President Muhammadu Buhari’s party, the All Progressives Congress, has advised him to discard the Petroleum Industry Bill, review fuel subsidies and sell off some units of the Nigerian National Petroleum Corporation.
Tuesday, 30 June 2015
ALL REVENUES FROM NNPC, OTHERS MUST BE PAID INTO CONSOLIDATED REVENUE FUND
In a landmark directive, President Muhammadu Buhari monday ordered all revenue generating agencies such as the Nigerian National Petroleum Corporation (NNPC), Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS), Nigerian Ports Authority (NPA), Central Bank of Nigeria (CBN), Nigerian Maritime Administration and Safety Agency (NIMASA) and Nigerian Liquefied Natural Gas (NLNG), amongst others, to pay all their revenues into the Consolidated Revenue Fund (CFR).OSAHON BOWS OUT AS DPR DIRECTOR
Following the fear of possible non- renewal of his two-year tenure, which started on June 19, 2013, Mr. George Osahon has taken a an honourable step and voluntarily bowed out as the Director of the Department of Petroleum Resources (DPR).
It was gathered from a source within the regulatory agency that Osahon took the honourable step to avoid being rubbished by the current administration of Muhammadu Buhari, which might not be favourably disposed to renewing his tenure.
NNPC SPENT N3.8TN IN THREE YEARS WITHOUT APPROVAL
The National Economic Council (NEC) has revealed that the Nigerian National Petroleum Corporation (NNPC) spent N3.8 trillion in three years without approval.
The latest indictment of NNPC, confirmed the forensic audit report by PricewaterhouseCoopers (PwC) and the 2012 report of the Presidential Committee on the Verification of Fuel Subsidies, which both revealed that the corporation deducts as much as 46 per cent of oil receipts to meet its expenditure before remitting the balance to the Consolidated Revenue Fund (CFR).
Monday, 29 June 2015
ALLOW ILLEGAL REFINERIES TO OPERATE, STAKEHOLDERS URGE FG
Stakeholders in the Nigerian oil and gas industry have urged the President Muhammadu Buhari-led administration to encourage more private sector players in the setting up and operation of new refineries across the country.
As part of the move, they asked the government to consider allowing some illegal refineries to start operating legally after they might have met global standards.
SPDC JV'S AFAM VI DELIVERS 20MILLION MWH ELECTRICITY INTO NATIONAL GRID
Shell’s Afam VI Power Plant in Rivers State has delivered over 20 million Megawatt-hour (MWh) of electricity into the Nigerian grid between its inauguration in 2008 and June 2015, thereby consolidating its position as a leading contributor to the country’s grid generation.
JONATHAN ADMINISTRATION NEVER SOLD OIL BLOCKS
A civic and political action group that promotes democracy and good governance, Move on Nigeria, has described as another tissue of lies, the rumour making rounds that former President Goodluck Jonathan sold an oil block for $1.85billion but remitted only a $100 million to government coffers.
The group charged the media and the ruling All Progressives Congress (APC) to quit misleading the public. ‘
Friday, 26 June 2015
EXPECT ACUTE FUEL SCARCITY IN JULY
The fuel crisis that has crippled the economy in the last few months may worsen in the next three weeks, Managing Director, Seplat Petroleum Development Company Plc, Mr. Austin Avuru, warned yesterday.
He said the crisis was set to worsen as the Federal Government did not have enough money to pay for fuel subsidy, which has hit N2 billion per day.
Read more @ New telegraph
He said the crisis was set to worsen as the Federal Government did not have enough money to pay for fuel subsidy, which has hit N2 billion per day.
Read more @ New telegraph
DEVELOPING COMMERCIAL TERMS FOR NATURAL GAS
The idea that Nigeria is “a gas province with a little bit of oil in it” is commonly heard in oil and gas industry circles. The statement draws attention to the country’s substantial proven reserves of natural gas estimated at 187Tcf (trillion cubic feet). This gas volume confers on Africa’s largest economy the status of the country with the 9th largest gas reserves in the world (BP Statistical Review of World Energy/EIA, 2010). Experts have also concluded that Nigeria has the potential to grow its proven gas reserves to 600Tcf and emerge world’s 4th largest holder of gas reserves.
From 38 in January this year, the number of active oil rigs in Nigeria plunged to 28 in April, mostly triggered by the slump in global crude oil prices.Oil prices dropped by more than 60 per cent between June 2014 and January 2015 from a peak of $115 per barrel, but have recently shown signs of stabilising.
