SHELL EARNINGS SLIDE ON PLUNGING CRUDE PRICE

Royal Dutch Shell is to cut more than $15bn in spending and freeze its dividend in an effort to plug dwindling revenues from oil sales, after the company on Thursday reported a sharp slide in quarterly earnings due to the plunge in crude prices.

 

The Anglo-Dutch energy group, the first of the world’s big oil companies to report full-year results for 2014, signalled that a period of adjustment lay ahead for much of the industry, following a near 60 per cent slide in crude prices since last summer to less than $50 a barrel.

 

Read more @ Businessday Online

LOW OIL PRICES MAY STUNT SECTOR INVESTMENT BY $257BN

The strain of low oil prices will lead to cancellation or suspension of investments worth $257billion in the oil and gas industry over the next two years and could create inducements for mergers and acquisitions, according to Wood Mackenzie, a Global oil sector consulting firm.

 

A breakdown of this indicates that investments worth $112bn will be cancelled or suspended in 2015 while another tranche of $145 billion will be affected in 2016.

 

Read more @ Businessday Online

BRASS LNG SHAREHOLDERS CONSTITUTE PRE-FEED TEAM

Shareholders and partners of Brass Liquefied Natural Gas, LNG, project have constituted a new pre-Front End Engineering Design, FEED, team and adopted a new technology, APCL, to ensure the sustainability of the project.

 

Speaking in Lagos at a dinner in honour of the team from Italy’s Eni, after the visitors and other shareholders had undertaken a tour of the project site at Brass Island in Bayelsa State, Chairman of Brass LNG, Dr. Jackson Gaius-Obaseki, said that the commitment demonstrated by the shareholders was very unusual for any project of the kind anywhere in the world.

Read more @ Sweet Crude

GOVT AVERTS PENDING STRIKE WITH PETROL TANKER DRIVERS

The Federal Government said that another pending fuel crisis in the nation had been averted following Tuesday’s meeting with aggrieved management of the Nigerian Association of Road Transport Owners (NARTO).

The government’s position was contained in a communique issued at the end of the meeting between officials of the Petroleum Equalisation Fund (Management) Board, PEF(M)B, in Abuja with NARTO officials and executives of other relevant unions in the oil and gas sector.

Read more @ Sweet Crude

TOTAL COMPLETES GAS PIPELINE TO ALAOJI POWER STATION

Total Exploration and Production (E&P) Nigeria on Tuesday announced that gas supply to the 1,074 megawatts (MW) capacity Alaoji National Integrated Power Plant (NIPP) is expected to be boosted with its completion of a section of its Northern Option Pipeline (NOPL) from kilometre (km) 38 at Obigbo to km 50 at Imo River.

Disclosing its completion of the pipeline, Total said in a statement in Abuja that the pipeline was now ready for gas inflow to the Alaoji NIPP along the Imo River in Abia State.

 

Read more @ Thisday Live

SHAREHOLDERS LOSE N39BN IN OIL AND GAS

Investors in the oil and gas sector of Nigeria’s capital market have lost N38.806 billion in the past three weeks following market depression that has pervaded the stock market, owing to the steep drop in the prices of crude in the international market which necessitated the devaluation of the naira.

Investigationshowed that the oil and gas sub-sector recorded a loss of N38.806 billion or 5.4 per cent to close at N713.218 billion in market capitalisation on January 26, 2015, as against the closing figure of N752.024 billion on December 31, 2014.

Read more @ New Telegraph

CASH CALL DEFICIT THREATENS GOVT’S ZERO-GAS-FLARE AGENDA

Indications have emerged that the zero gas flare agenda of the Federal Government may not be actualized in the foreseeable future afterall, as fund paucity has threatened the strategic gas gathering projects.

Indeed, some of the joint venture partners in the country, including Shell, Chevron, Total, NOAC and ExxonMobil have continuously lamented funding challenges.

Read more @ Guardian Online

 

BRASS LNG SHAREHOLDERS EYE PREFERRED BIDDER FOR ONSHORE WORKS

As a step ahead of the Final Investment Decision (FID) of the multibillion dollar Brass Liquefied Natural Gas (LNG) project in Bayelsa State, the shareholders now eye a preferred bidder for the onshore works.

