The impact of the recent spate of attacks on oil and gas assets in the Niger Delta has started to reverberate across the petroleum industry, as Shell Nigeria, yesterday, disclosed that its crude oil production dropped sharply to 37,000 barrels per day in the second quarter, Q2 2016. Shell in its Q2 2016 financial statement released to its investors said that production from its Nigerian subsidiary, Shell Petroleum Development Company, SPDC, dipped by 41 per cent to 37,000 barrels per day, bpd, during the period, down from the 63,000 bpd recorded in the same period of 2015, and 24 per cent lower than production in the first three months of the year.
Read more @ Vanguard:
Friday, 29 July 2016
THOUSANDS OF CONTRACTORS, OIL WORKERS, NOW IDLE ON MILITANT ATTACKS
Unrelenting attacks by militants and the consequent closure of terminals for repairs is taking a toll on economic activities in some of Nigeria’s oil producing states as thousands of local service contractors, vendors, temporary oil workers and ancillary service providers now idle away on account of shutting down of the terminals.
This is having a telling effect on local businesses which have shut down their operations, limiting tax revenue to the states, spiralling unemployment and leading to low capacity utilisation, as is the case with Marine Support Base Shipyard, where several new boats constructed by the company for the International Oil Companies (IOC) operations lie idle.
Tuesday, 26 July 2016
FAST-TRACK OIL EXPLORATION IN THE NORTH, BUHARI ORDERS NNPC
President Muhammadu Buhari has directed the management of the Nigerian National Petroleum Corporation to fast-track oil exploration in the North, specifically in the Chad Basin and Kolmani River.
The Group Managing Director, NNPC, Dr. Maikanti Baru, stated that the President’s directive to the corporation to speed up its oil exploration efforts in the region followed the reported discovery of hydrocarbons by Shell in the Chad Basin and Kolmani River.
AGAIN NIGER DELTA AVENGERS BLASTS NNPC GAS PIPELINE IN AKWA IBOM
Unrelenting Niger Delta Avengers (NDA) on Sunday night blasted another gas pipeline operated by the Nigerian National Petroleum Corporation (NNPC) apparently in reaction to its being labelled as a band of criminals by the Federal Government.The militant group claiming responsibility for a series of bombings in the Niger Delta region, particularly in Gbaramatu Kingdom in Delta State, said on Monday that the attack was executed about 11.30p.m on Sunday.
Read more @ Thisdaylive
PRESIDENCY PROPOSES $42.5 OIL PRICE BENCHMARK FOR 2017
For the next fiscal year, the executive arm of government has proposed a crude oil benchmark price of $42.5 per barrel, up from the $30 in the 2016’s budget.An estimated N7.775 trillion is expected as revenue to be generated from the oil mineral resources alone based on the proposed $42.5 benchmark price and an estimated 2.2 million barrel per day oil production volume.
Read more @ Guardian
Friday, 22 July 2016
TOTAL, TITLE SPONSOR OF THE AFRICA CUP OF NATIONS AND
The
Confederation of African Football (CAF) and Total reached an agreement today
under which the Group will become the official sponsor of African football for
the next eight years. Total will support CAF’s ten principal competitions,
starting with the upcoming Africa Cup of Nations (AFCON), which has a global
audience. Renamed the Total Africa Cup of Nations, the tournament will be held
in Gabon from January 14th to February 5th, 2017.“This partnership is a major milestone in our ongoing search for additional resources to accelerate African football’s development, bring its governance up to date, upgrade its sports infrastructure and advance its performance globally,” commented Issa Hayatou, President of the Confederation of African Football. “As a leading multinational in its field, with strong ties to Africa, Total will make a significant contribution to CAF’s initiatives to foster personal and professional growth for young Africans.
Football is
equal parts enthusiasm, sharing and team performance, concepts that resonate
across cultures. “We are delighted to
partner with CAF, because Africa is part of Total’s makeup,” commented
Patrick Pouyanné, President and Chief Executive Officer of Total. “Through this commitment, we hope to
strengthen ties to our stakeholders and customers through exciting, celebratory
events that are always popular, including within our own teams.”The scale and duration of this sponsorship reflect Total’s strong roots in Africa. With operations in more than 40 countries, the company is a major contributor to the continent’s economy. Today, more than 10,000 people work in all of Total’s African businesses, from oil and gas production to processing and marketing. Some 2 million customers a day stop by its 4,200 service stations. Total also has solar power activities on the continent.
