A communications consultant to the Ministry of Energy and Petroleum, Edward Bawa, denied the reports that Nigeria has cut gas supply to Ghana in an interview with a local news site.
Read more @ SweetCrude
Tuesday, 31 March 2015
GHANA REFUTES CLAIM THAT NIGERIA CUT GAS SUPPLY DUE TO INDEBTEDNESS
The Ghanaian government has denied claims that it owes $100 million to the Nigerian Gas Company, which had led to a cut-off in the supply of gas for its power plants.
A communications consultant to the Ministry of Energy and Petroleum, Edward Bawa, denied the reports that Nigeria has cut gas supply to Ghana in an interview with a local news site.
Read more @ SweetCrude
A communications consultant to the Ministry of Energy and Petroleum, Edward Bawa, denied the reports that Nigeria has cut gas supply to Ghana in an interview with a local news site.
Read more @ SweetCrude
OIL, GAS EXPLORATION COSTS SET TO FALL 33%, SAYS WOOD MACKENZIE
As oil and gas industry operators adjust to the low oil price environment with exploration budget cuts in 2015 expected to average 30 per cent, a new report by Wood Mackenzie suggests that the cost of exploration in the sector will slump by 33 per cent by 2016.
In its report “Upstream cost deflation: how much could costs of exploration fall?”, Wood Mackenzie stated that exploration deflation will average 33 per cent by 2016, comprising three global elements that are locally compounded by favourable exchange rate moves.
WOOD MACKENZIE CLASSIFIES CHEVRON'S DISPUTED OIL BLOCK AS NON-COMMERCIAL
A global leader in commercial intelligence for the energy, metals and mining industries, Wood Mackenzie has declared the Ohaji South Field in Chevron’s disputed Oil Mining Lease (OML) 53, which was acquired by Seplat Petroleum Development Company Plc as non-commercial.
TOTAL COMPLETES $1BN NIGERIAN ASSET SALE
French oil major, Total, has completed the divestment of its stakes in three onshore Nigerian oil blocks, with sale proceeds amounting to over $1bn.
The divested assets are Oil Mining Leases 18, 24 and 29, the company said, adding that its interest in OML 29 was sold to Aiteo Eastern E&P, a Nigerian company, for $569m.
ELECTIONS DELAY GAS SUPPLY TO NIPP POWER STATIONS IN SOUTH WEST
The Nigerian National Petroleum Corporation (NNPC) has stated that the supply of gas to the power stations built under the National Integrated Power Project (NIPP) in the western part of Nigeria is being delayed by the general elections in the country.
Speaking at a special session of the recent Nigeria Oil and Gas (NOG) Conference in Abuja, the Group Executive Director in charge of Gas and Power at the NNPC, Dr. David Ige stated that the foreign experts who would have inaugurated the newly-completed Bonga Divert project designed to supply 140 million standard cubic feet per day of gas to the NIPP plants did not want to come to Nigeria because of the elections.
Speaking at a special session of the recent Nigeria Oil and Gas (NOG) Conference in Abuja, the Group Executive Director in charge of Gas and Power at the NNPC, Dr. David Ige stated that the foreign experts who would have inaugurated the newly-completed Bonga Divert project designed to supply 140 million standard cubic feet per day of gas to the NIPP plants did not want to come to Nigeria because of the elections.Monday, 30 March 2015
LOCAL FIRMS' CRUDE OUTPUT HITS 252,000 BARRELS P/D
Indigenous crude producers in Nigeria jacked up output to over 252, 000 barrels in February, 11 per cent of the total 2.32 million barrels per day output in the month under review. The country’s crude production statistics obtained by New Telegraph at the weekend showed that the daily output in the month peaked at 2.47 million.
Read more @ New Telegraph
Read more @ New Telegraph
FINALLY, US HALTS OIL IMPORTS FROM NIGERIA
The United States, hitherto Nigeria’s largest crude oil importer, has finally stopped the importation of Nigerian light sweet crude. The volume of Nigeria’s crude exports to US refineries had earlier witnessed drastic reduction and “on-and-off supplies” in the last one year as explorations of shale oil in the US yield more fruits.But the Federal Government officially confirmed at the weekend that Washington has stopped buying oil from Nigeria. The Nigerian National Petroleum Corporation (NNPC), operator of government’s stake in oil business, described this crisis, which also affects other African exporters of sweet crude, as a major “market disruption.”
