The Federal Government received N18.99 billion from the Nigerian National Petroleum Corporation (NNPC) during the second quarter of 2016, being installmental refund of the corporation’s indebtedness to the government.
The Central Bank of Nigeria (CBN), which made this disclosure in its second quarter report, added that the sum of N7.86 billion was equally distributed as exchange gain among the three tiers of government as 13 per cent Derivation Fund.
Read more @ The Guardian
Wednesday 31 August 2016
IRAQ TO SUPPORT OIL OUTPUT FREEZE AT OPEC MEETING
Iraqi Prime Minister Haider al-Abadi told a news conference in Baghdad on Tuesday that Iraq would support a decision by OPEC to freeze oil output in order to prop up prices.
Read more @ Businessday Online
Read more @ Businessday Online
NIGERIA, OTHERS RECORD LOWER REFINERY EARNINGS
Global refinery earnings were lower in second-quarter of 2016 compared with the same period last year and are converging among different locations globally, according to the U.S. Energy Information Administration.
The agency said in a statement at the weekend, that the price difference between crude oil and petroleum products contributed to declining profits for some refiners compared with 2015.
Read more @ The Guardian
The agency said in a statement at the weekend, that the price difference between crude oil and petroleum products contributed to declining profits for some refiners compared with 2015.
Read more @ The Guardian
Monday 29 August 2016
OPEC REVENUE TO PLUNGE FURTHER TO $341 BILLION IN 2016
Based on United States (U.S.) Energy Information Administration (EIA) price forecasts, revenue of members of the Organisation of the Petroleum Exporting Countries (OPEC), is expected to fall to $341 billion in 2016.
The agency, which believed that the revenue could still increase to $427 billion in 2017, put the cartels earnings in 2015 at $404 billion in net oil export revenue in 2015, representing a 46 per cent decline from $753 billion earned in 2014.
PIB: NNPC CONCERNED OVER MOVE BY PETROLEUM MINISTRY TO ASSUME CONTROL OF PROPOSED IJVS
The attempt by the Ministry of Petroleum Resources to assume control over the proposed Incorporated Joint Ventures (IJVs) and the Asset Management Company to be created by the new Petroleum Industry Bill (PIB) may set the ministry on a collision course with the Nigerian National Petroleum Corporation (NNPC), THISDAY investigations have revealed.
The original PIB submitted to the National Assembly by the Umaru Musa Yar’Adua administration had provided for the corporatisation of the oil joint venture (JVs) assets held by NNPC and the international oil companies (IOCs) into IJVs.
Friday 26 August 2016
LAGOS TO WAIT FOR CRUDE EXPORT TO ENJOY 13% DERIVATION
n spite of the commencement of production from its newly discovered oil wells, Lagos State may have to wait until crude oil export commences before it joins the league of states benefitting from the 13 per cent derivation principle.
This clarification was made yesterday at Federation Account Allocation Committee (FAAC) meeting.
OIL MARKETERS WANT PAYMENT OF $800M FOREX DIFFERENTIALS
As banks and other lenders have begun a recovery programme to recoup loans and debt from the downstream sector of the oil industry, the Major Oil Marketers Association of Nigeria (MOMAN) has appealed to the Federal Government to ensure payment of two years accumulated claims on interest and foreign exchange differentials of over $800 to allow for free flow of Premium Motor Spirit in Nigeria (PMS) in the country.
Read more @ Today
Read more @ Today
NIGERIA LOST $30B OIL REVENUE IN TWO YEARS’
Thursday 25 August 2016
FOCUS SHIFTS TO POLICY AS FG SEARCHES FOR OIL
As the Federal Government’s drive for oil and gas exploration in the nation’s inland basins gathers momentum, the need for the right policy to encourage private investment has come to the fore.
Last week, President Muhammadu Buhari directed the Nigerian National Petroleum Corporation to commence exploration activities in the Benue Trough, a major geological formation underlying a large part of Nigeria, extending about 1,000km North-East from the Bight of Benin to Lake Chad.
ENI BEGINS WORK ON NIGERIA’S DEEPWATER OIL PROJECT
Nigerian Agip Oil Company, a subsidiary of Italian oil major, Eni, said it had embarked on the development of the Zabazaba deepwater project offshore Nigeria despite the low oil price environment.
