Tuesday 31 May 2016

REPS, LAW COMMISSION TO REVISIT PIB

Reps, Law commission to revisit PIBThe House of Representatives and the Nigerian Law Reform Commission are set to commence debate on the need for the reform of the legal framework of the nation’s petroleum industry.
 
The debate is to draw lessons from the failure of the attempts by both the former President Goodluck Jonathan and the 7th National Assembly to ensure the successful passage of the Petroleum Industry Bill.
 

SHELL BEGINS CAMPAIGN ON ENERGY EFFICIENCY IN NIGERIA

Global oil giant, Shell, has announced the launch of a public service campaign in Nigeria as part of an international effort to encourage debate on how a rapidly expanding world population can meet its energy needs.
 
The company said in a statement on Monday that the 2016 campaign christened, #makethefuture, was aimed at promoting advocacy and partnership for bright energy ideas as part of Shell’s thought leadership on the future of energy.
 

S’ARABIA OFFERS MORE OIL TO ASIAN CLIENTS AHEAD OF OPEC MEETING

OPECSaudi Arabia is offering extra crude to customers in Asia, a sign the world’s largest oil exporter does not intend to cut output as it battles for market share with other top producers.

Saudi’s offers of more oil come after it recently completed maintenance programmes that had reduced supplies from some fields during the second quarter, traders said. The kingdom will also soon increase its Arab Extra Light crude output in an expansion of the Shaybah oilfield.

Read more @ The Guardian

NIGERIA RISKS LOSING OIL BUYERS TO IRAN, SAUDI ARABIA

Nigeria, which recently lost its Africa’s top oil producer status to Angola on the back of huge decline in its output, stands a chance of losing some of its traditional buyers to rival producers such as Iran and Saudi Arabia, industry experts have said.
 
Following the spate of production disruptions largely caused by the recent upsurge in militant attacks on oil infrastructure in the Niger Delta that have cut Nigeria’s output to the lowest in almost three decades, exports of the commodity from the country have taken a serious beating
 

Friday 27 May 2016

OIL PRICE HITS $50 AMID NIGERIA OUTAGES

Global oil benchmark, Brent crude, on Thursday traded above $50 per barrel for the first time in 2016 as supply disruptions and increased global demand continue to fuel a recovery.
 
Brent, against which Nigeria’s oil is priced, hit $50.14 per barrel early on Thursday, the highest level in seven months, data from Energy Intelligence showed.
 

NIGER DELTA MILITANTS BOMB CHEVRON’S ESCRAVOS PIPELINE

Another Chevron pipeline blown yesterdayAnother setback hit the nation’s oil production yesterday as the militant group, Niger Delta Avengers (NDA), blew up a facility belonging to Chevron Nigeria Limited (CNL), the main gas pipeline which provides electricity to the Escravos tank farm in Delta State.

The nation’s crude oil output has already been reduced by 31 per cent this year to about 1.4 million barrels per day (bpd), against the 2.2 million bpd estimated in the 2016 budget, the lowest in 22 years.

Read moree @ The Guardian

FG OPENS TALKS WITH MILITANTS

The Federal Government has met with a select group of militants from the restive Niger Delta as a result of the ongoing attacks on oil pipelines in the region.
 
It was gathered that the meeting, which was attended by the Edo State Governor, Mr. Adams Oshiomhole; Minister of Niger Delta Affairs, Usani Usani; National Security Adviser, Maj. Gen. Babagana Monguno (retd); and Special Adviser to the President on Niger Delta, Brig. Gen. Paul Boroh (retd.), was arranged by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu.
 

Thursday 26 May 2016

OBASANJO BLAMES IOCS FOR CONTRIBUTING TO POWER CRISIS

Former President, Cheif Olusegun Obasanjo, has revealed that the refusal of international oil companies (IOCS) to convert gas to power contributed to the deteriorated state of electricity in the country.
 
Obasanjo, who, spoke at a high-level session on “Africa’s, Energy: What’s the New Deal?”, at the ongoing 2016 annual meetings of African Development Bank (AfDB) in Lusaka, lamented that rather than building power plants for Nigerians to benefit, the IOCs preferred to burn the gas because such projects didn’t add to their profitability.
 
 

MARKETERS EYE REFINERY INVESTMENT, SEEK FULL DEREGULATION

Major oil marketers are considering investment in refineries, describing the recent hike in petrol price as the boldest attempt at the deregulation of the nation’s downstream sector.
 
