Wednesday, 31 December 2014

HOW NON-PASSAGE OF PIB HURTS ECONOMY, BY TUC

Boboi-Kaigama
The negative consequences occasioned by the delay in the passage of the Petroleum Industry Bill (PIB) yesterday came to the fore as the Trade Union Congress (TUC) in Rivers State said that since 2009 when the bill was first introduced, no new Final Investment Decision (FID) has been taken on any oil and gas project in the country. 

Also, concerned about the gloom economic prospect of the country, the TUC has suggested that the falling crude oil price provides a good opportunity for government at all levels to block all financial leakages in the system, reduce oil theft and the huge cost of governance in Nigeria.

Read more @ Guardian

OIL PRICES HIT NEW LOW AT $57


As oil prices declined further on Tuesday to their lowest levels since May 2009, the global benchmark Brent, against which Nigeria’s oil is priced, tumbled below $58 per barrel.


Oil prices have been in steep decline since June as a result of slow demand growth and the United States’ shale oil boom, which has increased supply.

Read more @Punch Online

NESTE, SEPLAT, GUINESS OTHERS GAIN AS STOCK MARKET RISES BY 0.06%

Nigeria’s stock market closed positive yesterday by 0.06 percent driven by gains recorded in share prices of Nestle Nigeria plc, Seplat Petroleum Development Company plc, Guinness Nigeria plc, Nigerian Breweries plc and Mobil Oil Nigeria plc.


After yesterday’s trading, 23 stocks gained on the Nigerian bourse while 29 equities lost their value. Nestle led the pack of 23 stocks that recorded price increase after its share price rallied from N995 to N1,043, adding N48; followed by Seplat which recorded gain of N16.88 after its share price moved up from N355.12 to N372.

WHY WE SPONSORED 57 NIGERIANS TO SOUTH KOREA-LNG

Nigeria Liquefied Natural Gas (NLNG) Limited, the country’s lucrative liquefied natural gas exporter, is sponsoring 57 young Nigerians for shipbuilding, repair and construction course in South Korea.
The 57 be neficiaries have left for the East Asian nation of South Korea towards mastering a shipbuilding, repair and construction course.

Wednesday, 24 December 2014

OPEC’S OIL DEMAND MAY FALL TO 28.9MBPD IN 2015

Speculations are rife that the demand for the Organisation of Petroleum Exporting Countries (OPEC) oil may begun of the downward trend in the year 2015, going by the calculations of the cartel.

However, the crude oil prices has dropped further to $55.52 per barrel, giving more though signals for an impending catastrophic economy in the year ahead.

Read more @ The Guardian

NIGERIA OIL EXPORTS TO DIP IN FEBRUARY

NIGERIA OIL EXPORTS TO DIP IN FEBRUARYNigerian crude oil exports in February are set to fall to around 1.87 million barrels per day (bpd) from around 2.03 million bpd in January, shipping lists showed on Tuesday.

This is just as the Kingdom of Saudi Arabia, the swing oil producer, has maintained that the Organisation of Petroleum Exporting Countries (OPEC) will not cut production even if the price of oil drops to $20 a barrel, adding that it will be unfair to expect the cartel to reduce output if non-members do not.

Read more @ Thiday Live

NLNG PAYS N1.5TR DIVIDEND TO GOVT

LNG-FinimaNigeria NLG (NLNG), the country’s liquefied natural gas exporter, has so far paid $30 billion (N5.4 trillion) as dividend to shareholders, which includes the Federal Government represented by the Nigerian National Petroleum Corporation (NNPC), with the largest single stake of forty-nine per cent (49 per cent).

Besides, the company has come out as the top Nigerian establishment in the latest ranking of companies in Nigeria.

Read more @ The Guardian

Tuesday, 23 December 2014

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.

120814F1-ALISON-MADUEKE.jpg - 120814F1-ALISON-MADUEKE.jpgSpeaking 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

NIGERIA STILL VULNERABLE TO OIL PRICE VOLATILITY, SAYS IMF

Despite assurance from the Federal Government that it has put measures in place to reduce the effect of fall in crude oil prices on the economy, the International Monetary Fund (IMF) has said that Nigeria remained vulnerable to oil price volatility and global financial developments.

NIGERIA STILL VULNERABLE TO OIL PRICE VOLATILITY, SAYS IMFThe IMF which admitted that the country has already taken measures cushion the effect of the crude oil price decline, however believed that fiscal and external buffers are low and that there is less policy space for maneuvering, compared to the onset of the 2008-09 financial crisis.

Read more @ Vanguard

POOR FINANCIAL REPORTING UNDERMINING OIL SECTOR GROWTH — NNRC

Growth in the Nigerian oil and gas industry will remain elusive over the next couple of years, unless issues of poor financial reporting, insufficient audits and inadequate information are addressed.