Read more @ SweetCrude Reports
MONARCH DENIES MISMANAGEMENT OF N1.3BN OIL SPILL COMPENSATION
The paramount ruler of Ibeno Local Government Area of Akwa Ibom State, Owong Effiong Achianga, has dismissed allegation of fraud leveled against him in the disbursement of the N1.3 billion oil spill palliative fund paid by ExxonMobil to cushion the effect of oil spill in his domain.
Read more @ Tribune Online
Read more @ Tribune Online
OIL, GAS COMPANIES RELUCTANT TO HIRE – REPORT
A global hiring survey has revealed oil and gas companies’ reluctance in Nigeria and other oil-producing countries to increase hiring efforts in the near term.
Still grappling with market uncertainty, 51 per cent of global hiring managers in the industry decreased their efforts in the past three months, the report, which was released by Rigzone for the second quarter of 2015, revealed.
OPEC DAILY BASKET PRICE CLOSE AT $60.68/B
The price of OPEC basket of twelve crudes stood at 60.68 dollars a barrel on Wednesday, compared with $59.96 the previous day, according to OPEC Secretariat calculations.
The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
Read more @ SweetCrude Reports
The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).Read more @ SweetCrude Reports
Thursday, 25 June 2015
NIGERIA'S ACTIVE OIL RIGS FALL BY 26%
From 38 in January this year, the number of active oil rigs in Nigeria plunged to 28 in April, mostly triggered by the slump in global crude oil prices.
Oil prices dropped by more than 60 per cent between June 2014 and January 2015 from a peak of $115 per barrel, but have recently shown signs of stabilising.
NIGERIA DISPLACES S'ARABIA AS INDIA'S TOP OIL SUPPLIER
Nigeria, Africa’s top oil producer, last month overtook Saudi Arabia as India’s top oil supplier for the first time in at least four years, according to ship tracking data compiled.
Indian refiners are said to be switching from long-term contracts with Middle East suppliers to cheaper African crudes through spot market.
SENATE SUMMONS NNPC OVER STATE OF REFINERIES
The Senate on Wednesday summoned the Nigerian National Petroleum Corporation (NNPC) to brief it on the state of the nation’s refineries with a view to curtailing the incessant destruction of lives and property as a result of tanker accidents.
The parliament also tasked the federal government to revamp the existing refineries and simultaneously create the enabling environment to make them functional.
HOUSE TO PROBE NNPC CRUDE OIL SWAPS
The House of Representatives on Wednesday approved a motion to probe the crude oil swap contracts entered into by the Nigerian National Petroleum Corporation (NNPC) and oil traders, indicating that it was doing so to ensure that future contracts are transparent and in accordance with global best practice.
Raising the motion on the ‘urgent need for a forensic investigation of the contracts known as Refined Product Exchange Agreement or Swap Contract’, Hon. Michael Enyong from Akwa Ibom alleged that Nigeria has lost considerable revenue due to leakages in the accounting system and mismanagement of the economy.
Wednesday, 24 June 2015
STILLBIRTH OF NIGERIA'S PRIVATE REFINERIES
Private refinery has almost become an issue in Nigeria due to the delay in the take-off by the licensed companies, several years after being awarded licences to operate in the country.About 657,000 barrels per stream day (bpsd) capacity of private refineries granted licences by the Department of Petroleum Resources (DPR) have not be able to come on stream due to several factors, such as non deregulation of downstream sector, lack of fund, non availability of crude oil to service the refineries among others.
Read more @ Guardiannews
NPDC WORKERS THREATEN TO SHUT DOWN CRUDE OIL PRODUCTION
In a renewed move to blackmail the federal government into reversing the withdrawal of the operatorship of some of the oil blocks sold by Shell and other International Oil Companies (IOCs) from the Nigerian Petroleum Development Company (NPDC) to the new buyers, the workers of the company have threatened to shut down crude oil production.
Read more @ Thisdaylive
Read more @ Thisdaylive
TOTAL RESTATES COMMITMENT TO CSR
TOTAL Exploration and Production Nigeria Limited (Deepwater District) has said it remains committed to a strong and unwavering budget for Corporate Social Responsibility despite dwindling oil prices in the international market.
The company described the entire geopolitical zones as its host communities, saying it remained committed to implementing its CSR programmes across board.
Read more @ Guardiannews
The company described the entire geopolitical zones as its host communities, saying it remained committed to implementing its CSR programmes across board.
