Friday 30 September 2016

CRUDE OIL PRICES RISE AS OPEC PLANS OUTPUT CUT

OPEC President, Dr Mohammed Bin Saleh Al-Sada. PHOTO: youtube.com.Crude oil prices moved up by six per cent yesterday following the decision by the Organisation of Petroleum Exporting Countries (OPEC) to cut production in an attempt to curtail glut.

Specifically, Brent crude oil traded for $49.34 per barrel while West Texas Intermediate (WTI) rose to $47.89 a barrel.This is a significant improvement from the $40 per barrel, for which it was sold a few weeks ago due to persistent global glut.

Read more @ Guardian NG

CRUDE OIL SLUMPS ONE DAY AFTER OPEC DEAL TO CUT OUTPUT

Despite the decision of the Organisation of Petroleum Exporting Countries (OPEC) to cut crude oil production by 200,000-700,000 barrels per day to achieve price recovery, oil prices fell yesterday after the gains recorded on Wednesday.

This was just as Royal Dutch Shell on Thursday in Rio de Janeiro, Brazil, launched its “#makethefuture” programme, where it unveiled six new technologies from different youth entrepreneurs around the world to provide sustainable and cleaner energy than conventional energy sources.

Read more @ Thisdaylive

Thursday 29 September 2016

GAS: NNPC SAYS 326.80MSCF/D SUPPLIED TO POWER STATIONS

Oandos-128-Km-gas-pipelineThe Nigerian National Petroleum Corporation, NNPC, says about 326.8 million standard cubic feet, MSCF, per day of gas was supplied to gas-fired power plants in the country in June.

This represents about 59.41 per cent of the total 550.10 million SCF per day of gas supplied to the domestic market during the month.

Read more @ Sweetcrude Report

NIGERIA LOSES $200B TO NON-PASSAGE OF PIB

Executive Secretary, NEITI, Waziri AdioNigeria loses $200 billion yearly due to the non-passage of the Petroleum Industry Bill (PIB), a policy brief by the Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed.

The brief also alerted the nation to the fact that another $15 billion is lost yearly in fresh investments to regulatory uncertainties.

Read more @ Guardian NG

TOTAL APPOINTS ABIODUN AFOLABI INTO BOARD OF DIRECTORS

The TOTAL Group has announced the appointment of Abiodun Afolabi to the board of directors of Total E&P Nigeria Limited (TEPNG) and Total Upstream Nigeria Limited (TUPNI), respectively, with effect from Wednesday, September 21, 2016, pursuant to resolutions of the board of directors of each of the companies, dated July 8, 2016.

Read more @ BusinessDay

FG OWES OIL FIRMS $8.1BN IN CASH CALLS

The Federal Government owes oil companies at least a total of $8.06bn in unpaid cash calls, as the Nigerian National Petroleum Corporation failed to pay $3.06bn in the first seven months of the year.
 
The nation’s oil and gas production structure is majorly split between Joint Ventures onshore and in shallow water with foreign and local companies and production sharing contracts in deepwater offshore.
 

Wednesday 28 September 2016

SAUDI ARABIA DASHES HOPES FOR OPEC DEAL IN ALGERIA

Saudi Arabia on Tuesday dashed the hopes that the Organisation of Petroleum Exporting Countries (OPEC) could reach an agreement to reduce crude oil production in Algeria today as the differences between the kingdom and rival Iran remained unresolved.

Saudi Arabia had offered to reduce its output if Iran agreed to freeze production, a shift in Riyadh’s position as the kingdom had previously refused to discuss output cuts.
 

SHELL: FIRE FORCED CLOSURE OF BONNY PIPELINE

Shell has said fire has forced it to close a key oil pipeline feeding Nigeria’s strategic Bonny Export Terminal, which militants attacked last week.
 
The ongoing challenges, according to Associated Press (AP) are losing oil multinationals billions of dollars in what used to be Africa’s biggest petroleum producer.
 

