P’HARCOURT REFINERIES TO PRODUCE 5M LTRS OF PETROL DAILY

Fresh moves by the Federal Government and other stakeholders to end the current fuel scarcity in the country may have begun, with plans by the Nigerian National Petroleum Corporation (NNPC) to activate five million litres of petrol daily from the two refineries in Port Harcourt, Rivers State.

Besides, some oil marketers have resumed importation of petrol into the country, with Nigerian Independent Petroleum Company (NIPCO) discharging about 37 million litres of the commodity at a Lagos jetty at the weekend.

Read moew @ The Guardian

TOTAL OTHERS RATED HIGHLY IN TOP 100 COMPANIES’ SURVEY

The analysis of the 2015 Top 100 Companies’ Survey has shown that Nigerians are well pleased with some multinationals and a host of indigenous companies operating in the Nigerian terrain. Notable among the multinationals are Nestle, Nigerian Bottling Company (Coca Cola), 7-Up, Procter and Gamble, Mobil, Total, Chevron, Ecobank, Toyota Nigeria, Microsoft and Google. 

Read moew @ Businessday

FG EXPECTS N368BN FROM NLNG

The Federal Government is expecting over N368 billion ($1.6 billion) from taxes and dividends increase from the Nigeria Liquefied Natural Gas Limited (NLNG) by 2017.

The company is owned by four shareholders, namely the Federal Government of Nigeria, represented by the Nigerian National Petroleum Corporation (NNPC), (49per cent), Shell Gas BV (SGBV), (25.6 per cent), Total LNG Nigeria Limited (15 per cent) and Eni International (10.4 per cent).

Read more @ New Telegraph

DEPLOY MORE TROOPS IN RIVERS COMMUNITY, NNPC TELLS OPS

The Nigerian National Petroleum Corporation has called for more deployment of troops in Okrika area of Rivers State to check the activities of pipeline vandals.

The Managing Director, Port Harcourt Refining Company, Mr. Banfred Enjugu, made the call when the Commander, Operation Pulo Shield, Major General Alani Okunlola, paid a working visit to NNPC and Petroleum Pipeline Marketing Company in Port Harcourt, Rivers State.

Read more @ SweetCrude Reports

NNPC LOSES N50B PETROL TO THIEVES

The Nigerian National Petroleum Corporation (NNPC) yesterday said 531 million litres of petrol, valued at over N50 billion was lost to pipeline vandals between January and September.

This occured at the problematic System 2B Pipeline network which stretches from the Atlas Cove in Lagos to Ilorin, the Kwara State capital.

Read more @ The Nation Online

END PETROL SCARCITY IN TWO WEEKS, SENATE TELLS KACHIKWU

The Senate on Thursday asked the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, to end the current scarcity of petrol within two weeks.

 

The upper chamber also directed the Permanent Secretary of the ministry, Mrs. Jamila Soara, and heads of other agencies in the sector to ensure steady supply of the product in all filling stations across the country at the approved pump price.

 

Read more @ Punch Online

NNPC ENLISTS DSS, EFCC TO TACKLE FUEL CRISIS

To end the fuel scarcity in the country, the Nigerian National Petroleum Corporation (NNPC) is engaging the Department of State Services (DSS) and Economic and the Financial Crimes Commission (EFCC) to check the hoarding and diversion of petroleum products by some unscrupulous marketers.

The NNPC in Abuja yesterday said the engagement of the security agencies was also meant to assist in the monitoring of nationwide fuel truck out to retail outlets

Read more @ The Guardian

STAKEHOLDERS LIST CHALLENGES OF PETROLEUM INDUSTRY

Low capacity utilization of refineries, proliferation of non-additive lubricants, underfunding of Joint Ventures (JVs) and poor pricing of products, have been identified by stakeholders as some major challenges confronting Nigeria’s oil and gas sector.

Specifically, they raised alarm over the importation of non-premium quality base oil, which are high in sulphur and ash content into the Nigeria’s lubricant market.

Read more @ The Guardian

TOTAL TO BUILD EIGHT SOLAR-POWERED FILLING STATIONS

Total Nigeria Plc, has expressed its commitment to further improve service delivery to customers, even as it unveiled plans to lunch additional eight solar-powered filling stations to make a total of 10 efficient stations across the country.