Read more @ Guardiannews
NNPC YET TO REMIT $1.48BN INTO FEDERATION ACCOUNT –FG
Four Months after former President Goodluch Jonathan directed the Nigerian National Petroleum Corporation to refund $1.48bn (N291.56bn) into the Federation Account, the corporation has yet to do so.
An international audit firm, PricewaterhouseCoopers, was last year hired to carry out a forensic audit of the corporation following an allegation by the former Governor of the Central Bank of Nigeria, Lamido Sanusi, that $49bn was not remitted to the Federation Account by the NNPC.
Tuesday, 23 June 2015
WORLD OIL DEMAND INCREASES AFTER PRICE SLUMP
Nigeria and other oil producing nations are expected to bounce back to an increase in oil prices, if the latest report of the International Energy Agency, IEA, is anything to go by. World oil demand will rise much more than expected this year, the IEA said in its release, in the latest sign that the collapse in oil prices is helping to boost fuel use.IEA’s report came at a time the Organisation of the Petroleum Exporting Countries, OPEC, stuck to its forecast that oil demand will pick up this year. But it warned that over-supply may still keep a “ceiling” on oil prices, even as it kept on increasing its own output to a two-year high.
Read more @ SweetCrudeReps
MART RESOURCES, PARTNERS LOSE 73,000 BARRELS ON AGIP PIPELINE
Mart Resources and its co-venturers - Midwestern Oil & Gas Company Limited and SunTrust Oil Company Limited have provided updates on Umusadege field production for May 2015, where the partners lost 73, 040 barrels of oil equivalent per day (bopd) on the Umugini pipeline and the Nigerian Agip Oil Company (NAOC) pipeline.
Read more @ Thisdaylive
Read more @ Thisdaylive
CHEVRON TO SELL TWO MORE OIL BLOCKS
The current wave of divestments of oil and gas assets by the international oil companies (IOCs) to increase indigenous participation in the industry has received a boost as Chevron has unfolded its plan to offer two more oil blocks to prospective investors.
The US oil major, it was learnt, plans to divest 40 per cent from Oil Mining Leases (OMLs) 86 and 88, both located in shallow waters off Bayelsa State, bringing to seven the number of oil blocks sold by Chevron since 2013.
NIGERIA, OTHERS MAY FURTHER CUT CRUDE PRICES
The cut in the prices of the country’s crude oil grades, Bonny Light and Qua Iboe, by the Nigerian National Petroleum Corporation may prompt other oil exporters to cut their crude prices in a bid to attract buyers, industry experts have said.
The experts said Nigeria must be strategic in its approach to pricing of its crude relative to competing crudes.
Monday, 22 June 2015
TRANSITION COMMITTEE ADVISES BUHARI TO REMOVE FUEL SUBSIDY
The transition committee set up by President Muhammadu Buhari shortly after he was declared the winner of the March 28 presidential election advised him to end the fuel subsidy programme and privatise the nation’s four refineries.
Senior sources in the All Progressives Congress, told Reuters of the recommendation on Sunday.
NLNG GENERATES $85BN IN 15 YEARS
The Nigeria Liquefied Natural Gas Company Limited (NLNG), a joint venture between the federal government and foreign oil majors, has generated some $85 billion from exports since its inception 15 years ago.“For us, it has been a success story. Between 1999 when we came on stream and now, we have realised some $85 billion from exports of LNG to buyers in Europe, America and Asia,” NLNG Chief Executive, Babs Omotowa, said.
Read more @ Thisdaylive
US SHALE OUTPUT TORMENTS NIGERIA AS BONNY LIGHT FALLS TO DECADE-LOW
The shale boom that’s reduced US’ dependence on overseas crude is reverberating in Nigeria as Africa’s biggest oil producer cuts the pricing for its flagship grade to the lowest in a decade.
Nigeria, a member of the Organisation of Petroleum Exporting Countries (OPEC), will sell July supplies of its Bonny Light crude at 23 cents more than Dated Brent, according to an e-mailed statement from state-run Nigerian National Petroleum Corporation (NNPC). That’s the smallest differential since 2005 and compares with a 50 cent premium in June and $2.55 a year earlier, data compiled by Bloomberg show.
