FG, STATES, IOCS TO ADOPT COLLABORATIVE APPROACH FOR DEVT OF N’DELTA

In furtherance of efforts to entrench peace in the Niger Delta, the federal government, international oil companies (IOCs) and other stakeholders have kicked off a collaborative approach aimed at maximising resources for the sustainable development of the region.

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TOTAL RETURNS TO THE “CAPE OF STORMS” IN LATE 2017

Total will return to drilling in the ‘Cape Of Storms’ in late 2017, a full year and several months after the original planned date. The French major halted drilling in Block 11B/12B in South Africa’s offshore Outeniqua Basin in November 2014 because of mechanical problems on the rig, caused by the challenging environment in the Agulhas, with its chaotic combination of currents, waves and winds, which contrasts sharply with the mild metocean conditions of the West African deepwater.

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NIGERIA SEES OIL HITTING MID-$60S IN COMING MONTHS AS OPEC BITES

Crude oil prices hovering around $55 a barrel since early December, will climb by about $10 in the coming months, as OPEC-led measures to curb a glut take hold, Nigeria’s oil minister said. “Ultimately, the effects over the next few months will get us to where we want to be, which is in the mid-$60s.”

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INDIGENOUS FIRMS NEARING COMPLETION OF STRUCTURES FOR $16B EGINA FPSO PROJECT

Indigenous oil firms have demonstrated local capacity in the execution of the over $16 billion worth Floating Production Storage and Offloading (FPSO) facility for Total’s Egina oil field project. The Egina field, when completed, is expected to add 200,000 barrels per day to the national oil production by 2018, while the project will be completed in 2017.

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UPSTREAM ASSETS ACQUISITION TRIPLED TO $31BN IN DECEMBER – REPORT

Total acquisitions of oil and gas fields, known as upstream assets, tripled to $31 billion in December, according to data from consultancy Energy Market Square. Deals in the last month of 2016 alone accounted for nearly a quarter of total activity during the year, the report added.

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KEROSENE FULLY DEREGULATED, SAYS PPPRA

The Petroleum Products Pricing Regulatory Agency on Thursday said that the kerosene market had been fully deregulated and that there was no plan to increase petrol price. Its reaction on kerosene was based on the recent astronomical hike in the price of the product and calls by consumers as well as operators for an intervention by the Federal Government.

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TOTAL NIGERIA LAUNCHES TRUCK RENEWAL SCHEME

Total Nigeria unveiled new fleet of trucks in Lagos to launch its truck renewal scheme. The robust fleet acquisition scheme is targeted at renewing 20 percent of Total Nigeria’s fleet of trucks in 2017 in order to ensure a continuation of its sustainable business model.

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OPEC RAISES OIL FORECAST TO 95.60 MILLION BPD

The Organisation of the Petroleum Exporting Countries, in its latest Monthly Oil Market Report, raised its forecast for global crude oil demand to 95.60 million barrels daily, up by 1.16 million bpd from the estimated 2016 average of 94.44 million barrels daily.

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NNPC TO FAST-TRACK REPAIRS OF VANDALISED PIPES

The Nigerian National Petroleum Corporation (NNPC) has promised to fast-track the repairs of all pipelines vandalised last year to ensure stable gas supply to thermal power plants for improved power supply. The Corporation made the commitment during a closed-door meeting of operators and stakeholders in the power sector with the Minister of Power, Works and Housing, Mr. Babatunde Fashola, in Lagos.

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50 COMPANIES BID FOR NNPC’S BOAT SUPPLY CONTRACT

At least 50 companies are scrambling to provide sea worthy tug boats on charter time basis for the maritime operational requirements of the Nigerian National Petroleum Corporation (NNPC) in Lagos, Warri and Port Harcourt.

The public bid opening for the contract, which held at the NNPC Headquarters Abuja, had in attendance representatives of the bidding companies with officials of the Bureau of Public Procurement, BPP, Department of Petroleum Resources, DPR; Nigerian Extractive Industries Transparency Initiative, NEITI; Nigerian Content Development and Monitoring Board, NCDMB; and some members of the civil society as observers.

