GHANA AGREES TO PAY NIGERIA $170M GAS DEBT BY FEBRUARY

The Ghanaian government has agreed to pay Nigeria a $170 million gas debt by February 2016 in a bid to avert a recent threat by a consortium of Nigerian companies to cut gas supply to Ghana over unpaid gas bill.

Read more @ Thisday Online

N33.8BN DEBT: NIGERIA GIVES GHANA FEBRUARY ULTIMATUM

Nigerian gas company, N-Gas, the main supplier of gas to Ghana’s Volta River Authority through the West African Gas Pipeline, has given the VRA up to the end of February 2016 to clear its outstanding debt of $171.5m (N33.79bn).

Read more @ Punch Online

FPSO fabrication facility to start operations in gulf of Guinea

In a significant development for international oil companies (IOCs) operating in the Gulf of Guinea, large scale and complex steel fabrication will now be offered in Nigeria from a new purpose-built facility.

Read more @ Businessday Online

Shell plans big investment in gas

The Managing Director of  Shell Nigeria, a subsidiary of Royal Dutch Shell Plc, Mr. Osagie Okunbor, said, yesterday, that the company was ready to explore natural gas to make Nigeria a hub for domestic consumption and export for prospective investments.

Okunbor, in a statement in Port Harcourt, reiterated the company’s commitment to developing gas for domestic use.

Read more @ Vanguard Online

Nigeria, other oil producers face 2.25% loss – IMF

Energy-exporting countries, including Nigeria, could see about 2.25 per cent loss in economic growth annually from 2015 to 2017, compared to 2012 to 2014, due to the sharp decline in oil prices over the past year, according to the 2015 World Economic Outlook by the International Monetary Fund.

 

The new report, two chapters of which were released on Monday, noted that the recent drop in commodity prices had been accompanied by pronounced declines in real Gross Domestic Product growth rates, much more so in commodity-exporting countries than in other emerging markets and developing economies.

Read more @ The Punch 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

Buhari Thanks China for Intercepting Stolen Nigerian Crude

President Muhammadu Buhari on Sunday in New York said China has intercepted shiploads of crude oil stolen from Nigeria.

A statement by the Special Adviser to the President, Media and Publicity, Mr. Femi Adesina, said the intercepted shiploads of crude oil were to be sold and proceeds paid into private accounts.

 

Buhari spoke at a meeting with President Xi Jinping of China on the sidelines of the 70th United Nations General Assembly.

 

Read more @ Thisday Online

NIGERIANS IN DIASPORA TO EXPLORE OPPORTUNITIES IN LOCAL OIL, GAS SECTOR

There are indications that Nigerians in Diaspora are now gathering interest in exploring opportunities in the local oil and gas market, even as they are keen to repatriate their richly endowed skills to support their motherland.

Indeed, no fewer than 270 personnel representing Nigerian companies within and outside the country, who gathered at a business summit in Aberdeen, indicated interest to repatriate skills and experience to the domestic oil and gas industry

Read more @ The Guardian

BAYELSA, ERA THREATEN LEGAL ACTION OVER AZUZUAMA OIL SPILL TRAGEDY

Consistent trend of explosions leading to needless deaths has trailed the company’s operations, hence the need for the Federal and state government to set up an investigative panel to review its operations as well as its spill contingency plans and protocols, which have so far put production and profit at the fore and left safety in the back seat.

FOLLOWING the incident that occurred during a clean up exercise by Nigerian Agip Oil Company (NAOC) that left the 14 persons killed on July 9, 2015, the Bayelsa State government and Environmental Rights

Read more @ The Guardian

US DEMAND FOR NIGERIAN CRUDE RISES

Nigerian crude oil differentials were stable on Thursday, with traders saying that demand from Europe and the United States has offset weaker demand from Asian buyers. According to Reuters, traders said purchases of Nigerian oil for October from the US were at significantly higher levels than for earlier months

 

Read more @ Thisdaylive

BUHARI TO MEET EITI CHAIR ON PROPOSED OIL SECTOR REFORMS

President Muhammadu Buhari is scheduled to hold meetings on his intended reforms in Nigeria’s oil and gas sector with visiting Chairperson of the global Extractive Industries Transparency Initiative (EITI), Clare Short, the Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed

 NEITI, in a statement issued Sunday by its Director of Communication, Orji Ogbonanya Orji, said Short, who is billed to arrive in Nigeria today on a three-day working visit, would meet with Buhari to hold discussions on several of the challenges holding back extensive enactment of EITI principles in Nigeria’s extractive sectors.