Read more @ THisdaylive
Nigeria, a member of the Organisation of Petroleum Exporting Countries (OPEC), will sell July supplies of its Bonny Light crude at 23 cents more than Dated Brent, according to an e-mailed statement from state-run Nigerian National Petroleum Corporation (NNPC). That’s the smallest differential since 2005 and compares with a 50 cent premium in June and $2.55 a year earlier, data compiled by Bloomberg show.Read more @ THisdaylive
Wednesday, 17 June 2015
OPEC'S CRUDE OIL SUPPLY RISES TO 31.33MBPD
The supply of crude oil by Organisation of Petroleum Exporting Countries (OPEC) in May edged up 50, 000 barrels ber day (bpd) to 31.33 mbpd, the highest since August 2012, he International Energy Agency, has said.According to the agency, Saudi Arabia, Iraq and the UAE pumped at record monthly rates to keep output over 1 mb/d above OPEC’s official supply target for a third month running. Oil ministers agreed to maintain that target at their 5 June meeting
Read more @ Guardian
CRUDE OIL PRODUCTION HIT 1.91MBPD IN APRIL
Nigeria’s crude oil production, including condensates and natural gas liquids, was estimated at an average of 1.91 million barrels per day (mbpd) or 57.30 million barrels in April 2015. This represented an increase of five per cent above the level of 1.82 mbd or 56.42mbpd recorded in the preceding month.The Central Bank of Nigeria (CBN) disclosed this in its monthly economic report for April 2015, obtained on Monday.
Tuesday, 16 June 2015
WAF DEEPWATER BIG 9 PUMP 2.2 MBBLS/DAY
Nine big deepwater blocks offshore West Africa lead crude oil production in the region with impressive 2.193 million barrels per day.
Interestingly, Angola leads in the deepwater production race with 1.298 million barrels per day from just four blocks operated by foreign oil multinationals that rule the West African upstream petroleum industry.
Read more @ The Union
Interestingly, Angola leads in the deepwater production race with 1.298 million barrels per day from just four blocks operated by foreign oil multinationals that rule the West African upstream petroleum industry.
Read more @ The Union
OIL WORKERS SUGGEST ALTERNATIVE WAYS OF FUNDING JOINT VENTURE OPERATIONS
Oil workers, under the umbrella of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), have urged the federal government to review the current funding arrangement for the Nigerian National Petroleum Corporation (NNPC) Joint Venture (JV) operations with the international oil companies (IOCs) in view of the Corporation's huge indebtedness to the oil majors.
The oil workers reasoned that alternative funding for the JVs operations with the state oil company, NNPC will address the funding challenge, which has adversely affected the JV operations over the years
SHELL, CHEVRON CONCLUDE SALE OF FOUR OIL BLOCKS
Shell, Chevron and their joint venture partners have finally concluded the sale of their stakes in Oil Mining Leases (OMLs) 71, 72, 83 and 85 to a Nigerian independent company – First Exploration & Petroleum Development Company Limited (First E&P) – after a year's delay arising from the lack of ministerial consent to seal the deals
OIL INDUSTRY MOUNTS PRESSURE ON GOVERNMENTS OVER FISCAL TERMS
Oil and gas industry pressure is growing for governments to adjust upstream fiscal terms downwards in response to the current low oil price, a new report by Wood Mackenzie has shown.In a new two-part study, Wood Mackenzie explored the implications of the current low oil price for upstream fiscal terms, highlighting that governments dependent on oil taxation income are wrestling with lower oil revenues for public spending and pressure from oil and gas companies for more lenient terms.
Monday, 15 June 2015
PIRATES KILL NAVAL OFFICER IN BAYELSA STATE
Dare-devil pirates operating along the rivers and creeks of the Niger Delta over the weekend shot dead a Naval officer in Akassa area of Brass Local Government, Bayelsa State.The gunmen were said to have opened fire on a Naval crew on a routine patrol at a checkpoint in Akassa area of the state on Saturday. The area is the notorious corridor used by oil thieves and foreign vessels to steal Nigeria oil.
Read more @ SweetCrude Reports
COURT STRIKES OUT AGIP’S OBJECTION AGAINST ARCO
Justice Lambo Akanbi of the Federal High Court in Port Harcourt has struck out the preliminary objection filed by the Nigerian Agip Oil Company Limited to challenge the suit instituted by an indigenous oil servicing firm, Arco Group Plc.Justice Akanbi in his ruling said the preliminary objection was incompetent because Agip did not file any memorandum of appearance before filing its notice of preliminary objection.
Read more @ Thisdaylive
IJAW COMMUNITIES HEAD TO S'COURT IN $1.5BN OIL SPILL SUIT
The Leaders of Ijaw community in Bayelsa State are heading for the Supreme Court over the $1.5 billion oil spill and environmental degradation suit against Shell Petroleum Development of Nigeria, which was struck out by the Federal Appeal Court in Port Harcourt, Rivers State.