The Vice Chairman, NAOC, Mr. Massimo Insulla, was quoted to have disclosed this in a statement from the Nigerian Content Development and Monitoring Board.
NIGERIA, OTHERS NEED OIL INDUSTRY REFORMS – PWC
Nigeria and other African countries should reform their regulatory, fiscal and licensing systems to attract oil and gas investors, a professional services firm, PwC, has said.
The PwC’s ‘Africa Oil and Gas Review 2016’ report noted that the decline in the global oil price had led to a reduced level of activity across the African continent and had an impact on countries that traditionally depend on oil and gas revenue
NNPC RECORDS 1,447 PIPELINE VANDALISM CASES IN FIVE MONTHS
The activities of pipeline vandals and oil thieves are taking a toll on the operations of the Nigerian National Petroleum Corporation as the oil firm suffered 1,447 incidents of pipeline breaches between January and May 2016.
The Group Managing Director, NNPC, Dr. Maikanti Baru, who disclosed this during a visit to the Commandant-General, Nigerian Security Civil Defense Corps, Abudullahi Muhammadu, at the corps headquarters in, also said the corporation lost 560,000 barrels of crude meant for the refineries, as well as feedstock and 109 million litres of petroleum products, within the same period.
Wednesday 24 August 2016
$25B PROSPECTIVE INVESTMENT THREATENED BY AMENDMENT OF NLNG ACT
Apart from the immediate relocation of investments in excess of $25 billion to other countries, Nigeria will also be opened to the risk of fines running into billions of dollars in International Courts if it amends the Nigeria LNG Acts, according to the Managing Director of Nigeria Liquiedfiled Natural Gas (NLNG), Babs Omot
Read more @ The Guardian
Read more @ The Guardian
EIA EXPECTS NIGERIA’S OIL PRODUCTION TO REMAIN LOW TILL 2017
The United States Energy Information Administration (EIA), expects Nigeria’s oil production to remain depressed through 2017, as a result of militant attacks.
Read more @ The Guardian
Read more @ The Guardian
Tuesday 23 August 2016
MEND ACCEPTS NDA’S CEASEFIRE, KICKS AGAINST CLARK’S INVOLVEMENT IN PEACE NEGOTIATIONS
The Movement for the Emancipation of the Niger Delta (MEND) monday said though it welcomed the recent decision by the Niger Delta Avengers (NDA) to ceasefire and dialogue with the federal government, it would effectively pull out of the peace process if elder statesman, Chief Edwin Clark, agrees to lead negotiations.
The group said instead, its Aaron Team 2 Dialogue team led by ex-minister, Mr. Odein Ajumogobia, should spearhead the talks with the government, and advised Clark to “respect” himself.
PENGASSAN MAKES CASE FOR WORKERS IN POST-PIB REGIME
As the Federal Government progresses with the passage of the Petroleum Industry Bill (PIB), oil workers have called for due consideration of labour issues in the companies that may be affected in the post-PIB regime.
The Chairman, PIB Committee of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Hyginus Chika Onuegbu, said the Federal Government should take the bill as priority because its outcome would determine the future of the Nigerian oil and gas industry, as well as the Nigerian workers
Read more @ The Guardian
The Chairman, PIB Committee of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Hyginus Chika Onuegbu, said the Federal Government should take the bill as priority because its outcome would determine the future of the Nigerian oil and gas industry, as well as the Nigerian workers
Read more @ The Guardian
OIL FALLS BELOW $50 ON NIGERIA, IRAQ SUPPLY BOOST
International oil benchmark, Brent crude, retreated on Monday, falling below the $50 per barrel mark on worries about growing Chinese fuel exports, more Iraqi and Nigerian crude shipments and a rising US oil rig count.
China’s July diesel and gasoline exports soared 181.8 per cent and 145.2 per cent respectively from the same month last year, putting pressure on refined product margins, Reuters reports.
Monday 22 August 2016
IBB MUST FACE PROBE OVER $12.4BN OIL WINDFALL, SAYS SERAP
A rights advocacy group, the Socio-Economic Rights and Accountability Project, has called on the Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN), to reopen the unresolved case of the “missing $12.4bn oil windfall.”