 

The oil marketing firm already has one solar-powered station in Ikeja Lagos and Abuja, but Its Managing Director, Mr. Alex Vovk, told The Guardian recently that works are on-going at other eight stations, which are expected to be commissioned by December this year.

 

Read more @ All Africa

N600BN DEBT, COST OF NAIRA SEEN AS OBSTACLES TO IMPORTATION OF FUEL

Outstanding debts amounting to over N600 billion owed oil marketers by government, as well as the need to bringing down cost of naira and making foreign exchange available to end users, among others, could stem the current fuel crisis in the country, according to stakeholders.

Read more @ Businessday

ASSOCIATION BLAMES INADEQUATE FUNDING FOR NON-DISCOVERY OF OIL

Lack of political commitment, coupled with inadequate funding are responsible for the non-discovery of oil and gas in commercial quantity, the Association of Petroleum Inland Basins States of the North (APIBON) has said.

The Secretary General of the Association, Yusuf Sani, who stated this in Abuja while speaking on the parlous state of oil basins in the country, said Niger Republic, Chad Republic and Sudan which have structural stratigraphic similarities with the ones in Nigeria have recorded greater successes in oil discoveries.

Read more @ The Guardian

IRAQ SELLS AT $30 AS OPEC READIES FOR NEW BATTLES

Iraq may increase oil output further in 2016, although less dramatically than this year, intensifying a battle for market share between OPEC members and non-OPEC rivals that has forced Baghdad to sell some crude grades for as little as $30 a barrel.
Iraq’s output in 2015 has jumped almost 500,000 barrels per day (bpd), or 13 percent, according to the International Energy Agency (IEA). That has made Iraq the world’s fastest source of supply growth and a key driver of surging OPEC production.

Read more @ The Guardian

TOTAL TARGETS 10 SOLAR-POWERED FILLING STATIONS BY DECEMBER

Total Nigeria Plc, has expressed its commitment to further improve service delivery to customers, even as it unveiled plans to lunch additional eight solar-powered filling stations to make a total of 10 efficient stations across the country.

Read more @ The Guardian

GAS EXPORTERS RUE INDUSTRY’S CHALLENGES

Nigerian Minister of Petroleum Resources Emmanuel Ibe Kachikwu, has stressed the need to tackle the challenges before gas exporting countries to maintain supplies of natural gas.

“We are meeting at a critical period in the history of our industry, a period where Gas markets are experiencing drastic structural changes owing to the complexity of the dynamics shaping the architecture of energy markets,” he told the GECF 17th Ordinary Ministerial Meeting in Iran.

Read more @ The Guardian

PENGASSAN CHARGES FG ON EMPLOYMENT, ALLEGED EXPATRIATE QUOTA ABUSE

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has urged the Federal Government to put in place ‘sustainable plans’ for job and wealth creation.

In a communique issued at the end of its National Executive Council (NEC) meeting in Abuja, PENGASSAN challenged the Federal Government to diversify the economy by resuscitating the Agricultural, Tourism and Manufacturing sectors for job creation purposes.

Read more @ The Guardian

NIGERIA: ECONOMY EXPANDS AT FASTER PACE AS OIL OUTPUT REBOUNDS – NBS

Gross domestic product rose 2.8 percent from a year ago, compared with 2.4 percent in the second quarter and 6.2 percent in the same period of 2014, the National Bureau of Statistics said in an e-mailed report on Tuesday. Oil output jumped to 2.17 million barrels a day from 2.05 million barrels.
Nigeria’s economy, the largest in Africa, expanded at a slightly faster pace in the third quarter as oil production increased.







Read more @ SweetCrude Report

BUHARI IN TEHRAN, CANVASSES FAIR PRICING FOR GAS

President Muhammadu Buhari has charged the Gas Exporting Countries Forum (GECF) to take appropriate steps towards sustaining the pricing of gas at the international market for the benefit of member countries.

The President made the call during his remarks at the third summit of the GECF in Tehran, the capital city of Islamic Republic of Iran.

Read more @ The Guardian

SENATE PLEDGES TO BREAK JINX ON PIB

The Senate yesterday resolved to break the jinx of failure on consideration and passage of the Petroleum Industry Bill (PIB) as witnessed in the 6th and 7th Senate and by extension, National Assembly.