The leader of the Ijaw group, Mr. Pere Ajuwa, disclosed in Abuja at the weekend, during a press briefing on the court’s judgment.
Read more @ Thisdaylive
The leader of the Ijaw group, Mr. Pere Ajuwa, disclosed in Abuja at the weekend, during a press briefing on the court’s judgment.
Read more @ Thisdaylive
BUHARI TO MEET EITI CHAIR ON PROPOSED OIL SECTOR REFORMS
President Muhammadu Buhari is scheduled to hold meetings on his intended reforms in Nigeria’s oil and gas sector with visiting Chairperson of the global Extractive Industries Transparency Initiative (EITI), Clare Short, the Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosedNEITI, in a statement issued Sunday by its Director of Communication, Orji Ogbonanya Orji, said Short, who is billed to arrive in Nigeria today on a three-day working visit, would meet with Buhari to hold discussions on several of the challenges holding back extensive enactment of EITI principles in Nigeria’s extractive sectors.
Read more @ Thisdaylive
Thursday, 11 June 2015
NIGERIA'S CRUDE OIL LOSING MARKET APPEAL
Nigeria may have to prepare for tougher times this year as the once a highly desired, easy-to-refine Nigeria’s sweet crude is now hard to sell, making the country to embark on discounted sales just to get the cargoes off the high seas.International crude oil traders are said to have shunned the country’s export of sweet crude for the months of May and June 2015, making it difficult for the country to find buyers for the product, of which the country’s 2015 budget was planked on.
Read more @ Guardian
NPDC RECORDS 82,000BOPD FROM OMLS 34, 30
The Nigerian Petroleum Development Company has recorded 82,000 barrels of oil per day from Oil Mining Leases 34 and 30.
The average daily net production from both fields as of the time it was taken over from Shell Petroleum Development Company Limited was about 31,014bopd, according to a report by the company.
TOTAL GETS SHAREHOLDERS' APPROVAL TO PAY N3.1BN DIVIDEND
Shareholders of Total Nigeria Plc on Wednesday approved the proposal by the company to pay a final dividend of N3.1bn, representing N9 per share for the 2014 financial year.
The shareholders approved the dividend payment at the company’s 37th Annual General Meeting in Lagos; where they also re-elected directors and members of the audit committee, among other things. The company had earlier paid N679m, which translated into N2 per share, as interim dividend for the year
WHY WE'VE NOT REMITTED N2.3TN NLNG DIVIDENDS –NNPC
The Nigerian National Petroleum Corporation on Wednesday said a committee working on the alleged unremitted $11.6bn (N2.3tn) Nigeria Liquefied Natural Gas dividends had not concluded its meetings.
A statement issued by the Group General Manager, Group Public Affairs Division, NNPC, Mr. Ohi Alegbe, explained the circumstances surrounding the reported non-remittance of the $11.6bn NLNG dividends.
Wednesday, 10 June 2015
NPDC'S GAS PRODUCTION HITS 430MMSCF/D
Nigerian Petroleum Development Company (NPDC) has steadily ramped up production from 270MMSCF/D and 60MMSCF/D to 360MMSCF/D and 70MMSCF/D for Utorogu NAG 1 and Ughelli East (UGHE) plants respectively.
The company, which stated this in a document on Monday, added that NPDC is currently producing about 430MMSCF/D from the two plants in its Oil Mining Lease (OML) 34.
Read more @ Guardian
The company, which stated this in a document on Monday, added that NPDC is currently producing about 430MMSCF/D from the two plants in its Oil Mining Lease (OML) 34.
Read more @ Guardian
NNPC PIPELINE EXPLODES AS VANDALS STRIKE AGAIN
An explosion on Tuesday rocked the Nigerian National Petroleum Corporation (NNPC) pipeline at Ije Ododo area of Lagos State, after some vandals again tampered with the pipelines. This is coming barely two weeks after the vandals ambushed and shot in cold blood, five policemen deployed to secure the area.
Also, recall that in February, a similar incident had occurred in the same area when some vandal damaged another pipeline at Ije Ododo at two different spots, leading to massive spillage of petrol.
NEITI URGES BUHARI TO RECOVER N1.4TN FROM OIL COMPANIES
The Nigeria Extractive Industries Transparency Initiative has called on President Muhammadu Buhari to consider the recovery of over $7.5bn (N1.4tn) from oil and gas companies operating in the country as a major priority of his economic policy agenda expected to be unfolded very soon.The agency said in a statement issued on Tuesday that the amount represented clear cases of underpayment and under-assessment of taxes, royalties and rents revealed by NEITI in its independent audit reports on the industry, which had not been adequately addressed.