Read more @ New Telegraph
Friday, 27 March 2015
SAIPEM CLOSE TO CLINCHING NIGERIA JV
Italian oil service company, Saipem, is close to signing a joint venture with a local partner in Nigeria to consolidate its position in the country, a source familiar with the matter said yesterday.
“The group is finalising the creation of a joint venture with a very important Nigerian partner to help it develop business in the country,” the source said.
“The group is finalising the creation of a joint venture with a very important Nigerian partner to help it develop business in the country,” the source said.
GAS CITY PROJECT: JONATHAN PERFORMS GROUNDBREAKING IN DELTA
President Goodluck Jonathan on wedsday, performed the groundbreaking ceremony of the multi-billion Gas City Project at Ogidigben, Warri South-West Local Government of Delta State, with a declaration that Nigeria’s march to industrialisation has just commenced.The president noted that job creation was of paramount interest in his administration’s conception of the tree point agenda on gas production in the country.
Read more @ Thisdaylive
Thursday, 26 March 2015
NNPC, SHELL, AITEO CONCLUDE SALE OF OML 29, NEMBE CREEK TRUNKLINE
The Nigerian National Petroleum Corporation (NNPC), Shell Petroleum Development Company (SPDC) and a local oil and gas firm, Aiteo Eastern Exploration and Production Company Limited, have concluded the transaction involving the acquisition of SPDC’s 30 per cent stake in Oil Mining Lease (OML) 29 and the Nembe Creek Trunkline (NCTL) by the indigenous firm under the latest divestment programme of the oil giant.
Total E&P Nigeria Limited and Nigerian Agip Oil Company Limited have also assigned their interests of 10 per cent and five per cent respectively in the lease, ultimately giving Aiteo Eastern E&P Company Limited a 45 per cent interest in OML 29 and the NCTL.
50% POWER TARIFF CUT TAKES EFFECT APRIL 1 – NERC
The Nigerian Electricity Regulatory Commission, NERC, says the 50 per cent slash on electricity tariff as recently directed by President Goodluck Jonathan will take effect from April 1.This information is coming amid insistence by the Power Distribution Companies, DISCOs, on the old tariff under the Multi-Year Tariff Order, MYTO 2.1 as they claimed they were yet to officially communicated by NERC on the presidential directive.
Read more @ SweetCrudeReport
OIL INDUSTRY OPERATORS URGE FG TO DEPLOY MODERN TECHNOLOGY IN COMBATING PIPELINE VANDALISM
Some oil and gas experts on Wednesrday urged the federal government to deploy modern technology in combating the activities of crude oil thieves in the Niger Delta area.
They told the News Agency of Nigeria (NAN) in Lagos that such technology should include Closed Circuit Television (CCTV) and other electronic devices that could indicate that a pipeline was being tampered with.
PPPRA CUTS Q2 PETROLEUM IMPORT ALLOCATIONS BY 50%
The Federal Government has issued permits allowing 1.5 million mt in petroleum imports in the second quarter, slashing Q1 permitted volumes in half after private companies demanded the lower allocations due to rising import costs and a government subsidy dispute.The Petroleum Products Pricing Regulatory Agency (PPPRA) issued permits for around 3 million mt of petrol in Q1, which the agency said at the time was to cover for the nearly absent output from domestic refineries.
Read more @ SweetCrudeReports
Monday, 23 March 2015
UNLOCKING POTENTIALS IN SUB-SAHARA AFRICA
In
realization of these inherent opportunities in the sub - region, the maiden
edition of the Sub-Sahara Africa Upstream Oil & Gas Summit & Exhibition
has been scheduled to hold in Accra, Ghana from 1st - 3rd April 2015 with theme
“Unlocking Potentials in sub-Sahara Africa Upstream Oil & Gas”. The summit
is organized by Zenith Professional Training (ZPT), a firm with several years’
of building oil and gas capacity through industry specialized training.