The Executive Secretary, Major Oil Marketers Association of Nigeria, Mr. Obafemi Olawore, who disclosed this in Lagos, said the pump price of petrol would drop if the new policy is allowed to stay.
 

STOP OUTSOURCING OF REFINERIES, REPS TELL NNPC

Stop Outsourcing of Refineries, Reps tell NNPCThe House committee chaired by Hon. Ahmed Yerima (Bauchi APC) at its sitting wednesday accused the NNPC of acting unilaterally without consulting other stakeholders on its proposed outsourcing of the refineries, saying the NNPC had violated section 11 of the Bureau of Public Enterprise (BPE) Act 2009.
 
Although the committee was miffed by the absence of the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, who was represented by the Group Executive Director for Refineries, Mr. Anibor Kragba, it, however, commenced its enquiry into the proposed outsourcing following the executive director’s assurance that he had the minister’s mandate and was, therefore, competent to handle any question on the refineries.
 

Wednesday 25 May 2016

NIGERDOCK DELIVERS $16BN TOTAL’S EGINA FLARE TOWER

Nigerdock has stated that it has successfully completed fabrication and the sail away of the Flare Tower for the Egina Floating Production Storage and Offloading (FPSO) Project for Total, at the cost of $16billion. Nigerdock in a statement in Lagos, said the FPSO is being developed for deployment in the Egina oil field, located 150km off the coast of Nigeria.

Read more @ Vanguard

TOTAL E&P WORRIES OVER ATTACKS ON FACILITIES

The oil multinational company complained that its facilities were being vandalized daily by unidentified persons. Total disclosed this, yesterday, in Port Harcourt, during a stakeholders’ meeting with offshore communities in the state, adding that the company’s facilities were damaged daily.

Read more @ Vanguard


U.S. PURCHASE OF NIGERIA’S CRUDE RISES TO 12.1MB IN FEBRUARY

U.S. purchase of Nigeria’s crude rises to 12.1mb in FebruaryThe U.S., which had earlier abandoned crude oil import from Nigeria due to its shale evolution, started buying the commodity in May last year with 948,577 barrels and gradually increased to 3.9 million barrels in November 2015.

According to the latest data from the Nigerian National Petroleum Corporation (NNPC)’s Crude Oil Export Destination, Canada, which is a major crude oil producer and supplier to the U.S., has also resumed importation from Nigeria with 1.9 million barrels in February.

Read more @ The Guardian

Tuesday 24 May 2016

KACHIKWU CALLS FOR DIALOGUE WITH NIGER DELTA MILITANTS

Contrary to application of brutal force against militants in the Niger Delta region, the federal government has been advised to engage the vandals who have been attacking oil installations in the region in dialogue.
 
Making the call yesterday during an interactive session with a coalition of civil society groups held in Lagos, the junior petroleum minister, Ibe Kackikwu, said government should use such opportunity to speak to the militants on why their actions are inimical to the oil rich region.
 

NIGERIA REQUIRES N5.7TR INVESTMENT TO RECOUP LOSSES FROM OIL PRODUCTION SLIDE

Oil-refineryUnless the Federal Government and investors in the nation’s oil and gas sector invest about $29 billion (about N5.7 trillion) between now and 2019, the country’s crude oil production may decline from its present state of two million to 300,000 barrels per day.

A new report on the country’s petroleum sector, showing the challenges and opportunities, which The Guardian obtained from one of the International Oil Companies (IOCs) in Nigeria, revealed that the government has not been able to maintain its cash calls obligations, which has hit $6.6 billion as at January, this year.

Read more @ The Guardian

NEITI ALLEGES N2.23TR FRAUD IN NNPC

NNPC HeadquartersThe Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday revealed how the Nigerian National Petroleum Corporation (NNPC) and its sub-units either lost or refused to remit a total of N2.23 trillion, consisting of $9.75 billion and N378.67 billion, to the federation account as earnings from various aspects of its operations in 2013.

The Chairman of the NEITI Board, Dr. Kayode Fayemi, at the presentation of the report yesterday in Abuja, said some revenues that should have gone to the Federation Account in 2013 didn’t make it .

Read more @ The Guardian

Monday 23 May 2016

MILITANTS BLOW UP PIPELINE, VANDALS DAMAGE NNPC FACILITIES

Paul Boroh PHOTO: citynews.ngSuspected militants have attacked and set ablaze a pipeline belonging to the Nigerian Agip Oil Company (NAOC) at Ikienghenbiri community in Southern Ijaw Local Council of Bayelsa State.