Speaking in Lagos at a recent dinner in honour of the newly-constituted pre-Front End Engineering Design (FEED) team from Italy’s Eni, after the visitors and other shareholders had undertaken a tour of the project site at Brass Island in Bayelsa State, the Chairman of Brass LNG, Dr. Jackson Gaius-Obaseki, told the visitors that what was between the shareholders and the FID was the choice of preferred bidder for the onshore works.

 

Read more @ Thisday Live

TOTAL LAUNCHES EGI SME FUND TO BOOST GRASSROOTS ECONOMY

French oil-giant, Total E & P, has given a further boost of economic empowerment to its OML58 host communities through the promotion of Small and Medium Enterprises (SMEs).

The new initiative would provide a leverage to access needed finance that would enable them form and develop their businesses without the hurdles of collateral commonly needed to obtain loans.

Read more @ The Tide

RELIEF AS NNPC’S FORCADOS PIPELINE RESUMES OPERATIONS

Nigerians will experience relief in power supply as the Trans-Forcados oil pipeline, which transports crude oil to an export terminal and gas to power stations, resumed operations after one week of closure.

The closure of the pipeline a week ago due to sabotage had led to a drop in power generation by 1,500 megawatts as almost half of the country’s gas production was affected.

 

Read more @ Thisday Live

The Commander of the Joint Task Force, JTF, operating in the Niger Delta, codenamed Operation Pulo Shield, Maj. Gen. Emmanuel Jebe Atewe, has warned kidnappers, sea robbers, oil thieves and criminals that engage in criminalities in the region and its environs to look for a legitimate job or risked being crushed.

Maj. Gen. Atewe gave the warning when the new Air Officer Commanding, AOC, Mobility Command of the Nigerian Air Force, Air-Vice Marshal Frank Nyoyoko, paid him a courtesy call at the headquarters of the JTF at Opolo Road, in Yenagoa, the Bayelsa State capital.

Read more @ Sweet Crude

EGBIN POWER STATION TARGETS 1,350MW INCREASE BY 2017

Nigeria’s largest power generation station, Egbin Thermal power plant, ‎has been repositioned to boost electricity supply in the country by an additional 1, 350 megawatts in 2017.
‎
With initial installed capacity of 1, 320mw, consisting of six units of 220mw each, the addition of 1,350mw at the plant will see it generate 2,670mw in two years time.

Read more @ Sweet Crude

$16BN EPZ PROJECT: JONATHAN SEEKS NEW DATE FOR CEREMONY

President Goodluck Jonathan has mandated Governor Emmanuel Uduaghan of Delta State, relevant authorities in the Presidency and the Ministry of Petroleum Resources to fix a new date for the ground breaking ceremony of the $16 billion Export Processing Zone, EPZ project.

Jonathan gave the directive when he paid a courtesy call on the Olu of Warri, Ogiame Atuwatse II, in the company of Dr. Uduaghan, during an unscheduled visit to Delta State.

Read more @ Vanguard Online

OIL FIRMS SLASH CAPEX, WORK PROGRAMMES ON PRICE CRASH

Oil companies are cutting their capital expenditures (capex) and work programmes for this year as crude oil price remain below $50 per barrel for close to two months, it was learnt.

The implication of these cut downs, according to the Managing Director of Seplat Petroleum Plc, Austin Avuru, is that as the oil firms cut their capex, they are also reducing future oil production.

Read more @ Nation Online

EXPLORATION STALLS IN AFRICA AS OIL PRICE DECLINES

The dash for resources that saw explorers invest billions of dollars to tap promising oil fields from Ghana on the West Coast to Tanzania on the East is stalling as the global drop in crude prices pushes drillers to reconsider the high costs of exploration on the continent.

Read more @ Businessday Online

CrackerJack: Radisson Blu Lagos Temporarily Shuts down for Reno...

CrackerJack: Radisson Blu Lagos Temporarily Shuts down for Reno...: In a bid to continue its unrivaled world class services to its customers and retain its standards, 5-star, water-front Radisson Blu Ancho...

