Barely a week after it sold its downstream subsidiary in Nigeria, United States’ oil giant, ExxonMobil Corporation, has announced the discovery of up to one billion barrels of oil reserves in the Owowo field, offshore Nigeria.
The development is a boost to Nigeria’s efforts to increase her crude oil reserves from the current 36 billion barrels to 40 billion barrels target, which was set for 2010 but could not be achieved as a result of lack of investment in exploratory activities
Read more @ Thisdaylive
Showing posts with label Crude. Show all posts
Showing posts with label Crude. Show all posts
Friday, 28 October 2016
Wednesday, 26 October 2016
OIL EXPORT: JUDGE REFUSES TO BAR JOURNALISTS FROM COVERING FG’S SUIT AGAINST TOTAL
A Federal High Court in Lagos on Tuesday dismissed an
application to bar journalists from covering the case of alleged illegal oil
export filed by the Federal Government against Total E&P Nig. Plc.
The federal government sued Total E&P Nig. Plc,
alleging that the oil company under-declared the volume of crude oil it shipped
out of the country between January 2011 and December 2014.
Tuesday, 25 October 2016
ANALYSTS PREDICT MIXED FORTUNES AS NIGERIAN DOWNSTREAM SECTOR DIVESTMENT INCREASES
Analysts are adducing different reasons for the recent divestments
in the downstream sector of the Nigerian oil and gas industry. Shortly after
details filtered in that Nipco Investments Limited is buying 60 percent stake
in ExxonMobil’s downstream operations, industry operators confirm a media
report that Total Nigeria has already received over a dozen interests for its
downstream assets. Analysts say possible reasons for these divestments could be
due to harsh operating environment in the downstream sector compounded by slump
in crude oil prices. Monday, 24 October 2016
FORCE MAJEURE ON BONNY, FORCADOS CRUDE OIL TERMINALS SLASHES SEPT. REVENUES
Declining oil production and export volumes due to militancy and large-scale crude theft cut the Nigerian government’s gross revenue in September by about 12% from August to N279.75 billion ($8 billion), the finance ministry said Friday.
The ministry said that despite the rally in global oil prices averaging $48.43/b in June, Nigeria’s export volume declined by 1.15 million barrels in that month, resulting in a $46.52 million drop in oil export sales for the government.
EIGHT MONTHS OF FORCADOS SHUTDOWN COST NIGERIA N689BN
The country has lost at least N689bn to the suspension of exports of Forcados, one of the nation’s largest crude oil grades, since February.
Friday, October 21, 2016 marked exactly eight months that Shell declared force majeure on the export of Forcados.
Thursday, 20 October 2016
NIGERIA, OTHERS RACE TO MEET INDIA’S SURGING OIL APPETITE
Nigeria, Russia, Iran and Argentina are locked in a contest to capi- talise on India’s rising oil demand which has seen the South Asian nation import 18.81 metric tons (about 4.45mil- lion barrels a day) of crude oil since August, an increase of about 10 percent over last year’s volume. Read more @ BusinessDay
Wednesday, 19 October 2016
CRUDE OIL PRICES LOOKING FOR DIRECTION AMIDST OPPOSING FORCES
Crude oil prices have recovered slightly since September 27, after the Organization of the Petroleum Exporting Countries (OPEC) announced its first planned output cut to limit its production to a range of 32.5-33.0 million barrels per day (bpd) in order to rein in a global supply glut that forced crude to crash from over $100. Despite OPEC's expressed desire to cut output, latest report show the
cartel's September production output at eight-year high of 33.24 million bpd.Read more @ BusinessDay
OIL AT $52 WILL HELP ECONOMIC RECOVERY - REWANE, OTHERS
As the global crude oil benchmark continued to trade above the $50 per barrel mark on Tuesday, economic and energy experts said the price rally would help soften the recession rocking the country and support economic recovery.
They, however, described as more important the need to ramp up the nation’s crude oil production, which has been significantly disrupted by the recent upsurge in militant attacks in the Niger Delta.
Tuesday, 18 October 2016
RESPITE FOR CASH STRAPPED OIL FIRMS, BANKS AS FORCADOS RESTARTS
There could be a return to the better days for Nigerian oil
producing companies that are neck deep in debt obligations to the banks,
following confirmation that crude will start to flow in the Forcados terminals
that had hitherto been disrupted by militant attacks in the Niger Delta region.
This will bring relief to the oil companies which had suffered operational and revenue shortfalls and had to lay off staff. It will likewise set up royalty payments accruing to the Federal Government from the oil companies, as well as increase government's earnings from crude.
Read more @ BusinessDay
Friday, 14 October 2016
NIGERIA’S CRUDE OIL PRODUCTION RISES BY 280,700 BPD
Nigeria’s crude oil production has increased by 280, 700 barrels per day (bpd) from the 1.104 million bpd recorded in August to 1.385 million bpd in September.The Organisation of the Petroleum Exporting Countries (OPEC), which made this known in its monthly oil market report released on Wednesday without giving further details, said crude oil production averaged 33.39 mbpd in September, an increase of 0.22 mbpd over the previous month.
Read more @ Guardian NG
NIGERIA LOSES N2TRN ANNUALLY TO CRUDE LIFTING BY FOREIGN VESSELS
The Ship Owners Association of Nigeria, SOAN, and the Nigerian Ship Owners Association, NISA, say about N2 trillion is lost annually by allowing foreign carriers to exercise dominance over the carriage of 150 million of Nigerian cargo, including crude and products, according Shipping Position Daily.