A five-kilometre Nigerian National Petroleum Corporation (NNPC) Premuim Motor Spirit (PMS) pipeline that serves the Machiver jetty in Calabar, Cross River State, has also been vandalised.


Read more @ The Guardian

NNPC CASH CALL DEBTS HIT $7BN

Nigerian National Petroleum Corporation (NNPC) and its venture partners, the International Oil Companies (IOCs), are in a state of flux over the latter’s cash call debts that are now over $7bn even as it maintains its 60 percent crude oil allocation. 

Read more @ Businessday

Friday 20 May 2016

OIL RALLY ELUDES NIGERIA AS PIPELINE BREAKS SURGE 24%

OIL RALLY ELUDES NIGERIA AS PIPELINE BREAKS SURGE 24%Nigeria is currently unable to participate in the move to a 6 month high by crude prices, as what was once Africa’s largest producer sees its daily crude output slide by 36 percent to 1.4 million barrels per day (bd), due to sabotage by militants in the Niger Delta region.

Read more @ BusinessDay

FUEL SUBSIDY, HEAVY YOKE THAT COULDN’T CONTINUE —TINUBU

The National Leader of the All Progressives Congress, Asiwaju Bola Tinubu, has urged Nigerians not to lament the removal of fuel subsidy, which he described as a heavy yoke that the government could not allow to linger.
 
The former Governor of Lagos State said for almost three decades, the country had entertained distortions in the downstream oil sector by operating an opaque system susceptible to manipulations and structured in a way that allowed a few people to gain mightily from the system and feed fat on the misery and frustration of millions of Nigerians.
 

NEC C’TTEE: FG LACKS RESOURCES TO STOP VANDALISM, OIL THEFT

The ad hoc Committee on Crude Oil Theft Prevention and Control of the National Economic Council (NEC) has revealed that government does not have adequate operational vessels to patrol and secure the network of pipelines in the Niger Delta.

Briefing journalists at the end of the 67th meeting of NEC which held on Thursday at the Presidential Villa in Abuja, the Deputy Governor of Bayelsa State, Admiral John Jonah Atuama (rtd), said the committee also discovered that massive unemployment among youths in the Niger Delta region had contributed in no small measure to the rising incidence of oil theft and vandalism of oil company facilities in the region.
 

Thursday 19 May 2016

MAY, JUNE DELIVERY OF BONNY LIGHT, QUA IBOE CRUDE OIL SUFFERS SETBACK

ExxonMobil has ramped up production of Nigeria’s Qua Iboe crude oil just over a week after pipeline damage forced it to slow output, traders said on Wednesday. The company cut production, and declared force majeure on exports, after a drilling rig, experiencing mechanical difficulties, damaged the pipeline it jointly owns with the state-owned Nigerian

Read more @ The BusinessDay

FUEL PRICE HIKE PROTEST: REPS DECLARE SUPPORT FOR FG, BEG NLC

FUEL PRICE HIKE PROTEST: REPS DECLARE SUPPORT FOR FG, BEG NLCThe House of Representatives on Wednesday made a formal declaration of support for the decision of the Federal Government to remove the subsidy on Premium Motor Spirit, better known as petrol.
 
A litre of petrol now sells for N145 instead of N86.50k. However, the government claimed that what it did was price increase and not the removal of subsidy or deregulation of the downstream sector of the petroleum industry.
 

$12BN OIL SUIT: YOU HAVE CASE TO ANSWER, COURT TELLS IOCS

A Federal High Court sitting in Lagos has struck out the preliminary objection filed by the Nigerian Agip Oil Company Limited against the federal government.
 
The preliminary objection dated March 24, 2016, came on the heels of the lawsuits filed by the government against notable international oil companies (IOCs) such Chevron, Mobil, Agip, among others, seeking an order of the court to strike out the suit filed by the government on the grounds that it failed to disclose a reasonable cause of action against the defendant.
 

Wednesday 18 May 2016

AGAIN, MILITANTS BLOW UP AGIP GAS PIPELINE IN BAYELSA

AGAIN, MILITANTS BLOW UP AGIP GAS PIPELINE IN BAYELSAThere were indications on Tuesday evening that armed militants operating in the Niger Delta may have again blown up a gas pipeline operated by Nigerian Agip Oil Company (NAOC) at Ogbembiri in Southern Ijaw Local Government Area of Bayelsa State.

