CaritasBlog: NNPC

Showing posts with label NNPC. Show all posts

Wednesday, 1 February 2017

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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Thursday, 26 January 2017

NNPC LACKS OIL TRADING SKILLS, SAYS GMD

The Group Managing of the Nigerian National Petroleum Corporation, Dr. Maikanti Baru, on Wednesday said the firm lacked international oil trading skills. According to him, several attempts made by the national oil firm’s management in the past to have a stronghold on oil trading have not yielded the expected dividend.

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.

SHELL, NNPC, OTHERS SURGE NIGERIA’S CRUDE PRODUCTION ABOVE 1.8M BARRELS DAILY

Nigeria’s crude oil output from contracts and ventures between international oil companies (IOCs) such as Shell and the Nigerian National Petroleum Corporation (NNPC) has surged above 1.8 million barrels per day (bpd), owing to the relative peace in the oil rich Niger Delta.

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.

The renewed search for crude oil in the frontier inland basins has started impacting the monthly trading financials of the Nigerian National Petroleum Corporation (NNPC), its monthly financial and operations report for November 2016 has disclosed.

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).

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.

OIL HITS 18-MONTH HIGH AT $58PB AS OUTPUT CUT BEGINS

Crude oil price rose to an 18-month high of $58.37 on the first day of trading in 2017, yesterday. This followed anticipations anchored on a possible deal between members of the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC members, which could lead to cut in production.

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.

FUEL IMPORTS GULP N958.3 BILLION IN FIVE MONTHS

Nigeria spent N958.3 billion importing Premium Motor Spirit (PMS), also known as petrol, in five months. The amount could build five 20,000-barrels-per-day mini refineries, industry experts, who argued that one of such refineries would cost government between $75 million and $250 million, said yesterday. In naira terms, higher expenditure on petrol imports gives impression of worsening foreign exchange position for the country and emphasizes the need to activate the country’s four idle refineries, Francis Ogbimi, a Professor of Technology Management at the Obafemi Awolowo University, Ile-Ife said.

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.

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.

Tuesday, 15 November 2016

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.

Readmore @ Thisday Online

Monday, 14 November 2016

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.

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

Friday, 11 November 2016

NIGERIA’S OIL SECTOR NEEDS N7B YEARLY INVESTMENT

The Nigerian oil and gas sector requires about $7 billion capital investment yearly, to fund exploration and development to achieve the nation’s crude production targets, according to Nigerian Investment Promotion Commission (NIPC). Besides, Organisation of the Petroleum Exporting Countries (OPEC), also put the expected oil upstream investment requirements from 2016 to 2040 at $7.4 trillion).

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

Wednesday, 9 November 2016

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.

Readmore @ Thisday 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

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