The 2014 Nigeria Natural Resource Charter (NNRC) Benchmarking Report, which disclosed this, further stated that, “Scarce or inadequate information, insufficient audits, and poor financial reporting standards for public entities like the Nigerian National Petroleum Corporation, NNPC, have helped in no small measure in undermining processes in the Nigerian oil and gas sector.”

Read more @ Vanguard

NLNG TOPS RANKINGS OF NIGERIAN COMPANIES

Nigeria LNG (NLNG), the country’s liquefied natural gas exporter, has come out as the top Nigerian establishment in the latest ranking of companies in Nigeria.

The company’s General Manager in charge of External Relations, Dr. KudoEresia-Eke said in a statement that the league table of the country’s foremost 100 companies was recently undertaken by business development and marketing consultants, Jake Riley, in partnership with the Federal Ministry of Industry, Trade and Investment (FMITI).

Read more @ Thisday Live

NIGERIA RECORDS ZERO OIL EXPLORATION IN FOUR MONTHS

Minister of Petroleum Resources, Mrs. Diezani Alison-MaduekeBetween July and October this year, there was no single case of crude oil exploration in the country.

Between January and June this year, the country recorded five exploration activities in the upstream half of the petroleum industry, according to the Department of Petroleum Resources

Read more @ The Punch

Friday, 19 December 2014

FG SLASHES PETROLEUM SUBSIDY BY N771BN AS PRODUCT LANDING COSTS SLIDE

oil-subsidyThe Nigerian government has slashed the amount that it would pay for petroleum subsidies in 2015 by N771 billion to N200 billion, with the hope that landing costs of oil products would continue to drop as oil prices drop.

The N200 billion which is against N971 billion paid in the current 2014 fiscal year, is contained in the 2015 budget proposal awaiting appropriation before the National Assembly.

Read more @ Businessday

SHELL TO BUILD SPECIAL LNG BUNKER VESSEL

Anglo Dutch oil giant, Shell has confirmed its plans to build a specialised liquefied natural gas (LNG) bunker vessel. The multi-national firm said when completed, it would be delivered to LNG-fuelled vessels in Northwest Europe.

B3010212-Shell-Headquarters.jpg - B3010212-Shell-Headquarters.jpgReports monitored indicated that the new vessel will be based at the port of Rotterdam in the Netherlands and will load from the new LNG break bulk terminal and jetty to be constructed by the Gas Access to Europe (Gate) terminal.

Read more @ Thisday Live

OIL WORKERS NEEDLESSLY TORTURING THE MASSES, SAYS JONATHAN

The ongoing industrial action of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASAN) and the Nigeria Union of Petroleum and Natural Gas (NUPENG) is a needless exercise that has more adversely affected the low-income earners than the rich, President Goodluck Jonathan has said.

GEJ-9JA
Speaking in Abuja Thursday at the official flag-off of the Federal Government’s nationwide mass housing programme for workers in Apo, Jonathan said that it was unfortunate that leaders of the two unions decided unilaterally to call out their members on strike without recourse to dialogue with government.

Read more @ The Guardian

PRESSURE ON NIGERIA AS COUNTRIES REDUCE PRICES OF FUEL

Alison-M
As the prices of crude oil continued to be on the downward slide, some economies around the world are now paying less for Premium Motor Spirit (PMS), with Nigerians yet to experience the downward price review trend. 

For instance, the price for United States regular PMS has fallen 11 weeks in a row to $2.55 per gallon as of December 15, down by $1.16 per gallon from its 2014 peak in late April and the lowest price since October 2009.

Read more @ The Guardian

SHELL RESUMES PRODUCTION FROM EA FIELD

SHELL RESUMES PRODUCTION FROM EA FIELDFive months after suspending crude oil production at the EA field, Royal Dutch Shell said on Thursday that it had resumed production at the field and lifted its force majeure on the grade after completing repairs to a mooring platform.

Out of a production capacity of 115,000 barrels per day, 40,000 bpd was shut-in, Shell petroleum Development Company said in June when the field was closed

Read more @ The Punch

Thursday, 18 December 2014

FALLING OIL PRICE PUTS PRESSURE ON NIGERIA

Oil block
As the price of international benchmark Brent crude, against which Nigeria’s oil is priced, has plummeted below $60 per barrel, experts have highlighted the increasing challenge facing the Nigerian economy.

The price of Brent crude oil fell to $58.50 per barrel on Tuesday for the first time since May 2009, from a little above $61 on Monday. It hovered around $59 on Wednesday.