As the title sponsor of 10 CAF competitions, Total will be seen at more than 1,500 matches during:
- The Africa Cup of Nations (AFCON).
- The African Nations Championship (CHAN).
- CAF inter-clubs competition (CAF Champions League, CAF Confederation Cup and CAF Super Cup).
- Youth competitions (U-23, U-20 and U-17 Africa Cup of Nations).
- The Women Africa Cup of Nations.
- Futsal Africa Cup of Natio
EXXONMOBIL’S QUA IBOE CRUDE TO REMAIN UNDER FORCE MAJEURE
As ExxonMobil plans to repair the pipeline feeding the Qua Iboe export terminal, the exports of Qua Iboe grade of crude oil, which is Nigeria’s largest crude stream will remain under force majeure for at least one month.
The cause of the leak was not clear, but the force majeure came just days after militant group, the Niger Delta Avengers, claimed to have bombed Qua Iboe pipeline.
Read more @ Thisdaylive
The cause of the leak was not clear, but the force majeure came just days after militant group, the Niger Delta Avengers, claimed to have bombed Qua Iboe pipeline.
Read more @ Thisdaylive
BUHARI CONFIRMS FG IN TALKS WITH N’DELTA MILITANTS
President Muhammadu Buhari has finally confirmed that his administration is in talks with Niger Delta militants with the help of oil companies and law-enforcement agencies to find a lasting solution to the insecurity in the region.
But as he said this, the Niger Delta Avengers (NDA), the militant group that has claimed responsibility for the recent wave of attacks on oil assets in the region, issued another threat to oil workers, asking all of them to vacate the oil fields and terminals because it was ready to wage a dirty war.
CAF ANNOUNCES TOTAL AS TITLE SPONSOR OF AFCON
The Confederation of African Football (CAF) have announced Total as the official sponsor of the body for the next eight years.
Total is a global, integrated energy producer and provider, the world’s fourth-ranked international oil and gas company and second-ranked photovoltaic solar.
Read more @ VanguardNgr
Total is a global, integrated energy producer and provider, the world’s fourth-ranked international oil and gas company and second-ranked photovoltaic solar.
Read more @ VanguardNgr
Thursday, 21 July 2016
RECALL SACKED WORKERS, FG TELLS OIL FIRMS
The Federal Government has asked oil majors, which recently sacked some of their workers, to recall the affected employees.
In order to retain jobs in the oil and gas sector, the Minister of Labour and Employment, Senator Chris Ngige, also asked the firms to reduce the salaries of top management staff.
IOCs KEEN TO BUY CRUDE FROM LAGOS OILFIELD
Several international oil companies and trading houses have expressed interest in purchasing the crude produced from Aje field located in Oil Mining Lease 113 offshore Lagos.
One of the partners, Panoro Energy, an independent exploration and production company with assets in Nigeria and Gabon, stated this in an update on the field, which achieved first oil in early May 2016.
ABSENCE OF IOCS’ BOSSES STALLS PROBE OF NNPC JOINT VENTURE
Investigation by the Senate into the implementation of the Joint Venture Cash Calls Obligation by the Nigerian National Petroleum Corporation (NNPC) was stalled yesterday by the absence of chief executive officers of the International Oil Companies (IOCs).Shortly after the opening ceremony of the public hearing aspect of the investigation was kicked off by the Senate President Bukola Saraki, the Senate Joint Committee conducting the investigation raised the alarm that the IOCs had ignored its invitation.
Read more @ The Guardian
SARAKI DECRIES NNPC’S $6BN CASH CALL INDEBTEDNESS
Senate President, Bukola Saraki, on Wednesday said the cash call indebtedness of the Nigerian National Petroleum Corporation put at over $6bn was a big problem to the nation’s economic health.
Saraki stated this at a public hearing on the need for effective implementation of the Joint Venture cash call obligations by the NNPC in accordance with the Appropriation Act as passed by the National Assembly.
Wednesday, 20 July 2016
OIL PRICES HIT TWO-MONTH LOW ON HIGH INVENTORY
Crude oil prices were two-month low early yesterday, on fears that global inventories of crude and the increase in United States rig count could remain high.On the New York Mercantile Exchange, light, sweet crude futures for delivery in August traded at $45.05 a barrel, down by $0.19, or 0.4 per cent, in the Globex electronic session.
