to the federal government and the international community to take urgent steps to end the flaring of gas by oil companies operating in their areas within the shortest time possible.

Read more @ Thisdaylive

PH, WARRI, KADUNA REFINERIES MAY BECOME OBSOLETE BY 2018

Nigeria’s refineries will soon be faced with extinction if they are not immediately upgraded in the face of impending competition from emerging ones, studies carried out on the country’s refineries, pipelines and depots indicate.

Read more @ BusinessDayNg

GOVT DIVERTS N813.6B TO FUND JOINT VENTURES

As a further indication of the oil and gas sector’s loss of its status as the nation’s cash cow, the Federal Government’s revenue of $3.191 billion or N628.6 billion (at the rate of N197 per dollar) from exports in the industry, which was supposed to be retained from April to December 2015, has been used to meet Joint Venture (JV) Cash Calls obligation.
Meanwhile, the grim reality of the effect of revenue drop in the country manifested evidently in the somewhat failed execution plan of the Federal Government budget in the second quarter of 2015 as only a paltry N5.14 billion was released for the financing of projects.

Read more @ The Guardian

BUHARI TO VISIT SAUDI, QATAR TO DISCUSS OIL PRICE

President Muhammadu Buhari will on Monday (today) embark on yet another round of foreign trips that will take him to Saudi Arabia and Qatar.

 

This time, Buhari, who returned to Nigeria on Saturday from Egypt where he participated in the Business for Africa, Egypt and the World Forum, will be away for about one week.

 

Read more @ Punch Online

NIGERIA’S OIL SECTOR MISMANAGED FOR PAST 25 YEARS – KACHIKWU

Nigeria’s Minister of State for Petroleum, Dr. Emmanuel Ibe Kachikwu on Thursday lamented that the country’s oil sector was poorly handled for the past 25 years.

This is also as he raised the hope that in spite of the crash in oil price in the global market, the oil industry will stand and rise again.

Read more @ Daily Post

DPR GIVES APPROVAL FOR NEW N26BN REFINERY IN LAGOS

The Department of Petroleum Resources (DPR) has given Integrated Oil and Gas Limited, an indigenous company, licence to begin preliminary work for a 20,000 capacity modular refinery on the Lagos coast, estimated to cost between $75 – $250 million.

Emmanuel Iheanacho, CEO of the company, revealed this to journalists in Lagos, saying the company upon receiving the preliminary approval from DPR had commenced work on the Environmental Impact Assessment (EIA), one of the series of steps required to obtain full approval.

Read more @ The Will Nigeria

GAS: SEVEN ENERGY SECURES $100M FRESH CAPITAL

Seven Energy International Limited, an integrated gas company in the country with oil and gas interests in the South East region, on Wednesday said it had secured $100m of new equity capital to boost gas delivery to the domestic market.

 

This, the company said, comprised $50m from existing shareholders of the group, including Temasek, Petrofac, Capital International Private Equity, Standard Chartered, International Finance Corporation and IFC African, Latin American and Caribbean Fund, by way of an open offer and $50m invested by the IDB Infrastructure Fund II, sponsored by the Islamic Development Bank and other institutional investors.

 

Read more @ PunchNG

CRUDE SWAP CONTRACTS WERE BACK-DATED TO COVER PERIOD WITHOUT AGREEMENTS

A former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr. Joseph Dawha, has revealed that the contracts for the two major firms involved in the crude oil swap deal were backdated to the period when the initial contracts expired, after both firms had lifted crude oil without formal agreements between 2011 and 2014.

Duke Oil Company Incorporated, a subsidiary of the NNPC and Amsterdam based Trafigura BV had contracts from October 2010 till October 2011.