OPEC, OIL COMPANIES CLASH AT DAVOS OVER PRICE COLLAPSE

OPEC defended on Wednesday its decision not to intervene to halt the oil price collapse, shrugging off warnings by top energy firms that the cartel's policy could lead to a huge supply shortage as investments dry up.

The strain the halving of oil prices since June is putting on producers was laid bare when non-member Oman voiced its first direct, public criticism of the Organization of the Petroleum Exporting Countries' November decision not to cut production but instead to focus on market share.

Read more @ Reuters

RUSSIA MAY SEE OIL OUTPUT FALL BY 1MILLION BPD – DEPUTY PM

Russia may see a natural decline in oil output by around 1 million barrels per day (bpd) at most but has no plans to cut production in coordination with OPEC, Deputy Prime Minister Arkady Dvorkovich said on Wednesday.

Russia is the world’s biggest oil producer and output hit a post-Soviet high at an average 10.58 million bpd last year, but Western sanctions over Ukraine and low prices pose a threat to the development of what is the country’s key source of revenue.

Read more @ Sweet Crude

BRASS LNG SHAREHOLDERS REAFFIRM COMMITMENT TO PROJECT

Determined to ensure that the exit of ConocoPhillips and the discontinuance of the initial Cascade technology does not hamper the implementation of the multi-billion dollar Brass Liquefied Natural Gas (LNG) project, the shareholders in the project have constituted a new pre-Front End Engineering Design (FEED) team and adopted a new technology, APCL.

 

ConocoPhillips, which held 17 per cent stake in the project, recently completed their “elegant exit” from the project.

 

Read more @ Thisday Live

IPMAN’S 2 REFINERIES READY IN 18 MONTHS

The two refineries being established by the Independent Petroleum Marketers Association of Nigeria (IPMAN) are expected to be ready in 18 months to boost fuel supply and reduce refined crude price when completed.

According to the National Secretary of the association, Alhaji Danladi Pasali, who disclosed this in Lagos during the election and inauguration of new executive of IPMAN Western Zone, the new refineries are sited in Kogi and Rivers states.

Read more @ Sun News Online

WEST AFRICAN GAS PROJECT FAILS TO DELIVER RESULTS

The oft-touted West African Gas pipeline project may be in for some tough times due to the inability of Nigeria, the main initiator and country possessing the largest gas reserves in the region, to meet its supply obligations.

Ghana’s President, John Mahama recently said that Nigeria had to pay Ghana the amount of $10 million in penalties for failing to deliver the quantity of gas spelt out under the West African Gas Pipeline project.

Read more @ Sweet Crude

OIL MAJORS SEEK TO CUT BACK COSTS FROM SERVICE FIRMS

Global oil majors, at the ongoing World Economic Forum in Davos, Switzerland, have demanded for cheaper but better services from engineering and service companies, or simply taking work back in-house, after losing hundreds of billions on cost overruns in the last five years.

Cost overruns and delays were the main reason why oil majors generated less cash than shareholders expected when oil was over $100 per barrel.

Read more @ The Guardian

SUBSIDY ON PETROL NOW N2.84 PER LITRE –PPPRA

Despite the recent reduction in the pump price of petrol from N97 to N87 per litre, the Federal Government has claimed it still pays N2.84 as subsidy on every litre of the product consumed.

 

According to the latest petrol pricing template published on the website of the Petroleum Products Pricing Regulatory Agency, the Expected Open Market Price of Premium Motor Spirit, otherwise called petrol, is N89.84 per litre, while the regulated price is N87 per litre.

 

Read more @ Punch Online

PLUMMETING CRUDE OIL PRICES MAY AFFECT INVESTMENT DECISIONS

World energy leaders have expressed worries over crude oil price volatility and its effect on investment decisions on projects across the globe.

Besides, they identified energy affordability and energy poverty as some recurring top critical uncertainties for Nigeria’s energy leaders.

Read more @ The Guardian
 

IRAQ, AFGHANISTAN: US COURT REJECTS KBR, HALLIBURTON APPEALS

The US Supreme Court has allowed lawsuits to move forward against government contractors in Iraq and Afghanistan by declining to hear appeals filed by KBR and Halliburton.