The latest attack makes it the umpteenth time oil and gas facilities belonging to the Italian oil giant would be breached in the state this year alone.
 

PARADOX OF A DEREGULATION REGIME IN A SHRINKING ECONOMY

DeregulationsNotwithstanding the pains being elicited by the deregulation policy of the Federal Government, major stakeholders in the petroleum sector have maintained that the new era would completely eradicate the recurrent fuel queues and spur more investments in refineries and retail businesses.

Already, the organized labour has begun to mobilise for what it described the ‘mother of all strikes’ and Nigerians are irked to witness the replication of the struggle experienced in 2012, which almost grounded the entire nation.

Read more @ The Guardian

LABOUR SHUNS COURT ORDER AS STRIKE BEGINS TODAY

Edo Youths Congress protesting against the increase in the pump price of petrol in Benin-City …yesterday. PHOTO: NAN Despite the order yesterday of the National Industrial Court sitting in Abuja stopping‎ the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) from embarking on the planned strike over the increase in fuel price, the labour unions have insisted on going ahead with the action beginning today.

The Federal Government last week increased the price of fuel from N86.50 to N145 per litre. Consequently, organised labour unions threatened to commence a nationwide strike from today unless the situation is reversed.

Read more @ The Guaedian

FUEL PRICE INCREASE: COURT STOPS NLC FROM GOING ON STRIKE

The National Industrial Court has stopped ‎the Nigerian Labour Congress and the Trade Union Congress from embarking on strike to protest last week’s increase in fuel price by the federal Government.
 
Justice Babatunde Adejumo gave the restraining order after the Attorney General of the Federation, Justice Adejumo, held: “The defendants are hereby restrained from carrying out the threat contained in their communique issued on May 14th pending the hearing and determination of the ‎motion on notice filed on May 16.
 

Tuesday 17 May 2016

I REGRET NOT PRIVATISING NNPC, SAYS OBASANJO

I REGRET NOT PRIVATISING NNPC, SAYS OBASANJOFormer President Olusegun Obasanjo yesterday expressed regret for not privatising the Nigerian National Petroleum Corporation (NNPC) while in office.

Obasanjo, who spoke in Lagos, advised the Federal Government to allow the organised private sector play a critical role in repositioning the nation’s moribund assets and infrastructure.

Read more @ Guardian

FUEL PRICE HIKE: FG, LABOUR MEETING ENDS IN A DEADLOCK

FUEL PRICE HIKE: FG, LABOUR MEETING ENDS IN A DEADLOCKIyobosa Uwugiaren, Damilola Oyedele, Chineme Okafor, Paul Obi in Abuja and Ejiofor Alike in Lagos with agency report
 
The meeting held last night between the federal government and organised labour aimed at averting threats of a crippling nationwide strike by the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) to protest the removal of the subsidy on petrol and the consequential hike in the price of the commodity ended in a deadlock, as both sides remained unyielding but have agreed to continue the meeting today at 3 pm
 

UPROAR IN HOUSE AS KACHIKWU DEFENDS FUEL PRICE INCREASE

UPROAR IN HOUSE AS KACHIKWU DEFENDS FUEL PRICE INCREASEThe House of Representatives on Monday urged the leadership of the Nigeria Labour Congress to suspend the union’s planned strike to protest the removal of subsidy on petrol by the Federal Government.
 
This was, however, after there was confusion in the House for about 20 minutes as some Peoples Democratic Party lawmakers attempted to stop the appearance of the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu.
 

NIGERIA DISRUPTIONS TRIGGER OIL RALLY TO NEAR $50 PER BARREL

The oil price moved closer to the $50 a barrel mark for the first time since November, as disruption in Nigeria and another potential threat to supply in Venezuela helped extend crude’s rally. Militant threats to pipelines in Nigeria, a key Organisation of Petroleum Exporting Countries (OPEC) producer, is the latest fillip.

Read more @ BusinessDay

Monday 16 May 2016

FUEL PRICE HIKE: FG MEETS LABOUR TODAY AS REPS SUMMON KACHIKWU

FUEL PRICE HIKE: FG MEETS LABOUR TODAY AS REPS SUMMON KACHIKWUThe Federal Government has invited the leadership of organised labour to a meeting in the Office of the Secretary to the Government of the Federation on Monday to discuss the increase of fuel pump price from N86 and N86.50k to N145.
 