 

Read more @ Thisdaylive

NNPC’S CRUDE LIFTING DROPS 57 MILLION BARRELS IN 2015

A low price regime amongst other factors has led Nigeria’s share of crude oil lifted to decline by about 57 million barrels in 2015 from the corresponding period a year earlier. According to data from the Nigerian National Petroleum Corporation (NNPC), the state oil company’s crude lifting declined from 344,885,197 barrels from January to November, 2014.

read more @ BusinessDayNg

NIGERIA TO PARTNER UK ON CAPACITY BUILDING FOR OIL SECTOR’S GROWTH

Plans are underway to open up the possibility of Nigeria partnering United Kingdom for the building of capacity aimed at boosting the growth of the Nigerian oil and gas sector.
The Minister State for Petroleum Resources, Dr. Ibe Kachikwu, disclosed this in Abuja recently when the British Minister of State for Foreign and Commonwealth Affairs, Baroness Joyce Anne Anelay, paid him a courtesy visit.

Read more @ The Guardian

NIGERIA TARGETS 3 BILLION SCFPD GAS SUPPLIES BY 2020

The projection by Nigeria to hit 3 trillion standard cubic feet per day (scfpd) of gas supply by 2020 may sound ambitious to say the least, but is not at all beyond attaining for the largest economy in Africa by GDP only to the extent that huge investment infrastructure permits.

Read more @ BusinessDayNg

KACHIKWU'S SHUTTLE DIPLOMACY MAY PAY OFF, RUSSIA, S'ARABIA AGREE TO FREEZE OIL OUTPUT

The push by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, to get major oil producers such as Saudi Arabia and Russia to agree to production cuts in order to shore up oil prices, may pay off following news yesterday that the world’s two largest crude producers have agreed not to increase oil output.

Read more @ Thisdaylive

FG, IOCs, BANKS IN TALKS OVER $4BN DEBT

Nigeria is in talks with oil majo rs and banks to raise capital for new drilling and to repay up to $4bn in debt that the Nigerian National Petroleum Corporation has accumulated over years of mismanagement.

 

The Minister of State for Petroleum, Dr. Ibe Kachikwu, told Reuters that he wanted to increase crude oil output to 2.5 million barrels per day by the end of this year. Currently, the country pumps 2.3 million bpd.

 

Read more @ PunchNG

TOTAL E&P NIGERIA DONATES $500,000 FOR REHABILITATION OF IDPS IN NE NIGERIA

The Nigerian National Petroleum Corporation and Total Exploration and Production Nigeria Joint venture, has donated $500,000 to the Nigerian Red Cross for the rehabilitation of Internally Displaced Persons (IDPs) in North East Nigeria.

Managing Director and Chief Executive of Total, Nicolas Terraz, who was represented by the Executive General Manager Corporate Social Responsibility and Medical Services, Vincent Nnadi, said the initiative was part of the company’s social responsibility

Read more @ Nigerian Nation

NNPC PUBLISHES FIRST ACCOUNTS IN A DECADE

Nigeria’s state oil company has not reported annual financial data on its profits, losses or spending for a decade. But eight months after the election of President Muhammadu Buhari, the Nigerian National Petroleum Corporation (NNPC) which oversees production of 1m barrels of oil a day, has promised to come clean, the Financial Times reports.

Read more @ BusinessDayNg

FOR SERVING NIGERIA, I LOSE $1M YEARLY, SAYS KACHIKWU

Minister of State for Petroleum Resources, Dr Ibe Kachikwu, yesterday said that although his former job was more rewarding financially, he decided to serve Nigeria for the love of his fatherland.
Speaking in Abuja, Kachikwu who is also the Group Managing Director, Nigeria National Petroleum Corporation (NNPC), revealed that his acceptance to serve the country cost him “at least a million dollars every year.”

Read more @ The Guardian

GAS FLARING: FG MOVES TO END N500BN ANNUAL LOSSES

The Federal Government is plotting to end the N500 billion ($2.5 billion) annual losses in revenue to gas flaring by the oil companies in Nigeria through a fresh legislation, New Telegraph gathered at the weekend.

A source at the ministry of petroleum resources told this newspaper that a new deadline is being planned to reduce the 42-year-old air and environmental pollution in the Niger Delta.

Read more @ New Telegraph

KACHIKWU: OPEC MEMBERS INCREASINGLY KEEN TO END OIL GLUT

The mood inside the Organisation of the Petroleum Exporting Countries (OPEC) is shifting from mistrust to a growing consensus that a decision must be reached on how to end the global oil price rout, Nigeria’s oil minister told Reuters.