The high court left intact appeals court rulings against the two companies in three different cases, Reuters reported.

Read more @ Sweet Crude

LIBYA’S OPEC GOVERNOR ‘MISSING’

Samir Kamal, Libya’s governor for oil cartel OPEC for the past two years, has disappeared in Tripoli.

The senior manager at the country’s Ministry of Oil has not been seen since leaving his place of work on Thursday afternoon, numerous media reports say.

Read more @ Sweet Crude

HOW WE ARRIVED AT N87 PER LITRE PETROL PRICE – GOVT

The Federal Government has explained how the new price of N87 per litre of petrol was arrived at, saying it was based on the components of the prevailing petroleum products pricing template.

The Petroleum Products Pricing Regulatory Agency, PPPRA, pricing template shows the landing cost, the ex-depot price, which is the price that products marketers are to pay for products they lift, and the expected open market price of petroleum products.

Read more @ Sweet Crude

VANDALISM FORCES A SHUTDOWN OF $1.1BN NEMBE CREEK PIPELINE

Barely two months after Shell Petroleum Development Company (SPDC) completed the sale of the $1.1 billion Nembe Creek Trunkline (NCTL) to Aiteo-led consortium, Shell has shut down the facility due to vandalism.

The NCTL and the Trans Niger Pipeline (TNP) are the company’s two major pipelines in Eastern Niger Delta that transport crude oil from the company and third parties to the Bonny Export Terminal in Rivers State.

 

Read more @ Thisday Live

 

 

NIGERIA, AUSTRALIA LNG TENDER RESULTS OUT SOON

Nigeria and Australia spot Liquefied Natural Gas (LNG) tender results would be released this week, according to sources. Investigations showed that authorities have almost completed work on the tender which many stakeholders said is crucial to the industry.

Already, Reuters stated that the spot price LNG for February fell to about $9.90 per million British thermal units, down from around $10.10 the previous week.

Read more @ Nigerian Tribune

DEEPWATER PROJECTS MAY BE CANCELLED – NNPC

With the steep decline in global oil prices, several deepwater projects in the country face delays or outright cancellation, the Nigerian National Petroleum Corporation has said.

 

The global benchmark Brent crude, which peaked at $115 per barrel in June 2014, traded around $48 per barrel on Tuesday.

 

Read more @ The Punch

NIGERIA LOSES N1.56BN TO LOWER OIL OUTPUT PRICES

The Nigeria has lost about N1.56 billion in oil revenue in one month as a result of output outage and price rout occasioned by the volatility in the price of crude oil in the international market.

The nation’s gross oil revenue dipped to N381.58 billion ($2.3 billion) in December, from N383.14 billion in November, according to figures from the Federal Ministry of Finance. Nigeria, Africa’s biggest crude exporter, which depends largely on crude proceeds to service over 85 per cent of its budget, has been facing down time since the last quarter of 2014 and the ministry said in a statement that the oil price rout cost the country N1.56 billion revenue loss in one month

Read more @ New Telegraph

NIGERIA’S CRUDE DEMAND TO TOUCH DECADE LOW

Demand for crude oil from Nigeria will fall to its lowest in a decade in 2015, the Organisation of Petroleum Exporting Countries (OPEC) said at the weekend amidst worsening oil price rout rocking the global market.

OPEC, which said this on its website, maintained that the same fate would befall 11 other members of the organisation. Nigeria, Africa’s biggest crude exporter, is facing a cash crunch following the continued fall in prices of crude, its biggest revenue earner.

Read more @ New Telegraph

PETROL PRICE REDUCTION TOO SMALL –NLC

The leadership of the Nigeria Labour Congress and the Trade Union Congress on Monday called on the Federal Government to come out with a more realistic template for determining the right cost of a litre of petrol in the country.

Although the groups welcomed the reduction of the pump price from N97 to N87 per litre, they argued that it was far from what the cost of the product should be.

Read More @ Punch Online

IOCs TO DIVEST 250,000BPD WORTH OF EQUITY IN 2015

Nigeria may not have seen the end of divestments in the oil and gas sector going by the findings of PricewaterhouseCoopers’, PwC, a management and advisory services firm.