They attributed the loss by NIgeria to the Nigerian National Petroleum Corporation, NNPC’s, exclusive use of foreign shipping companies for transporting the Nigerian crude, which is sold on Free-on-board, FOB, rather than on Cost, Insurance and Freight, CIS.
Thursday, 13 October 2016
OIL PRICES SLUMP 1% AS OPEC'S OUTPUT HITS EIGHT-MONTH HIGH
Oil prices fell about one per cent wednesday after the Organisation of Petroleum Exporting Countries (OPEC) reported its September oil output at eight-year highs in its monthly Oil Market Report (OMR), thus eroding optimism over the carte’s pledge to bring a global crude oil glut under control.
This is coming as energy ministers from Qatar, the United Arab Emirates, Algeria, Venezuela and Russia yesterday began informal closed-door talks with the Secretary General of OPEC, Mr. Mohammed Barkindo, in Istanbul, Turkey, as part of the coordinated efforts to rebalance the oil market.
NIGERIA'S OIL OUTPUT FALLS BELOW MARKET ESTIMATE
The crude oil production figure provided by Nigeria to the Organisation of Petroleum Exporting Countries for last month was 139,000 barrels per day lower than the estimate from secondary sources.
Nigeria, which lost the Africa’s top oil producer status in March, produced less crude oil than its rival, Angola, in September, according to OPEC.
Tuesday, 11 October 2016
OIL MAY HIT $60 PER BARREL THIS YEAR
Saudi Arabia’s Energy Minister Khalid al-Falih has said that the price of crude oil might hit $60 per barrel this year, following the decision of the Organisation of Petroleum Exporting Countries (OPEC) to cut global production.
This is coming as the Russian President, Vladimir Putin, monday gave his support to international efforts to reduce oil supply and boost prices in the clearest sign yet that Russia might participate in moves to cut or freeze output.
Wednesday, 5 October 2016
CRUDE OIL PRICES HIT FOUR-MONTH HIGH ON OPEC SPECULATION
Crude oil prices rose yesterday, with Brent hitting four-month highs on a rally inspired by Organisation Of the Petroleum Exporting Countries (OPEC) plans to tighten output before pulling back as a surging dollar weighed on greenback-denominated commodities.Specifically, Brent crude was up 13 cents at $51.02 a barrel by yesterday. It rose to $51.37 at the session peak and its highest since June 10. Earlier, Brent fell to $50.34. after settling on Monday at $50.89.
Read more @ Guardian NG
FG ACCUSES SHELL OF CRUDE OIL THEFT, DEMANDS $406M
The federal government is demanding $406.75 million at the minimum from the Shell Petroleum Development Company (SPDC) and its surrogate Shell Western Supply & Trading Limited for alleged crude oil theft.
The amount, according to court papers in Lagos, represents the shortfall of the money paid by the multinational oil firm in the account of the Nigerian government with Central Bank of Nigeria (CBN), for crude oil lifted in 2013 and 2014, reported the News Agency of Nigeria (NAN) yesterday.
Tuesday, 4 October 2016
NNPC STEPS UP OIL EXPLORATION IN CHAD, BENUE BASINS
The Nigerian National Petroleum Corporation on Monday said it had stepped up its exploration of crude oil in the Chad Basin, Benue Trough and other frontier basins. It said the crude oil to be drilled from the frontier basins would serve as reserves for Nigeria.
The corporation expressed its readiness to partner stakeholders in the oil and gas industry to grow the nation’s fast depleting external reserves in order to increase productivity in the petroleum sector
Friday, 30 September 2016
CRUDE OIL PRICES RISE AS OPEC PLANS OUTPUT CUT
Crude oil prices moved up by six per cent yesterday following the decision by the Organisation of Petroleum Exporting Countries (OPEC) to cut production in an attempt to curtail glut.Specifically, Brent crude oil traded for $49.34 per barrel while West Texas Intermediate (WTI) rose to $47.89 a barrel.This is a significant improvement from the $40 per barrel, for which it was sold a few weeks ago due to persistent global glut.
Read more @ Guardian NG
CRUDE OIL SLUMPS ONE DAY AFTER OPEC DEAL TO CUT OUTPUT
Despite the decision of the Organisation of Petroleum Exporting Countries (OPEC) to cut crude oil production by 200,000-700,000 barrels per day to achieve price recovery, oil prices fell yesterday after the gains recorded on Wednesday.
This was just as Royal Dutch Shell on Thursday in Rio de Janeiro, Brazil, launched its “#makethefuture” programme, where it unveiled six new technologies from different youth entrepreneurs around the world to provide sustainable and cleaner energy than conventional energy sources.
Read more @ Thisdaylive
Read more @ Thisdaylive
Wednesday, 28 September 2016
SAUDI ARABIA DASHES HOPES FOR OPEC DEAL IN ALGERIA
Saudi Arabia on Tuesday dashed the hopes that the Organisation of Petroleum Exporting Countries (OPEC) could reach an agreement to reduce crude oil production in Algeria today as the differences between the kingdom and rival Iran remained unresolved.
Saudi Arabia had offered to reduce its output if Iran agreed to freeze production, a shift in Riyadh’s position as the kingdom had previously refused to discuss output cuts.
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