WHY WE SPONSOR QUIZ CONTESTS, BY MOBIL

Mobil Producing Nigeria (MPN) has said that it sponsors quiz competitions amongst secondary schools in Bonny, Rivers State, because “it is a key strategy for enhancing reading and learning culture amongst students in the locality.” The General Manager, Public and Government Affairs of MPN, Mr Paul Arinze, who said this during the seventh edition of the competition organised for secondary schools in Bonny by NNPC/Mobil Joint Venture, expressed hope that the programme would continue to provide a platform for interaction and healthy competition amongst the students.

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NLC CHIEF WARNS FOREIGN OIL FIRMS AGAINST DISRESPECT OF LABOUR LAWS

Leading labour leader, Issa Aremu has urged international oil companies (IOCs) operating in Nigeria to ensure decent work conditions for their workers in tune with the nation’s laws. Aremu was speaking yesterday against the backdrop of the recent three-day warning strike called by the National Union of Petroleum and Natural Gas Workers (NUPENG), Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and Nigeria National Petroleum Corporation (NNPC).

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NNPC MAY ADJUST PETROL PUMP PRICE ON FALLING CARGO RATES

The Nigerian National Petroleum Corporation (NNPC) may undertake a downward review of the pump price of petrol in its retail outlets across the country. It was gathered yesterday that this was possible from a reported consistent drop in the historical price of petroleum cargoes from about $600 per metric tonne to an average of $440 per metric tonne. NNPC had recently adjusted the pump price of petrol at its outlets, thus raising fears of a possible hike. The development also followed claims in August by its former Group Managing Directors that the government’s pricing modulation framework was not economical for the downstream petroleum business.

Read more @ Thisday Online

TOTAL, PETROBRAS PARTNER ON AKPO FIELD, OTHERS

Total and Petrobras have signed a Memorandum of Understanding (MOU) towards a strategic alliance covering upstream and downstream activities in Nigeria and other countries including Brazil. According to the terms of the agreement both companies both companies will collaborate in some key areas of mutual interest and evaluate opportunities in Brazil, as well as abroad to jointly benefit from their respective experience in all segments of the oil and gas value chain.

Readmore @ Businessday Online

BARGE, EQUIPMENT SINK IN FAILED ATTACK ON NPDC PIPELINE IN DELTA

Hell bent on crippling the source of the oil revenue of the country, suspected militants again, in the early hours of yesterday, attempted to bomb the Trans Forcados 48” Export Trunk line in Batan community in Warri South West Local Government Area of Delta State. Though the attack on the trunk line, operated by the Nigerian Petroleum Development Company (NPDC), was foiled by soldiers, the militants succeeded in sinking a barge with equipment used for repair work on the line.

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NIGERIA’S PIPELINE BREAKS DROP TO 221 POINTS IN AUGUST

The Federal Government’s efforts in tackling the issue of pipelines vandalism have shown remarkable progress, as disruption of oil flow dropped to 221 in August, down from 311 points in July, according to the latest data from the Nigerian National Petroleum Corporation (NNPC). It disclosed that in August 2016, there was 28.94 per cent drop in the number of pipeline vandalised points relative to July, 2016. The Corporation stated in its August Monthly Financial Report (MFR), released, that the spate of pipeline vandalism in the country has shown remarkable improvement, following Federal Government and NNPC’s sustained engagements with the Niger Delta militants.

Readmore @ The Guardian Online

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.

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NEW GAS POLICY CREATES $51BN INVESTMENT OPPORTUNITIES IN SECTOR

Nigeria’s latest gas policy encapsulated in Ibe Kachikwu’s 7Big Wins has created $51 billion worth of investment opportunities in gas processing, transmission and general infrastructure in midstream and downstream operations of the sector. Nigeria’s epileptic power supply has created opportunities to build more power plants, as the current 22 have not assuaged energy needs.

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SENATE TO INTRODUCE OIL COMMUNITY DEVT BILL

The Senate President, Dr. Bukola Saraki, has stated that the Senate will introduce a host community legislation to complement the Governance and Institutional Framework Bill of the revised Petroleum Industry Bill. The PIB passed second reading at the Senate on Wednesday. The Senate President said the legislation would address issues relating to community participation, security and the ecological debt incurred by host communities from oil extraction.

Read more @ The Punch Online

NIGER DELTA LEADERS MEET BUHARI, DEMAND OIL BLOCS

President Muhammadu Buhari and some prominent leaders and stakeholders in the Niger Delta yesterday began to find lasting solutions to the crises in the oil-rich region. As part of the move, President Buhari hosted the leaders at the Presidential Villa where they demanded that they will be considered in the allocation and ownership of oil wells. The Niger Delta leaders specifically outlined a 16-point agenda which they presented to Buhari towards halting militancy in their area.

Read more @ The Guardian Online

BENEFITS OF EXXONMOBIL OIL DISCOVERY TO TAKE 5 YEARS

It will take a minimum of five years for Nigeria to start reaping the benefits of ExxonMobil’s one billion-barrel crude oil discovery which was announced 27 October. Industry sources cite unresolved fiscal, regulatory and governance issues, cash call debts and inferior economics of developing new finds in a low oil price environment as key obstacles.

Read more @ Businessday Online

FG TO ESTABLISH SPECIALISED PETROLEUM FORCE TO TACKLE MILITANCY

As part of its 2017 target to ensure zero militancy and drastic reduction of violence in the Niger Delta, which affect Nigeria’s oil production, the federal government has indicated that it would set up a specialised petroleum force, comprising coastal patrol teams, Niger Delta subsidiary police, and other paramilitary set-ups.

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EXXONMOBIL DISCOVERS ONE BILLION BARRELS OF OIL IN NIGERIA

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

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

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.

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THREE MONTHS AFTER FORCE MAJEURE, EXXONMOBIL RESUMES EXPORT

Mobil Producing Nigeria Unlimited, a unit of ExxonMobil, will resume shipment of Qua Iboe crude, Nigeria’s largest grade of crude oil in October, three months after the company had declared force majeure on the exports of the grade.

 

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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

EXXONMOBIL SEEKS ALTERNATIVE ROUTE TO EXPORT QUA IBOE GRADE

As repairs continue on its main export pipeline damaged last month, Mobil Producing Nigeria Unlimited, a subsidiary of ExxonMobil, is seeking to use an alternative pipeline to transport its Qua Iboe crude grade from the company’s producing fields to its Qua Iboe export terminal in Akwa Ibom State.

 

ExxonMobil’s subsea pipeline was purportedly breached by a militia group last month, forcing the company to declare force majeure on the export of the Qua Iboe crude grade, Nigeria’s largest export stream.

 

Read more @ Thisdaylive

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