FG, STATES’ REVENUE TO DIP FURTHER AS NNPC SEEKS TO USE ROYALTIES, TAXES TO FUND JVS

FG, States’ Revenue to Dip Further as NNPC Seeks to Use Royalties, Taxes to Fund JVsIn a move certain to raise eyebrows reminiscent of the outcry over the proposal on the sale of the country’s strategic oil and gas assets, the Nigerian National Petroleum Corporation (NNPC) has said that it is working on new modalities that would allow it to fund its joint venture (JV) cash call obligations in the future, as well as pay off the arrears on the JVs from oil and gas royalties and taxes.
 
It said under the planned model, such payments would be deducted through a first line charge, implying that this will leave less funds to the three tiers of government to share.
 

Tuesday 27 September 2016

MILITANT GROUP WARNS ARMY, OIL FIRMS OF IMMINENT ATTACK

MilitantsA militant group, the Niger Delta Greenland Justice Mandate (NDGJM) has warned the military and oil firms of an imminent attack, in what it tagged the “next big statement.”The spokesman of NDGJM, Gen. Aldo Agbalaja, said yesterday that there would be no ceasefire until there is a correction of the injustices of the past years.

According to him, Operation Crocodile Tears, launched recently, would be stepped up and that by the time they unleashed the Phase II of the mission tagged, ‘Operation Hammurabi Code’ only God knows what will become of Nigeria.

Read more @ Guardian NG

SHELL SHUTS 180,000-BPD OIL PIPELINE, EXPORTS THREATENED

The nation’s crude oil exports have suffered another setback with the shutdown of the Trans Niger Pipeline, which carries Bonny Light crude, as a precautionary measure after a fire was seen, a spokesman for Shell Petroleum Development Company of Nigeria Limited said on Monday.
 
The 28-inch TNP, which is operated by the SPDC, was also shut in early June before it was later reopened.
 

US OVERTAKES INDIA AS NIGERIA’S BIGGEST OIL IMPORTER

For the first time in over two years, the United States has taken over from India as the biggest importer of Nigeria’s crude oil, the latest monthly report from the Nigerian National Petroleum Corporation has shown.
 
The US bought 10.79 million barrels of Nigerian crude in June, up from 4.76 million barrels in the previous month, while India’s imports stood at 9.62 million barrels, down from 16.29 million barrels in January.
 

Monday 26 September 2016

MEND, CLARK CONDEMN BOMBING OF SHELL’S BONNY PIPELINE

The Movement for the Emancipation of the Niger Delta (MEND) and Ijaw leader, Chief Edwin Clark, yesterday condemned in strong terms, the renewed hostilities by the Niger Delta Avengers (NDA). The group at the weekend claimed responsibility for the bombing of Bonny pipeline in Rivers State.
 
MEND also dissociated itself from the ‘holier than thou’ and arrogant attitude of the Pan-Niger Delta Group over the proposed Niger Delta Summit convened by the federal government.


Read more @ thisdaylive

WITH SUSTAINED CEASEFIRE, KACHIKWU FORECASTS 2MBPD OIL OUTPUT BY DECEMBER

Minister of State for Petroleum Resources, Dr. Ibe KachikwuThe Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has said Nigeria could end the year averaging a daily crude oil production of 2 million barrels per day (mbpd) from her oil fields, if the ceasefire on production disruptions declared by militants in the Niger Delta region is sustained.

Kachikwu said so far the ceasefire has enabled production from oil fields in the region to come up to 1.75mbpd, he added that this however is expected to rise to 1.8mbpd by October and then 2mbpd by December.
 

ANXIETY AS MILITANTS CLAIM ATTACK ON STRATEGIC BONNY EXPORT TERMINAL

Anxiety as Militants Claim Attack on Strategic Bonny Export TerminalAnxiety was palpable yesterday when Niger Delta Avengers (NDA) claimed it attacked a pipeline in the Bonny Export Terminal, which is strategic to the Nigerian crude oil production and export and most importantly, the economy.