Representatives of organised labour and the civil society had, after a meeting in Abuja on Saturday, given the Federal Government till midnight on Tuesday to reverse the increase or face an indefinite national strike
 

NEW FUEL PRICE REGIME AS NECESSARY PILL

After months of speculation and lobbying, the federal government took a bold move to liberalise the petrol market by introducing a price band for the product with a price cap of N145/litre and a floor of N135/litre.


This policy represented a marked upward adjustment from a fixed peg of N86.50/litre introduced in January, clearly implying that subsidy would no longer be paid on any price differential between the total retail costs (including distribution margins)
 

DOLLAR SHORTAGE STALLS FUEL IMPORTS

Another fuel crisis looks set to rock the country as some vessels are stuck off Nigeria, unable to unload their cargoes of petrol and diesel.
 
At least 75 ships with two and a half million tonnes of fuel are waiting for importers in the country to find the dollars they need to pay for the cargoes, according to ship tracking data and fuel traders.
 

Thursday 12 May 2016

NIGERIA LOSES 400,000BPD AS SHELL DECLARES FORCE MAJEURE

With the declaration of force majeure on Bonny Light exports by Shell Petroleum Development Company of Nigeria Limited, about 400,000 barrels per day of Nigeria’s production has now been shut in. Force majeure is a legal clause that allows an oil firm to stop shipments without breaching contracts.

The oil major said in a statement signed by its spokesperson, Mr. Bamidele Odugbesan, on Wednesday that the force majeure took effect from Tuesday, May 10, 2016.
 

AFTER TRILLIONS SPENT ON CORRUPT FUEL SUBSIDIES, FG FINALLY BITES THE BULLET

AFTER TRILLIONS SPENT ON CORRUPT FUEL SUBSIDIES, FG FINALLY BITES THE BULLETAfter the trillions of naira spent by successive administrations sustaining the corrupt and hugely inefficient fuel subsidy regime, wednesday the Muhammadu Buhari administration finally summoned up the courage to remove the subsidy on petrol, stating that it would now sell for not more than N145 a litre.

However, despite its best efforts to get the buy-in of the major labour unions, which for decades had thwarted the attempts by previous administrations to remove the subsidy on petrol, the Nigeria Labour Congress (NLC) warned that it would resist any attempt to “foist or force the increase on Nigerians”.
 

DEREGULATION AT LAST! FG BOWS TO COMMON SENSE

After several years of pussy-footing that has led to the near crippling of the down-stream of its oil and gas industry the Nigerian government yesterday took a bold step towards full deregulation of the sector. The move is being described as a bowing to common sense for a country that has gradually witnessed everything wrong.

Read more @ BusinessDay

Wednesday 11 May 2016

FUEL SUBSIDY: IT’S TIME FOR DIFFICULT DECISIONS, SAYS OSINBAJO

FUEL SUBSIDY: IT’S TIME FOR DIFFICULT DECISIONS, SAYS OSINBAJOAhead of the federal government’s announcement tomorrow on the removal of subsidy on petrol, Vice-President Yemi Osinbajo has said that the government will have to take tough decisions on the desirability of retaining fuel subsidies, adding that it had become necessary to remove them.

His statement coincided with a remark by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, who confirmed that the government would in the next few days unveil a new policy to address the subsidy issue in the country.

Read more @ Thisdaylive

KACHIKWU PROMISES MORE REFINERIES

KachikwuAs part of strategies to end the fuel crisis, new refineries will soon be built, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, said yesterday.

The new refineries, when fully operational, will enable Nigeria to export petroleum resources to other countries, he affirmed. Kachikwu spoke at a town hall meeting organised by the Federal Ministry of Information in Kaduna.

Read more @ The Guardain

Tuesday 10 May 2016

OANDO INCREASES GAS FOOTPRINT VIA AJAOKUTA LNG PROJECT

Oando Gas and Power Limited (OGP), the foremost indigenous developer and provider of gas and power solutions, and a fully-owned entity of Oando Plc, has commenced development of a mini Liquefied Natural Gas (LNG) facility through its Transit Gas Nigeria Limited (“TGNL”) subsidiary in Ajaokuta, Kogi State.
 

SHELL TO CONTINUE OPERATIONS, DENIES PLAN TO EVACUATE WORKERS

Shell Companies in Nigeria have restated their long-term commitment to the Niger Delta, saying they would continue operations in the oil-rich region despite the spate of militant attacks in recent days.