President of the Senate, Bukola Saraki, who spoke yesterday at the inauguration of additional 11 standing committees of the Senate, said passage of the PIB when represented by the executive is very necessary for adequate reforms in the nation’s oil and gas sector.

Read more @ The Guardian

FUEL CRISIS WORSENS, MORE PAINS FOR COMMUTERS

Three weeks on, there does not seem to be as yet any light at the end of the fuel scarcity tunnel. Queues remain long at filling stations and the hardship continues with a litre of Premium Motor Spirit (PMS) selling at an average of N120 to N150 at filling stations and about N200-N250 at the black market. This is in spite of efforts by the Federal Government and the Nigerian National Petroleum Corporation (NNPC) to ameliorate the hardship just as President Muhammadu Buhari had promised to pay subsidy arrears of N413 billion to marketers.
Read more @ The Guardian Online

OIL TRADES NEAR THREE-MONTH LOW AS EXCESS SUPPLY TAKES TOLL

Brent crude oil futures traded near three-month lows on Friday as the pressure of a persistent supply glut quashed any optimism about a price recovery. An early rally in Brent crude proved difficult to sustain, as focus returned to an overhang that has cut prices by more than 10 percent this month.

Read more @ Businessdayonline

LOW CRUDE OIL PRICE: NIGERIA LOSES ABOUT N10BN DAILY

Slide in crude oil prices since June 2014 means that Nigeria loses about N10 billion per day, says Victor Eromosele, board secretary, Centre for Petroleum Information (CPI), saying, 'people are under-estimating the size of the haemorrhage going on.'

Businessday Page 6

PRESIDENT BUHARI ARRIVES TEHRAN FOR 3RD GECF SUMMIT

President Muhammadu Buhari on Sunday arrived in Tehran, Iran, to participate in the Gas Exporting Countries Forum (GECF) summit on Monday. The Minister of State for Petroleum Resources, Mr Ibe Kachikwu and the National Security Adviser, Retired Maj.-Gen. Babagana Monguno were at the airport to welcome the President.

Read more @ The Guardian Online

OIL PRICE CRASH DIPS NIGERIA'S REVENUES BY N11.96BN IN TWO DAYS

Nigeria’s crude revenues dipped by N11.96 billion in the last two days as prices of oil, country’s cash cow, dipped below $40 a barrel at the global market.

This came as experts declared in two separate reports on Thursday that tougher times were still ahead for prodigal members of Organisation of Petroleum Exporting Countries (OPEC), stating that the commodity, which they depend on, could fall further to $30 per barrel in 2016.

Read more @ New Telegraph

PETROLEUM TAX FALLS BY N390BN – FIRS

The Petroleum Profits Tax collection for the year has dropped by N390bn from a target of N1.48tn to N1.09tn, the Acting Executive Chairman, Federal Inland Revenue Service, Mr. Babatunde Fowler, has said.

 

According to him, over 200 oil and gas companies operating in the country have not filed their tax returns for the year.

 

Read more @ Punch Online

NIGERIA'S CRUDE PRODUCTION HITS 195.3BN BARRELS IN 3 MONTHS

Crude production from Nigeria surged to 195.3 billion barrels in the third quarter 2015. National Bureau of Statistics (NBS), which disclosed this in a new data, added that this has expanded the revenues of the largest economy in Africa at a slightly faster pace in the third quarter.

The gross domestic product rose 2.8 per cent from a year ago, compared with 2.4 per cent in the second quarter and 6.2 per cent in the same period of 2014.

Read more @ New Telegraph

NIGERIA'S OIL OUTPUT MAY FALL BY 2017

Nigeria's oil output could drop by as much as 15 per cent in 2017 unless the government attracts more investment and resolves cash shortages at state oil firms, a senior Moody's analyst said on Wednesday.

Africa's biggest economy produces about 2.1 million barrels per day of oil with foreign and local companies through production sharing contracts and joint ventures.

 

Read more @ Thisdaylive

AGAIN, SENIOR OIL WORKERS BACK CONDITIONAL SUBSIDY REMOVAL

In a rather sharp contrast to the position of the larger central labour house, the Nigeria Labour Congress (NLC), the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has reiterated its support for the removal of subsidy on petrol by the federal government.
Read more @ Thisdaylive

OPEC EXPORT PRICE FALLS BELOW $40 PER BARREL

The average price of crude oil sold by the Organisation of Petroleum Exporting Countries (OPEC) fell below $40 a barrel for the first time since 2009, underscoring the financial cost of the group’s strategy to defend its market share.