According to the group, the money was spent between 1988 and 1993 by the government of a former military dictator, Gen. Ibrahim Babangida.
AVENGERS’ CEASEFIRE OFFERS HOPE FOR RESOLUTION OF N’DELTA CRISIS
The ceasefire announced by the militant group, the Niger Delta Avengers, on Saturday night has offered new hope for the resolution of the crisis in the oil-rich region as several stakeholders welcomed the development on Sunday.
Leading the pack of supporters of the ceasefire, which came a day after a stakeholders’ conference in Warri, facilitated by a former Minister of Information, Chief Edwin Clark, is the Ijaw Youths Council, which hailed the cessation of hostility as a step towards the restoration of peace.
Friday 19 August 2016
OIL PRICE HITS $50, HIGHEST IN EIGHT WEEKS
Global oil benchmark, Brent crude, hit an eight-week high on Thursday as the world’s biggest producers prepared to discuss a possible freeze in production levels.
Brent, against which half of the world’s oil is priced, rose by $0.84 to $50.69 per barrel as of 7:58pm Nigerian time.
NIGERIA MAY LOSE OVER $25B TO NLNG ACT AMENDMENT
The Nigeria Liquefied Natural Gas (NLNG) has warned that any move to tinker with the 2004 Act would violate bilateral agreements with international investors as well as cost the country a whooping $25 billion in Foreign Direct Investment (FDI) and fines running in billions at the International Courts.
The outgoing Managing Director and Chief Executive Officer of NLNG, Babs Omotowa, said this in Lagos yesterday at the National Association of Energy Correspondents (NAEC) Annual Conference.
Read more @ The Guardian
The outgoing Managing Director and Chief Executive Officer of NLNG, Babs Omotowa, said this in Lagos yesterday at the National Association of Energy Correspondents (NAEC) Annual Conference.
Read more @ The Guardian
KACHIKWU: FG TO UNVEIL FOUR NEW POLICIES ON OIL AND GAS SECTOR
As Nigeria’s oil and gas sector awaits the passage of the Petroleum Industry Bill (PIB) to provide clarity on the terms of investments, the Minister of State for Petroleum, Dr. Ibe Kachikwu, has stated that the federal government would finalise four new additional policies in the sector by the end of October this year.
Kachikwu has also hinted that the proposed talks on output cuts by the Organisation of Petroleum Exporting Countries (OPEC) to ensure the rebound of oil prices would have limited influence on the prices as the cartel controls only 30 per cent of the global oil output.
Thursday 18 August 2016
FG APPROVES FOUR OIL WELLS, 13% DERIVATION FOR LAGOS
The federal government has said that four of the five oil wells discovered in Badagry legitimately belong to Lagos State, for which the state would be entitled to 13 per cent derivation from the Federation Account.
However, it disclosed that Aje 3 oil well falls beyond the 200-mile isobaths and therefore cannot be legitimately attributed to the state.
ENDING GAS FLARING MORE IMPORTANT THAN CARBON TRADING
Oil companies have the responsibility to end gas flaring in Nigeria rather than seek to make money through carbon trading on gas flare out projects, a report has said.
The report, ‘Up in Smoke: Gas Flaring, Communities and Carbon Trading in Nigeria,’ prepared by Social Action and released in Abuja on Tuesday, said all oil fields that continue to flare associated gas should be shut down to encourage development of associated gas-gathering infrastructure.
NIGER DELTA AVENGERS DISOWN CONTACT GROUP, SAYS NO NEGOTIATION WITH FG
The Niger Delta Avengers wednesday disowned a statement to the effect that the militant group had agreed to negotiate with the federal government to end the current crisis in the Niger Delta region.
Yesterday’s rebuttal was sequel to a statement released earlier in Abuja by a purported spokesman for the Dialogue Group, one Mr. Ballantyne Agiri, which said the group had agreed to renounce its violent approach to resolving the under-development of the oil-rich region.
PIB MAY NOT BE PASSED BY N’ASSEMBLY — PENGASSAN
The Petroleum and Natural Gas Senior Staff Association of Nigeria has said the Petroleum Industry Bill in the National Assembly may suffer the same fate that befell it during the last two consecutive legislative tenures.
