GAS PRODUCERS KICK AGAINST JV CASH CALL OBLIGATION

Stakeholders in the Nigeria gas sector have emphasised the need for the Federal Government to desist from Joint Venture (JV) funding, which gulped over $3.09 billion in the last one year. For example, Nigeria’s total export crude oil and gas receipt for the period of September 2015 to August, 2016 stood at $3.21 billion, out of which the $3.09 billion was transferred to JV Cash Call in line with 2015/2016 Approved Budget and the balance of $0.073 billion was paid to Federation Account.

Already, current cash call indebtedness of the Nigeria National Petroleum Corporation (NNPC), JVs, has risen to well over $6 billion.

Readmore @ 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

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

 

 

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

Oil export to U.S. imminent

THERE are indications that Nigeria may resume crude oil export to the United States (U.S.) soon.

A visiting Professor and Fellow of the Emerald Energy Institute of the University of Port Harcourt, Prof. Paul Michael Wihbey, predicted the return of large volumes of Nigerian crude to the lucrative U.S. market at a public lecture chaired by former Special Adviser to the President on Energy Matters, Dr. Emmanuel Egbogah, at the Institute.

Read more @ The Guardian Online

Buhari Thanks China for Intercepting Stolen Nigerian Crude

President Muhammadu Buhari on Sunday in New York said China has intercepted shiploads of crude oil stolen from Nigeria.

A statement by the Special Adviser to the President, Media and Publicity, Mr. Femi Adesina, said the intercepted shiploads of crude oil were to be sold and proceeds paid into private accounts.

 

Buhari spoke at a meeting with President Xi Jinping of China on the sidelines of the 70th United Nations General Assembly.

 

Read more @ Thisday Online

DANGOTE OIL REFINERY TO BOOST NIGERIA'S ECONOMIC FORTUNES

The scheduled completion and take-off in 2017 of a major oil refinery under construction by the Dangote Goup, will boost Nigeria’s economic fortunes in the medium to long term, a former deputy governor of the Central Bank of Nigeria (CBN), Dr. Kingsley Moghalu, has said.
 
Moghalu said the President elect, Muhammadu Buhari must have to come up with solutions to tackle an oil-lubricated economy, traumatised by a sharp decline in the price of crude oil, which makes up over 80 percent of the country’s revenues.

Read more @ Daily Independent

SAUDI SET TO PRICE OUT NIGERIA, ANGOLA ON CRUDE

Nigeria and her African counterpart, Angola, are having their problems arising from the dwindling prices of crude oil further compounded, as Saudi Arabia made deep cuts to its monthly oil prices for European buyers ,while it trimmed prices for U.S. refiners and increased rates for Asia.


Almost half of Nigeria’s cargoes due to be exported in January are still available. The backlog has pushed Nigerian oil differentials versus Brent to their lowest since at least 2009 BFO-QUA at 65 cents a barrel, down 80 percent since May.


Read more @ Businessday

FALLING OIL PRICES WON’T AFFECT 2015 BUDGET –REPS

The House of Representatives on Sunday dismissed fears that the falling crude oil prices would adversely affect the 2015 budget.

From around $114 months back, the prices of crude have dropped far below $100 per barrel lately, raising concerns of a possible negative impact on Nigeria’s monolithic economy.

Read more @ The Punch

OPEC UNDER PRESSURE OVER UNCERTAINTY IN PRICE

MEMBERS of the Organisation of Petroleum Exporting Countries (OPEC) are currently under pressure to cut crude oil production as measures to tackle the current uncertainty in prices per barrel.

Crude oil prices have tumbled more than 23 per cent since June, including a more than four per cent drop last week.

Read more @ The Guardian

The Federal Government has proposed $78 as the benchmark price for a barrel of crude oil and fixed the exchange rate at N160 per dollar for the 2015 national budget.

The projection, which was contained in the Medium Term Expenditure Framework and Fiscal Strategy Paper sent to the Senate by President Goodluck Jonathan on Wednesday, was $4 higher than this year’s benchmark

Read more @ The Punch

REPORT IMPLORES FG TO CURB OIL THEFT

THE Federal Government has been urged to initiate an international campaign that would treat crude oil stolen from Nigeria as transnational organised crime in order to stem the $6 billion lost yearly due to oil theft.