Read more @ The Guardian
INCREASED OUTPUT IN NIGERIA, MIDDLE EAST CONSOLIDATES OPEC’S MARKET SHARE
The International Energy Administration (IEA) said that record pumping rates in the Middle East and recovering flows in Nigeria have helped to consolidate the Organisation of Petroleum Exporting Countries (OPEC) market share.IEA, which made this declaration in its July oil market report, stated that global oil supplies rose by 0.6 mbpd in June, to 96 mbpd, after outages curbed OPEC and non-OPEC supplies in May, while production was 750 kbpd below as higher OPEC output only partially offset non-OPEC declines.
Read more @ The Guardian
BUHARI DEFENDS KACHIKWU OVER OIL SWAPS
President Muhammadu Buhari has mounted a fierce defence of the Minister of State for Petroleum Resources, Dr Ibe Kachikwu, over allegations that the minister was being investigated over crude oil swaps and gas lifting during his tenure as Group Managing Director of the Nigerian National Petroleum Corporation (NNPC).
A statement in Abuja yesterday by the Special Adviser to the President, Media and Publicity, Mr. Femi Adesina, said the president appealed to discerning Nigerians to ignore orchestrated attempts to sully the integrity of ministers and other senior government officials being tarred with the brush of corruption without any concrete evidence.
Tuesday, 19 July 2016
MILITANTS BOMB SPDC PIPELINE IN DELTA
Daring militants on Monday blasted an oil pipeline belonging to Shell Petroleum Development Company (SPDC) in Batan community in Warri South West Local Government area of Delta State.
Security sources told ThisDay that the incident occurred at SPDC Camp Five at about 1a.m. with a huge fire enveloping the site of the attack.
FG NOT TACKLING WOES OF OIL COMMUNITIES – DOGARA
Speakers of the House of Representatives, Yakubu Dogara, yesterday, accused the Federal Government of not taking steps to address agitations of oil producing communities in the country.Yakubu Dogara The Speaker also lamented that the National Assembly had written to the Presidency to submit its proposed reforms on the oil and gas sector about three times, lamenting that the Presidency was yet to do anything in that direction.
Read more @ VanguardNgr
Monday, 18 July 2016
DON’T CARRY OUT REPAIR WORKS, AVENGERS WARN EXXONMOBIL
Niger Delta Avengers (NDA), the militant group claiming responsibilities for pipeline bombings in the Niger Delta, has warned ExxonMobil not to repair its vandalised Qua Iboe terminal blasted by its operatives last Monday.
The group, in a statement signed by its spokesperson, Mudoch Agbinibo, warned that if the oil major makes any attempt to repair the terminal, “something big and worst (sic) will happen”.
NIGERIA’S CRUDE OUTPUT INCREASED IN JUNE —OPEC
Nigeria’s crude oil output increased in the month of June despite the incessant bombings of oil installations by militants in the Niger Delta region, the July 2016 report of the Organisation of Petroleum Exporting Countries has shown.
Specifically, the country’s crude oil output increased by 97,000 barrels per day, up from a total of 1.426 million barrels per day that was recorded in April to 1.523 million bpd in June, according to OPEC.
Friday, 15 July 2016
NNPC SUBSIDIARY, NETCO GROWS PROFIT TO N2.5BN IN THREE YEARS
The National Engineering and Technical Company Limited, a subsidiary of the Nigerian National Petroleum Corporation (NNPC), grew its profit before tax to N2.5 billion within three years from N193 million and N963 million in 2012 and 2013 respectively, its Chairman, Mr. Bello Rabiu, has disclosed.
Rabiu disclosed this yesterday in Abuja when the company had its combined Annual General Meeting (AGM) for the three years that the profit margin represented a 160 per cent increase for the firm.
NLNG GETS NEW CEO AS ATTAH TAKES OVER FROM OMOTOWA
The Board of Directors of Nigeria LNG Limited (NLNG) has announced the appointment of Mr. Tony Attah as the new Managing Director and Chief Executive Officer of the company. Attah takes over from Mr. Babs Omotowa, who was appointed in December 2011.Before his new assignment, Attah was at Shell’s Group integrated gas business as Senior Projects Advisor, working on projects in The Netherlands and Singapore.
Thursday, 14 July 2016
EA: OVERSUPPLY REMAINS A MAJOR DAMPENER ON OIL PRICES
The International Energy Agency (IEA) has reported that oversupply of crude oil in the international market has refused to ease, thus acting as a dampener on the prices, despite the robust growth in demand.