Shell has also denied evacuating its personnel from the region, saying that it was monitoring the security situation in the region very closely.
 

NIGERIA LEAST PREPARED IN OPEC FOR HIGHER OIL PRICE REGIME

NIGERIA LEAST PREPARED IN OPEC FOR HIGHER OIL PRICE REGIMENigeria appears to be the least prepared among OPEC countries to take advantage of a higher oil price regime, should prospects for the global market continue to improve as has been the case in the last three weeks, analysts say.

Read more @ Businessday

VP, DICKSON, KACHIKWU MEET OVER RENEWED MILITANT’S ATTACKS ON PIPELINES

Vice President Yemi OsinbajoVice President Yemi Osinbajo, yesterday held two separate meetings ‎over the recent blowing up of pipelines conveying crude oil and gas and threatening the operations of two of the nation’s refineries and power plants.

The militants had attacked Chevron’s Okan offshore production platform around Escravos in Warri, Delta State, a development that led to the shutdown of the facility by the oil major.

Read more @ The Guardian

Monday 9 May 2016

STAKEHOLDERS CARPET NNPC’S MOVE TO RESUME DRILLING FOR OIL IN CHAD BASIN

STAKEHOLDERS CARPET NNPC’S MOVE TO RESUME DRILLING FOR OIL IN CHAD BASINExperts say the Nigerian National Petroleum Corporation’s (NNPC) plan to resume exploratory activities in the Chad Basin in the last quarter of 2016, may not be viable for Nigeria in the short and medium term. Studies have indicated that the Nigerian end of the Chad Basin has little potential for commercial oil exploration.

Read more @ BusinessDay

TOTAL NIGERIA PLC PARTNERS TATA AFRICA SERVICES NIGERIA LIMITED

Total Nigeria Plc signed an after-market partnership agreement with Tata Africa Services Nigeria limited to supply high performance TOTAL branded lubricants. This local partnership is to trail and reinforce the global partnership agreement signed between Total Lubrifiants and Tata motors in Mumbai, India in September 2015.

Total will support the Tata Motors service network and its customers to provide latest generation lubricants to enhance performance of Tata Motors Commercial vehicles.
 

NIGERIAN OIL OUTPUT PLUNGES TO 20-YEAR LOW AS ATTACKS ESCALATE

Nigeria is suffering a worsening bout of oil disruption that has pushed production to the lowest in 20 years, as attacks against facilities in the energy-rich but impoverished nation increase in number and audacity. Chevron Corp. said on Friday it had shut down about 90,000 barrels a day of output following an attack.

Read more @ Businessday

Friday 6 May 2016

MILITANTS BLOW UP CHEVRON OIL FACILITY, VOW MORE ATTACKS

 Militants in the Niger Delta yesterday blew up the Chevron Valve Platform located on the high sea near Escravos in Warri, Delta State in a renewed attack on oil installations in the country. Militants in the Niger Delta yesterday blew up the Chevron Valve Platform located on the high sea near Escravos in Warri, Delta State in a renewed attack on oil installations in the country.

The attack is another setback to the nation’s oil and gas production sector, even as the Shell Petroleum Development Company (SPDC) is still working to restore the Forcados export terminals after a similar attack two months ago

Read more @ The Guardian

OIL MAJORS, OTHERS UNBUNDLE PRIVATELY MANAGED PENSION SCHEMES FOR CPS

Major oil companies including the Nigerian National Petroleum Corporation (NNPC), Shell, Chevron, Total and AGIP are unbundling their pension management companies (Closed PFAs) for Contributory Pension Schemes (CPS) managed by Pension Fund Administrators (PFAs), BusinessDay findings reveal.

Read more @ Businessday

UPSTREAM INVESTORS NEED $630B COMPENSATION FOR DECLINING OIL PRODUCTION

IEAThe International Energy Information Administration (IEA) has estimated that a yearly $630 billion worldwide upstream oil and gas investment is required to compensate for declining production at existing fields.

This is coming as the British Petroleum (BP) said yesterday, at the ongoing Offshore Technology Conference (OTC) in Houston, Texas, U.S.A, that it has reduced its $20 billion ‘mad dog’ phase two project in the Gulf of Mexico to $10 billion.

Read more @ The Guardian

Thursday 5 May 2016

LOCAL OIL FIRMS RISK COLLAPSE AMID LOW PRICE

The participation of local firms in the Nigerian oil and gas industry may have fallen significantly as the slump in global crude oil prices has left many of them without contracts.
 