The reported attack came barely two weeks after Shell Petroleum Development Company (SPDC) lifted force majeure on exportation of Bonny Light grade of crude oil.

Read more @ Thisdaylive

Friday 23 September 2016

NIGERIA’S OIL, GAS EARNINGS FALL TO N537.19 BILLION

Gas plantThe Federal Government earned N537.19 billion from oil and gas export during the second quarter of 2016, according to the Central Bank of Nigeria (CBN).

The apex bank, in its second quarter economic report, said that this was lower than the provisional quarterly budget and the receipts in the preceding quarter by 39.2 per cent and 19.4 per cent, respectively.
 
Read more @ Guardian NG

REPS TO INVESTIGATE $17BN UNDECLARED CRUDE OIL EXPORTS

The House of Representatives on Thursday ordered a probe of the $17bn worth of allegedly undeclared crude oil and liquefied natural gas exports to foreign countries.
 
The decision followed the adoption of a motion sponsored by Mr. Agbonayinman Ehiozwa at the plenary session of the House presided over by the Speaker, Yakubu Dogara.
 

Thursday 22 September 2016

GAS FLARING KILLS 13 IN DELTA COMMUNITIES

Gas flaring PHOTO: daniumenergy.comNo fewer than 13 lives have been lost in the last two months to gas flaring in six communities of Warri South West and Ndokwa West councils of Delta State.The communities include Koko, Diagbene, Kwale, Abbe, Utagbe-Uno and Ebede.

Warri South West chairman, Mr. Sheriff Mulade, who spoke with newsmen yesterday in Asaba, urged the Federal Government to be tough with multinational oil companies over their refusal to end flaring, insisting that they must be compelled to adhere to best environmental practices.

Read more @ Gaurdian NG

$12BN ILLEGAL OIL EXPORTS: COURT TO HEAR FG’S SUIT AGAINST CHEVRON, SHELL, TOTAL, OTHERS SEPT 30

A Federal High Court in Lagos will on September 30, 2016 hear the suit filed by the federal government against Nigerian subsidiaries of United States multinational Chevron, British-Dutch Shell, Italian ENI’s Agip, France’s Total and Brasoil of Brazilian Petrobas.
 
The government had filed the suit against the oil companies for $12.7 billion of crude oil that was allegedly exported illegally to the US between 2011 and 2014.
 

OIL PRICES UP 2% AFTER THIRD SURPRISE WEEKLY US CRUDE DROP

The prices of crude oil in the international market rose by two per cent yesterday after a surprise drop in crude stockpiles reported by the United States Government for a third week in a row.
 
Brent crude futures were up 1.8 per cent wednesday to settle at $46.68 per barrel after it had risen more than $1.20 at the session high.
 

Wednesday 21 September 2016

MILITANT GROUP BLAMES OIL FIRMS FOR NIGER DELTA IMPASSE

Paul Boroh  PHOTO: citynews.ngA militant group, Iduwini Volunteers Force (IWF), has said that the unending crisis and militancy in the Niger Delta could be traced to the unholy and insincere activities of some multinationals oil companies and their local counterparts.The firms, it said, allegedly use divide and rule tactics to fan the embers of violence in the region.

Besides, the group, which operates from one of the richest oil blocks in Ekeremor Local Council of Bayelsa State, has petitioned the National Security Adviser (NSA), Maj.-Gen. Babagana Mongunu, over oil companies that have allegedly refused to pay indigenous contractors who worked for them.