The
Summit and exhibition, in its maiden edition is aimed at bringing to the fore
the intricacies of the oil and gas sector, the potentials of the industry and
the sizable share of global reserves and resources deposited in Nigeria, Ghana
and other oil-producing countries in the Sub-Saharan African region.
Issues
to be discussed range from cross-border matters, particularly for stakeholder
licenses, financial instruments for marginal fields, local content drive, to
security and safety in extractive industries and sustainable management of
resources. Beyond discussions, the event affords participants the opportunity
to showcase their
organization’s brand and products, launch company’s new products and services,
increase product awareness across the Sub-Saharan African region, face to face
contact with potential clients and clients’ customers as well as networking
with key decision makers.
It
is expected that the summit and exhibition will attract many key industry
players from across Africa and beyond. The exhibition will provide a veritable
opportunity for established Exploration & Production Companies, Marginal Field Companies, State Governments, Government Agencies, Legal & Financial Services
Providers, Exploration,
Production & Processing Technology Manufacturers, Exploration, Production &
Processing Service Companies, services providers, equipment manufacturers and
new entries to interact and showcase their potentials.
Visit Site for more info
Media Enquiries:
Nigeria/Ghana:
Innocent
Nwani
+234 816 853 6627
Thursday, 19 March 2015
SEVEN ENERGY BEGINS SUPPLY OF NATURAL GAS TO NOTORE
Nigeria: March 18, 2015: Seven Energy
International Limited (“Seven Energy”), the indigenous Nigerian oil and gas
development, production and gas distribution Company has commenced the supply
of natural gas to Notore Chemical Industries Plc. (“Notore”), a leading
fertiliser and agro-allied company in Africa. The commercial delivery of gas to
Notore in Onne, Rivers State is being executed through Accugas, a wholly-owned
subsidiary of Seven Energy.
Gas is
being supplied at a rate of 25 million cubic feet per day (“MMcfpd”) as part of
the feedstock to Notore’s fertiliser plant. By this supply arrangement, Seven
Energy is enabling the Notore fertiliser plant to improve its operational efficiency
enhancing the plant’s output. Natural gas is the core input into the production
of fertiliser.
Phillip
Ihenacho, Chief Executive Officer, Seven Energy commented: “We are happy to announce the formal commencement of gas deliveries to
Notore Chemical Industries Plc through our subsidiary, Accugas, a clear
demonstration of our commitment to drive the industrialisation of Nigeria through
the development of the Country’s huge natural gas resources. Through the supply
of our processed gas we are providing a new source of feedstock to meet the company’s
increasing requirements, whilst directly enabling the production of fertiliser
that Nigeria’s burgeoning agriculture sector desperately needs to grow.”
Stephen
Tierney, Managing Director, Accugas said: “This milestone represents another significant step for
Accugas in our effort to increase domestic supply and utilisation of gas for
the good of the Nigerian people and its economy. By providing a clean,
dependable, quality source of gas supply to the Notore plant, and doing so via an
integrated end to end solution, we are demonstrating our clear commitment and
execution performance toward enhancing domestic gas consumption for broader
industrialisation.”
Seven
Energy has continued to champion the Nigerian gas and industrial revolution
through the exploration and production of natural gas, and, critically, its
commercialisation through processing and distribution infrastructure, where it
has invested over $1 billion in the south east region of the Niger Delta in the
last 5 years. This enables Seven Energy to reach the end user and so support
Nigeria’s evolving power sector and meet the growing energy needs of the
industrial sector. In 2014 President Goodluck Jonathan commissioned the Uquo
Gas Processing facility owned by Seven Energy. The facility currently supplies
gas to five industrial customers. 'INDEPENDENT OIL FIRMS AVOID PAYMENT OF ROYALTIES, TAXES'
The independent oil and gas companies may have been infringing on the nation’s petroleum regulations with the high level of defaults in payment of royalties and taxes on the operated oil fields.The Department of Petroleum Resources (DPR), which revealed this at the ongoing Nigeria Oil and Gas Conference and Exhibition (NOG) in Abuja, yesterday, said the indigenous upstream operators have failed to perform their operational obligations, particularly in the areas of taxes and royalties.