The daily OPEC basket price dropped to $39.21 a barrel on November 13, according to an e-mail on Monday from the organization’s secretariat in Vienna.

Read more @ The Guardian

N'ASSEMBLY ASKS PRESIDENT TO SUBMIT REVISED PIB

The National Assembly monday tasked President Muhammadu Buhari as the new Minister of Petroleum to as a matter of urgency send a revised Petroleum Industry Bill (PIB) to it for quick consideration.

The legislative institution made the call at the opening of a two-day dialogue organised by National Institute for Legislative Studies (NILS) in Abuja on the theme, “Dialogue on Economy, Security and Development”.

 

Read more @ Thisdaylive

PPPRA ALLOTS 1.5MMT TO MRS, TOTAL, FORTE OIL, 16 OTHERS FOR PETROL IMPORTATION IN Q4

The federal government has granted approval for the importation of 1.5 million metric tonnes of petrol to 19 companies for the fourth quarter of 2015.

This is coming as the co-founder and chief executive officer of Geneva-based Mercuria Energy Group, Mr. Marco Dunand, met with President Muhammadu Buhari on November 11, during which he indicated interest in investing $1.5 billion in Nigeria’s downstream and upstream oil sector.
Read more @ Thisdaylive

NUPENG URGES FG TO DIVERSIFY ECONOMY

The National Union of Petroleum and Natural Gas Workers (NUPENG) has urged the federal government to as a matter of urgency look inward by diversifying the nation's economy through the promotion of agriculture, solid minerals and tourism to generate more revenue for the country.

 

In a welcome address delivered at the 2015 NUPENG National Education Seminar in Owerri, the National President, Comrade Igwe Achese, expressed concern over the adverse effect the oil gloom in the world has caused on the nation's economy, which had in no small measure affected money in-flow and had reduced the revenue accruing to the nation by 50 per cent.

 

Read more @ Thisdaylive

CHEVRON, SHELL SET TO SACK 8,000

Palpable fear has gripped the Nigerian staff of Chevron and Shell as the two multinationals begin compilation of 8,000 names for sack.

New Telegraph had exclusively reported plans by Chevron and Shell to sack 8, 000 staff in addition to the 8, 000 employees they announced earlier this year as the accounts of the oil firms slips into red.

Read more @ New Telegraph

NIGERIA IN TROUBLE AS OIL PRICES PLUMMET TO $45 ON LIMITED BUYING INTEREST

The falling oil prices, which plummeted to $45 per barrel coupled with constant decrease in the value of Nigeria’s crude oil, may lead the economy to further run into crisis of a larger magnitude in the nearest future.

Read more @ BusinessDayNg

N’ASSEMBLY APPROVAL DELAYING N413BN SUBSIDY PAYMENT – KACHIKWU

President Muhammadu Buhari has sought the approval of the National Assembly to pay the N413bn approved last week as subsidy claims to oil marketers across the country.

 

The Federal Government stated on Wednesday that it was making efforts to pay the outstanding subsidy claims in a week’s time.

 

Read more @ Punch Online

DOWNSTREAM OPERATORS WANT CRUDE REFINING POLICY

Stakeholders in the downstream subsector of Nigeria’s petroleum industry have stressed the need for a national refining policy, which defines the framework for encouraging investment in petroleum refining in Nigeria.

 

The stakeholders at the Ninth Oil Trading Logistics Africa Downstream Week 2015 held in Lagos, said the move would facilitate increased national revenue and infrastructure development

 

Read more @ Punch Online

PETROLEUM SLOT FOR BUHARI AS NEW MINISTERS GET PORTFOLIOS

True to his pronouncements in New York late September, President Muhammadu Buhari named himself the substantive Minister of Petroleum Resources in the long-awaited cabinet he unveiled yesterday.

He also confirmed, as he had long-indicated, that ministries have been rationalised and pruned to 24.

Read more @ The Guardian

KACHIKWU LISTS BUHARI'S POLICIES FOR OIL SECTOR

President Muhammadu Buhari’s overall plan for Nigeria’s oil and gas sector for the next four years was on Wednesday made known by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu.

Kachikwu who doubles as the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), said in Abuja that the government would pay more attention to increasing Nigeria’s crude oil and gas production within this period to earn more revenue from there.