Oil prices have slumped by more than 70 per cent to near $30 a barrel over the past 18 months as OPEC, led by top producer Saudi Arabia, sought to drive higher-cost producers out of the market by refusing to cut production despite a supply glut.

 

Read more @ Thisdaylive

Nigeria’s crude oil output increased by 252,800 barrels per day in January, up from the 1.697 million barrels per day it recorded in December to 1.949 million barrels per day.

This development has also boosted the total production of the Organisation of Petroleum Exporting Countries (OPEC) in the month under review.

Read more @ The Guardian

N103.6BN LOST TO GAS FLARING IN 2015 —NNPC

Nigeria lost N103.6bn as a result of gas flaring in 2015, figures from the latest financial report of the Nigerian National Petroleum Corporation have shown.

According to the NNPC, a total of 271.38 billion standard cubic feet of gas was flared last year. This was despite the corporation’s target of zero flaring of associated gas.

 

Read more @ Punch Online

NNPC RAISES FUEL IMPORT, AS KADUNA, P’HARCOURT REFINERIES REMAIN SHUT

To close the gap created by the shutdown of Port Harcourt and Kaduna refineries, the Nigerian National Petroleum Corporation (NNPC) has embarked on a massive importation of Premium Motor Spirit (PMS).
Also, major and independent petroleum marketers have continued to import PMS into the country despite the absence of subsidy in the 2016 budget.

Read more @ The Guardian

HOW TO RAISE PROFILE OF OIL BUSINESS, BY EXPERTS

Experts, who gathered at a forum organized by the Nigerian Association of Petroleum Explorationists (NAPE), have emphasised the need for the Federal Government to provide a conducisive environment to enable oil companies cope with the challenges of declining crude oil prices.

Specifically, they believed that the industry needs proper funding, therefore the need to provide a bailout loans to oil and gas firms in the country.

 

Read more @ Guardian Online

NNPC CLARIFIES ROLE OF NAPIMS IN $260M USAN OILFIELD CONTRACT

The Nigerian National Petroleum Corporation (NNPC) has provided a clarification on the role of its subsidiary, National Petroleum Investment Services (NAPIMS) in the $260 million contract awarded by ESSO Exploration and Production Nigeria Limited, a subsidiary of ExxonMobil in Usan oilfield.

The corporation has also blamed the ExxonMobil unit for planning to cancel a running contract, saying the NAPIMS’ position is that “if ESSO unilaterally cancels this contract, ESSO will solely bear all incidental costs and cost of the replacement service, and such costs will be non-recoverable.”

 

Read more @ Thisdaylive

NNPC ACCOUNTS NOT AUDITED SINCE 2010 – FRC

The Fiscal Responsibility Commission has accused the Nigerian National Petroleum Corporation of failing to audit and submit copies of its audited financial statements to it since 2010 as required by the FRC Act, 2007.

 

The Acting Chairman of the FRC, Chief Victor Murako, made the accusation in Abuja on Tuesday at a meeting called by the commission to discuss various contraventions of the Act by the oil corporation.

 

Read more @ Punch Online

EXXONMOBIL’S EARNINGS SLUMP BY OVER 50%

ExxonMobil Corporation has announced estimated 2015 earnings of $16.2 billion, representing a decrease by over 50 per cent from the $32.5 billion earned by the company a year earlier.
Chairman and CC said the company’s financials were a reflection of the challenging environment.

Read more @ Thisdaylive

REPORT: NNPC COMMITTED $4.13BN TO FUND JV CASH CALLS IN 2015

The monthly report on the operations and finances of the Nigerian National Petroleum Corporation (NNPC) for December 2015 has shown that the corporation channeled a total of $4.13 billion into funding its cash-calls obligations in the various joint venture operations with the international oil companies operating in the country.

The report, which was released recently in Abuja by the corporation, also revealed that at the close of the year, the joint venture funding gulped more than 87 per cent of the total dollar proceeds it made from its export crude oil and gas trade.