Read more @ Guardian
OIL PRICES FALL FURTHER
Brent crude fell towards $53 a barrel on Wednesday as US crude stocks were forecast to have surged for the tenth straight week to a new record high, fuelling supply concerns of a global oil glut, although a weaker dollar kept a floor under prices.OPERATORS IN OIL, GAS SEEK FRESH FUNDING STRATEGY
International and local operators in the Nigerian petroleum sector on Wednesday declared that there was palpable fear in the industry as a result of the current low prices of crude oil in the global market.
According to them, the low prices and uncertainties in the local fiscal environment have prompted oil companies to review their work programmes across the country.
EFCC RE-ARRAIGNS ARISEKOLA’S SON OVER N2.6BN SUBSIDY FRAUD
The Economic and Financial Crimes Commission has further amended the charges it filed against the son of late Ibadan business magnate, Alao Arisekola, Abdullahi, over alleged fuel subsidy fraud.
In the latest amended charge read to Alao and his company, Axenergy, on Wednesday, the accused were said to have allegedly obtained a sum of N2.6bn from the Federal Government under false pretence.
Read more @ SweetCrude
In the latest amended charge read to Alao and his company, Axenergy, on Wednesday, the accused were said to have allegedly obtained a sum of N2.6bn from the Federal Government under false pretence.Read more @ SweetCrude
Wednesday, 18 March 2015
OIL GLUT: 116 FIRMS CUT $120BN FROM 2015 BUDGET
About 116 companies have cut their 2015 capital budgets by 24 per cent, amounting to $120bn, as a result of continued crash in the prices of crude oil in the international market.
Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, who disclosed this at the ongoing Nigeria Oil and Gas conference in Abuja yesterday, said the cut may go up to 40 per cent as prices continue to slide.
Read more @ National Mirror
Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, who disclosed this at the ongoing Nigeria Oil and Gas conference in Abuja yesterday, said the cut may go up to 40 per cent as prices continue to slide.
Read more @ National Mirror
UNCERTAINTY, LOWER OIL PRICES DOG NIGERIA’S OIL INDUSTRY
Nigeria faces the most keenly contested elections in its political history in ten days, with the ruling party heading up against a cohesive opposition; the activities of the Islamic sect, Boko Haram continues to impact the country’s overall risk rating and in the Niger Delta there’s always been concern over likely disruption of oil output.Industry officials and analysts are voicing concerns. Some say there could be a serious risk of oil production in Nigeria being disrupted by post-election political instability.
Read more @ SweetCrude
SHELL GIVES CONDITIONS FOR NEW INVESTMENT IN OIL, GAS SECTOR
Nigeria’s largest oil producing company, Shell Petroleum Development Company (SPDC) yesterday warned that unless the country sorted out the problems of fiscal stability and predictability in the sector, it would continue to hold back on new investment. Shell accounts for just under 40 percent of Nigeria’s total oil production. Read more @ Businessday Live
DANGOTE LAGOS REFINERY READY IN 2017
Dangote’s 500,000 barrels per day capacity refinery would start operations in Nigeria by 2017, the firm confirmed on Tuesday. The new refinery, which is worth $9bn, is to be situated in the Lagos area.
The spokesperson for the Dangote Group, Mr. Tony Chiejina, who confirmed this and said “All things considered, we should be able to come on stream between 2017 and 2018.”
Monday, 16 March 2015
EGINA FPSO CONTRACT: COURT TO HEAR CONTEMPT PROCEEDING MARCH 27
A Federal High Court sitting in Lagos has fixed March 27, 2015 to hear the contempt proceedings initiated against Samsung Heavy Industry Nigeria Limited and Total Upstream Nigeria Ltd, over their alleged disobedience of an order of the court that parties in the controversial floating production storage and offloading unit in Egina Field within OML 130 contract should maintain the status-quo.Defendants in the suit are the Attorney General of the Federation; National Petroleum Investment Management Services (NPIMS), Nigerian Content Development Monitoring Board (NCDMB) Samsung Heavy Industry and Total Upstream.