Read more @ Punchonline
Tuesday, 9 June 2015
TALEVERAS WINDS DOWN DUKE/NNPC OIL SWAP ARRANGEMENT
Taleveras group a leading Nigerian oil trading and integrated energy solutions provider says it has begun to wind down the oil swap arrangement it entered into with Duke Oil incorporated on behalf of the NNPC.
This comes as 138 million litres of petrol has arrived Lagos ports which is expected to ease the ongoing shortages of the product.
ANOTHER LONG WAIT FOR THE PIB
The passage of Petroleum Industry Bill by the Seventh House of Representatives few hours to the end of its tenure without the concurrence of the Senate, will expose the reform bill to further legislative and executive scrutiny, Ejiofor Alike reports.
After allowing the Petroleum Industry Bill (PIB), an all-important piece of legislation aimed at reforming Nigeria’s oil and gas industry to attain global standard to waste for seven years under the legislative inefficiency that characterises Nigeria’s National Assembly, the seventh House of Representatives woke up from its slumber to pass the bill, few hours to the end of its tenure.
NLNG: CRUDE OIL PRICES TO REMAIN LOW FOR NEXT TWO YEARS
The Managing Director of the Nigeria Liquefied Natural Gas (NLNG) Limited, Mr. Babs Omotowa, has stated that the price of crude oil would remain low for at least two years and could even drop further, depending on the outcome of events in Iraq, Iran, Libya and other oil-producing countries that are facing crisis.
Speaking yesterday in Lagos at a conference organised by his company for Contract and Procurement Managers in Nigeria, Omotowa said although crude oil prices appear to be stabilising around $65 per barrel, it had fallen to as low as $40 per barrel, which is more than 50 per cent fall from the over $110 per barrel in June 2014.
NPDC TARGETS 600MMSCF/D OF GAS BY END OF 2015
The Nigerian Petroleum Development Company (NPDC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC) targets to raise its gas production from 420 million standard cubic feet per day (mmscf/d) to 600 mmscf/d in the Oil Mining Leases (OMLs) divested by Shell Petroleum Development Company (SPDC) and other International Oil Companies (IOCs).
NNPC EVACUATES HAZARDOUS SUBSTANCE FROM REFINERIES
The Nigerian National Petroleum Corporation (NNPC) said it has effectively evacuated 98 per cent of the banned Tetra Ethyl Lead (TEL) hazardous substance from its refineries.
NNPC stated that TEL, recognised as a dangerous substance that could cause lead poisoning and has been cleared from its Port Harcourt, Warri and Kaduna refineries without any incidence, in line with the United Nations convention on TEL.
Monday, 8 June 2015
NNPC OIL SWAPS: TALEVERAS SAYS IT WAS NOT ASKED TO REFUND $115M
Oil and gas trading firm, Taleveras Petroleum Trading BV, has provided clarification on its involvement in the crude for petroleum products exchange agreement, better known as crude oil swaps, with the Nigerian National Petroleum Corporation (NNPC).
In a statement provided by the company founded by Mr. Igho Sanomi, Taleveras stated that in line with the swap agreement, its reconciliation exercise was finalised on May 5 to 8, 2015 with NNPC, while deliveries of petrol to wind down in June 2015 are presently progressing according to plan as contained in the terms and conditions of the agreement.
LOCAL UNDERWRITERS RETAIN 60% OF OIL, GAS RISKS
Local underwriters are increasing their stake in the juicy but highly risky oil and gas business, which used to be dominated by foreign insurance firms.
The Nigerian insurance sector has been able to reduce capital flight in the oil and gas industry by increasing its retention rate of the underwriting business to 60 per cent, investigation has revealed.
FREE GAS FROM PROTOCOLS, POLITICS, STAKEHOLDERS DEMAND
One quick and effective way for the Federal Government under the watch of President Muhammadu Buhari to encourage investment, make the local industry competitive and generate jobs on a large scale, would be to resolve the protocols and politics cramping the production and delivery of gas, stakeholders say.
Read more @ Businessday
Meanwhile, the gas supply crisis threatens to upend the landmark privatisation of Nigeria’s electricity industry, prolonging the pains of millions who expected that years into the process, electricity supply ought to have improved significantly.
Read more @ Businessday
NNPC DRILLS WORKFORCE ON REGULATORY COMPLIANCE
The Nigerian National Petroleum Corporation (NNPC) has opted to drill its workforce on how to comply with regulatory principles.
