NNPC STILL WITHHOLDING FEDERATION ACCOUNT FUNDS SAYS REPORT

The revelation that the Nigerian National Petroleum Corporation (NNPC) withheld $4.2 billion from sales of export crude, domestic crude and from the Nigerian Petroleum Development Company (NPDC) oil fields in the second half of 2015 by the Natural Resources Governance Institute (NRGI) report makes a mockery of President’s Muhammadu Buhari’s reform plan.

Read more @ Businessday 

NIGERIAN SHIPOWNERS PLAN TO EXPORT CRUDE OIL

The Nigerian Shipowners Association has said that it is making plans to get involved in the exportation of crude oil to international markets. Currently, no Nigerian shipowner is involved in the exportation of the nation’s crude which is being carried on a Free on Board basis by foreign flagged vessels.

 

The Secretary General of the association, Mr. Tunji Brown, in an interview with The PUNCH, said this had become necessary following the persistent fall in global oil prices.

 

Read more @ Punch Online

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

Shell lifts force majure on Bonny Light exports

THE Shell Petroleum Development Company of Nigeria Limited (SPDC) has lifted the force majure on its Bonny Light grade, thereby recovering about 320,000 barrels per day (bpd) of the nation’s oil exports.

The two major trunk lines earlier shut by the oil multinational some eight days ago have therefore resumed operations, raising hope for the October export programme.

Read more @ Guardian Online

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 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

NIGERIA EARNS N3.8TRN FROM CRUDE EXPORT IN SIX MONTHS

Nigeria earned N3.797 trillion from the export of crude oil in six months, between January and June 2015, data obtained from the National Bureau of Statistics, NBS, has revealed.

The amount earned from crude oil export is 84.57 per cent of the country’s 2015 budget of N4.49 trillion passed by the National Assembly. But it is also 146 per cent higher than the N2.61 trillion voted for recurrent expenditure in the budget and about six times the country’s capital expenditure of N556.9 billion.

Read more @ Vanguard Online

SHELL SAYS GAS SUPPLIES TO NIGERIA LNG REDUCED ON PIPELINE ISSUES

Shell on Friday said gas supplies to Nigeria’s LNG export terminal on Bonny Island had been reduced due to the shutdown of a major oil pipeline in the country caused by a leak and theft. The reduction may impact liquefied natural gas exports from the facility.

Read more @ Businessday online

SHELL NIGERIA DECLARES FORCE MAJEURE ON BONNY LIGHT CRUDE EXPORTS

Indication emerged weekend that about 10 million barrels of Nigerian crude oil cargoes for September-loading are still looking for buyers, and face steep competition from other crude oil grades. This is coming on the heels of Shell shutting in about 162, 000 per day as it declares force majeure on Bonny light crude. This would mean delay in realizing revenue from crude export into the federation account.

Read more @ Vanguard Online
 

SHELL DECLARES FORCE MAJEURE ON BONNY LIGHT EXPORTS

Barely a week after it resumed gas supplies to the Nigeria LNG Limited from the Eastern Gas Gathering System, Shell Petroleum Development Company has declared force majeure on Bonny Light crude oil exports.

 

Bonny Light is one of Nigeria’s main export grades. The oil major said in a statement on Thursday that the force majeure, which followed the shutdown of both the Trans Niger Pipeline and Nembe Creek Trunkline, was effective August 27, 2015.

 

Read more @ Punch Online

NIGERIA’S OIL EARNINGS DROP TO $460M PER MONTH, LOSES $3.9B OF CRUDE TO THEFT, 133TCF OF GAS UNLOCKED

The sliding crude oil prices at the international market have pushed the nation’s crude export earnings further down to about $460 per month.

Former Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Joseph Dawha, who disclosed this at the Nigerian Annual International Conference and Exhibition of the Society of Petroleum Engineers (SPE) in Lagos yesterday, said the price decline has seriously impacted the national purse, thereby constraining it to meet certain financial obligations.

Read more @ The Guardian

REVENUE WOES HEIGHTEN AS TRADERS SHUN NIGERIA'S CRUDE

Nigeria’s dwindling revenue is set to worsen, as international crude oil traders have shunned the country’s export of Bonga crude oil grade for the months of May and June 2015, making it difficult for the country to find buyers for the product and putting the price of the commodity under pressure.

According to a report by Platts, the differentials for Nigerian crude grade, Bonga, are sliding due to the accumulated oversupply from the May and June program ahead of the release of the new July program this week.“On the demand side, Cepsa, Total, ExxonMobil are not buying Bonga at this stage and India’s strategic petroleum reserve alone cannot support the grade,” a trade from Europe stated.