Read more @ Thisdaylive
OIL PRICE DECLINE: CHEVRON U.S ASSET SALES TO GENERATE $15BN
Chevron Corporation is planning to increase its asset sales by 50 per cent to $15 billion and curtail new investment for the next two years after plunging oil prices squeezed cash flow for the second-biggest U.S. energy producer.Chevron’s divestment of oil and natural gas fields and other exploration and production assets will continue through 2017, chairman and chief executive officer, John Watson said.
Read more @ SweetCrude Reports
DICKSON DENIES TAKE-OVER OF NNPC'S PIPELINE SURVEILLANCE CONTRACT
Bayelsa State Governor, Seriake Dickson yesterday denied the claim by some ex-militants in the state that the government has taken over the Nigerian National Petroleum Company (NNPC) pipe line surveillance contract in some communities in the state.According to the governor, though the state government had appointed the security company, Izon Ibie, to supervise the implementation of the terms of the surveillance contract among the benefiting communities, the rationale behind the appointment of the stateowned Izon-Ibie Security Company was part of efforts to address the challenge of youth unemployment.
Read more @ New Telegraph
GULF OF GUINEA: NN, 21 OTHER COUNTRIES, MOVE TO CHECK PIRACY, OIL THEFT
In a move to checkmate activities of piracy and crude oil theft in the Gulf of Guinea, the Nigerian Navy,NN in collaboration with 21 other countries, among them , the United States of America and United kingdom, are to engage in a maritime security exercise tagged ‘Operation Obangame Express’.
The exercise is billed to commence on March 19 to March 27, 2015. Briefing journalists on the exercise which opening and closing ceremony will be held in Ghana, the Flag Officer Commanding,FOC Western Naval Command of the Nigerian Navy, Rear Jonathan Ango, explained that the objective of the exercise was among other things to access the ability of the partnering units to conduct maritime support operations, with emphasis placed on regional framework.
Read more @ SweetCrude Reports
The exercise is billed to commence on March 19 to March 27, 2015. Briefing journalists on the exercise which opening and closing ceremony will be held in Ghana, the Flag Officer Commanding,FOC Western Naval Command of the Nigerian Navy, Rear Jonathan Ango, explained that the objective of the exercise was among other things to access the ability of the partnering units to conduct maritime support operations, with emphasis placed on regional framework.Read more @ SweetCrude Reports
NIGERIA'S CURRENT ACCOUNT DEFICIT TO WIDEN ON OIL
Nigeria will run a current account deficit of 1.4 percent of GDP in 2015 to 2018 as the country continues to grapple with macro-economic headwinds from the slide in oil prices that has slowed growth. Read more @ Businessday
Thursday, 12 March 2015
NIGERIA'S CRUDE OIL EARNINGS DROP TO N1.9 TRILLION IN Q4
Nigeria's crude oil earnings during the fourth quarter of 2014 declined from $9.95 billion (about N2.5 trillion) it recorded in the preceding quarter to $7.77 billion (N1.9 trillion), according to the latest report from the Central Bank of Nigeria (CBN).Besides, total allocation to state governments (including the Federation Account, 13 per cent Derivation Fund and VAT) stood at N620.29 billion during the review quarter.
Read more @ Guardian
LAWMAKERS QUERY NOSDRA OVER MISAPPLICATION OF FUNDS
The House of Representatives Committee on Environment, on Wednesday, queried the Director-General of the National Oil Spill and Detection Agency, NOSDRA, over misappropriation of the 2014 budget.The committee described the spending as gross violation of the budgetary provisions and ordered the director general to have a fresh budget defence.
Rea more @ SweetCrude
FG LOSES REVENUE TO NON-RENEWAL OF OIL LICENCES
The delay in the renewal of expired onshore and shallow-water licences held by International Oil Companies is said to be denying the Federal Government additional revenue at a time that its resources are fast shrinking.
The IOCs have, however, continued to produce from the Oil Mining Licences, some of which expired seven years ago.
NNPC RENEWS PIPELINE PROTECTION CONTRACTS FOR COMMUNITIES
The Nigerian National Petroleum Corporation (NNPC) has renewed its contract with communities to protect its long stretch of pipelines across the country.
It said on Wednesday in a statement that the renewal became necessary as it seeks to effectively combat the growing scourge of pipeline sabotage that has impacted negatively on its operations.
