FG REACHES SETTLEMENT WITH IOCS ON $5BN CASH CALL ARREARS

The federal government has reached an outline settlement to resolve a protracted dispute with five international oil companies (IOCs), under which the oil firms will be paid $5 billion as arrears of cash calls to cover exploration and production costs. Financial Times reported that Shell, ExxonMobil, Eni, Chevron and Total have signed deals relating to this settlement of costs incurred between 2010 and 2015, as they also seek to forge new financing arrangements for their joint ventures (JVs) in Nigeria.

Readmore @ Thisday Online

RECESSION: CHEVRON, MOBIL, OTHER IOCS STYLISHLY SACK 3,000 WORKERS

The workforce in Nigeria’s oil industry has been depleted by 3,000 employees following the sack of personnel by firms in the industry, two oil unions have said. The mass sacks, it was gathered, resulted from the economic recession in the country.

Some of the companies that laid off their staff are Chevron, ExxonMobil, Pan Ocean, Sapiem, and Hercules Oil and Gas Ltd.

Read more @ the Business Dispatch

$12BN ILLEGAL OIL EXPORTS: COURT TO HEAR FG’S SUIT AGAINST CHEVRON, SHELL, TOTAL, OTHERS SEPT 30

A Federal High Court in Lagos will on September 30, 2016 hear the suit filed by the federal government against Nigerian subsidiaries of United States multinational Chevron, British-Dutch Shell, Italian ENI’s Agip, France’s Total and Brasoil of Brazilian Petrobas.

 

The government had filed the suit against the oil companies for $12.7 billion of crude oil that was allegedly exported illegally to the US between 2011 and 2014.

 

Read more @ Thisdaylive

OIL MINISTRY FRETS AS $7.4BN SHELL, OTHERS’ JV LOANS GO BAD

The Federal Ministry of Petroleum Resources is at crossroads as the $7.4 billion cash call debts to Joint Ventures (JV) with Shell, Chevron, ExxonMobil and other international oil companies (IOCs) go bad. The recession facing the country, according to a document of the ministry seen by New Telegraph, will, if not stemmed, raise the cash call debts to $27 billion in the next 10 years.

Cash call is the counterpart funding the Federal Government pays yearly through the Nigerian National Petroleum Corporation (NNPC) for the 60 per cent equity shareholding it owns in various oil and gas fields operated by IOCs and indigenous oil firms (independents).

Read more @ New Telegraph

IOCS, INDIGENOUS OIL FIRMS LOSE N2.26 TRILLION TO LOW PRICES, MILITANCY

Weighed down by lower crude oil prices, weak refinery margin and renewed militant attack on facilities in the Niger Delta, some International Oil Companies (IOCs) as well as indigenous firms have suffered a loss of over N2.26 trillion in the first half of 2016.

For instance, International Oil Companies like Shell, Exxon Mobil Corporation, and Chevron Corporation, suffered a loss of over $7.1 billion, representing about 70 per cent of its earnings as crude oil prices continued to decline.

Read more @ The Guardian

MORE JOB CUTS LOOM AS SHELL, IOCS’ DEBTS HIT $138BN

More oil workers, specifically big shots, are expected to join over 20,000 workers sacked in the oil industry, as the debt woes of International Oil Companies (IOCs) hit $138 billion within one year.

The London-based Fitch Ratings, which disclosed this at the weekend, declared that the hope of recovery at the year-end has dimmed for Shell, ExxonMobil, Chevron and other big oil and gas firms.

Read more @ New Telegraph

OIL FIRMS COUNT LOSSES AS MILITANTS WORSEN WOES

Chevron and Eni, two of the global oil majors operating in Nigeria, and their local counterparts such as Seplat and Oando may have been worst hit by the production disruptions occasioned by militant attacks in the Niger Delta, their financial results have shown.

 

Chevron Corporation, the second largest United States-based oil producer, lost $1.47bn in the second quarter of this year, its largest since 2001, compared with a net profit of $571m in the same period of 2015.

 

Read more @ Punch Online

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.

 

Read more @ Punch Online

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.

 

Read more @ Thisdaylive

POWER SECTOR OWES GAS FIRMS N100BN

Power sector gas invoice arrears increased to N100bn from N40bn as of September 2014, the Chairman, Oil Producers Trade Section and Managing Director, Chevron Nigeria, Mr. Clay Neff, said on Wednesday.

 

He stressed the need to immediately implement the gas supply aggregation agreements and put a stop to the build-up of arrears under the legacy Nigeria Gas Company contracts regime

 

Read more @ Punch NG

FG SUSPENDS WEST AFRICAN VENTURES FROM NIGERIA’S OIL AND GAS INDUSTRY

The federal government has suspended West African Ventures (WAV) from participating in ongoing and future tenders in Nigeria’s oil and gas industry for violating the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010, better known as the Nigerian Content Act.