The firm disclosed this in its review of the oil and gas industry in Nigeria in 2014. It estimated that by the end of 2015, the International Oil Companies, IOCs, operating in Nigeria would have sold at least 250,000 barrels per day worth of equity in onshore and shallow water producing assets in the Niger Delta region.

 

Read more @ Vanguard

EX-MINISTER, NNPC GMDS DEMAND NIGERIA’S WITHDRAWAL FROM OPEC

A former minister of Petroleum Resources, some past group managing directors and directors of the Nigerian National Petroleum Corporation have questioned the country’s continuing membership of the Organisation of Petroleum Exporting Countries.

 

They said that Nigeria’s membership of the cartel was currently hurting the economy and urged the country to pull out of the organisation.

 

Read more @ Punch Online

EREMA FC WIN TEPNG TOURNEY

Erema Football Club of Ogba/Egbema/Ndoni Local Government of Rivers State have won the 16th edition of the Nigerian National Petroleum Corporation/Total E & P Nigeria Limited soccer competition.

 

The team, which won the competition for a record eight times on Saturday, beat Ogbogu Football Club from the same area 1-0.

 

Read more @ Punch Online

PETROL NOW N87 PER LITRE – FG

The Federal Government on Sunday announced a reduction in the pump price of petrol by N10 from N97 to N87 per litre.

The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, announced the reduction while briefing State House correspondents at the Presidential Villa, Abuja.
 
Read more @ Punch Online

SCHNEIDER ELECTRIC INTRODUCES INNOVATIVE SOLAR STREETLIGHTS

Lagos, (Nigeria), January 12, 2015 - Schneider Electric the global specialist in energy management has announced the introduction of a new range of innovative energy efficient maintenance-free Solar Streetlights called Villaya. This was disclosed by the Field Marketing and Access to Energy Manager, Anne Ezeh while introducing the product to a select group of customers at the company's head office in Lagos.

 

Speaking further on the unique attributes of the Villaya Solar Streetlights, she revealed that the product offers sustainable lighting capacity for up to 10 years. "Unlike others, the Villaya Solar Streetlights' unique integrated concept makes installation very quick and easy because there is no need for trenching, cabling or on site assembling and the advanced LED technology and management system guarantees the lamps can last for up to 10 years" Anne said.

  

In addition to its Smart Management System, the Villaya Solar Streetlights offer unrivalled heat resistance, highly efficient LED light engine that provides the best ratio of lumens per watt as well as a unique all-in-one integrated plug and play design which allows for retrofitting, easy installation and helps to avoid vandalism.

The Villaya Solar Streetlights work by automatically detecting night time conditions through an integrated circuit processor that guarantees full power during the night and graduated reduction of light intensity after 4 to 5 hours, to stretch the availability of its lighting service all year long.

 

Speaking on the organization's unwavering commitment towards providing innovative energy solutions, Anne Ezeh stated, "The Villaya Solar Streetlight is a product solution to promote environmental safety, efficient, renewable, clean and affordable power, even in remote or off-grid areas that require good street lighting and zero electricity bills" She said.

 

Schneider Electric has been at the forefront of sustainable power sector development in Nigeria, not only by the introduction of genuine electrical products, but also in the development of manpower, in a bid to complement the Federal Government's efforts in the sector.

 

For more information, visit the Schneider Electric Website

DIEZANI TO COMMISSION THREE 25MW GAS TURBINES FOR P-HARCOURT REFINERY

Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke will soon ommission three 25 megawatts gas turbines, aimed at facilitating uninterrupted power supply to the Port Harcourt Refining Company Limited, PHRC, in Rivers State.

The power plants to be installed and operated by an independent power producer is part of measures to ensure continuous and unimpeded refining of petroleum products in PHRC.

Read more @ Vanguard

NNPC’S PORT HARCOURT REFINERY COMPANY NETS N11.2BN PROFIT

The Port Harcourt Refining Company (PHRC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), has announced a record net profit of N11.2 billion for last December, representing N8.2 billion or 250 per cent above the N3.2 billion posted by the company in preceding November 2014.