NNPC RESORTS TO ‘CONTROVERSIAL’ COMMUNITY ENFORCERS TO PROTECT PIPELINES
The Nigerian National Petroleum Corporation, NNPC, has announced that it would return to the use of local ‘community protection’ for its oil and gas facilities across the country.The Corporation had in recent past described its expenditure on the fixing of vandalised pipelines as burdensome and unnecessary.
Read more @ SweetCrude
Wednesday, 11 March 2015
CANADIAN FIRM WELCOMES NIGERIAN HIGH COURT DECISION ON SHELL OIL BLOCK
A Canadian firm and member of Crestar Consortium that won the bid for Shell’s Oil Mining Lease (OML) 25, James Bay Resources Limited, has welcomed the decision of a Federal High Court restraining the Nigerian National Petroleum Corporation (NNPC) from acquiring the 45 per cent interest of Shell, Total and Agip in the disputed oil block.
James Bay is a part-owner of Crestar Integrated Natural Resources Limited, which was the winning bidder in May 2014 for the Shell’s 45 per cent participating interest in OML 25, and had deposited 100 per cent of the purchase consideration into an escrow account with JP Morgan in London.
JONATHAN SACKS SURE-P BOSS, AGWAI
President Goodluck Jonathan sacked the Chairman of the Subsidy Reinvestment and Empowerment Programme, SURE-P, Gen. Martin Luther Agwai (rtd).
SURE-P was set up by the administration after the January 2012 protests, which erupted after government announced removal of subsidy from petroleum products, to ensure equitable investment and management of the subsidy funds.
Read more @ SweetCrude
SURE-P was set up by the administration after the January 2012 protests, which erupted after government announced removal of subsidy from petroleum products, to ensure equitable investment and management of the subsidy funds.Read more @ SweetCrude
SENATE C'TTEE PROPOSES PRIVATIZATION OF REFINERIES
The Senate Joint Committee on the Petroleum Industry Bill, PIB, yesterday, disclosed that it has finished working on the Bill and is proposing the privatisation of Nigeria’s four refineries two years after the passage of the Bill.
Just as the lower chamber, the House of Rep Petroleum Resources Minister, Mrs. Deziani Alison-Madueke showing a copy of the authentic Petroleum Industry Bill to the Niger Delta Minister, Elder Godsday Orubebe and the Minister of State Niger
.
Read more @ Vanguard
Just as the lower chamber, the House of Rep Petroleum Resources Minister, Mrs. Deziani Alison-Madueke showing a copy of the authentic Petroleum Industry Bill to the Niger Delta Minister, Elder Godsday Orubebe and the Minister of State Niger .
Read more @ Vanguard
2015 ELECTION ELICITS FRESH FEARS OVER NIGERIA’S OIL PRODUCTION
International financial and oil industry analysts have expressed worries that any political instability brought about by the 2015 general elections may throw the country’s oil production into risk.Barclays Plc’s energy analyst, Miswin Mahesh has said that there’s a “huge risk” of oil production in Nigeria being disrupted by political instability arising from elections scheduled for March 28, 2015.
Read more @ SweetCrude Reports
NIGERIA SHIPS N12TRN CRUDE OIL IN 2014
Nigeria shipped 107,880,239 metric tons of crude oil valued at N12.2 triilion ($61,707,496,708) to other countries in 2014, checks has revealed. In the energy parlance, one ton translates to 7.15 barrels. Given that a barrel of crude traded at about $110 up till June last year before falling to around $50 par barrel in December, our calculation was based on $80 per barrel. Consequently, 7.15 multiplied by $80 equals $572; 572 multiplied by 107,880,239 tons equals $61,707,496,708. Last year’s figure was two per cent higher than 107,686,011 metric tons recorded in 2013.Read more @ New Telegraph
Tuesday, 10 March 2015
NLNG DENIES BRIBERY ALLEGATION
The Nigeria LNG Limited has described as misleading and false the allegation that it bribed the Bonny Local Government Council of Rivers State with respect to the payment of its 2014 tenement rate.
