STAKEHOLDERS SEEK ABOLITION OF OIL SWAP DEALS

Stakeholders in the energy industry have endorsed the cancellation of crude oil swap contracts, as well as Offshore Processing Contracts (OPA), which the Nigerian National Petroleum Corporation (NNPC) entered with traders, under the previous administration of President Goodluck Jonathan.

The cancellation was however scripted to replace the former contractors as the corporation had invited seven firms to bid for the scheme.

Read more @ The Guardian

GAS PRICING INTRIGUES HURTING NEW DEALS

The intrigues trailing the formalisation of the gas pricing at $2.50 may have been jeopardising numerous gas-to-power supply deals anticipated by the operating firms in the sector.

The price was approved by the former Minister of Petroleum, Mrs Diezani Alison-Madueke since August last year, but The Guardian gathered that the price has not been properly formalised by the appropriate quarters, thereby making it difficult for prospecting contractors to sign various supply agreements.

Read more @ The Guardian

NNPC SEEKS TO END OIL THEFT IN EIGHT MONTHS USING DRONES

The Nigerian National Petroleum Corporation (NNPC) has announced its intention to end crude oil theft in Nigeria within eight months using drones to monitor the movement of crude oil bearing vessels.

The NNPC in a statement from its Group General Manager Public Affairs, Ohi Alegbe yesterday in Abuja stated that the new initiative to stem oil theft and pipeline vandalism was unveiled by its Group Managing Director, Dr. Ibe Kachikwu in a presentation at the special conference on security in the Gulf of Guinea organised by the Gusau Institute.

 

Read more @ Thisdaylive

SHELL SAYS GAS SUPPLIES TO NIGERIA LNG REDUCED ON PIPELINE ISSUES

Shell on Friday said gas supplies to Nigeria’s LNG export terminal on Bonny Island had been reduced due to the shutdown of a major oil pipeline in the country caused by a leak and theft. The reduction may impact liquefied natural gas exports from the facility.

Read more @ Businessday online

OIL SLUMP: OPEC BOWS TO PRESSURE FOR NEGOTIATION

The Organisation of Petroleum Exporting Countries has finally surrendered to market pressure, expressing its willingness to open talks with other crude producers following the persistent drop in oil prices.

 

Crude is currently trading near multi-year lows, and the oil cartel said it was ready to talk to other producers, according to an article in the OPEC Bulletin issued on Monday.

 

Read more @ Punch Online

PENGASSAN TACKLES IOCs OVER $7BN DEBTS

The Petroleum and Natural Gas Senior Staff Association of Nigeria has urged the International Oil Companies operating in the country to resolve the $7bn they allegedly owe the Federal Government as stated by the Nigeria Extractive Industries Transparency Initiative.

 

Read more @ Punch Online

NIGERIA EXPORTS N2.1TR PETROLEUM PRODUCTS IN SECOND QUARTER

The Federal Government exported ₦2.1 trillion worth of petroleum products during the second quarter of this year, according to the National Bureau of Statistics. This represents a 73.7 per cent of the value of the country’s total exports in the quarter under review.

Besides, the country imported N140.5 billion worth of Premium Motor Spirit (PMS), otherwise known as petrol, during the same period.

Read more @ The Guardian