The Chairman, PENGASSAN PIB Committee and immediate past Chairman, Trade Union Congress of Nigeria, Rivers State, Mr. Chika Onuegbu, stated this in a presentation at a workshop organised by the association’s Kaduna Zone in Minna, Niger State on Wednesday.
Wednesday 17 August 2016
WHY OPEC MEMBERS ARE CUTTING PETROLEUM PRICES
The current practice by the Organisation of the Petroleum Exporting Countries (OPEC) members of cutting the prices of their crude oil goes beyond just retaining market share.
Many are also desperate to meet economic development targets, which are being frustrated by the twin problems of oil price crash and market glut.
Read more @ The Guardian
Many are also desperate to meet economic development targets, which are being frustrated by the twin problems of oil price crash and market glut.
Read more @ The Guardian
CRUDE OIL PRICES HIT OVER 5-WEEK HIGHS, BRENT SELLS AT $48.81
The prices of crude oil in the international market yesterday reached their highest levels in more than five weeks due to heightened speculation that the Organisation of Petroleum Exporting Countries (OPEC) would embark on output cuts to prop up prices.
According to Reuters, the global benchmark, Brent crude futures, yesterday hit a high of $48.81 per barrel, their highest since July 7, while the United States West Texas Intermediate crude reached $46.21 per barrel, its highest since July 15, before easing to $45.94 per barrel.
HOW TO REVIVE NIGERIA’S TROUBLED OIL SECTOR
Settling the backlog of over $6bn Joint Venture (JV) cash call arrears, addressing governance constraints, resolving contractual disputes and ensuring global competitive risk reflective fiscal returns are urgent actions required to address Nigeria’s beleaguered oil sector, experts say.
The Federal Government needs to protect and grow JV production volumes which BusinessDay analysis already shows delivers greater value.
Read more @ BusinessDay
The Federal Government needs to protect and grow JV production volumes which BusinessDay analysis already shows delivers greater value.
Read more @ BusinessDay
BUHARI DIRECTS NNPC TO SEARCH FOR OIL IN BENUE TROUGH
President Muhammadu Buhari has directed the Nigerian National Petroleum Corporation (NNPC) to begin to search for crude oil and gas from the Benue Trough, NNPC’s Group Managing Director, Maikanti Baru, disclosed tuesday.
Baru said in Abuja that the president’s directive was part of efforts by his government to guarantee energy security for the country, through oil and gas mining from other parts of the country outside the Niger Delta.
Monday 15 August 2016
SHELL EXECUTES SUBSEA PROJECTS IN NIGERIA, SAVES $30M
Shell Nigeria Exploration and Production Company, the deep-water subsidiary of Shell Companies in Nigeria, on Sunday said it had achieved significant savings in the cost of subsea equipment by refurbishing five subsea trees in-country led by Nigerian engineers.
SNEPCo saves about $6m for every refurbished subsea tree, delivered within 15 months as against 36 months for newly manufactured ones, according to a statement signed by the Corporate Media Relations Manager, Shell Petroleum Development Company of Nigeria Limited, Mr. Precious Okolobo
STOP BEGGING FOR DIALOGUE, AVENGERS TELL N’DELTA ELDERS
The Niger Delta Avengers on Sunday warned the Niger Delta elders to desist from appealing to the group to accept the proposed dialogue by the Federal Government, noting that President Muhammadu Buhari is insincere and therefore should not be trusted.
The NDA also dared the Nigerian military to a combat in the creeks which they claimed remained their ‘hideout’, if the security agencies in the country were ready to arrest members of the group.
GOVERNMENT TO UNVEIL THREE NEW PIBS
The Presidency will present to the National Assembly three harmonised bills from the omnibus Petroleum Industry Bill (PIB), the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has disclosed.
This is contrary to the four anticipated bills widely reported in the media. In an interview with The Guardian in his office in Abuja, the minister disclosed: “There are going to be three bills. First, what we have currently is the Senate bill. The House of Representatives hasn’t put out any bill, and government hasn’t either.”
Read more @ The Guardian
This is contrary to the four anticipated bills widely reported in the media. In an interview with The Guardian in his office in Abuja, the minister disclosed: “There are going to be three bills. First, what we have currently is the Senate bill. The House of Representatives hasn’t put out any bill, and government hasn’t either.”