Read more @ Thisdaylive

BLOOMBERG PROJECTS NIGERIA AMONG TOP 20 ECONOMIES BY 2030

Amidst the euphoria of a successful general elections, Nigeria’s economy has been forecast to be amongst top 20 largest in the world by 2030, according to Bloomberg report on new world economic order.
Nigeria is ranked 19th just above Netherlands, which is 20th in the forecast report
 
Though this is a mark-down against the 2020 projected by the Federal Government under former President, Olusegun Obasanjo to arrive at the top 20, this is the first time such report is projecting Nigeria in the top global economies.
Read more @ SweetCrude Report

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

EMERGING AND EXISTING OIL AND GAS OPPORTUNITIES IN SUB-SAHARAN AFRICA

Look at the last full year 2013. The biggest oil and gas discoveries are all over the place, worldwide. Some in non-surprising areas, with others in new or frontier areas: 
(1) Lontra – Angola – 900m boe 
(2) B14/B17 – Malaysia – 850m boe
(3) Ogo – Nigeria – 775m boe
(4) Nene – Congo Brazzaville – 700m boe
(5) Agutha – Mozambique – 700m boe
(6) Tangawizi – Tanzania – 575m boe;
(7) Coronado – Gulf of Mexico – 550m boe
(8) Salamat – Egypt – 500m boe
(9) Maximino – Gulf of Mexico – 500m boe
(10) Bay du Nord – Canada – 450m boe.

Read more @ Businessday

SHELL OKAYS NIGERIAN ASSETS SALE

Royal Dutch Shell has signed the sale and purchase agreements for all the Nigerian oil assets it put up for sale following a 2013 review of its business in the country, a spokesman said on Tuesday.


The assets include oil mining leases 18, 24, 25, 29 and the Nembe Creek Trunk Line pipeline.

Read more @ The Punch

NIGERIA PRESSURES GHANA TO PROBE OIL THEFT

Nigeria is demanding a probe into the activities of a company, which it believes is involved in laundering stolen crude to Europe.

Wall Street Journal (WSJ), a US-based newspaper which levelled the allegations, said Saltpond Offshore Producing Company (SOPC) is suspected of being used to tranship and smuggle stolen Nigerian crude to Europe and that Washington is probing the company as part of a broader inquiry into how Nigerian oil gets stolen and laundered.

Read more @ Sweet Crude

EXXONMOBIL PROJECTS 2040 GLOBAL ENERGY OUTLOOK

ExxonMobil, one of the world's largest publicly traded multinational oil and gas companies, has projected that global energy demand will be in the range of 1200 Quadrillion (British Thermal Unit (BTUs), even as global Gross Domestic Product (GDP) approaches the $120 trillion mark with a global population of 9 billion people.

This was disclosed at the just concluded presentation of the ExxonMobil Energy Outlook Series titled: The Outlook for Energy: A view to 2040 in Nigeria at the Oriental Hotel, Victoria Island, Lagos. The platform was designed with the objective of broadening understanding of energy sector challenges and opportunities globally and in Nigeria and to project ExxonMobil’s investments in meeting global energy need with 2040 in view.

The session, examined the dynamics of population geometric growth, availability of energy resources, economic growth and the global desire for improved living standards. It also advocates new trends in energy utilisation with attendant effects on availability and distribution of electricity.

Discussions at the forum centred mainly on the current level of ExxonMobil’s investment in LNG in Nigeria, the place of shale gas in the energy mix and how it affects Nigeria and a revisit of coal in the energy mix and implication for Nigeria. The platform also provided the opportunity for industry lights to elucidate on global future energy requirements.

The one-day event attracted a total of 108 guests spanning the academia, manufacturing sector, financial services sector, energy, oil & gas, government, media and etc. Notable dignitaries at the event were Ben Akabueze, Lagos State Commissioner for Economic Planning & Budget; Prof. Ayo Ibidapo-Obe, Vice Chancellor of the Federal University Ikwo, Ebonyi State.

The session also had in attendance others like Opeyemi Agbaje, CEO, RTC Advisory Ltd and leading economic analyst and columnist; Dr. Enase Okonedo, Dean of the Lagos Business School; Austin Avuru, CEO of Seplat Petroleum, representatives of leading indigenous oil and gas company listed on the Nigerian Stock Exchange among others

US REFINERIES EXPOSE TO DANGERS OF LIGHTER SHALE OIL

The decision of the United States to stop the importation of Nigeria’s light blend of crude oil due to the shale oil boom has exposed the US refineries to the dangers associated with the processing of lighter shale oil.

As a result of the increased domestic production of shale oil, the US has slashed crude  oil imports from a peak of almost 14 million barrels per day in 2006, to slightly above 7 million barrels per day.

Read more @ Thisday Live

AS US SHUTS ITS DOOR ON NIGERIA’S OIL EXPORTS

Nigeria has become the first country to completely stop selling oil to the United States of America, the world’s largest oil producer and consumer, due to the impact of the shale revolution – an astounding reversal – as the country was only four years ago one of the top five oil suppliers to America.

According to the US Department of Energy, Nigeria did not export a single barrel of crude to US-based refiners in July for the first time since records started in 1973.

Read more @ Thisday Live

WEAK ASIAN OIL DEMAND THREATENS NIGERIA’S CRUDE EXPORT

Nigeria will export about 1.83 million bpd of crude oil in October, down from 1.94 million bpd exported in September, a drop of about 6 per cent over a period of one month, export data LEADERSHIP sourced from Platt Energy Markets, an international news agency, have shown.


By current loading schedules, traders said some Angolan crude grades have been cleared for October loading, while Nigerian cargo appeared to be finding buyers more slowly.


Nigeria’s Qua Iboe offers to be at dated Brent plus $2.00, unchanged. A trader said cargoes were likely to be sold at dated Brent plus $1 to plus $1.50.