Read more @ The Punch

NIGERIA’S VANISHING DREAMS OF $37BN LNG PROJECTS

A NLNG plant
Despite natural gas reserves of over 187 trillion cubic feet, Nigeria seems unwilling to harness its huge gas endowment while major projects that could help realise its potential in this regard appear to have been neglected.

Nigeria is the 20th largest oil producer in the world. It is the eighth largest exporter of crude oil, and sixth among member countries of the Organisation of Petroleum Exporting Countries.


COURT VOIDS HOUSE OF REPS’ INVITATION TO ALISON-MADEKE, NNPC

COURT VOIDS HOUSE OF REPS’ INVITATION TO ALISON-MADEKE, NNPCFor failing to comply with constitutionally defined procedure for issuing summons or invitation, the Federal High Court, Abuja Division yesterday set aside the letter of invitation sent by the House of Representatives to the Petroleum Minister, Dieziani Alison-Madueke and the Nigerian National Petroleum Corporation (NNPC) to appear before its investigative panel over allegations that they spent N10 billion hiring a private jet.

Read more @ The Guardian

REPS MOVE TO EMPOWER STATES OVER PIPELINES SECURITY

A legislation that will transfer the security surveillance of the nation’s network of oil pipelines to states is underway in the National Assembly. Currently, private firms are contracted to safeguard and carry out such responsibility. Specifically, in 2012, the Federal Government reportedly signed a $103 million contract with Global West Vessel Specialist Agency Limited, belonging to a former militant leader, Mr. Government Ekpumopolo, popularly known as Tompolo, for the security and safety of oil pipelines in the Niger Delta region.

Read more @ The Guardian

NIGERIAN FIRMS TO REAP $1.8BILLION FROM NLNG’S VESSEL BUILDING CONTRACTS

Several indigenous companies taking part in the supply of products for building Nigeria Liquefied Natural Gas (NLNG) Limited’s six new ships, are expected to realise about $10 million (N1.8 billion) in revenues.

NIGERIAN FIRMS TO REAP $1.8BILLION FROM NLNG’S VESSEL BUILDING CONTRACTS
According to a statement signed by NLNG’s General Manager, External Relations Division, Kudo Eresia-Eke, the company, via its subsidiary company, Bonny Gas Transport (BGT) Limited, in 2013 contracted the building of the new vessels to South Korean shipbuilders, Samsung Heavy Industries (SHI), and Hyundai Heavy Industries (HHI), and successfully leveraged to include a unique local content clause which enables the concerned Nigerian companies to benefit from substantial vessel construction material export contracts. 

Read more @ The Guardian

GOVT, OIL WORKERS MEET OVER STRIKE

Alison-Madueke
The representatives of government, stakeholders and oil workers are expected to meet in Abuja Thursday to find lasting solution to the on-going strike by oil workers’ unions. 

This comes as the Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA),

Read more @ The Guardian

Wednesday, 17 December 2014

TOTAL E&P NIGERIA LIMITED CLARIFIES REPORT ON TERMINATION OF AN EMPLOYEE’S EMPLOYMENT CONTRACT

Abuja, December 15, 2014 - The attention of Total E & P Nigeria Limited (TEPNG) has been drawn to statements in the media allegedly made on December 14, 2014 by the National leadership of the National Union of Petroleum and Natural Gas Workers (NUPENG) that the three day warning strike is in part designed to press “for the reinstatement of the National Zonal Secretary of the Petroleum and Natural Gas Senior Staff Association of Nigeria, Mrs. Elo who was sacked by Total E&P Nigeria Ltd”.

Following a routine corporate reorganization, 71 employees from Port Harcourt and Abuja including Mrs. Elo, were given letters of transfer to Lagos in August, 2014. Mrs. Elo received a transfer and inconvenience allowance of more than Nine Million Naira and then refused to proceed to her new location.

Instead of approaching the Company in which she was an employee, to re-consider her transfer, she complained to a number of external parties and agencies and invited them to intervene in a routine internal employer – employee matter. She sought to force a reversal of the transfer, citing her role as a Port Harcourt Zonal official of the union.

At the same time, Mrs. Elo absented herself from work without permission for over thirty days. Total had the option to summarily dismiss her for refusing to proceed on transfer and/or for absenting herself for more than seven days without permission, both a clear breach of the terms of her employment contract which she signed. TEPNG was magnanimous in waiting for thirty days before terminating her employment contract with full benefits even though she has not yet refunded the transfer allowance of over Nine Million Naira.

A Labour Dispute process was launched at the Federal Ministry of Labour by PENGASSAN who then declined to pursue this option. TEPNG supports this process which should be allowed to proceed to allow knowledgeable third parties to review the facts and make an informed decision with the participation of all parties.

PENGASSAN and NUPENG have been strong representatives of our employees for more than 35 years and we fully respect the rights of our employees to participate in union activities. We will continue to work with both unions in the interest of staff and the development of the oil and gas sector.