NNPC, in a statement from the International Institute for Petroleum, Energy Law and Policy (IIPELP), a think-tank with expertise and interest in Africa’s energy sector in Abuja has enlisted IIPELP to train top management staff in its Regulatory and Policy Compliance Division on standard regulatory practices and compliance procedures.
Friday, 5 June 2015
BUHARI'LL SUSTAIN NIGER DELTA AMNESTY PROGRAMME, SAYS NNPC
The Federal Government under President Muhammadu Buhari will sustain the amnesty programme in the Niger Delta, the Nigerian National Petroleum Corporation has said.
This was revealed by the Head of Nigeria’s delegation to the 167th meeting of the Organisation of the Petroleum Exporting Countries, Dr. Jamila Shu’ara, who also stated that the new government would effect necessary changes to the Petroleum Industry Bill
OPEC HOLDS CRUNCH MEETING TODAY WITHOUT PRESIDENT DIEZANI
The Organisation of Petroleum Exporting Countries (OPEC) will today hold what many have termed a crunch meeting, as members of the cartel who favoured cut in output will battle it out with the other group, led by Saudi Arabia, who favour defending market share through maintaining its current output of 30 million barrels per day.
REPS PASS PETROLEUM INDUSTRY BILL
The House of Representatives, yesterday, passed the Petroleum Industry Bill (PIB) in a valedictory session to end the Seventh AssemblyAnd as the Seventh Senate came to an end also yesterday, out-going Senate President, David Mark, has taken responsibility for any shortcoming by the upper chamber even as a political watchdog, Transition Monitoring Group (TMG), rejected the 46 bills passed Wednesday by the Senate National Assembly.
Read more @ Guardian
Thursday, 4 June 2015
NIGERIA'S CHEAP CRUDE OIL ATTRACTS CANADA'S REFINERY
With Nigeria struggling to sell its crude oil, the discount being offered by the country has prompted Canada’s Come By Chance refinery to buy Nigerian oil for the first time in at least a decade.
This is the latest addition to the facility’s diverse crude slate, according to Reuters customs data. The purchases come as West African crude producers are courting new suitors in the face of weak demand from a United States market awash with cheaper, domestic crude.
GLOBAL OIL GLUT LEAVES NIGERIA WITH BRUISES ALL ROUND
Amidst the escalating and bruising duel between US shale producers and the Organisation of the Petroleum Exporting Countries (Opec) oil production, not many have been punished as hard as Nigeria, highlighting a challenge for the petroleum cartel ahead of its meeting on Friday.
OIL WORKERS OPPOSE PRIVATISATION OF REFINERIES
President Muhammadu Buhari has been enjoined to reject any advice to privatise the nation's refineries but instead raise local refining capacity to meet increasing demand for petroleum products especially the premium motor spirit (petrol).
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), gave the advice in a statement in Lagos. The oil workers urged the president to ensure that the focus of deregulation policy was based on local production rather than fuel importation
Wednesday, 3 June 2015
OPEC PROJECTS $10TR INDUSTRY INVESTMENTS BY 2040
OIL production related investments are expected to approach $10 trillion between 2014 and 2040, according to the Organisation of Petroleum Exporting Countries (OPEC).
Secretary General, OPEC, Abdalla Salem El-Badri, who made this disclosure in his analysis on climate change, said that the investment underlines the fact that security of supply and security of demand cannot be decoupled, and that a comprehensive look at energy security is needed over the short-, medium- and long-term timeframes.
Read more @ GuardianNews
Secretary General, OPEC, Abdalla Salem El-Badri, who made this disclosure in his analysis on climate change, said that the investment underlines the fact that security of supply and security of demand cannot be decoupled, and that a comprehensive look at energy security is needed over the short-, medium- and long-term timeframes.Read more @ GuardianNews
BUHARI LIKELY TO HEAD OIL MINISTRY IN NEW CABINET
There are speculations that President Muhammadu Buhari will keep the petroleum minister portfolio for himself in the new cabinet rather than trust anyone else with the ministry, which currently contributes over 80 per cent of Nigeria’s revenue.
One long-standing associate of Buhari, who spoke on condition of anonymity because the cabinet decision was still under wraps, said Nigeria’s oil sector was so dirty that nobody’s hands were clean enough to do the “surgical changes” needed.
HOUSE THROWS OUT REPORT CLEARING ALISON-MADUEKE OVER ALLOCATION OF OIL LEASES
The House of Representatives on Tuesday shoved aside the report of an ad-hoc committee which probed the alleged involvement of the former Minister of Petroleum Resources, Diezani Alison-Madueke, in shady oil deals.