Reads more @ Guardian NG

NNPC RENEWS COMMITMENT TO GAS DEVELOPMENT

Secretary General, Nigeria Gas Association (NGA), Adebola Martins (left); President NGA, Bolaji Osunsanya, Group Executive Director and Chief Operating Officer, Gas and Power Directorate, Nigerian National Petroleum Corporation (NNPC), Saidu Mohammed; and Group Managing Director, NNPC, Dr.Maikati Baru during a courtesy call by the NGA to Baru in Abuja. The Group Managing Director of the Nigerian National Petroleum Corporation, (NNPC), Dr. Maikanti Baru has reaffirmed the Corporation’s commitment to the development of gas resources in Nigeria.

Baru who made this pledge while receiving a delegation of Nigeria Gas Association (NGA) led by its President, Bolaji Osunsanya, in Abuja said NNPC plans to achieve its objective of ensuring that the country derived maximum benefit from its huge gas resource base.

Read more @ Guardian NG

Tuesday 20 September 2016

CRUDE OIL PRICES RISE 2% AS VENEZUELA REKINDLES HOPES OF OUTPUT FREEZE

Crude oil prices rose by two per cent yesterday after Venezuela reportedly hinted that the Organisation of Petroleum Exporting Countries (OPEC) and other major oil producers could agree to output cuts and as clashes in Libya disrupted the country’s attempts to boost crude exports.

UNDECLARED OIL SHIPMENT: FG SUES AGIP, TOTAL FOR $635M

The Federal Government is demanding $635 million from two multinational oil companies, Agip and Total, for undeclared crude oil shipped out of the country between 2011 and 2014.
Two cases have been filed at the Federal High court in Lagos by senior lawyer and Senior advocate of Nigeria, Professor Fabian Ajogwu, who had handled several cases for the Federal Government on aviation, defence, energy, and financial services.

Monday 19 September 2016

NIGERIA SUES AGIP, TOTAL FOR $635M OVER UNDECLARED CARGOES

Cash strapped Nigeria’s Federal Government is demanding $635million from two multinational oil companies, Agip and Total for undeclared crude oil shipped out of the country between 2011 and 2014.

Two cases have been filed at the Federal High court in Lagos by senior lawyer and Senior advocate of Nigeria, Professor Fabian Ajogwu, who had handled several cases for the Federal Government on aviation, defence, energy, and financial services
Read more @ VanguardNgr

OIL HITS ONE-MONTH LOW, NIGERIA PLANS HIGHER OUTPUT

Oil hits one-month low, Nigeria plans higher outputOil fell to a one-month low in New York on speculation that the resumption of shipments from Libya and Nigeria might add to the global surplus.

Futures dropped as much as 2.7 per cent on the New York Mercantile Exchange. Libya and Nigeria, whose supplies have been reduced by domestic conflicts, are preparing to boost exports within weeks, Bloomberg reported.

Read more @ SweetCrude Reports

Friday 16 September 2016

NNPC TO SUPPORT NGA DELIVER ON NIGERIA’S GAS RESOURCE

The Nigerian National Petroleum Corporation (NNPC), will support the Nigerian Gas Association (NGA), achieve its objectives of ensuring that the country derives maximum benefit from its huge gas resource base.
 
Maikanti Baru, goroup managing director of the NNPC, speaking on Thursday in Abuja while receiving the NGA delegation led by its President, Bolaji Osunsanya, at the NNPC noted that as the midwife of the nation’s premier gas association in 1999, the NNPC has a moral and strategic interest in ensuring the continuous existence and sustained growth of the association.
 

Wednesday 14 September 2016

THREE MONTHS AFTER FORCE MAJEURE, EXXONMOBIL RESUMES EXPORT

Mobil Producing Nigeria Unlimited, a unit of ExxonMobil, will resume shipment of Qua Iboe crude, Nigeria’s largest grade of crude oil in October, three months after the company had declared force majeure on the exports of the grade.
 

LADOL ADVANCES IN $3.8B EGINA FPSO VESSEL CONSTRUCTION

Managing Director of the Nigerian Ports Authority (NPA), Hadiza Bala UsmanThe Lagos Deep Offshore Logistic (LADOL) Base is blazing the trail in the quest for local capacity development in the country, as it advanced with the construction of the world-class Floating Production Storage and Offloading (FPSO) vessel.