Read more @ Thisdaylive

EFCC PROBES OKONJO-IWEALA, ALLISON-MADUEKE, OIL SECTOR

Widening its campaign against corruption, the Economic and Financial Crimes Commission (EFCC) has started an investigation into the petroleum sector and the role of former Minister of Petroleum Resources, Mrs. Diezani Allison-Madueke. Also being investigated is former Minister of Finance, Dr. Ngozi Okonjo-Iweala.
 
Besides, a Federal Capital Territory (FCT ) High Court yesterday refused to discharge former National Security Adviser (NSA), Col. Sambo Dasuki from the corruption charges brought against him by the EFCC.
 
Read more @ The Guardian

OIL PRICES SLIDE ON STRONGER DOLLAR, SUPPLY CONCERNS

Crude oil prices recorded losses yesterday after witnessing a little boost at the later part of last week.

A barrel of West Texas Intermediate (WTI) recorded a 2.69 per cent loss at $30.89 while global benchmark – Brent crude oil was down by 1.17 per cent to $34.06 as at yesterday, against $34.14 it traded on Friday.

Read more @ The Guardian

EXPORT EARNINGS FROM OIL, GAS DROP BY 50 PER CENT

Owing to a further slide in prices and additional shut-in of about 35,000bpd in Usan and Yoho Terminals, Nigeria’s export earnings in 2015 from the sale of crude oil declined by 50 per cent.

Other factors responsible for the shortfall in earnings, according to the Nigerian National Petroleum Corporation (NNPC), include the non- receipt of Nigeria Liquefied Natural Gas (NLNG) feedstock of about $74.47 million following payment slippage into new year and 57.08 per cent drop in liquefied petroleum gas/natural gas liquids lifting.

Read more @ The Guardian

GOVT’S IMPORT BILL ON PETROLEUM PRODUCTS HITS N1.8TR IN NINE MONTHS

The Federal Government spent N1.82 trillion on importation of petroleum products between January and September last year, according to the National Bureau of Statistics (NBS).

NBS disclosed in its petroleum products import statistics 2010 to 2015 released recently that the country imported N1.4 trillion worth of Premium Motor Spirit (PMS) during the period under review.

Read more @ The Guardian

SHELL TO SHED 10,000 JOBS, DEFERS FID ON BONGA S'WEST PROJECT

As dwindling oil prices take their toll on oil industry operations, Royal Dutch Shell has announced that it will cut its global staff strength by 10,000 in 2016.

It also announced in its fourth quarter of 2015 financial report that it would defer its final investment decision (FID) on the Bonga South-west deepwater project in Nigeria, saying that its operating costs and capital investments had been reduced by $12.5 billion with further reductions expected in 2016.

Read more @ Thisdaylive

GAS LEAK: REPS THREATEN TO ARREST TOTAL MD

Following a gas leak in some communities in Rivers State, the House of Representatives Committee on Public Petitions, yesterday, threatened to compel the Managing Director of Total Nigeria, Alexis Vovk, to appear before it, if he fails to do so on Monday next week.

The petitioners, through their lawyer, are demanding N7 billion as damages following the gas leak which they said affected their communities of Obita / Egita in the state.

Read more @ VnaguardNgr

FITCH: NIGERIA’S OIL RESPONSE HAS DOWNSIDE FISCAL, GROWTH RISKS

The federal government’s recent economic policy announcements show its response to the oil price shock is coalescing around state-led development to boost economic growth and import substitution to blunt the effects of declining oil receipts, Fitch Ratings has said.

The global rating agency, in a statement yesterday, said though it was yet to be seen whether the associated measures adopted by the government would promote growth while containing fiscal pressure, it believed there are a number of downside risks.

 

Read more @ Thisdaylive

EFCC RECOVERS $14M FROM OIL FIRM

The ongoing investigation by the Economic and Financial Crimes Commission into the operations of the Nigerian National Petroleum Corporation yielded fruits with the recovery of $14m oil funds from one of the companies operating in the upstream sector of the nation’s economy.

 

An operative of the EFCC, who confided in our correspondent, said that the amount translated to N4,380,95,866.00bn at the rate of N303 to the dollar.

 

Read more @ Punch NG

NNPC RECORDED N267BN LOSS IN 2015 – REPORT

The Nigerian National Petroleum Corporation recorded a loss of N267.14bn in 2015, latest data from its group financial report for the month of December have shown.

