SHELL HIT BY $6.1B LOSS OVER FALLING GLOBAL OIL PRICES

Royal Dutch Shell yesterday revealed a loss of $6.1 billion during the third quarter of 2015 compared with a gain of $5.3 billion for the same quarter a year ago.

The company’s third quarter 2015 Current Cost of Supplies (CCS) earnings were $1.8 billion compared with $5.8 billion for the third quarter of 2014, representing a decrease of 70 per cent.

Read more @ The Guardian

AI REPORT BLAMES SHELL, EXPOSES FAILURE TO CLEAN NIGER DELTA OIL SPILLS

The Amnesty International (AI) and the Centre for Environment, Human Rights and Development (CEHRD) will next week launch a new report exposing what it described as Shell’s false statements about its efforts to clean up oil spills in the Niger Delta at a press conference in Abuja, Nigeria.

The Press Officer, AI Nigeria, Mr. Eulette Ewart, in a statement yesterday, said despite promising to act on a 2011 United Nations Environmental Programme (UNDP) report exposing shocking levels of pollution caused by oil spills, ‘Clean it up: Shell’s failure to tackle oil spills in Nigeria’ documents that Shell has either not cleaned up or has done it so badly that oil still pollutes the land.

 

Read more @ Thisdaylive 

NIGERIA LAUNCHES TELEVISED BIDDING FOR OIL CONTRACTS, TO CUT DEALS BY A THIRD

Nigeria’s state oil firm NNPC began auctioning annual crude term contracts on live television on Tuesday and vowed to cut the number of contract holders by a third in a drive to boost transparency at an institution dogged by corruption.

Read more @ BusinessDay Online

OSINBAJO: THERE WILL BE NO COORDINATING MINISTER FOR THE ECONOMY

The Vice-President, Professor Yemi Osinbajo, has said his role in the current administration is to supervise the economy, adding that there would be no such thing as coordinating minister for the economy as was obtained in the immediate past government.

Osinbajo made the statement while receiving the Australian High Commissioner to Nigeria, Mr. Jonathan Richardson, in his office

 

Read more @ Thisdaylive

UNSOLD CRUDE CARGOES RISE TO $3.572BN

The fortunes of Nigeria’s tottering economy worsened yesterday as the stock of its unsold cargoes of crude oil rose to $3.57 billion.

The bearish demand for the nation’s crude oil, which began months ago, degenerated as major buyers like China showed preference for crude grades from Angola over Nigeria’s and helped Angola to fare better in the suppliers’ bearish transactions buoyed by supply glut.

Read more @ New Telegraph

KACHIKWU RAISES HOPE ON REFINERIES

Apparently unsatisfied with status of Nigerian refineries, the Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu, has reviewed the business model of the facilities for better efficiency.
Indeed, the NNPC boss assured that to drive the new operations model would place the corporation on a performance platform that would guarantee commercial viability.

Read more @ The Guardian

N600BN INDIGENOUS FPSO READY BY 2017

Nigeria will realise the national aspiration of building its first indigenous Floating Production Storage and Offloading (FPSO) in 2017, the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Denzil Kentebe has revealed.
Speaking at the just-concluded Practical Nigerian Content Conference held in Yenagoa, Bayelsa State, Kentebe explained that the $300 million (N597 billion) facility is presently under construction at the Lagos Deep Water and Logistics Base (LADOL).

Read more @ The Guardian

NNPC TO TRIM LIFTERS OF NIGERIAN CRUDE TO 16 AS 278 SUBMIT BIDS

The Nigerian National Petroleum Corporation (NNPC) has said that it hopes to introduce commercial certainty in the sale of Nigeria’s crude grades in the international market starting from January 2016.

NNPC said on Tuesday at the opening of technical and commercial bids submitted by 278 firms for the purchase and sale of Nigeria’s crude oil that starting from January, it would deal with just about 16 oil lifters, effectively cutting down the number from 43.

 

Read more @ Thisdaylive

TOTAL RESTATES COMMITMENTS TO WELFARE OF HOST COMMUNITIES

Total Group in Nigeria has restated its commitment to Corporate Social Responsibility (CSR) programmes targeted at improving the welfare of its host communities.