Read more @ Thisdaylive

 

OIL PRICE TO RECOVER TO $80 ONLY BY 2020, SAYS IEA

Oil prices are set for a slow recovery, according to the latest report from International Energy Agency (IEA), which cautioned against the deep investment cutbacks in the industry.

In its latest World Energy Outlook, the IEA’s central scenario for oil prices forecast that the oil market would rebalance at $80 a barrel (bbl) in 2020, “with further increases in price thereafter.”

Read more @ The Guardian

CHEVRON: INVESTMENT IN NIGERIA’S OIL AND GAS INDUSTRY DROPS BY 20%

The President of Chevron Africa and Latin America Exploration and Production, Mr. Ali Moshiri, has raised the alarm that total investment by all players in Nigeria’s oil and gas industry, which stood at $20 billion in 2014 has dropped by 20 per cent in 2015.

This is coming as the Governor of Lagos State, Mr. Akinwunmi Ambode, has said that the state will soon become the 11th oil producing state in the country, but decried what he described as the declining reserves, profitability and competitiveness of Nigeria’s operating environment in the oil and gas business.

 

Read more @ Thisdaylive

NNPC ON THE VERGE OF OIL FIND IN LAKE CHAD AREA – KACHIKWU

Nigeria, Africa’s biggest crude oil producer, may be “on the verge of a significant oil find” in the Lake Chad area of the northeast, NNPC managing director Ibe Kachikwu was quoted as saying in a statement issued by the state oil company on Sunday.

Read more @ Businessday Online

PLUMMETING CRUDE OIL PRICES HIT NIGERIAN FIRMS’ BALANCE SHEET

Tumbling oil prices have hit the earnings of Nigeria’s indigenous energy companies, in one of the first tangible signs of how the oil supply glut is reverberating across the global economy.

For instance, indigenous oil firm, SEPLAT Petroleum Development Company Plc, reported a fall in revenue and profit in the first nine months of 2015 as a substantial lift in production was not enough to offset the large fall in oil prices.

Read more @ The Guardian

NIGERIA’S UNSOLD OIL CARGOES REDUCE TO 15

Nigeria’s unsold crude oil cargoes, which were over 20 last month, have reduced to 15, according to trade sources.

A fall in futures prices and a strong recovery in gasoline refining margins have helped to shore up demand for light sweet Nigerian crude oil, but slow sales, up until now, have kept differentials, that is, the difference between the sold and unsold, low.

Read more @ The Guardian

STAKEHOLDERS WANT NEW MINISTER TO ADDRESS PIB, GAS, CASH CALL, OIL THEFT, OTHERS

Whoever assumes the position of minister of state for petroleum in the current dispensation would have to contend with a deluge of issues that have bedeviled the oil and gas industry and find ways to make the industry robust again.

Read more @ BusinessDay

OIL, GAS SECTOR FACING DECLINING REVENUES, SAYS KACHIKWU

The Group Managing Director of Nigeria National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu, monday said the industry was facing a sharp lower revenues from the country’s oil assets. Kachikwu said this at the 33rd Annual International Conference and Exhibition organised by Nigerian Association of Petroleum Explorationists (NAPE) in Lagos.

The NNPC boss was represented by the Group General Manager, Nigerian Petroleum Investment Management Services (NAPIMS), Mr. Dafe Sejebor.

 

Read more @ Thisdaylive

KACHIKWU SEEKS REDUCTION IN $30 PER BARREL COST OF OIL PRODUCTION

A minister-designate and Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu has said the $30 currently spent by oil companies to produce one barrel of crude oil in Nigeria is too high and should be reduced in view of the current low price regime.

Speaking at a Luncheon organised in his honour by the Petroleum Club in Lagos at the weekend, Kachikwu stated that asset management by the NNPC was so poor that the state-run oil company had relied only on information provided by the international oil companies (IOCs).

Read more @ Thisdaylive

SUPREME COURT TO RULE ON BRITTANIA-U, CHEVRON OIL BLOC DISPUTE ON JANUARY 29

The Supreme Court has fixed January 29, 2016 for judgment in the dispute between Chevron and Brittania-U, which arose following the failure of the former to transfer ownership of some oil blocs to the latter having successfully out-bided other oil firms during the bidding exercise.