 

According to the report, the national oil firm lost N11.861bn in the month of December alone, down from the N14.29bn loss recorded in November.

 

Read more @ Punch Online

IPMAN SEEKS GOVT’S NOD TO KICK-START $3B REFINERY PROJECT

The Independent Petroleum Marketers Association of Nigeria (IPMAN) is seeking the Federal Government’s directive to commence its proposed $3 billion (N495 billion) refinery.

IPMAN had in July 2014, acquired over 1,000 hectares of land to build refineries that would produce 200,000 barrels of petrol per day at Itobe, Kogi, and Abbe in Bayelsa.

Read more @ The Guardian

CRUDE OIL PRICES SLIDE AS HOPES OF PRODUCTION CUT DIM

West Texas Intermediated (WTI) crude oil declined by 6.33 per cent at $31.62 a barrel and Brent fell by 0.14 per cent to $34.69 a barrel as hopes for a deal on production did not scale through.

Russia had last week sent mixed signals about possible cooperation with Organisation of Petroleum Corporation (OPEC) to support prices. It first suggested it should start talking to the cartel before saying there was no decision to do so.

Read more @ The Guardian

TOTAL INTENSIFIES ZERO ACCIDENT CAMPAIGN, REWARDS DEALERS

Total Nigeria Plc has intensified its zero tolerance campaign for accident aimed at guarding safety tracks and mitigate against incidents.

Managing Director, Alexis Vovk who stated this at Total AAA Challenge Awards, in Abeokuta, Ogun State, where some staff and dealers were rewarded for their outstanding performance last year, said safety is of paramount importance in the company’s everyday operations, as the company pays utmost attention to the safety of its operations, installations, sites and human capital.

Read more @ The Guardian

KACHIKWU: FG PAID ZERO SUBSIDY IN JANUARY

Following the commencement of the new price regime for Petroleum products, the federal government yesterday disclosed that it did not pay any subsidy on products in January 2016, despite having paid about N1.1 trillion in 2015.

The Minister of State for Petroleum and Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe. Kachikwu revealed this when he appeared before the House of Representatives Committee investigating the offshore processing agreements (OPAs) and crude oil swaps between NNPC, its subsidiary, the Petroleum and Pipelines Marketing Company, and oil traders.

 

Read more @ Thisdaylive

AGIP LOSES 16,000BPD OF CRUDE TO PIPELINE EXPLOSION

The Nigerian Agip Oil Company is losing about 16,000 barrels of crude oil per day due to explosion that recently rocked its pipelines in Bayelsa State, Eni, Italian energy firm and parent company of Agip, has said.

 

The explosion, triggered by dynamite attacks, was allegedly launched by suspected militants and it affected the Agip pipelines located in Orukari, Golubokiri and Kpongbokiri communities of Brass area of the state.

 

Read more @ Punch NG

DESPITE DROP IN OIL PRICE, NIGERIA HAS WHAT IT TAKES TO BUILD A SOLID ECONOMY- OSINBAJO

Despite the drop in oil prices, Nigeria has everything it needs to build and sustain a vibrant economy, according to Vice President,Yemi Osinbajo Monday. “This country has practically what it takes to run a solid economy that is not dependent on oil, but on business and commerce,” the Vice President said at the State House.

Read more @ BusinessDayNg

AFTER SUPREME COURT RULING, SEPLAT TAKES OVER OML 53 AND OML 55

Seplat Petroleum Development Company Plc, a leading Nigerian indigenous oil and gas company listed on both the Nigeria Stock Exchange and London Stock Exchange, on Friday announced that the Supreme Court of Nigeria has delivered its judgement in favour of Seplat and Chevron Nigeria Limited (“CNL”).

Read more @ Businessday Online

NIGERIAN CRUDE CARGOES SUFFER BUYERS’ APATHY

Ten crude oil cargoes from Nigeria for the February- loading are still looking for buyers, New Telegraph gathered. It was learnt that buyers’ apathy and loading delays have continued at the weekend. A February loading schedule revealed that the country’s March exports have already humped to 62 cargoes despite the apathy.

Read more @ New Telegraph