This is coming as the prices fell wednesday by over four per cent on after the United States government stunned the market with a raft of bearish inventory data that added to concerns over a global glut of oil.
LOCAL OIL FIRMS’ RESERVE REPLACEMENT VERY LOW – ANALYSTS
Analysts at Ecobank Capital have described the level of reserve replacement among local oil producers as extremely low, stressing the need to ramp up exploration activities.
The analysts said only few companies were engaged in pure exploration or have recorded discoveries in the past few years
NIGERIA’S CRUDE OIL PRODUCTION RISES TO 1.5MBPD
After hitting two-yea low last month due to Niger Delta militant attacks on oil facilities, Nigeria’s crude oil production has managed to increase from the 1.426 million barrels per day in May to 1.523 million barrels per day in June.The Organisation of Petroleum Exporting Countries (OPEC), which made this disclosure in its July oil and gas report released on Tuesday, noted that the country’s production has increased by 98,000 barrels per day (bpd).
RTead more @ The Guardian
PENGASSAN SUSPENDS NATIONWIDE STRIKE
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) yesterday suspended its nationwide strike following a dialogue with the federal government over the crisis in the oil sector.
The suspension came amid several deadlocks during the negotiations between the oil workers and the federal government
Tuesday, 12 July 2016
CRUDE OIL PRICES DROP TO TWO-MONTH LOW
Revenue from oil may further dip as crude prices declined to two months low yesterday.The development came as indications emerged that the United States shale producers have adapted to lower prices environment.Specifically, August West Texas Intermediate (WTI) crude lost 24 cents, or 0.5 per cent, to $45.17 a barrel on the New York Mercantile Exchange while the September contract for global benchmark Brent was down by 26 cents, or 0.6 per cent, at $46.50 a barrel on the ICE Futures exchange in London. WTI and Brent crude prices lost more than seven per cent last week.
TOTAL APPOINTS NGUER AS DIVISIONAL PRESIDENT
Total Nigeria Plc has appointed its former Chairman, Momar Nguer, as President, Marketing and Services, as well as member of the Executive Committee of Total.Before now, Nguer was Senior Vice President of Total Marketing and Services. He was also the company’s President for Africa and Middle East, which he occupied since December 2011.
Read more @ The Guardian
FG, OIL WORKERS’ MEETING CONTINUES TODAY
The meeting between representatives of the Federal Government and oil workers in Abuja on Monday was inconclusive as both groups agreed to continue deliberations today (Tuesday).
As a result, the ongoing industrial action embarked upon by members of the Petroleum and Natural Gas Senior Staff Association of Nigeria since Thursday is still in force.
Monday, 11 July 2016
NIGERIA LOSES 10,000 B/D TO WEEKEND ATTACK ON AGIP OIL PIPELINE
Hopes for a quick rebound of Nigeria’s crude oil production to pre-January 2016 levels of 2.2 million barrels per day, suffered another setback at the weekend following the attack on the pipeline operated by Nigerian Agip Oil Company (NAOC), and resulting in the loss of 10,000 barrels per day (b/d).
THISDAY checks late yesterday evening in Abuja revealed that the Niger Delta Avengers (NDA) on Friday claimed they blew up the Nembe 1, 2, and 3 trunk lines which link the Brass and Bonny terminals in Bayelsa State in the early hours of the morning.
OIL FIRMS PLOT TO DERAIL OGONI CLEAN-UP, MOSOP ALLEGES
Oil companies have been accused of scheming to derail the implementation of the United Nations Environment Programme (UNEP) report on Ogoniland. The Ogoni clean-up process was launched by President Muhammadu Buhari on June 2, 2016.The Movement for the Survival of the Ogoni People (MOSOP) which made the accusation also urged security agencies to tackle growing insecurity in the area due to small arms proliferation, drug abuse and alleged expansionist tendencies of some ethnic groups in Rivers State.
Read more @ The Guardian
STRIKE: FUEL DEPOTS MAY RUN DRY BY WEDNESDAY
Should the ongoing strike embarked upon by the Petroleum and Natural Gas Senior Staff Association of Nigeria be allowed to linger beyond Wednesday, most depots in Apapa, Lagos, will run out of fuel stock, our correspondent has learnt.