 

The government has also directed ExxonMobil Companies in Nigeria, Chevron Nigeria Limited, Total E&P, Addax Petroleum and Nigerian Agip Oil Company (NAOC) to stop doing business with the company because of their frequent and flagrant disregard of the provisions of the NOGICD Act

 

Read more @ Thisdaylive

GAS SUPPLY PROJECTS DELAY EXXONMOBIL, CHEVRON, TOTALS’ POWER PLANTS

The delay in the construction of the multibillion dollar upstream gas supply projects to feed Chevron’s Agura Power Plant, ExxonMobil’s Qua Iboe Power Plant and Total’s Obite Power Plant has delayed the projects, which were conceived by the administration of former President Olusegun Obasanjo as part of the efforts to monetise Nigeria’s gas resources, reduce flaring and boost electricity generation.

 

Investigation revealed that out of the five power plants Obasanjo’s administration had planned to be constructed by the joint venture companies between the Nigerian National Petroleum Corporation (NNPC) and the international oil companies (IOCs), only Shell’s Afam VI Power Plant in Rivers State and the Nigerian Agip Oil Company (NAOC)’s Okpai Power Plant in Delta State were constructed.

 

Read more @ Thisdaylive

SENATE QUERIES CHEVRON OVER $7.4B CONTRACT INFLATION

The Senate yesterday began investigation into the inflation of the contract sum of the Escravos Gas To Liquid Project (EGTL) from $2.9 billion to $10.3 billion, an increase of $7.4 billion, by Chevron Nigeria.

The Senate Committee on Gas at a public hearing queried Chevron Nigeria Limited (CNL) for increasing the contract sum without recourse to its partner, the Nigerian National Petroleum Corporation (NNPC

Read more @ Guardian Online

N’DELTA AVENGERS BLOW UP MORE CHEVRON OIL WELLS

Ernest Chinwo in Port Harcourt, Senator Iroegbu in Abuja, Sylvester Idowu, Monday Osayande in Warri, Emmanuel Ugwu in Umuahia and David-Chyddy Eleke in Awka.

 

Despite the deployment of troops to the Niger Delta to curtail the growing attacks on oil and gas facilities by militants, the Niger Delta Avengers (NDA), in the early hours of wednesday blew up two more oil wells operated by Chevron Nigeria Limited in Delta State.

 

Read more @ Thisdaylive

NIGER DELTA MILITANTS BOMB CHEVRON’S ESCRAVOS PIPELINE

Another setback hit the nation’s oil production yesterday as the militant group, Niger Delta Avengers (NDA), blew up a facility belonging to Chevron Nigeria Limited (CNL), the main gas pipeline which provides electricity to the Escravos tank farm in Delta State.

The nation’s crude oil output has already been reduced by 31 per cent this year to about 1.4 million barrels per day (bpd), against the 2.2 million bpd estimated in the 2016 budget, the lowest in 22 years.

Read moree @ The Guardian

$12BN OIL SUIT: YOU HAVE CASE TO ANSWER, COURT TELLS IOCS

A Federal High Court sitting in Lagos has struck out the preliminary objection filed by the Nigerian Agip Oil Company Limited against the federal government.

 

The preliminary objection dated March 24, 2016, came on the heels of the lawsuits filed by the government against notable international oil companies (IOCs) such Chevron, Mobil, Agip, among others, seeking an order of the court to strike out the suit filed by the government on the grounds that it failed to disclose a reasonable cause of action against the defendant.

 

Read more @ Thisdaylive

VP, DICKSON, KACHIKWU MEET OVER RENEWED MILITANT’S ATTACKS ON PIPELINES

Vice President Yemi Osinbajo, yesterday held two separate meetings ‎over the recent blowing up of pipelines conveying crude oil and gas and threatening the operations of two of the nation’s refineries and power plants.

The militants had attacked Chevron’s Okan offshore production platform around Escravos in Warri, Delta State, a development that led to the shutdown of the facility by the oil major.

Read more @ The Guardian

NIGERIAN OIL OUTPUT PLUNGES TO 20-YEAR LOW AS ATTACKS ESCALATE

Nigeria is suffering a worsening bout of oil disruption that has pushed production to the lowest in 20 years, as attacks against facilities in the energy-rich but impoverished nation increase in number and audacity. Chevron Corp. said on Friday it had shut down about 90,000 barrels a day of output following an attack.

Read more @ Businessday

MILITANTS BLOW UP CHEVRON OIL FACILITY, VOW MORE ATTACKS

Militants in the Niger Delta yesterday blew up the Chevron Valve Platform located on the high sea near Escravos in Warri, Delta State in a renewed attack on oil installations in the country.

The attack is another setback to the nation’s oil and gas production sector, even as the Shell Petroleum Development Company (SPDC) is still working to restore the Forcados export terminals after a similar attack two months ago

Read more @ The Guardian

OIL MAJORS, OTHERS UNBUNDLE PRIVATELY MANAGED PENSION SCHEMES FOR CPS

Major oil companies including the Nigerian National Petroleum Corporation (NNPC), Shell, Chevron, Total and AGIP are unbundling their pension management companies (Closed PFAs) for Contributory Pension Schemes (CPS) managed by Pension Fund Administrators (PFAs), BusinessDay findings reveal.

Read more @ Businessday