The Indigenous oil and gas logistics firm is currently working on the sections of the FPSO at its Free zone base in Apapa.The Managing Director of LADOL, Dr. Amy Jadesimi, said the yard is where the first ever locally fabricated Floating Production Storage Offloading (FPSO) project took place.

Read more @ Guardian NG

MILITANTS DESTROY NPDC FACILITY IN DELTA, THREATEN MORE ATTACKS

MENDA crude oil delivery line belonging to the Nigerian Petroleum Development Company and crossing Afiesere-Iwhrenene communities in Ughelli North Council Area of Delta State has been blown up by suspected militants.
 
A militant group, the Niger Delta Greenland Justice Mandate, claimed responsibility for the attack which occurred at about 1am on Tuesday.
 

NIGERIA EARNS N1.7 TRILLION FROM CRUDE OIL EXPORT IN Q2

The Minister of State for Pretroleum Resources Emmanuel Ibe Kachikwu PHOTO: TWITTER/NNPCDespite calls for diversification of Nigeria’s revenue base to other sectors like manufacturing and agriculture, oil and gas accounted for 92.9 per cent of the country’s export earnings during the second quarter of 2016.

Specifically, out of the N1.872 trillion of export earnings by the Federal Government during the second quarter of 2016, oil and gas accounted for N1.735 trillion or 92.9 per cent of the total export value.

Read more @ Guardian NG

Friday 9 September 2016

OIL PRICE JUMPS, NEARS $50 PER BARREL AS US INVENTORY DROPS

Oil Price Jumps, Nears $50 per Barrel as US Inventory DropsCrude oil prices on Tuesday surged about four per cent after the United States inventory data showed a drop in stocks to nearly a two-decade low as crude imports into the US Gulf Coast slid last week due to Tropical Storm Hermine.

This is coming as the Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), Mr. Mohammed Barkindo, will today in Paris, France, meet the oil ministers of Saudi Arabia and Algeria as part of the renewed efforts to secure a global agreement to cut crude oil production to ensure the recovery of prices.
 

Wednesday 7 September 2016

NIGERIA LOSING ONE MILLION BARRELS OF OIL DAILY

Vice-President Yemi Osinbajo says Nigeria has been losing one million barrels of crude oil daily in the last six months due to the activities of pipeline vandals.
 
Osinbajo, who is the head of President Muhammadu Buhari’s economic team, disclosed this on Tuesday while receiving a delegation of the Northern States Pentecostal Bishops Forum in his office at the Presidential Villa, Abuja.
 

IRAN SEEKS $50-$60 OIL PRICE AS BARKINDO VISITS TEHRAN

Iranian Oil Minister, Bijan Zanganeh, has stated that his country supports an oil price of $50-60 per barrel and any measure that would help stabilise the market, following a meeting held yesterday with the Secretary General of the Organisation of Petroleum Exporting Countries (OPCE), Mr. Mohammed Barkindo in Tehran.

This is coming as the Chairman of the Senate Committee on Petroleum (Upstream) Resources, Senator Omotayo Alasoadura, said the Petroleum Industry Bill (PIB) was put on hold due to the Niger Delta crisis.
 

U.S. IMPORTS 234,000 BARRELS OF OIL FROM NIGERIA

U.S. imports 234,000 barrels of oil from NigeriaThe United States (U.S.) imported about 234,000 barrels of crude oil from Nigeria in the month of June 2016, according to the country’s Energy Information Administration (EIA).
This is however, a drop from its crude oil imports from Nigeria in May and April, which were 241,000 and 218,000 respectively.

Tuesday 6 September 2016

NLNG RAISES GOVT REVENUE BY $26BN IN FIVE YEARS

The Nigeria LNG Limited says it has contributed more than $26bn to government revenue in the last five years. The Managing Director of the company, Mr. Tony Attah, disclosed this in Abuja when he met with the Minister of Information and Culture, Alhaji Lai Mohammed.