The company recently donated hi-tech HIV/AIDS screening equipment and reagents to the Bwari General Hospital in the Bwari Area Council of the FCT.

Read more @ The Guardian

IOCs IN DARK AS NNPC FAILS TO ISSUE DIRECTIVE ON 2015 JV BUDGET

International Oil Companies (IOCs), joint venture partners of the Ngerian National Petroleum Corporation (NNPC) are still in the dark over the 2015 project spending plans, just two months before the end of the year, BusinessDay has reliably learnt. 

Read more @ BusinessDay Online

REVIVING STRUCTURED CRUDE OIL BUNKERING

The federal government last week moved a step further in its avowed commitment to revive legitimate crude oil bunkering trade in Nigeria’s territorial waters with the disclosure by the Nigerian National Petroleum Corporation (NNPC) that it had received 91 bids from firms seeking to provide coastal and bunkering vessel services to support the operations of its subsidiary, the Pipelines and Products Marketing Company (PPMC).

Read more @ Thisdaylive

CONTRACT DISPUTE: COURT URGES ARCO, AGIP TO EXPLOIT ALTERNATIVE DISPUTE RESOLUTION

A Federal High Court sitting in Port Harcourt has advised Arco Group Plc and Nigeria Agip Oil Company to explore out-of-court settlement of the gas plant maintenance contract dispute brought before it.

The presiding judge, Justice Lambo Akanbi, gave the advice at the resumed hearing of the case on Monday.

 

Read more @ Thisdaylive

DAILY FUEL SUBSIDY DROPS TO N412.8 MILLION

The Federal Government’s daily spending on petrol subsidy has declined from the N1.07 billion it recorded as at September 8, to N412.8 million as at October 23. It earlier dropped to N889.44 million on September 22.

According to the pricing template of the Petroleum Products Pricing Regulatory Agency (PPPRA), subsidy on a litre of fuel stands at N8.6k as at October 23.

Read more @ The Guardian

WHY FG SHOULD SCRAP KADUNA REFINERY

As hopes rise that Nigeria’s refineries may come on stream by December, details are emerging that the Kaduna Refining and Petrochemical Company (KRPC) may not be among them, and may even need to be ‘scrapped.’\

 

Chief among the reasons, The Guardian learnt, is because the refinery would not meet expected parameters of operation should it depend on feedstock from the Nigerian National Petroleum Corporation (NNPC).

Read more @ The Guardian

CASH CRUNCH STALLS NIGERIA’S $20BN GAS PROJECT

The $20 billion Trans-Saharan gas pipeline project through which Nigeria will transport natural gas to Europe is stalled over shortage of funds, New Telegraph has gathered.

The project, which when completed, would transport about 30 billion standard cubic feet (scuf) of natural gas from Nigeria through Niger, Algeria to Europe, is, according to checks, not getting funds due to oil price rout, which has affected budget of the Nigerian National Petroleum Corporation (NNPC) and other stakeholders in the project.

Read more @ Newtelegraph Online

VISA PARTNERS TOTAL TO REWARD CUSTOMERS

In a bid to foster partnership and improve card usage for purchases, Visa has gone into partnership with Total Nigeria Plc to reward customers who use their electronic payment cards to buy fuel at Total service stations in Lagos state.

The promotion aims at educating consumers and businesses on the convenience of making payments for fuel and other commodities through e-payment.
Read more @ Thisdaylive

CBN FREEZES JV ACCOUNTS IN BANKS

The Central Bank of Nigeria (CBN) has frozen the accounts of the Nigerian National Petroleum Corporation (NNPC) and its joint venture partners in deposit money banks, creating panic among some companies in the Oil and Gas industry.

Read more @ BusinessDay Online

91 COMPANIES BID FOR NNPC BUNKERING SERVICES

A total of 91 companies have submitted bids to the Nigerian National Petroleum Corporation to secure contracts for the provision of coastal and bunkering vessel services to the national oil firm.

