OIL, GAS COMPANIES RELUCTANT TO HIRE – REPORT

A global hiring survey has revealed oil and gas companies’ reluctance in Nigeria and other oil-producing countries to increase hiring efforts in the near term.

 

Still grappling with market uncertainty, 51 per cent of global hiring managers in the industry decreased their efforts in the past three months, the report, which was released by Rigzone for the second quarter of 2015, revealed.

 

Read more @ Punchonline

FG MOVES TO END FUEL SCARCITY

Concerned by the implications of the biting fuel crisis, President Goodluck Jonathan has directed the Finance Minister, Dr. Ngozi Okonjo-Iweala to pay all outstanding debts to petroleum products marketers.

Consequently, the Federal Ministry of Finance has directed the Debt Management Office (DMO) to raise a special Sovereign Debt Note (SDN) of N100 billion to offset the claims.

Read more @ Guardian
 

OIL PRICES TO RISE AMID GROWING DEMAND – OPEC

The Organisation of Petroleum Exporting Countries has said the demand for crude oil is expected to rise this year, boosting prices of the product in the international market.

 

The oil cartel made this known in its monthly oil market report released on its website on Monday.

OPEC forecasts that demand for its oil will average 29.21 million barrels per day in 2015, up by 430,000 bpd from its previous forecast.

 

Read more @ Punch Online

STAKEHOLDERS HARP ON PASSAGE OF PIB

The need for the quick passage of the Petroleum Industry Bill (PIB) was brought to the fore again last week when stakeholders in the oil and gas industry gathered to discuss the impact of plummeting crude oil prices on the economy.

Specifically, the stakeholders believe that quick passage of the industry will assist in eliminating investors fear about return on investment and encourage private ownership of refineries, which would help the country deal with the current situation in the crude oil market.

 Read more @ Guardian

SHAREHOLDERS LOSE N39BN IN OIL AND GAS

Investors in the oil and gas sector of Nigeria’s capital market have lost N38.806 billion in the past three weeks following market depression that has pervaded the stock market, owing to the steep drop in the prices of crude in the international market which necessitated the devaluation of the naira.

Investigationshowed that the oil and gas sub-sector recorded a loss of N38.806 billion or 5.4 per cent to close at N713.218 billion in market capitalisation on January 26, 2015, as against the closing figure of N752.024 billion on December 31, 2014.

Read more @ New Telegraph

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

GAS EXPORTING COUNTRIES MEET TODAY

Worried over what can be described as a free fall on the price of crude oil at the international market, which has adversely affected the economic fortunes of the members of the Organisation of Petroleum Exporting Countries (OPEC), countries that export gas will meet today in Doha, Qatar in a global effort to enthrone a stable and reliable gas market.

The Minister of Petroleum Resources and newly-elected President of OPEC, Mrs. Diezani Alison-Madueke will represent Nigeria at this XVI Ministerial Meeting of the gas exporting countries.

Read more @ Thisday Live

DRILLING INTO UPSTREAM OIL/GAS FIRMS’ DEBT LEVELS

It is generally accepted that firms that have huge debt in their capital structure may have incurred such loans for the purpose of assets acquisition aimed at aggressively expanding operations, and also for market penetration.

Read more @ Businessday

VALUATIONS TO DROP AS OIL & GAS DIVESTMENT ACTIVITY ENTERS INTO BUYERS’ MARKET

The oil and gas industry is entering into a buyers’ market with more measured valuations, as the oil price slump impacts divestment and M&A deals in 2015.

According to Rolake Akinkugbe, VP and head, Energy and Natural Resources at FBN Capital, “Divestment deals forecast in the Nigerian market in 2015 are probably more in the region of $1-$2.5bn, much smaller than in recent years, due to the depressed global oil price environment.

Read more @ Businessday

CRUDE OIL DROPS $2 TO FIVE-YEAR LOW

The decision of the Organisation of Petroleum Exporting Countries (OPEC) not to cut crude oil production so as to curb the glut in the market has continued to take its toll on the price of the commodity as Brent crude oil fell further than $2 per barrel on Monday to a new five-year low on predictions that excess supply would keep building until 2015.

This is coming as a United States investment bank, Morgan Stanley, said in a report released at the weekend that oil prices could fall as low as $43 a barrel next year.

Read more @ Thisday Live

FG SLASHES 2015 BUDGET OIL BENCHMARK PRICE TO $65PB

The Federal Government has slashed the 2015 budget oil benchmark price from $73 to $65 per barrel because of the continued fall of oil prices at the global market.

The price of Brent crashed from $71 to $69.92 per barrel yesterday, while that of the Organisation of Petroleum Exporting Countries, OPEC, basket of 12 crudes stood at $67.31 per barrel compared with $68.13 the previous day, according to OPEC Secretariat calculations.

Read more @ National Mirror

NLNG’S SUBSIDY ON COOKING GAS HITS $50M

The Nigeria Liquefied Natural Gas Limited has subsidised Liquefied Petroleum Gas (cooking gas) to the tune of $50m since the commencement of its intervention scheme on the product nationally.

The firm, which currently supplies some 80 per cent of the total cooking gas consumed by Nigerians, restated that it remained committed to increasing domestic cooking gas supply to the Nigerian market.

Read more @ The Punch