Following the commencement of the strike on Thursday, loading at Apapa depots, where many marketers get petroleum products to other states, has been reduced due to the absence of workers of the Petroleum Equalisation Fund Board.
Friday, 8 July 2016
AVENGERS BOMB CHEVRON’S OIL FACILITIES AGAIN, ATTACK GUARDS
The rampaging militant group, Niger Delta Avengers, on Wednesday night attacked three oil manifolds belonging to Chevron Nigeria Limited around the creeks of Warri in Warri North Local Government Area of Delta State.
There was however a drama after the militants blew up the facilities as they opened fire on local surveillance youths who had attempted to know what was happening following the explosions.
FOR FIRST TIME IN 15 YEARS, NNPC REPORTS MONTHLY PROFIT OF N274M
After ten months under the stewardship of Dr. Ibe Kachikwu as the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), the state-run oil firm finally turned the corner, reporting an operating profit of N273.74 million for the month of May and reversing the losses of N35 billion made by NNPC over the last 15 years.
A copy of NNPC’s monthly financial and operations management report obtained exclusively by THISDAY yesterday showed that the corporation’s N273.74 million operating profit in May 2016 as against its operating loss of N19.43 billion in April was attributed to improved cost efficiency at the corporate headquarters of NNPC and performance by the Petroleum Products Marketing Company (PPMC).
BAYELSA ORDERS REOPENING OF OIL WELLS SHUT DOWN BY AGGRIEVED COMMUNITIES
Following a meeting by stakeholders in Bayelsa State to resolve issues with oil-producing communities, the state government on Thursday ordered the leadership of Ogboinbiri community, Southern Ijaw Local Government Area, to reopen all closed oil wells.
It was gathered that the oil facilities mainly belonging to the Nigerian Agip Oil Company (NAOC), operating in Bayelsa, have not been producing due to outstanding disagreements with the oil giant.
Monday, 4 July 2016
FUEL IMPORTERS FACE FRESH HURDLES OVER $950M DEBT
Uncertainty is dogging in the supply of petroleum products for local consumption as some banks overseas have suspended short and medium-term credit lines to their Nigerian counterparts due to the inability of marketers to pay matured foreign currency obligations of over $950 million.The Guardian learnt at the weekend that unless the Federal Government intervened in the payment of the money, marketers would have no choice but to continue to rely on the Nigerian National Petroleum Corporation (NNPC) for supply which they have always claimed to be inadequate.
Read more @ The Guardian
NIGER DELTA AVENGERS RESUMES HOSTILITIES, BOMBS OIL FACILITIES
The relative peace that attended the federal government’s offer of dialogue-for-peace initiative to the militant group in the Niger Delta, the Niger Delta Avengers (NDA), snapped at the weekend as the group resumed hostilities breaching major crude oil pipelines in parts of Delta State.
The militant group yesterday said it had bombed Chevron’s two major oil wells 7 and 8 close to Abiteye flow station in Warri South West Local Government Area of the state.
HOUSE OF REPS IMPRESSED WITH TOTAL’S CONTRIBUTIONS IN NIGERIA
Members of the House of Representatives Committee on Local
Content paid a courtesy visit to the Managing Director of Total E&P Nigeria
Limited, Mr. Nicolas Terraz.
The Chairman of the Committee, Hon. Emmanuel Ekon who led
about 12 other members of the Committee on the visit, said it was a “friendly
visit and not an oversight visit to Total.”
Read more @ Businessday
Read more @ Businessday
Friday, 1 July 2016
NIGERIA TO SAVE $5 BILLION FROM GAS DEVELOPMENT
The Federal Government is expected to save $5 billion yearly if it pursues aggressive gas development in Nigeria, according to stakeholders.Besides, Nigeria’s gas reserves have increased from 186 trillion standard cubic feet (scuf) to 190 trillion Standard Cubic Feet (scuf), according to figures from the Department of Petroleum Recourses (DPR).
Read more @ The Guardian
OIL MAJORS AUCTION $37M IN $60M FOREX DEMAND
The long-awaited dollar supply from multinationals and foreign currency earning-firms to the newly-inaugurated inter-bank foreign exchange market under the flexible rate policy was realised yesterday as about $37.2 million was cumulatively auctioned by three oil majors.Also, the Central Bank of Nigeria (CBN) intervened in the forex market again, selling $7 million at N283 to the dollar on the inter-bank currency market, keeping the currency steady at Wednesday’s record.
Read more @ The Guardian
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