According to the corporation, the 91 technical bids are largely from indigenous vessel owners vying to secure the contract for the operations of the Pipelines and Products Marketing Company, a subsidiary of the NNPC.

Read more @ Punch Online

WORLD BANK REVISES OIL PRICE FORECAST TO $52

The World Bank has said it is lowering its 2015 forecast for crude oil prices from 57 dollars per barrel in its July report to 52 dollars per barrel.

This is according to the bank’s new Commodity Markets Outlook, a quarterly update on the state of the international commodity markets

Read more @ Thisday Online

UNBUNDLED PIB TO BE RESUBMITTED TO PARLIAMENT IN FIRST QUARTER 2016

In its bid to restructure the oil and gas sector, the federal government plans to split the Petroleum Industry Bill (PIB) stuck in the National Assembly for eight years and resubmit it by the first quarter of 2016, as its delay deters investment in the country, Vice-President Yemi Osinbajo has said.

The vice-president was reiterating a similar statement by the Group Managing Director of the state-run Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu, who during his Senate screening last week advocated the unbundling of the bill, adding that the non-passage of the legislation had cost the country $15 billion annually.

 

Read more @ Thisday Online

 

 

FG TO ALLOW OIL FIRMS BORROW TO FUND JV OPERATIONS

Nigeria’s government will permit the mainly international oil companies with whom it has joint venture arrangements to borrow from the market to fund their operations, as a way of resolving the perennial cash call challenge which has held down oil production in the country.

Read more @ Businessday Online

GHANA AGREES TO PAY NIGERIA $170M GAS DEBT BY FEBRUARY

The Ghanaian government has agreed to pay Nigeria a $170 million gas debt by February 2016 in a bid to avert a recent threat by a consortium of Nigerian companies to cut gas supply to Ghana over unpaid gas bill.

Read more @ Thisday Online

PENGASSAN DEMANDS BUHARI’S BLUEPRINT ON PETROLEUM SECTOR

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has expressed worry over what it described as absence of a governing blueprint for the petroleum sector five months after assuming power by President Muhammadu Buhari administration.

Speaking yesterday at the Petroleum Products Marketing Company (PPMC) PENGASSAN branch’s triennial delegates’ conference in Abuja, the National President of the association, Francis Johnson, said there is need for the sector to be guided by a clear-cut blueprint that will provide the direction the sector is headed under the current administration.

Read more @ Guardian Online

ENERGY STOCKS SEEN HURT BY OIL PRICE DROP

The shares of listed Nigerian Oil & Gas companies have since taken a beaten as oil price drop weighed investors’ appetite to raise bets on them. The price of oil has halved over the last 12 months, mainly as a result of unprecedented levels of production from some major exporting countries

Read more @ Businessday Online

‘OIL INDUSTRY NEEDS $10 TRILLION INVESTMENTS IN 25 YEARS’

There are indications that the global oil and gas industry would need about $10 trillion to meet the growing demand by the year 2040, according to the Organisation of Petroleum Exporting Countries (OPEC).

The Secretary General, OPEC, Abdalla S. El-Badri, who made this known at the executive plenary session of the Kuwait oil and gas show and conference, last week, said the global energy demand is expected to expand by around 50 per cent by the next 25 years.

Read more @ Guardian Online

NNPC LISTS PETROLEUM INDUSTRY’S CHALLENGES

The Nigerian National Petroleum Corporation (NNPC) has listed the challenges confronting the corporation to include assets integrity issues, crude oil and product theft; sub-commercial contracts; low capacity utilisation of refineries; issues of subsidy management; and inefficient business model.

Read more @ Guardian Online

NNPC ADOPTS ‘20 FIXES’ TO REFORM OPERATIONS, IMPROVE PROFITABILITY

The Nigerian National Petroleum Corporation (NNPC) has adopted what it described as “20-fixes” with which it hopes to reform its operations, guarantee profitability and perhaps run a transparent national oil company.

NNPC through the “20-fixes” which are however embedded in five cardinal business objectives that it intends to pursue, plans to amongst other initiatives, attain zero tolerance for corruption, restructure its major subsidiaries as well as enhance probity in its operations across board.