Read more @ The Guardian
Friday 12 August 2016
NEW MILITANT GROUP VOWS TO BLOW UP MORE PIPELINES
The Niger Delta Greenland Justice Mandate (NDGM) has vowed to blow up more oil installations, if government does not meet its demand for inclusion in negotiations with other militant groups.
Spokesman of the group, one General Aldo Agbalaja, said the destruction of a delivery trunk line from Isoko to the Eriemu Manifold, belonging to the NPDC/Shoreline Resources, was a tip of the iceberg in its “operation zero” exercise
Read more @ The Guardian
Spokesman of the group, one General Aldo Agbalaja, said the destruction of a delivery trunk line from Isoko to the Eriemu Manifold, belonging to the NPDC/Shoreline Resources, was a tip of the iceberg in its “operation zero” exercise
Read more @ The Guardian
EXXONMOBIL SEEKS ALTERNATIVE ROUTE TO EXPORT QUA IBOE GRADE
As repairs continue on its main export pipeline damaged last month, Mobil Producing Nigeria Unlimited, a subsidiary of ExxonMobil, is seeking to use an alternative pipeline to transport its Qua Iboe crude grade from the company’s producing fields to its Qua Iboe export terminal in Akwa Ibom State.
ExxonMobil’s subsea pipeline was purportedly breached by a militia group last month, forcing the company to declare force majeure on the export of the Qua Iboe crude grade, Nigeria’s largest export stream.
NNPC RESTATES COMMITMENT TO PROFITABILITY
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Dr. Maikanti Kacalla Baru, has said the NNPC under his watch will continue with the previous initiatives to further grow the business and increase profitability as envisioned by the founders of the Corporation.He made this assertion during his maiden town hall meeting with members of staff at the NNPC Towers in Abuja.
“The NNPC is today in transition for positive reform. A transition to autonomy, profitability and growth. This transition is not only inevitable but imperative in the light of current business realities and the onus on NNPC to deliver on its statutory mandate,” Baru declared.
Read more @ The Guardian
“The NNPC is today in transition for positive reform. A transition to autonomy, profitability and growth. This transition is not only inevitable but imperative in the light of current business realities and the onus on NNPC to deliver on its statutory mandate,” Baru declared.
Read more @ The Guardian
Thursday 11 August 2016
ANGOLA REMAINS TOP OIL PRODUCER DESPITE NIGERIA’S RECOVERY
Five months after it overtook Nigeria as Africa’s top oil producer, Angola retained the status in July despite a reported increase of 147,400 barrels per day in Nigeria’s production, data from the Organisation of Petroleum Exporting Countries have shown.
OPEC, in its Monthly Oil Market Report for August, which was released on Wednesday, put crude oil production from Nigeria at 1.527 million bpd in July based on direct communication, up from 1.379 million bpd in June.
NIGERIA RECORDS HIGHEST DROP IN OUTPUT AT OPEC
Nigeria is fast losing its clout among global oil producers as the country recorded the highest drop in crude production in the Organisation of Petroleum Exporting Countries (OPEC) in July.
OPEC, which accounts for at least 40 per cent of the global oil supply market, yesterday put unplanned crude oil supply disruptions among its members at 2.3 million barrels per day (mbpd) in July, due to increased outages in Nigeria and Libya.
Read more @ The Guardian
OPEC, which accounts for at least 40 per cent of the global oil supply market, yesterday put unplanned crude oil supply disruptions among its members at 2.3 million barrels per day (mbpd) in July, due to increased outages in Nigeria and Libya.
Read more @ The Guardian
SUPREMACY BATTLE BETWEEN PRESIDENCY, N’ASSEMBLY STALLS LEGISLATION ON PIB
The needless struggle for supremacy led by the executive arm of government is the bane behind the current stalemate on the legislation and passage of Petroleum Industry Bill (PIB) by the National Assembly, THISDAY has learnt.
The National Assembly recently commenced legislation on the bill but the move did not go down well with the executive, which saw it as an attempt by the National Assembly to take the shine off the presidency.
