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
Showing posts with label Oil. Show all posts
Showing posts with label Oil. Show all posts
Friday, 28 October 2016
Thursday, 27 October 2016
NUPENG GIVES FG 21-DAY ULTIMATUM OVER JOB LOSSES
The Nigeria Union of Petroleum and Natural Gas Workers on Wednesday issued a 21-day ultimatum to the Federal Government to prevail on International Oil Companies operating in the country to stop mass retrenchment of oil workers.
The National President of NUPENG, Mr Igwe Achese, stated this at the end of a meeting of the union’s Central Working Committee held in Effurun, Uvwie Local Government Area of Delta State.
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
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
Wednesday, 26 October 2016
OIL EXPORT: JUDGE REFUSES TO BAR JOURNALISTS FROM COVERING FG’S SUIT AGAINST TOTAL
A Federal High Court in Lagos on Tuesday dismissed an
application to bar journalists from covering the case of alleged illegal oil
export filed by the Federal Government against Total E&P Nig. Plc.
The federal government sued Total E&P Nig. Plc,
alleging that the oil company under-declared the volume of crude oil it shipped
out of the country between January 2011 and December 2014.
CHINA FINE-TUNES OIL DEALS WITH FG, SEEKS SOVEREIGN GUARANTEE ON INVESTMENTS
Nigeria and China on Tuesday began to put finishing touches to the multi-billion dollar oil deals both countries had initiated, and which will see Chinese firms invest heavily in Nigeria’s energy sector.
But while the terms in the business deals are being worked out, the firms have indicated that they would be requesting a sovereign guarantee from the Nigerian government to back their planned investment on pipeline construction.
Tuesday, 25 October 2016
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. FUEL IMPORTS’LL REDUCE BY 60% IN 2018 – KACHIKWU
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said that the reforms embarked upon by the government are targeted at cutting petroleum products’ importation by at least 60 per cent by 2018 and thereafter position the country for net export by 2019.
The minister, who said this in Lagos on Monday at the 10th Oil Trading and Logistics Africa Downstream Expo, stressed the need to fully liberalise and deregulate the midstream and downstream sub-sectors such that the open market prices of petroleum products would be cost-reflective and market-driven.
Monday, 24 October 2016
HOW $15B NIGERIA-INDIA DEAL WILL TACKLE FOREX CRISIS
The Nigeria-India upfront oil payment deal will help the Federal Government to tackle the foreign exchange (forex) crisis in the country.The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, initiated the deal during a three-day working visit to India.In an exclusive interview with The Guardian in August, the minister had disclosed his intention to search for a market, particularly in Asia and other oil-consuming nations, with a view to shoring up the naira, while guaranteeing revenue to the government.
Read more @ The Guardian
FORCE MAJEURE ON BONNY, FORCADOS CRUDE OIL TERMINALS SLASHES SEPT. REVENUES
Declining oil production and export volumes due to militancy and large-scale crude theft cut the Nigerian government’s gross revenue in September by about 12% from August to N279.75 billion ($8 billion), the finance ministry said Friday.
The ministry said that despite the rally in global oil prices averaging $48.43/b in June, Nigeria’s export volume declined by 1.15 million barrels in that month, resulting in a $46.52 million drop in oil export sales for the government.
EIGHT MONTHS OF FORCADOS SHUTDOWN COST NIGERIA N689BN
The country has lost at least N689bn to the suspension of exports of Forcados, one of the nation’s largest crude oil grades, since February.
Friday, October 21, 2016 marked exactly eight months that Shell declared force majeure on the export of Forcados.
Thursday, 20 October 2016
INVESTORS EARN FIRST INCOME FROM LAGOS OIL SALE
Following the sale of the first oil production from Aje field, partners in the Oil Mining Lease 113 offshore Lagos, where the field is located, have earned their first income.
A top official of one of the partners disclosed this in a telephone interview with our correspondent on Wednesday, saying the second sale would be done before the end of the year.