In a statement on its website signed by the General Manager, External Relations, Kudo Eresia-Eke, NLNG said its attention had been drawn to recent social media posts about an alleged bribery incident linked to 2014 tenement rate payments made by the company to the local government council.NIGERIA TO ACCOUNT FOR 60% POWER INVESTMENT IN W/AFRICA
Nigeria is expected to account for about 60 percent of the projected investments in power in the West African sub-region by 2040, the International Energy Agency, IEA, has said.
In its latest report, IEA said that bringing the electrification rate in sub-Saharan Africa up from 32 percent today to 70 percent in 2040 is estimated to cost about $205 billion in capital investment, less than one-fifth of total power sector investment in the region.
Read more @ SweetCrude Reports
In its latest report, IEA said that bringing the electrification rate in sub-Saharan Africa up from 32 percent today to 70 percent in 2040 is estimated to cost about $205 billion in capital investment, less than one-fifth of total power sector investment in the region.Read more @ SweetCrude Reports
FG LOSES N21BN TO KADUNA REFINERY'S FAULTY UNIT
The Federal Government has lost a total of N21 billion to the faulty lube-breaking unit of the Kaduna refinery, which it had abandoned since 1994.Investigation reveals that government ditched the base oil-cracking unit of the Kaduna refinery two years after the parts developed fault.
Read more @ New Telegraph
NIGERIA LOSES N8BN TO GAS PIPELINE VANDALISM
Nigeria has lost a minimum of N8.04 billion since January, to the incessant vandalism of the country’s gas pipelines, according to the Nigerian Gas Company, NGC, a subsidiary of the Nigerian National Petroleum Corporation, NNPC.Speaking at a press briefing in Warri, Delta State, the Managing Director, NGC, Mr. Dafe Sejebor, disclosed that since the beginning of this year the country has witnessed an unprecedented increase in the spate of gas pipeline vandalism
Read more @ SweetCrude Reports
Monday, 9 March 2015
OFFSHORE PLATFORMS: NIGERIANS MUST BE GIVEN FIRST REFUSAL RIGHT - NIMASA
Francis Ezem The Nigerian Maritime Administration and Safety Agency NIMASA has warned that Nigerian ship owners must be given the right of first refusal in the deployment, crewing and manning of platforms and other crafts used in offshore operations under the Coastal and Inland Shipping Cabotage Act 2003.Executive Director of the agency in charge of Maritime Labor and Cabotage Services, Mr. Callistus Obi-Nwabueze, who gave the warning at the weekend, spoke during a one-day sensitisation seminar on the implementation of the agency’s statutory mandate on offshore operations it organised in respect of Maritime Labour and Cabotage organised by the agency for the executive management and key offi cers of oil and gas companies, offshore and marginal field operators and other relevant stakeholders.
Read more @ National Mirror
CORRUPTION STALLS MEGA GASFIELDS IN ENERGY STARVED NIGERIA
In energy starved Nigeria, corruption and negative government interference in the oil industry has stalled the development of several mega gas fields, even as local industries collapse from lack of a cheap and reliable power source. Read more @ Businessday
Friday, 6 March 2015
NATIONAL ASSEMBLY URGED TO ENSURE SPEEDY PASSAGE OF PIB
Members of the National Assembly have been advised to ensure speedy passage of the Petroleum Industry Bill (PIB) before the end of this present assembly.
The call was made by the executive chairman of Petrolog Limited, Dr Vincent Ebuh, at the unveiling of the company's new Diving Support Vessel (DSV) Vinnice, in Lagos recently.
SHELL CONFIRMS LEAK FROM UNDERWATER FACILITY
Shell Petroleum Development Company has confirmed an oil leak incident from its underwater line within its oil fields in Bayelsa State.
The company said in a statement on Thursday by its spokesperson, Mr. Joseph Obari, that the leakage was reported on January 23, 2015, and led to the subsequent shutting of the facility.
A site visit, however, showed that residual leak from the Seibou Deep facility operated by SPDC had been discharging crude into Ogboinbiri River.
HOUSE SUMMONS ALISON-MADUEKE, SHELL OVER DIVESTMENT FROM OIL BLOCK
The House of Representatives has resolved to investigate the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, and the Shell Petroleum Development Company (SPDC) over allegations of sharp practices in the divestment of Oil Mining Lease (OML) 11 by the Anglo-Dutch oil multinational.