Read more @ The Guardian

OIL COMPANIES CUT 120,000 JOBS

As a result of the continued fall in oil prices, Nigeria’s oil and gas companies have cut about 120,000 direct and indirect jobs, the immediate past National Industrial Relations Officer, Petroleum and Natural Gas Senior Staff Association of Nigeria, Hyginus Onuegbu, has said.

 

Onuegbu, who is the Rivers State Chairman, Trade Union Congress of Nigeria, said the dwindling oil prices had affected the expected revenue of oil companies in the country as revealed by their third quarter reports, with some of them declaring losses.

 

Read more @ Punch Online

KACHIKWU TARGETS $20BN INVESTMENT IN 2016

A minister-designate and Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu, has said with the confidence this present administration has built since it assumed office 11 weeks ago, the country would attract an inflow of foreign investments in excess of $20 billion over 2016 “if we chase them the right way.”

Speaking on the $6 billion cash call arrears owed the international oil companies (IOCs) by the NNPC and the commercial arbitration awards, which he said also stood at about $6 billion, Kachikwu stated that what was needed was the restoration of the confidence of investors to bring in new funding, while solutions are being explored to repay the historical debts.

 

Read more @ Thisdaylive

NEITI RECOVERS $2.4 BILLION FROM OIL FIRMS IN FIVE YEARS

The Nigeria Extractive Industries Transparency Initiative (NEITI) recovered over $2.4 billion from covered entities and another $7 billion as recoverable revenue into government covers within the last five years.
This was disclosed by the out-going Executive Secretary of NEITI, Zainad Ahmed, in Abuja while handing over the mantle of leadership to Dr. Orji Ogbonaya Orji, who will act pending the appointment of a substantive Executive Secretary.

Read more @ The Guardian

NNPC RAISES HOPE ON OIL FIND IN CHAD BASIN

Going by the analysis on recent 3D data generated from the Chad Basin, Nigeria seems moving closer to discovering oil in commercial quantity in the Basin, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu, has disclosed.

A statement by the Group General Manager, Group Public Affairs Division of the NNPC, Ohi Alegbe, quoted Kachikwu as saying this while delivering a paper titled, “Ongoing Reforms in the Oil Industry: Impact of NNPC Reforms on the Nigerian Economy.”

Read more @ The Guardian

OPEC’S CONFIDENTIAL REPORT MAY SQUEEZE MARKET SHARE

Global demand for OPEC’s crude oil will remain under pressure in the next few years, the producer group said in an internal report, potentially fuelling a debate on its strategy of defending market share rather than prices.

The draft report of OPEC’s long-term strategy, seen by Reuters, forecasts crude supply from OPEC – which has an output target of 30 million barrels per day (bpd) – falling slightly from 2015’s level until 2019, unless output slows faster than expected in rival producers.

Read more @ The Guardian

NIGERIA’S LIGHT SWEET CRUDE PRICE FALLS TO $46.32 A BARREL

The price of Nigeria’s sweet crude, yesterday, fell to $46.32 per barrel against $47.17 a barrel it was offered in the market on Wednesday. Also, the global benchmark, Brent crude oil fell from $50.54 per barrel to $48.58 a barrel as at yesterday.

Besides, multinational oil and gas companies recorded revenue drop in their respective third quarter operations due to the declining crude oil prices.

Read more @ The Guardiuan

OIL GIANTS IN $19BN OIL WRITE-DOWNS ON GLOOMY PRICE OUTLOOK

Major multinational oil companies have reported over $19 billion in oil and gas write-downs in a single week as producers confront investors with stark reality of the oil price situation in the international market.

Royal Dutch Shell Plc leads the pack in recognizing that drilling prospects are worth a lot less than they used to. The producer announced its worst loss in 16 years on weekend, including $8.2 billion in impairments.

Read more @ The Union

NNPC’S PROCEEDS FROM SALE OF PETROLEUM PRODUCTS DROP BY N5.53BN IN SEPTEMBER

The corporation in its September financial and operational report which was obtained from its website in Abuja, disclosed that it realised a total of N38.67 billion in that month as compared to the N44.2 billion it realised in the previous month of August.

The monthly report is in line with the promise made by the Group Managing Director of the Corporation, Dr. Ibe Kachikwu, to publish monthly reports of its operations and financial standings. It started the new process in August.

 

Read more @ Thisdaylive