Wednesday 10 August 2016
NNPC LISTS OBSTACLES TO NIGERIA’S RESERVE, PRODUCTION TARGET
The Nigerian National Petroleum Corporation has hinged the inability of the country to reach the Four million production and 40 billion reserve target on funding constraints, infrastructure vandalism, security concerns and a host of others.\
The Group Managing Director of NNPC, Dr. Maikanti Baru, who made this disclosure during the conference organised by the Society of Petroleum Engineer (SPE) Nigeria Council, said that the Federal Government is committed to ensuring production and reserve growth by restoring oil and gas production to peak levels, growing the production mix and portfolio of oil and gas reserves through very transparent processes.
Read more @ The Guardian
The Group Managing Director of NNPC, Dr. Maikanti Baru, who made this disclosure during the conference organised by the Society of Petroleum Engineer (SPE) Nigeria Council, said that the Federal Government is committed to ensuring production and reserve growth by restoring oil and gas production to peak levels, growing the production mix and portfolio of oil and gas reserves through very transparent processes.
Read more @ The Guardian
NO PLAN TO INCREASE FUEL PUMP PRICE- NNPC GMD
The Group Managing Director (GMD) of Nigeria’s State Oil Company, Maikanti Baru on Tuesday, denied knowledge of plans by the independent petroleum marketers to increase the pump price of premium motor spirit.
Major oil marketers in the country under the auspices of the Independent Petroleum Marketers Association of Nigeria(IPMAN) had said they were considering an increase of petrol pump price following the consistent increase of exchange rate.
NO PLAN TO IMPORT CRUDE INTO NIGERIA
Regulators of the oil and gas sector have denied alleged plans to import crude oil from neighbouring African countries.
Officials of the Department of Petroleum Resources (DPR) and the Nigerian National Petroleum Corporation (NNPC) say there has not been any concrete arrangement to supplement crude oil with import from Chad or any other African country despite the supply challenges the nation’s refineries are experiencing in getting feedstock due to vandalism of oil pipeline.
Read more @ The Guardian
Officials of the Department of Petroleum Resources (DPR) and the Nigerian National Petroleum Corporation (NNPC) say there has not been any concrete arrangement to supplement crude oil with import from Chad or any other African country despite the supply challenges the nation’s refineries are experiencing in getting feedstock due to vandalism of oil pipeline.
Read more @ The Guardian
Tuesday 9 August 2016
IOCS, INDIGENOUS OIL FIRMS LOSE N2.26 TRILLION TO LOW PRICES, MILITANCY
Weighed down by lower crude oil prices, weak refinery margin and renewed militant attack on facilities in the Niger Delta, some International Oil Companies (IOCs) as well as indigenous firms have suffered a loss of over N2.26 trillion in the first half of 2016.
For instance, International Oil Companies like Shell, Exxon Mobil Corporation, and Chevron Corporation, suffered a loss of over $7.1 billion, representing about 70 per cent of its earnings as crude oil prices continued to decline.
Read more @ The Guardian
For instance, International Oil Companies like Shell, Exxon Mobil Corporation, and Chevron Corporation, suffered a loss of over $7.1 billion, representing about 70 per cent of its earnings as crude oil prices continued to decline.
Read more @ The Guardian
NNPC CONSIDERS CRUDE IMPORTATION FROM CHAD, NIGER REPUBLIC FOR KADUNA REFINERY
As part of the efforts to address frequent disruptions to the supply of crude oil to the Kaduna Refinery and Petrochemical Company (KRPC) as a result of the Niger Delta militancy, the Nigerian National Petroleum Corporation (NNPC) is considering importing crude oil from Chad and Niger Republic, investigations by THISDAY have revealed.
This is coming as the President of the Organisation of Petroleum Exporting Countries (OPEC) and Qatar’s Energy Minister, Mohammed Al Sada, has stated that oil prices would rebound during the third and fourth quarters of 2016.
Monday 8 August 2016
MORE JOB CUTS LOOM AS SHELL, IOCS’ DEBTS HIT $138BN
More oil workers, specifically big shots, are expected to join over 20,000 workers sacked in the oil industry, as the debt woes of International Oil Companies (IOCs) hit $138 billion within one year.
The London-based Fitch Ratings, which disclosed this at the weekend, declared that the hope of recovery at the year-end has dimmed for Shell, ExxonMobil, Chevron and other big oil and gas firms.