NIGERIA, OTHERS RACE TO MEET INDIA’S SURGING OIL APPETITE
Nigeria, Russia, Iran and Argentina are locked in a contest to capi- talise on India’s rising oil demand which has seen the South Asian nation import 18.81 metric tons (about 4.45mil- lion barrels a day) of crude oil since August, an increase of about 10 percent over last year’s volume. Read more @ BusinessDay
Wednesday, 19 October 2016
CRUDE OIL PRICES LOOKING FOR DIRECTION AMIDST OPPOSING FORCES
Crude oil prices have recovered slightly since September 27, after the Organization of the Petroleum Exporting Countries (OPEC) announced its first planned output cut to limit its production to a range of 32.5-33.0 million barrels per day (bpd) in order to rein in a global supply glut that forced crude to crash from over $100. Despite OPEC's expressed desire to cut output, latest report show the
cartel's September production output at eight-year high of 33.24 million bpd.Read more @ BusinessDay
OIL AT $52 WILL HELP ECONOMIC RECOVERY - REWANE, OTHERS
As the global crude oil benchmark continued to trade above the $50 per barrel mark on Tuesday, economic and energy experts said the price rally would help soften the recession rocking the country and support economic recovery.
They, however, described as more important the need to ramp up the nation’s crude oil production, which has been significantly disrupted by the recent upsurge in militant attacks in the Niger Delta.
Tuesday, 18 October 2016
RESPITE FOR CASH STRAPPED OIL FIRMS, BANKS AS FORCADOS RESTARTS
There could be a return to the better days for Nigerian oil
producing companies that are neck deep in debt obligations to the banks,
following confirmation that crude will start to flow in the Forcados terminals
that had hitherto been disrupted by militant attacks in the Niger Delta region.
This will bring relief to the oil companies which had suffered operational and revenue shortfalls and had to lay off staff. It will likewise set up royalty payments accruing to the Federal Government from the oil companies, as well as increase government's earnings from crude.
Read more @ BusinessDay
REPRIEVE FOR OIL/GAS SECTOR AS KACHIKWU SEALS $15BN INVESTMENT DEAL
As part of the efforts to reinvigorate the Nigerian oil and gas sector, especially upstream, Nigeria has negotiated a $15 billion investment deal with some India public sector companies for crude oil purchase. Ibe Kachikwu, minister of state for petroleum, who is currently in India for a business visit, did the negotiation on behalf on the countryRead more @ BusinessDay
Monday, 17 October 2016
COURT RESTRAINS NPDC, NNPC FROM TERMINATING AGREEMENT WITH ATLANTIC ENERGY
A Federal High Court in Abuja has restrained the Nigerian Petroleum Development Company Limited (NPDC) and Nigerian National Petroleum Corporation (NNPC) from taking any step in terminating agreement they have with Atlantic Energy Drilling Concepts Nigeria Limited and Atlantic Energy Brass Development Limited owned by businessman, Jide Omokore, in respect of the Oil Mining Leases (OMLs) 26, 30, 44 and 42 (Forcados assets) and OMLs 60, 61, 62 and 63 Brass assets).NNPC BEGINS OIL EXPLORATION IN BAUCHI
The Nigerian National Petroleum Corporation and a Chinese company, Bureau for Geophysical Corporation, have begun mobilising to Alkakeri, Darazo, Misau in Bauchi State to commence the drilling of oil wells in the coming months.
The exploration is expected to bring employment and other economic opportunities to the state.
Read more @ Punch NG
Friday, 14 October 2016
NIGERIA’S CRUDE OIL PRODUCTION RISES BY 280,700 BPD
Nigeria’s crude oil production has increased by 280, 700 barrels per day (bpd) from the 1.104 million bpd recorded in August to 1.385 million bpd in September.The Organisation of the Petroleum Exporting Countries (OPEC), which made this known in its monthly oil market report released on Wednesday without giving further details, said crude oil production averaged 33.39 mbpd in September, an increase of 0.22 mbpd over the previous month.
Read more @ Guardian NG
NNPC TO RESUME OIL EXPLORATION IN BAUCHI, GOMBE
The Nigerian National Petroleum Corporation (NNPC) has concluded plans to move heavy equipment to Bauchi and Gombe States preparatory to oil exploration, said Group Managing Director Maikanti Baru.The NNPC boss, who was received by senior officials of the corporation and the Bauchi State Chief of Staff, Audu Sule Katagum, said his mission to both states was to sensitise people on the forthcoming activity
Read more @ Guardian NG
Subscribe to:
Posts (Atom)