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NIGERIA TO END IMPORTATION OF PETROLEUM PRODUCTS BY 2018 – MINISTER

Minister of Science and Technology, Dr. Ogbonnaya Onu, has said the Federal Government will ban the importation of refined petroleum products by 2018. A statement, made available to our correspondent in Abuja, disclosed that Onu said this in his country home Uburu, Ohaozara Local Government Area of Ebonyi State while addressing a meeting of stakeholders of the ruling All Progressive Congress (APC).

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OIL PRODUCING SAUDI ARABIA AND MEXICO PLAN FUEL PRICE HIKES AS NIGERIA DIGS IN

Saudi Arabia and Mexico will ditch artificially low petrol costs this year, as the increase in international oil prices combine with strained public finances to make it too expensive to maintain artificially low prices. This is in contrast to Nigeria, which has since resisted calls to review an eight-month old petrol price template.

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NIGERIA’S OIL OUTPUT TOPS FOREIGN INVESTORS’ CONCERN

Foreign investors planning to invest in Nigeria and other global markets this year are taking a keen look at the nation’s oil output among other factors. According to a Financial Times’ report, oil supply from the world’s biggest producers will be in focus from the first trading day of January as market participants assess the extent to which countries such as Saudi Arabia and Russia reduce production following a global deal to cut supplies for the first time since the global financial crisis.

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NEITI CONDEMNS N1.1 TRILLION TAX WAIVERS TO OIL FIRMS

By granting Pioneer Status, the Federal Government has waived $2.1 billion (N1.1 trillion) to 22 oil companies through tax holiday as at 2014. These companies are operators in the marginal field segment of the Nigerian oil and gas industry, according to the latest report from the Nigerian Extractive Industries Transparency Initiative (NEITI).
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NNPC, SHELL, BANKS SIGN $2.2BN DEAL FOR CONTRACTORS

Shell, supported by the Nigerian National Petroleum Corporation, has signed Memoranda of Understanding with eight local banks under the refreshed Shell Contractors’ Support Fund. The oil major, in a statement on Sunday, described the development as the latest milestone in efforts to improve access to finance for Nigerian vendors and suppliers in the oil and gas industry. It said under the MoUs signed in Lagos, Access Bank, Skye Bank, Zenith Bank, Stanbic IBTC Bank, First Bank, Standard Chartered Bank, First City Monument Bank and Guaranty Trust Bank had set aside $2.2bn for contract execution by Nigerian firms.

Read more @ The Punch Online

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.

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FG YET TO TAKE DECISION ON NNPC’S PUBLIC LISTING

The Federal Government has not taken a precise decision on the proposed listing of the stocks of the Nigerian National Petroleum Corporation (NNPC) on the Nigerian Stock Exchange (NSE) or any other stock exchange. According to authoritative sources within the ministry of petroleum resources, the proposal to list the stocks of NNPC on the exchange after its restructuring as contained in a new draft national oil policy has not yet been approved by the government.

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WE’LL RESIST SALE OF NNPC STAKE – OIL WORKERS

Oil workers on Sunday declared that they would resist any attempt by the Federal Government to sell some of its stake in the Nigerian National Petroleum Corporation. The Federal Ministry of Petroleum Resources released a draft policy document on the reform of the oil sector late on Thursday in which it proposed the sale of some of its stake in the national oil firm. Reuters reported on Friday that the country had been mulling the sale of oil assets to raise foreign exchange as a slump in vital oil revenues was eroding the budget.

Read more @ The PunchOnline

NNPC WILL CEASE TO EXIST IN TWO YEARS

The Nigerian National Petroleum Corporation (NNPC) will cease to exist in about two years time, as a result of sweeping reforms contained in the draft National Oil Policy which has been presented to stakeholders for their input. This is however subject to the approval of the National Assembly.

Read more @ Businessday Online 

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