Read more @ New Telegraph
The London-based Fitch Ratings, which disclosed this at the weekend, declared that the hope of recovery at the year-end has dimmed for Shell, ExxonMobil, Chevron and other big oil and gas firms.
Read more @ New Telegraph
TOTAL INVESTMENTS OVER $10BN IN OIL/GAS PROJECTS
Total Exploration and Production Nigeria Limited has invested an approximately $10 billion in the country in the last years just as it has added about 2.3 billion barrels to the country’s oil production between 1966 and 2015.
Company also said that through decades of executive development projects, it activities have contributed to creating jobs and human capacity development in the country.
Read more @ BusinessDay
Company also said that through decades of executive development projects, it activities have contributed to creating jobs and human capacity development in the country.
Read more @ BusinessDay
NNPC PAYS N56.96BN INTO FEDERATION ACCOUNT IN JUNE
The Nigerian National Petroleum Corporation (NNPC) said it paid the N55.96 billion into the Federation Account in the month of June. This is contained in the corporation’s monthly financial report for the month of June released in Abuja on Sunday.
The report said in parts: “NNPC transferred the sum of N55.96 billion into the Federation Account during the month under review from the net domestic crude oil receipt of N102.68 billion.
Read more @ P.M. News
The report said in parts: “NNPC transferred the sum of N55.96 billion into the Federation Account during the month under review from the net domestic crude oil receipt of N102.68 billion.
Read more @ P.M. News
Friday 5 August 2016
DISCRETIONARY AWARD OF OIL BLOCS RIDICULES FG’S REFORM CLAIMS
Stakeholders in the oil and gas sector say that unless the discretionary powers given the president of Nigeria to award oil acreages in the petroleum laws are reversed, the purported reforms in the oil and gas sector will amount to a charade.
Power to consider oil acreages for award in Nigeria, rests with the Petroleum Minister but the President is empowered to exercise his discretion in their award, with recourse only to his whim, a practice they consider an aberration and strange among oil producing nations.
BUHARI RAISES GOVERNING COUNCIL, TRUSTEES’ BOARD FOR OGONI CLEANUP
Another practical step towards the cleanup of Ogoniland was taken yesterday by the Federal Government when it inaugurated the governing council and Board of Trustees (BoT) for the hydrocarbon pollution remediation project.
About two months ago, the government kicked off the cleanup of Ogoniland in Rivers State. The 30-member governing council has the Minister of Environment, Amina Mohammed as the chairperson, while the 12-member BoT has a former Finance Commissioner in Lagos State, Mr. Wale Edun as the chairman.
Read more @ The Guardian
About two months ago, the government kicked off the cleanup of Ogoniland in Rivers State. The 30-member governing council has the Minister of Environment, Amina Mohammed as the chairperson, while the 12-member BoT has a former Finance Commissioner in Lagos State, Mr. Wale Edun as the chairman.
Read more @ The Guardian
SAUDI ARABIA’S OIL PRICE CUT THREATENS NIGERIA’S N820B REVENUE TARGET
The expected oil-related N820 billion revenue to finance the 2016 budget is being threatened by the recent reduction of prices for Arab light by the world’s highest producer of crude oil, Saudi Arabia.
The Federal Government had pegged the 2016 budget on crude oil benchmark of $38 a barrel and 2.2 million barrels per day production, which would have earned the country N840 billion this year.
Read more @ The Guardian
The Federal Government had pegged the 2016 budget on crude oil benchmark of $38 a barrel and 2.2 million barrels per day production, which would have earned the country N840 billion this year.
Read more @ The Guardian
Thursday 4 August 2016
ANGRY YOUTHS SHUT DOWN AGIP FACILITY IN RIVERS
Scores of youths on Wednesday shut down the OB-OB Gas Plant belonging to the Nigerian Agip Oil Company in Omoku, the headquarters of Ogba/Egbema/Ndoni Local Government Area of Rivers State.
The angry youths said they decided to shut down the facility when NAOC refused to meet and interface with them on issues affecting them, including employment and the need to implement the content of an existing Memorandum of Understanding.