 

Read more @ Thisday Online

 

 

N33.8BN DEBT: NIGERIA GIVES GHANA FEBRUARY ULTIMATUM

Nigerian gas company, N-Gas, the main supplier of gas to Ghana’s Volta River Authority through the West African Gas Pipeline, has given the VRA up to the end of February 2016 to clear its outstanding debt of $171.5m (N33.79bn).

Read more @ Punch Online

MALABU: ‘NIGERIA LOST $1.1BN TO LACK OF TRANSPARENCY’

A lack of beneficial ownership transparency in the oil and gas industry led to the loss of $1.1bn to a single deal by Nigeria, an international watchdog, Global Witness, has said in a new report. 

The report stated that in Nigeria, Democratic Republic of Congo and Angola, lucrative oil and mining assets worth $4bn were awarded to companies with hidden owners, thereby diverting vast resource revenues to unknown private pockets, adding that in the Republic of Congo, a company whose beneficiaries remained uncertain had recently received lucrative stakes in several oil fields.

Read more @ Punch Online

Again, Ex-Depot Price of Petrol Rises Amid Slump in Crude Oil Price

Barely few weeks after the ex-depot price of petrol dropped with most marketers selling at government’s official price of N77.60 per litre, the price has risen again, notwithstanding the slump in the international market price of crude oil, investigation has revealed.

Market survey revealed that the ex-depot price was as high as N87 per litre at the weekend, with only about five independent marketers selling petrol in their depots at the weekend.

Read more @ Thisday Online

NNPC refineries operated at 10% capacity in August

Despite earlier claims of robust performance by the management of Nigeria’s three refineries in Port Harcourt, Warri and Kaduna, the refineries actually recorded average capacity utilisation of 10.04 per cent, according to the monthly financial and operations report of the Nigerian National Petroleum Corporation, NNPC, for January to August 2015.

Read more @ Sweet Crude Reports Online

Delta communities defeat Shell in landed property suit

RELIEF has finally come the way of some communities in the oil producing, who had hitherto been engaged in litigation against Shell Petroleum Development Company over the ownership of a vast landed property in Delta State.

Read more @ Guardian Online

FPSO fabrication facility to start operations in gulf of Guinea

In a significant development for international oil companies (IOCs) operating in the Gulf of Guinea, large scale and complex steel fabrication will now be offered in Nigeria from a new purpose-built facility.

Read more @ Businessday Online

Refineries Operated at 10% Capacity in August, Recorded N31.7bn Loss

Despite earlier claims of robust performance by the management of Nigeria’s three refineries in Port Harcourt, Warri and Kaduna, the refineries actually recorded average capacity utilisation of 10.04 per cent, according to the monthly financial and operations report of the Nigerian National Petroleum Corporation (NNPC) for January to August 2015, which was obtained exclusively by THISDAY.

The report corroborated the statement by the Group Managing Director of the state-run oil firm, Dr. Ibe Kachikwu, in recent weeks that contrary to claims by past management shortly after President Muhammadu Buhari assumed office, the refineries were operating at sub-optimal levels.

 

Read more @ Thisday Online

 

 

FG probes NNPC, NPA, others for remitting foreign currency revenue in naira

The Federal Government Thursday said it is investigating some revenue generating agencies who generate revenues in foreign currency but remit in local currency to the federation coffers. Agencies under include the Nigerian National Petroleum Corporation, Nigerian Ports Authority and the Nigerian Maritime Administration and Safety Agency among others.

Read more @ Businessday Online

Shell lifts force majure on Bonny Light exports

THE Shell Petroleum Development Company of Nigeria Limited (SPDC) has lifted the force majure on its Bonny Light grade, thereby recovering about 320,000 barrels per day (bpd) of the nation’s oil exports.

The two major trunk lines earlier shut by the oil multinational some eight days ago have therefore resumed operations, raising hope for the October export programme.