In addition, the Federal Government has also been advised to without further delay establish special judicial mechanism that would pave way for special court for the prosecution of oil theft cases.

Read more @ The Guardian

COURT OKAYS SUIT AGAINST DIEZANI

Abuja - A Federal High Court in Abuja has granted leave for the commencement of a suit seeking to compel the Minister of Petroleum Resources, Diezani Alison-Madueke, to make public information regarding certain oil deals including multi-million dollars crude oil sale.


Other aspects of the transactions on which information is being sought are alleged “crude oil swap variant and certification of subsidy for the importation of kerosene and Premium Motor Spirit (petrol)”.

Read more @ Sweet Crude

CRUDE OIL THEFT THREATENS GLOBAL PEACE - UDUAGHAN

THE persistence of crude oil theft in the Niger Delta region where over 400,000 barrels per day are stolen may threaten world peace and democracy if concerted action is not taken to curb it, Governor of Delta State, Dr. Emmanuel Eweta Uduaghan, has said.


Speaking at an African Business Roundtable-organized workshop on combating emerging threats held on the sidelines of the ongoing United Nations General Assembly in New York, Uduaghan explained that with 90 per cent of the stolen oil exported, the cash return is enough to empower individuals and organizations engaged in the theft to destabilise democracies in the West African sub-region.

Read more @ The Guardian

SHELL SAYS NIGERIA’S OIL UNION STRIKE NOT AFFECTING EXPORTS

A strike by Nigeria’s oil unions is not having any immediate impact on crude oil exports from Africa’s top exporter, despite moving into a third day, spokesmen for leading operator Shell and Nigeria LNG said.



Nigerian oil unions say the strike could affect exports if no agreement is reached with the government.


The spokesman for NLNG, the gas exporter which is run jointly by Shell and the government, said he did not foresee any impact from the strike, which began on Tuesday. The dispute is over pensions and a lack of crude supplied to refineries.

Read more @ Businessday

NNPC WORKERS’ STRIKE MAY AFFECT OIL EXPORTS

The strike embarked upon Tuesday by workers of the Nigerian National Petroleum Corporation (NNPC) over unresolved pension issues and problems with the refineries may affect crude oil exports.

Spokesman for the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Mr. Babatunde Oke, said all junior and senior workers of NNPC are on strike over a disagreement with the government on pensions and problems with the refineries.

Read more @ Thisday Live

OPEC CUTS DEMAND OUTLOOK

OPEC reduced forecasts for the amount of crude it will need to supply by the most in at least three years as surging North American shale output reduces reliance on the group’s supplies, reports Bloomberg.

The forecast by the OPEC means that officials in Nigeria can no longer live in denial of the seismic shift in the country’s oil fortunes in the midst of the shale revolution and Nigeria must now begin to admit that it will have to become more market-friendly in managing its oil assets.

Read more @ Businessday

NIGERIA’S Q2 CRUDE PRODUCTION HITS ONE-YEAR HIGH

The Nigeria’s crude production has hit 2.21 million barrels per day in the second quarter of this year, the highest level in one year.

The statistics office, which gave this new production data said that this new oil production high has also contributed to the 6.54 per cent growth, which the country’s economy recorded in the same quarter. It also said crude oil production hit 2.21 million barrels per day in the second quarter, up from 2.11 million barrels per day in the corresponding period a year ago.”

Read more @ New telegraph

MARGINAL FIELDS CONTRIBUTE 2.41% TO NIGERIA’S CRUDE PRODUCTION

The dwindling fortunes of marginal fields’ operators in the Nigeria’s oil and gas sector continued, as the subsector contributed 2.41 per cent to Nigeria’s total crude oil production in the month of March 2014.

According to data from the Nigerian National Petroleum Corporation, NNPC, on oil and gas activities for the month of March 2014, the marginal fields’ operators produced 1.645 million barrels of crude oil, representing a daily average of 53,086.26 barrels.

Read more @ Vanguard