OIL FIRMS COUNT LOSSES AS MILITANTS WORSEN WOES
Chevron and Eni, two of the global oil majors operating in Nigeria, and their local counterparts such as Seplat and Oando may have been worst hit by the production disruptions occasioned by militant attacks in the Niger Delta, their financial results have shown.
Chevron Corporation, the second largest United States-based oil producer, lost $1.47bn in the second quarter of this year, its largest since 2001, compared with a net profit of $571m in the same period of 2015.
OIL MAJORS URGED TO PATRONISE LOCAL FIRMS
The Chairman, Committee on Local Content in the House of Representatives, Mr. Emmanuel Ekon, has stressed the need for increased participation of local firms in the nation’s oil and gas industry to curb capital flight.
Ekon, who spoke during an inspection of shipyard and fabrication complex operated by West African Ventures at Onne in Rivers State, was quoted in a statement as decrying the poor patronage of shipyard, fabrication complex and marine facilities owned by indigenous companies.
Wednesday 3 August 2016
OIL MAJORS’ HY1 LOSSES MAY HURT NIGERIA’S 2017 REVENUE PROJECTIONS
The dip in profits reported by oil majors in their second-quarter 2016 outlook released last week may yet put further strain on Nigeria’s depleting oil revenue and 2017 budget projections, as taxes and royalties from their operations in Nigeria plateau.
This comes as OPEC’s crude oil output was disrupted in July by militant attacks in Nigeria and political disputes in Libya, according to a Bloomberg News survey.
CONTENT POLICY SUFFERS UNDER LOW OIL PRICES
The participation of local firms in the Nigerian oil and gas industry have fallen significantly as the slump in global crude oil prices 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. Despite the falling crude oil prices, which have affected patronage of indigenous oil companies, West Africa Venture (WAV) has achieved 100 per cent local content policy in its operations, the company told The Guardian.
Read more @ The Guardian
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. Despite the falling crude oil prices, which have affected patronage of indigenous oil companies, West Africa Venture (WAV) has achieved 100 per cent local content policy in its operations, the company told The Guardian.
Read more @ The Guardian
70% OF ONSHORE OIL OUTPUT SHUT IN, FG RESUMES PAYMENTS TO MILITANTS
As the federal government resumed cash payments to militants in the Niger Delta, it was revealed on Tuesday that up to 70 per cent of oil and gas production from traditional onshore and shallow water terrain has been locked in due to the attacks on oil infrastructure in the region.
This was just as the Managing Director/CEO of Seplat Petroleum Development Company Plc, Mr. Austin Avuru, warned that the crisis in the Niger Delta has interrupted major reforms in Nigeria’s oil and gas industry, which were initiated a few years ago to increase oil and gas production for the attainment of 15,000MW of electricity and also boost economic development nationwide.
Tuesday 2 August 2016
NIGERIA LOSES N2.56 TRILLION TO EIGHT-YEAR OIL PRICING DISPUTE
Nigeria may have lost an estimated N2.56 trillion ($8 billion) to the lingering price dispute between the International Oil Companies (IOCs) and Crude Oil Marketing Division (COMD) of the Nigerian National Petroleum Corporation (NNPC).
The sum which is more than a third of the 2016 budget of N6.1trillion, represents the estimated cumulative revenue losses from the under-assessment of the fiscal valuation on crude oil between 2006 and 2013, using the current exchange rate of N321 to $1, judging by the Nigerian Transparency International (NEITI) 2013 audit of the petroleum industry.
Read more @ The Guardian
The sum which is more than a third of the 2016 budget of N6.1trillion, represents the estimated cumulative revenue losses from the under-assessment of the fiscal valuation on crude oil between 2006 and 2013, using the current exchange rate of N321 to $1, judging by the Nigerian Transparency International (NEITI) 2013 audit of the petroleum industry.
Read more @ The Guardian
NIGERIA’S BARKINDO ASSUMES OFFICE AS OPEC SECRETARY GENERAL
Former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mohammad Sanusi Barkindo, monday assumed office as the Secretary General of the Organisation of the Petroleum Exporting Countries (OPEC) at the agency’s secretariat in Vienna, Austria.
A statement from OPEC which THISDAY obtained in Abuja indicated that Barkindo was officially handed over to the organisation’s former Secretary General, Abdalla Salem El-Badri, who led it since January 1, 2007
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