Read more @ Guardian Online

101 Oil Traders Submit Bids for Offshore Processing Contracts

The Nigerian National Petroleum Corporation (NNPC) on Thursday received 101 bids from oil traders seeking offshore processing agreements (OPAs) with the state-run oil firm under its crude-for-petroleum products' exchange programme.

Results from the public bid opening, which was coordinated by NNPC’s General Manager, Supply Chain Management, Sophia Mbakwe, in Abuja, showed that some of the bidders included Emirates National Oil Company Singapore Private Ltd, Sahara Energy Limited, Oando Plc, Rain Oil Ltd, Petraco Ltd, Eni Trading and Shipping, and Ene Gas.

 

Read more @ Thisday Online

 

 

FG GRANTS FINANCIAL AUTONOMY TO JOINT VENTURES

The Federal Government, Wednesday, granted financial autonomy to some Joint Venture (JV) oil companies, giving the JVs control over their budget, empowering them to source for funds and remit taxes, royalties and dividends to the government.

Read more @ Vanguard Online

OMOTOWA: PROBLEM OF GAS FLARING BEYOND NLNG

The Managing Director of the Nigeria Liquified Natural Gas (NLNG), Mr. Babs Omotowa, has said that despite the best efforts, the problem of gas flaring in beyond what they can handle alone.

Omotowa stated this on Wednesday when the management of NLNG paid a courtesy to the Chief of Naval Staff (CNS), Vice Admiral Ibok-Ete Ibas, at the Naval Headquarters (NHQ), Abuja

 

Read more @ Thisdaylive

GOVS ENDORSE MOVES TO USE MODERN TECHNOLOGY TO CURB PIPELINE VANDALISM

Nigerian governors have resolved to support the use of modern technology to fight pipeline vandalism and save the nation huge resources being lost to the activities of vandals.

Besides, they said using modern technology would serve a better purpose than using the military and para-military personnel.

Read more @ The Guardian

150 GOLFERS FOR TOTAL CHARITY GOLF

Over 150 golfers will be locked in a web of top golfing action this Saturday as the Total Golf Charity Tournament tees off at 7am at the IBB International Golf & Country Club, Abuja. This year’s competition will be by Stable Ford format and played over 18 holes, with about 150 golfers set to battle for the prizes on offer.

The tournament aims to raise money for provision and upgrading of infrastructure in some local charities as part of the company’s social and corporate responsibility

Read more @ Vanguard Online

NIGERIA’S CRUDE OIL PRODUCTION INCREASES BY 34,000 BARRELS PER DAY

Nigeria’s crude oil production has increased by 34,000 barrels per day (bpd) from the 1.865 million bpd in the month of August to 1.9 mbpd in September, according to the latest report of the Organisation of Petroleum Exporting Countries (OPEC).

According to OPEC in the report released on Monday, total crude oil production from member countries increased by 0.11 mbpd to average 31.57 mbd in September.

Read more @ The Guardian

TOTAL HARPS ON LPG UTILISATION IN NIGERIA

Total Nigeria Plc has emphasised the need for Nigeria to marshal all necessary mechanisms to optimally exploit the potentials in the Liquefied Petroleum Gas (LPG) market.

The company however expressed its commitment to continue to invest massively in the sector and expand its gas retail outlets across the country.

Read more @ The Guardian

OGONI SPILL: FG SET TO RELEASE FIRST TRANCHE OF $10M TO BEGIN CLEAN-UP

Federal Government has announced plans to release the first tranche of $10 million to begin the process of cleaning up areas devastated by oil spills in Ogoniland.

Although actual date for the release of these funds has not been disclosed yet, there were indications that the funds would be largely deployed for logistic arrangements, including setting up of a board of trustees to manage the implementation of the clean-up.

Read more @ Daily Independent

Nigeria May Curtail Ghana Natural Gas Supply Over Debts

Nigeria may curb the supply of natural gas to Ghana because the country hasn’t paid more than a year of bills for the fuel, the West African Gas Pipeline Corporation said.

Ghana stopped paying for the fuel from Africa’s largest economy in August of 2014, Harriet Wereko-Brobby, spokeswoman for the pipeline company, told Bloomberg.