The Managing Director of the company, Dr. Bafred Enjugu, who disclosed this in a statement on Thursday, attributed the improved financial performance to the phased rehabilitation programme and resumption of crude supply to the plants.

 

Read more @ Thisday Live

MAINONE UNVEILS MDX-I, WEST AFRICA’S PREMIER TIER III DATA CENTER

Lagos (Nigeria) January 15, 2015 – MainOne, Nigeria’s leading provider of innovative telecom services and network solutions for businesses in West Africa, today announced the opening of its premier Tier III Lekki Data Center to address the growing demand for Colocation, Cloud and Disaster Recovery Services in West Africa. In addition, MainOne announced that the purpose built facility designed to international TIA 942 standards will be managed under a new subsidiary branded as MDX-i.

Speaking at the launch, the Chairman of MainOne, Fola Adeola reiterated the company’s commitment to nurture the growth and impact of the Internet ecosystem through the provision of high-quality infrastructure to power businesses and governments across West Africa.

Chief Executive Officer, MainOne, Funke Opeke said, “We are delighted to launch West Africa’s largest and best-connected data center.  This reaffirms our capabilities in meeting the needs of business for reliable connectivity and data center services in a dynamic and fast paced global economy”

During a ribbon cutting ceremony featuring the Nigeria’s Minister of Communications Technology, Dr. Omobola Johnson,  as well as other notable industry leaders, the facility was declared opened and ready for service for Enterprises & Government in West Africa.

In her comments, the Minister of Communications Technology, Dr. (Mrs.) Omobola Johnson, said that the launch of MDX-I data center facility is a notable accomplishment that complements initiatives required to further drive the realization of the National  broadband plan Nigeria. “Availability of world class Data centers in Nigeria is critical infrastructure required for the implementation of our Broadband initiatives. The accomplishment by MainOne is indeed significant as it provides an outsourcing and cost effective model to further drive ICT adoption.”    

MDX-i’s Tier III Lekki Data Center is the first of many planned data centers by the company in Nigeria.  It is a N7 Billion investment and has capacity for 600 racks.  The data center provides Corporate customers with world class Colocation, Cloud and Managed Services and the first set of customers will enjoy services starting from next week.

To see the documentary, The Making of The MainOne Data Center, click here

For more information, visit the MainOne Cable Company

OIL PRICES WILL START RISING MID YEAR-EIA

By mid-year, oil prices are expected to start rising owing to a more balanced market occasioned by weakening supply and increasing demand, according to the United States Energy Information Administration’s Short-Term Energy Outlook for January 2015 released on Wednesday.

 

For now, price projections reflect a scenario in which supply is expected to continue to exceed demand, leading to inventory builds through the first three quarters of the year, the outlook explained.

 

Read more @ The Punch

EGINA FPSO FIELD CONTRACT: COURT ORDERS PARTIES TO MAINTAIN STATUS QUO

A Federal High Court in Lagos has ordered the Attorney General of the Federation (AGF) and four others to maintain the status quo in the award of the multi-million dollar contract for the controversial storage and offloading unit FPSO in Egina Field within OML 130, pending the determination of the suit.

Other defendants in the suit are the National Petroleum Investment Management Services (NPIMS); Nigerian Content Development Monitoring Board (CDMB); Samsung Heavy Industry Nigeria Limited and Total Upstream Nigeria Ltd.

 

Read more @ Thisday Live

NIGERIA'S CRUDE EXPORT DECLINES

The Federal Government exported 140.79 million barrels or 1.53mbd of crude oil during the third quarter of 2014, according to the Central Bank of Nigeria (CBN) in its latest economic report.

This represents decline of the country's essential commodity, which stood at 1.46 mbd or 131.4 million barrels.

Read more @ The Guardian

REFINERIES’ REPAIR’LL BE CONCLUDED IN JANUARY 2016 – NNPC

The Nigerian National Petroleum Corporation on Tuesday said that it would take 18 months, beginning from October 2014, to rehabilitate the country’s refineries.

 

However, between October and Tuesday when the announcement was made, three months have elapsed, leaving about 15 months for the rehabilitation to be concluded.