He also sought the intervention of the executive arm to prevail on the National Assembly not to interfere with the NLNG Act 2004.
 

NNPC DENIES INCREASE IN PETROL PUMP PRICE

The Minister of State for Pretroleum Resources Emmanuel Ibe Kachikwu PHOTO: TWITTER/NNPCThe Federal Government yesterday dismissed a possible hike in the price of petroleum products.\

The Group Managing Director (GMD), National Petroleum Corporation‎ (NNPC), Maikanti Kachalla Baru, after a closed-door meeting with President Muhammadu Buhari and the Minister of State for Petroleum Resources, Ibe Kachikwu, yesterday, dismissed the speculation.

Read more @ Guardian Online

Monday 5 September 2016

OIL MINISTRY FRETS AS $7.4BN SHELL, OTHERS’ JV LOANS GO BAD

kachikwuThe Federal Ministry of Petroleum Resources is at crossroads as the $7.4 billion cash call debts to Joint Ventures (JV) with Shell, Chevron, ExxonMobil and other international oil companies (IOCs) go bad. The recession facing the country, according to a document of the ministry seen by New Telegraph, will, if not stemmed, raise the cash call debts to $27 billion in the next 10 years.

Cash call is the counterpart funding the Federal Government pays yearly through the Nigerian National Petroleum Corporation (NNPC) for the 60 per cent equity shareholding it owns in various oil and gas fields operated by IOCs and indigenous oil firms (independents).

Read more @ New Telegraph

OIL INDUSTRY MAY BE CRIPPLED UNLESS URGENT STEPS ARE TAKEN

*Dr. Emmanuel Ibe Kachikwu, Nigeria Minister of State for Petroleum Resources.Former Group Managing Directors of the Nigerian National Petroleum Corporation (NNPC) yesterday rose from a meeting in Abuja and declared that the current situation affecting Nigeria’s oil and gas sector was capable of leading to its total collapse if left unattended to.

Read more @ SweetCrude

Thursday 1 September 2016

GAS CAN TRANSFORM NIGERIA, OTHERS – ORJIAKO

The Chairman of Seplat Petroleum Development Company, Dr. Ambrosie Orjiako, has highlighted the importance of developing the gas potential in Nigeria and other African countries to transform the continent.
 
Orjiako made the submission as a panelist at the Africa/Singapore Business Forum hosted by the International Enterprise in Singapore on August 24, 2016, according to a statement
 

FG SILENT AS STAKEHOLDERS SEEK OIL LICENSING ROUND

As some industry stakeholders continue to look forward to another oil licensing round in the country, the Federal Government has yet to unveil any plans towards awarding licences.
 
Over the past few years, operators and other stakeholders in the oil and gas industry have decried the lack of oil licensing rounds despite the government’s quest to increase the nation’s reserves.
 

OPEC’S OIL OUTPUT HITS RECORD HIGH AS GULF PRODUCTION OFFSETS NIGERIAN, LIBYAN LOSSES

There are strong indications that crude oil production by the Organisation of Petroleum Exporting Countries (OPEC) in August reached its highest in recent history, as increased output from Saudi Arabia and other Gulf members make up for production losses in Nigeria and Libya.
Production in top OPEC exporter Saudi Arabia has likely reached a fresh record, as it meets seasonally higher domestic demand and focuses on maintaining market share.

CRUDE EXPORT TO INCREASE BY 380,000B/D IN DAYS

Crude oil export from Nigeria is expected to increase by about 380,000 barrels per day in the next few days, following the expected return of Shell’s Forcados crude pipeline by mid September.
 
The Chief Executive Officer, Shoreline Group, Mr. Kola Karim, on Wednesday, stated that Shell Nigeria’s Forcados crude oil pipeline would resume deliveries by September.