The sharp drop in prices has forced oil companies, including the big ones, to cut capital expenditure budgets, lay off employees and suspend some projects.
 

HOW NIGERIA CAN RAISE CRUDE, GAS PRODUCTION TO 3MBD, 10SCF IN 4YRS – STAKEHOLDERS

Stakeholders in Nigeria’s oil and gas industry say that given certain conditions, the country can attain the production of three million barrels per day of crude oil and 10 billion standard cubic feet of gas by 2020. The conditions are the reduction of contracting circle, using the Nigeria LNG model for the joint ventures(JV).

Read more @ BusinessDay

GOVERNMENT TARGETS THREE YEARS FOR SELF-RELIANCE IN FUEL SUPPLY

Government targets three years for self-reliance in fuel supplyA Three-Year target to achieve self-sufficiency in refined petroleum products was among 34 priority projects the Federal Executive Council (FEC) formally unveiled yesterday.\

The priority projects were contained in a document presented‎ by the Ministry of Budget and National Planning to the FEC, which was chaired by Vice-President Yemi Osinbajo.

Read more @ The Guardian

Wednesday 4 May 2016

LOW CRUDE OIL PRICES: THE TOLL CONTINUES ON OIL MAJORS

Oil majors are tackling the oil price rout by reducing capital expenditure, cutting jobs and deferring big projects but the toll on them continues. ConocoPhillips tables asset for sales ConocoPhillips is pulling some of its assets off the market as a prolonged industry downturn makes it harder to get the desired prices.

Read more @ BusinessDay

LAGOS MODULAR REFINERY TO BEGIN PRODUCTION NEXT YEAR

modular-refineryThe Integrated Oil and Gas Limited has confirmed that its 20,000 bpd modular refinery is on course and will be coming on stream in 2017.

Manager, Media Relations/Corporate Affairs, Enyeribe Anyanwu, in a statement said: “The modular refinery which is located at Tomaro Island off the coast of Apapa port zone is expected to come on stream next year,”


Read more @ The Guardian

NIGERIA LOSES N1.7 TRILLION DEALS TO NON-PASSAGE OF PIB

Nigeria has lost estimated $10 billion (N1.7 trillion) fresh investments to the non-passage of the Petroleum Industry Bill (PIB). The Chairman of Petroleum Technology Association of Nigeria (PETAN), Bank Anthony Okoroafor, who made the disclosure at the on-going Offshore Technology Conference (OTC) in Houston, Texas in the United States (U.S.) said Nigeria lost a huge opportunity by not passing the bill when the oil price was high.

Read more @ The Guardian

NIGERIA’S OIL EXPORTS DROP, 20 CARGOES REMAIN UNSOLD

Offshore oil platformIndications have emerged that Nigeria will export about 52 cargoes of crude oil in June, representing a drop from 55 cargoes slated for May in the futures market.

The preliminary loading schedule showed that the nation will be exporting about 1.57 million barrels per day (bpd) during the period as against 1.6 million bpd recorded in May

Read more @ The Guardian

Tuesday 3 May 2016

TOTAL PARTNERS GROUP ON SOLAR LAMPS USAGE AND MARKETING TECHNIQUES IN RURAL AREAS

Total Nigeria is partnering with Murtala Muhammed Foundation (MMF), an indigenous non-profit Organization dedicated to the socio-economic development of Africa to manage the development and technical support of Awango Resellers Club (ARC) in the Northern Region of Nigeria.

Read more @ BusinessDay

OIL DRILLING TO START YEAR END IN CHAD BASIN, SAYS KACHIKWU

The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu, yesterday disclosed that Nigeria would start oil drilling activities in the Chad Basin by the last quarter of 2016.

Kachikwu in a statement from the Group General Manager, Public Affairs of the NNPC, Mallam Garuba Deen Muhammad, in Abuja, stated that seismic data acquisition activities had progressed reasonably before it was interrupted by insurgency in the North.

Read more @ Thisdaylive

EXXONMOBIL, CHEVRON PROFITS SLIDE ON LOW OIL PRICES

ExxonMobil reported a 63% slide in first quarter profits following low crude oil prices and weak refining margins.

It reported a profit of $1.8bn (£1.24billion), a sharp decline from $4.94billion for the same period last year and its lowest quarterly profit since 1999.

Read more @ The Nation