Prompted by a motion sponsored by Hon. Uzoma Nkem Abonta (PDP, Abia), the House would probe the circumstances surrounding Shell’s exit from the said oil block and host communities knowing how interested it was in the build-up to the acquisition process.
Thursday, 5 March 2015
FUEL SCARCITY: FG PAYS MARKETERS N100BN
The Federal Government on Tuesday expressed concern over the long queues of motorists at petrol filling stations in Lagos, Abuja and other parts of the country, stating that a Sovereign Debt Note of N100bn had been issued by the Debt Management Office to settle part of the subsidy arrears owed oil marketers.
The Minister of Finance, Dr. Ngozi Okonjo-Iweala, confirmed the issuance of the SDN through a statement issued by her Special Adviser on Communications, Mr. Paul Nwabuikwu
US GLUT MAY FORCE CRUDE PRICE TO $20
Strong indications emerged on Wednesday that current glut in the United States’ oil market might further dampen the prices of crude oil and refined petroleum products as this could push down the crude to as low as $20 per barrel.
The Associated Press reported that the US was running out of storage for crude oil and that the country could begin to sell from its reserves if there were changes to the law limiting the sale of the product by the country.
COURT DECLINES FORCING NATIONAL ASSEMBLY TO PASS PIB
A Federal High Court in Lagos on Wednesday struck out an ex parte application seeking a mandamus order to compel the National Assembly to pass the Petroleum Industry Bill.
Justice Ibrahim Buba struck out the application filed by a lawyer, Mr. Okiogbero Edhebru, for lacking in merit. Edhebru, in the application tagged FHC/L/CS/1906/14, had asked the court for “a judicial review of the applicant’s right to wit an order of mandamus compelling the National Assembly, their agents and privies, to pass the Petroleum Industry Bill as enshrined in the 1999 Constitution of the Federal Republic of Nigeria.”Wednesday, 4 March 2015
FG MOVES TO END FUEL SCARCITY
Concerned by the implications of the biting fuel crisis, President Goodluck Jonathan has directed the Finance Minister, Dr. Ngozi Okonjo-Iweala to pay all outstanding debts to petroleum products marketers.Consequently, the Federal Ministry of Finance has directed the Debt Management Office (DMO) to raise a special Sovereign Debt Note (SDN) of N100 billion to offset the claims.
Read more @ Guardian
NIGERIA, EU GAS SUPPLY DEAL FACES THREAT
The plan by the Federal Government to supply Liquefied Natural Gas to the European Union countries is not likely to happen soon due to challenges confronting the nation’s petroleum industry.
The prolonged delay in taking the Final Investment Decisions on three major Liquefied Natural Gas projects, the uncertainty surrounding the passage of the Petroleum Industry Bill, falling oil prices in the international market, among other issues, have been identified as major hindrances to the EU deal.NNPC CANVASSES SUPPORT FOR NIGERIAN-OWNED VESSELS
TheNigerian National Petroleum Corporation (NNPC) has pledged to provide necessary support to all Nigerian-owned vessels operating in the oil and gas sector.
Group Managing Director of NNPC, Dr Joseph Dawha, who spoke in Lagos Tuesday during the unveiling of Petrolog Limited newly built Diving Support Vessel, said indigenous contractors will be given adequate support as part of measures to create jobs and grow local capacity.
Read more @ Guardian
Group Managing Director of NNPC, Dr Joseph Dawha, who spoke in Lagos Tuesday during the unveiling of Petrolog Limited newly built Diving Support Vessel, said indigenous contractors will be given adequate support as part of measures to create jobs and grow local capacity.Read more @ Guardian
NNPC FACES NEW QUERY OVER N2.3TRN ILLEGAL DEDUCTION
Fresh troubles appear to be unfolding for the embattled Nigerian National Petroleum Corporation (NNPC) and other government agencies in the petroleum sector, as the Auditor General of the Federation has queried the diversion of N2.30 trillion from the Federal Government’s (FG) purse. Read more @ Businessday
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