Read more @ Thisday Online

NNPC to Explore Alternative Funding to Offset Subsidy Debts to Oil Marketers

The Nigerian National Petroleum Corporation (NNPC) monday said it would explore new financing mechanisms to offset outstanding debts on subsidy claims which the federal government owes petroleum marketers in the country.

The corporation also stated that it would reach out to relevant creditors such as the banks in the country to ease off extant repayment pressure on marketers and extend the credit lines offered by them

 

Read more @ Thisday Online

Experts Differ on Buhari’s Plan to Assume Role of Petroleum Minister

President Muhammadu Buhari’s recent declaration that he would oversee the Ministry of Petroleum Resources has stirred diverse reactions from experts in energy law and policy in the country.

Two of the experts, Prof. Yinka Omoriegbe and Jaji Ahmed who spoke recently in Abuja at the public presentation of a book, “Structuring of Innovative Finance Schemes for Petroleum Production in Nigeria: Legal and Tax”, written by Dr. Perisuo Dema shared their divided views on how the president’s decision would impact on Nigeria’s oil and gas industry.

 

Read more @ Thisday Online

 

Nigeria Produced 445m Barrels of Oil, 1, 677bcf of Gas in Seven Months

A monthly report of the activities of the Nigerian National Petroleum Corporation (NNPC) has shown that from January to July 2015, a period of seven months, Nigeria produced 445 million barrels (mb) of crude oil and condensates.

The report, which was released by the NNPC in Abuja, also showed that within the same period, a total of 1,677 billion cubic feet (bcf) of gas was produced by the country and sold in the domestic and export markets.

 

Read more @ Thisday Online

 

 

NNPC REMITS N844 BILLION TO FEDERATION ACCOUNT IN EIGHT MONTHS

Figures from the Nigerian National Petroleum Corporation (NNPC) indicate that about N844 billion in oil sales that comprised the Naira and dollar equivalents have been paid into the Federation Accounts Allocation Committee (FAAC) between January and August 2015.

A statement signed by the Group General Manager of the Group Public Affairs Division of the NNPC, Ohi Alegbe in Abuja yesterday said the corporation has begun monthly publication of its provisional financial and operational reports.

Read more @ The Guardian

NIGERIA LNG REVENUES THREATENED AS ASIAN PRICES COLLAPSE

Nigeria’s ability to cushion the fiscal blow from lower oil prices through higher gas earnings is being threatened as Asian LNG prices collapse. Nigeria LNG Ltd. (NLNG), Africa’s largest liquefied natural gas export terminal, had increasingly turned to Asian markets to sell its products due to lower European spot prices and surging output by United States shale producers.

Read more @ Businessday Online

REWANE, OTHERS SEEK REVIEW OF PETROLEUM SUBSIDY

The Chief Executive Officer of Financial Derivatives Company Limited, Mr. Bismarck Rewane, and other discussants at a one-day conference held yesterday in Lagos on ‘Oil Subsidy Regime and National Economic Health,’ have called for a review of the subsidy regime to ascertain its sustainability and relevance to the welfare of all Nigerians.

Delivering a paper on ‘Oil Subsidy and Implications for National Economic Growth’ at the conference, which was put together by the School of Media and Communication, Pan-Atlantic University, Rewane noted that with the drop in the price of crude oil by over 50 per cent, it has become imperative for the government to review the subsidy scheme

Read more @ Thisdaylive

NIGERIA OIL CONTRACTS REVIEW ADDS TO INDUSTRY UNCERTAINTY

Plans by Nigeria, Africa’s biggest oil producer, to review offshore production contracts signed with international oil companies two decades ago, have added to uncertainty in an industry already lacking regulatory clarity, said analysts including Philippe de Pontet of Eurasia Group. 

Read more @ Businessday Online 

OIL PRICE UP AS US PRODUCTION BEGIN TO COLLAPSE, STOCKPILE ALSO DOWN

U.S. crude stocks decreased by 1.2 million barrels last week while distillate stockpiles also fell, data from industry group the American Petroleum Institute (API) showed. [API/S] The figures suggest U.S. oil production, particularly from shale, is beginning to decline in response to the collapse in prices over the last year.