The report was compiled by the Muraina Ajibola-led ad-hoc committee and contains three recommendations which didn’t see any wrongdoing by the former minister.
Tuesday, 2 June 2015
MARKETERS HOARD PETROL OVER SUBSIDY REMOVAL RUMOUR
Indications emerged on Sunday that some marketers of refined petroleum products, who were not sure of the new policy direction of the President Muhammadu Buhari-led All Progressives Congress government concerning the oil sector, had resorted to stockpiling the products.
Three marketers, who spoke to our correspondent, expressed optimism that the new government would look towards deregulating the downstream subsector of the petroleum industry.
Read more @ SweetCrudeRep
Three marketers, who spoke to our correspondent, expressed optimism that the new government would look towards deregulating the downstream subsector of the petroleum industry.
Read more @ SweetCrudeRep
HOW NPDC OUTSOURCES OPERATORSHIP OF DIVESTED OIL BLOCKS
More revelations have emerged on how the Nigerian Petroleum Development Company (NPDC) uses other contractors or Operations and Maintenance (O&M) contractors to run the oil blocks where it claims operatorship because it lacks financial, technical and adequate human resources to operate the assets.The former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke had withdrawn the operatorship of some of the oil blocks divested by Shell and other International Oil Companies (IOCs) from the NPDC, a subsidiary of the Nigerian National Petroleum Corporation (NNPC) and opted for Joint Operatorship Model (JOM) with the new owners of the assets, following the perceived poor performance of NPDC.
PORT HARCOURT REFINERY TARGETS FULL CAPACITY UTILISATION
The Port Harcourt Refining Company (PHRC) Limited has activated comprehensive but phased rehabilitation project that would bring about optimal processing capacity of the plants and full yield of different petroleum products by July 2015.
The rehabilitation will however be carried out in phases in a strategy that would permit operations to progress at available units of the complex while repair works continue on other processing units.
FUEL SUBSIDY: FAILURE OF A 42-YEAR-OLD PRICE FIXING POLICY (4)
With a flurry of arguments in the public media over the challenges of fuel crises concentrating on one dominant issue, subsidy, our series on this issue in today’s edition is taking a close look at the histonomics or (historical economics) side of the discuss on subsidy.
Read more @ SweetCrudeRep
Monday, 1 June 2015
NIGERIA'S TRANSITION CAUSES CRACK IN OPEC
Aleadership vacuum has emerged at the Organisation of Petroleum Exporting Countries (OPEC) following the dissolution of Nigeria’s Federal Executive Council (FEC) last week, which led to the exit of former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, the OPEC’s first female president.The oil cartel may meet for its extraordinary meeting in Vienna, Austria on Friday without a substantive president, as Alison-Madueke will no longer be eligible to preside over the meeting.
Read more @ New Telegraph
COUNTING COST OF FUEL CRISIS
In what many observers have described as Nigeria’s worst nightmare in recent times, several businesses caught in the web of the protracted fuel crisis are still counting their losses running into hundreds of millions, reports Ibrahim Apekhade YusufFuel crisis is not new in this part of the world. But to many Nigerians who have had to endure the bitter pill of the lingering fuel scarcity these past weeks, the hoopla generated by the non-availability of petroleum products have been rather unprecedented.
Read more @ SweetCrude Rep
IPMAN CONSULTS JP MORGAN, KPMG ON N600BN REFINERIES
The Independent Petroleum Marketers Association of Nigeria is in talks with JP Morgan and KPMG with respect to its plans to build two refineries in Nigeria worth $3bn (about N600bn at N200 per dollar).
This is coming as the Managing Director, Capital Oil, Mr. Ifeanyi Ubah, has urged President Muhammadu Buhari to stop subsidising petrol and probe oil marketers whose actions almost led to the shutdown of the country recently.
PRESSURE MOUNTS ON BUHARI TO REVISIT FUEL SUBSIDY PROBE, OIL BLOCKS ALLOCATIONS
President Muhammadu Buhari has been under intense pressure from oil and gas industry stakeholders to reopen all cases relating to fuel subsidy fraud with a view to prosecuting all those indicted.
The stakeholders said this has become necessary as most top officials indicted by the probe panel set up by former President Goodluck Jonathan administration were released by security officials because they were close allies of the then government in power.
The stakeholders said this has become necessary as most top officials indicted by the probe panel set up by former President Goodluck Jonathan administration were released by security officials because they were close allies of the then government in power.
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