 

Read more @ The Punch

NNPC MUSTERS STRENGTH TO CURB OIL THEFT, PIPELINE VANDALISM

The Nigerian National Petroleum Corporation (NNPC) has expressed commitment to put an end to the incessant oil theft and pipeline vandalism that have pose big threat to the socio-economy development of the nation.

Read more @ The Guardian

NNPC REFUTES ALLEGED N152BN EXPENDITURE ON FOUR REFINERIES

The Nigerian National Petroleum Corporation (NNPC) on Tuesday said it did not budget or expend N152 billion as recently claimed by certain politicians for the rehabilitation of its four refineries located in Kaduna, Warri and Port Harcourt.

The rebuttal is coming on the heels of the disclosure by the All Progressives Congress Presidential Campaign Organisation (APCPCO) that General Muhammadu Buhari will put an end to the veil of secrecy and shadiness that has characterised the transactions of the corporation if elected into office in the February 14 presidential election.

 

Read more @ ThisdayLive

TOTAL ENDS FLARE OUT IN OFON FIELD

The French oil giant in Nigeria, Total, says it has completed the flare out of the Ofon field in Akwa Ibom State on Oil Mining Lease (OML) 102 offshore claiming that the associated gas of the said field is now being compressed, evacuated to shore and monetized through Nigeria LNG.

Read more @ The Tide

NO END IN SIGHT TO SLIDING CRUDE OIL PRICES

There seems to be no end to the current fall in crude oil prices, as experts are predicting a glooming future for the essential commodity of oil producing countries.

Organsiation of Petroleum Exporting Countries (OPEC), which pumps about 40 per cent of the world’s oil, has stressed several times in the past that it won’t curb output to halt the slump in prices. The group decided to maintain its collective quota at 30 million barrels a day. 

Read more @ The Guardian 

CRUDE OIL PRICES SLIDE FURTHER TO $43.44 A BARREL

Oil prices have continued to be on the downward slide as members of Organisation of Petroleum Exporting Countries (OPEC) are battling a U.S. shale boom by resisting production cuts.

Experts believed that there is need for the Federal Government to adjust micro economic variables to cope with the effects of the continuous price decline on the economy. 

Read more @ the Guardian 

SENATE MAY PROPOSE $40 OIL BENCHMARK

Strong indications emerged on Monday that the Senate would propose that the oil benchmark for the 2015 budget be reduced to $40 per barrel in line with the reality of falling crude prices in the international market.

 

The Minister of Finance, Dr. Ngozi Okonjo-Iweala, had presented a national budget size of N4.357tn based on a projected oil production figure of 2.2 million barrels per day and a benchmark price of $65 per barrel.

 

Read more @ The Punch

‘NIGERIA’S OIL PRODUCTION MAY RISE BY 297,000BPD IN TWO YEARS’

Barring any unforeseen circumstance, Nigeria’s oil production capacity may increase by about 297,000 barrels per day (bpd) between now and 2017, going by indications from the Nigerian National Petroleum Corporation (NNPC).

The nation, which at present produces about 2,037 million barrels per day (bpd), is expected to get additional 40,000bpd in 2015, 57,000bpd in 2016 and 200,000bpd in 2017 (totalling 297,000bpd) from new projects from the oil multinationals like ExxonMobil and Total.

Read more @ The Guardian

OIL PRICES DIP TO SIX-YEAR LOW

The price of Brent crude oil has fallen, further taking it to a new six-year low. The price of a barrel of the North Sea benchmark dropped by three per cent to $48.54, its lowest level since April 2009.

US crude oil was also at its lowest level since that time, down by 2.6 per cent to $47.10 a barrel. The price of Organisation of Petroleum Exporting Countries (OPEC) basket of 12 crudes stood at $45.19 a barrel yesterday, compared with $45.68 the previous day.

Read more @ The Guardian

FG InSTALLS MONITORING GADGETS ON GAS PIPELINES

The Federal Government on Monday said it had commenced the installation of electronic monitoring equipment on pipelines that supply gas to power generation plants following their repeated rupturing by vandals.

 

According to the government, the gains recorded in power generation are often rubbished by gas pipelines vandals, a development that has reduced the country’s generated power from over 4,100 megawatts in December to a little above 3,000MW early this month.

Read more @ The Punch