Read more @ BusinesDay Online

USE NIGERIAN VESSELS TO MOVE CRUDE, SHIPOWNERS TELL NNPC

The Coordinator, Government Relations, Shipowners Association of Nigeria, Mr. Temisan Omatseye, has urged the Nigerian National Petroleum Corporation to engage Nigerian flagged vessels in the movement of crude oil and petroleum products.

 

In an interview with our correspondent, he said the NNPC was spending so much on the movement of crude on the coast because of its continuous patronage of foreign flagged vessels.

 

Read more @ Punch Online

NNPC, INDEPENDENT PRODUCERS BICKER OVER ASSET OPERATION

There is disquiet over the best model for operating the oil assets acquired by some Independent Petroleum Producers, as the winners of the assets and the Nigerian National Petroleum Corporation (NNPC) are peddling various models in an ongoing raging debate.  

While the Independent Petroleum Producers want to take over the operatorship of the assets, Emmanuel Kachiukwu, the new group managing director of the NNPC allegedly prefers a different model which would still make the Nigerian Petroleum Development Company (NPDC) remain the operators of the assets.

 

Read more @ Businessday online

Infrastructure deficit, sliding oil prices may cut Nigeria’s growth projection

Growth is expected to decelerate in Sub-Saharan Africa to 3.7 per cent in 2015, the lowest since 2009, due to declining crude prices and infrastructure (electricity supply and transport) constraints affecting Nigeria and South Africa.
The World Bank said in a report titled: Africa Pulse released on Monday, that slowdown in growth forecast is related to crude oil prices, refining, one of the key activities in the sector, which recorded a sharp decline.
Read more @ Guardian online
 

 

Oil price fall may continue till 2017 – OPEC

The decline in global crude oil prices may not abate until 2017 as the oil market is expected to rebalance within two years, the Secretary-General of the Organisation of Petroleum Exporting Countries, Abdalla el-Badri, has said.
Read more @ Punch Online

Drop in global investment to boost crude oil prices

Organisation of Petroleum Exporting Countries (OPEC) has expressed optimism that slash in global investment by $130 billion in 2015 from its level of $650 billion in 2014 would lead to increase in crude oil prices.
The projection was based on the fact that investment in new or expansion projects has plummeted, supply will tighten and as supply falls, prices inevitably rise.

Read more @ Guardian Online

Navy to prosecute officials involved in oil theft

The Nigerian Navy yesterday declared total war against oil theft, warning that any naval personnel assisting or participating in the theft would be arrested and prosecuted.


Read more @ Guardian Online

PIB, oil theft, poor gas infrastructure face new Petroleum Minister

Whoever takes on the office of minister of Petroleum in the  current dispensation would have to contend with a deluge of challenges including  the stagnant Petroleum Industry Bill, oil theft, finding solution to the nation’s poor gas infrastructure and cash call issues.

  Industry stakeholders say these and other challenges must be tackled head-on by the coming  Petroleum minister.

 

Read more @ Businessday Online

OPERATORS SEEK NIGERIA LNG MODEL FOR FUNDING JOINT VENTURE PROJECTS

Executives of some exploration and production (E&P) have advocated for the adoption of the Nigeria Liquefied Natural Gas (NLNG) model for funding joint venture projects by the Nigerian National Petroleum Corporation (NNPC) and some local and international oil companies operating in the country

Read more @ Thisday Online

NNPC DRAGS NNPG, CAC, OTHERS TO COURT OVER INFRINGEMENT ON TRADEMARK

The Nigerian National Petroleum Corporation (NNPC) Retail Limited has sued the Natural Network Petroleum and Gas Company (NNPG) Limited and two others over infringement on its trademark.

NNPC had in a suit obtained by journalists on Sunday and filed through its counsel, Muyiwa Atoyebi, marked FHC/AK/99/15, joined Corporate Affairs Commission (CAC) and the Registrar of Trade Marks, Patent and Designs as second and third defendants respectively.

 

Read more @ Thisdaylive