Read more @ Vanguardonline

OIL COMPANIES SEEK ALTERNATIVE ROUTE TO FORCADOS EXPORT TERMINAL

Six oil and gas exploration and production (E & P) companies that deliver crude oil to the Forcados Export Terminal in Delta State, through the Trans -Forcados Pipeline are seeking an alternative crude oil supply route, following incessant vandalism of the current pipeline networ.

Trans-Forcados Pipeline, which is used by E & P companies operating in the Western Niger Delta to transport crude oil to the 400,000 barrels per day capacity Forcados export terminal, has been the target of attacks by vandals.

 

Rea more @ Thisdaylive

FG PLANS BAIL OUT FOR LOCAL OIL FIRMS

The Federal Government has begun moves to save indigenous oil firms from imminent bankruptcy triggered by oil price rout rocking the industry, with a bail out.

Prices of oil at the global markets have crashed by about 50 per cent since June last year and weakened the currencies of oil exporting countries such as Nigeria, which depends on crude exports for 80 per cent of her revenue.

Read more @ New Telegraph

EGINA DEEP WATER ATTRACTS $1BN INVESTMENT

The local content component of the Egina deep-water project has hit over $1billion, the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Ernest Nwapa has disclosed.

  Egina-Total Exploration and Production’s $15billion deep water project is the first major oil and gas project to be started under the Nigerian Content Act and it includes an FPSO unit, an oil offloading terminal and subsea production systems such as risers, 52 kilomres of oil and water injection flow lines, 12 flexible jumpers, 20km of gas export pipelines, 80 kilometres of umbilical and subsea manifolds

Read more @ Guardian
 

GAS EXPORT-PARITY PRICING ENDS 2016 - NNPC

The Federal Government will end export- parity-pricing for gas by 2016, Bloomberg said in a report, quoting group coordinator of strategy and planning at Nigerian National Petroleum Corporation (NNPC), Timothy Okon. Although government has adjusted the price to $3.5 per million British thermal unit (mbtu), Okon maintained that Nigeria would apply “export-parity pricing” in 2016.

Read more @ New Telegraph

‎NIGERIA HAS POTENTIAL TO BE NET SOLAR EXPORTER – GROUP

A group of energy investors have stressed that Nigeria has “very high potential” to be a leading exporter of solar-generated energy within the continent in a few years.

The group which was in the country to explore investment opportunities mainly in renewable energy, said in Abuja that with the reforms in the nation’s power sector concluded, there was more incentive among foreign companies to partner with Nigerians to develop other sources of energy and to boost generation.

Read more @ SweetCrude Reports

NIGERIA EXPORTS N9.5TR CRUDE OIL

Nigeria earned N9.5 trillion from crude oil export trade and N923.5 billion from natural liquefied gas in 2014, according to the National Bureau of Statistics.

The bureau said in a report titled: “Nigeria in 2014: Economic review and 2015-2017 Outlook”, that crude oil continues to dominate export trade, contributing N3, 233.6 billion or 81.5 per cent of total export trade value in first quarter, N3,268.8 billion or 69.8 per cent and N2,931.0 billion or 65.4 per cent of the totals in quarters two and three respectively.

Read more @ Guardian

SHELL EARNINGS SLIDE ON PLUNGING CRUDE PRICE

Royal Dutch Shell is to cut more than $15bn in spending and freeze its dividend in an effort to plug dwindling revenues from oil sales, after the company on Thursday reported a sharp slide in quarterly earnings due to the plunge in crude prices.

 

The Anglo-Dutch energy group, the first of the world’s big oil companies to report full-year results for 2014, signalled that a period of adjustment lay ahead for much of the industry, following a near 60 per cent slide in crude prices since last summer to less than $50 a barrel.

 

Read more @ Businessday Online

GAS EXPORTING COUNTRIES BEMOAN VOLATILITY OF ENERGY MARKET

Gas exporting countries in the world, under the aegis of the Gas Exporting Countries Forum (GECF) has decried the current volatility of the energy market, blaming the crisis on economic and geopolitical developments around the world.

Speaking at a special session of the 16th Ministerial Meeting of the organisation held recently at Doha, Qatar, the Minister of Energy and Industry of Qatar, Dr. Mohammed Bin Saleh Al-Sada charged the member countries to be on the alert and keep monitoring the expected challenges of the gas market.

Read more @ Thisaday Live