MANAGEMENT

For further information, contact:

Charles Ogan, Deputy General Manager – Policy, Media & Coordination

Mobile: +234 (0) 807 017 7073, +234 (0) 703 413 0511
E-mail: charles.ogan@total.com



MAINONE’S NEW DATA CENTER AWARDED TIER III CERTIFICATION OF DESIGN DOCUMENTS FROM UPTIME INSTITUTE

Lagos, Nigeria, December 15, 2014:  MainOne, West Africa’s leading provider of network solutions for businesses in West Africa has received Tier III Certification of Design Documents of its new Lekki Data Center, from Uptime Institute, The Global Data Center Authority®.

The 600 rack, $40 million facility is the largest in West Africa and is the first of MainOne’s flagship Data Centers built to help meet the rapidly growing demand for Colocation, Managed Hosting and Cloud services within the region. It is a carrier neutral, state of the art facility providing highly-available and highly-redundant world class infrastructure.

Funke Opeke, the Chief Executive Officer (CEO) of MainOne, announced that the facility, spread over 3,500 square meters, further consolidates the company’s investment in critical infrastructure to grow West Africa’s Digital Economy. She noted that the Data Center will provide a credible platform for businesses to transact online within the region without having to invest scarce Capital and Human resources to build out their own infrastructure, thus enhancing business efficiency and profitability.

In her words, “With the increased recognition of Nigeria as one of the leading emerging economies, it is important that we have available the infrastructure required to establish, enhance and sustain effective business performance in today’s global digital economy. Outsourcing of Data Center and Connectivity services to a reputable provider like MainOne ensures businesses can adopt more cost effective models of consuming technology to allow increased focus of valuable company resources to drive business development and growth”.

About Uptime Institute
Uptime Institute, The Global Data Center Authority®, is an unbiased third-party data center research, education, and consulting organization focused on improving data center performance and efficiency through collaboration and innovation in data center design, management, and operations. Uptime Institute serves all stakeholders of the data center industry, including enterprise and third-party operators, manufacturers, providers, and engineers to ensure that strategic objectives are met. Uptime Institute is best known for its creation and global administration of the Tier Standards for Data Center Design, Constructed Facility, and Operational Sustainability along with its Management and Operations (M&O) reviews, and FORCSS™ methodology.

Uptime Institute has office locations in the U.S., Costa Rica, Brazil, United Kingdom, Spain, Dubai, Russia, Taiwan, Singapore, and Malaysia. Uptime Institute is part of The 451 Group, a leading technology-industry analyst and research company. Visit http://www.uptimeinstitute.com for more information.

About MainOne
MainOne is a leading provider of innovative telecom services and network solutions for businesses in West Africa. Our world-class infrastructure enhances the productivity and profitability of our customers online.

Since its launch in 2010, MainOne has developed a reputation for highly reliable services to become the preferred provider of wholesale Connectivity services to major telecom operators, ISPs, government agencies, large enterprise, and educational institutions in West Africa.

MainOne’s world class submarine cable system running down the coast of West Africa, state of the art IP NGN network, growing regional and metro terrestrial fiber optic networks, and data center facilities enable broadband services for businesses needing solutions in West Africa.

Our network is interconnected and peers with leading operators and internet exchanges worldwide to provide global reach to our customers.

FG NOW TO MEET OIL WORKERS THURSDAY

Tuesday’s meeting between the leadership of the Petroleum and Natural Gas Senior Staff Association of Nigeria, the Nigeria Union of Petroleum and Natural Gas Workers, and the Federal Government to resolve the strike by the workers failed to hold.

It was gathered from government and labour officials that the meeting had been rescheduled for Thursday.

Read more " The Punch

HOUSE TO PROBE IOCs OVER OIL THEFT

HOUSE TO PROBE IOCs OVER OIL THEFT
The House of Representatives on Tuesday resolved to compel the Chief of Naval Staff (CNS), Vice Admiral Usman Jibrin, to identify International Oil Companies (IOCs) involved in oil theft in the coastal waters.

The House yesterday also passed a resolution urging the Nigeria Electricity Regulatory Commission (NERC) to stop its plans to increase electricity tariffs across the country.

Read more " Thisday Live

OIL WORKERS’ STRIKE: DSS INDICTS TOTAL

The Department of State Services, DSS, yesterday accused the multi-national oil firm, Total Plc, of culpability in the industrial crisis in the oil sector that led to the current nationwide strike by oil workers.

Already, the strike has disrupted fuel supply in parts of the country as there were long queues of vehicles in petrol stations in Abuja, Port Harcourt, Lagos, Enugu, Bayelsa, among other states in the South-South and South-East.

Read more @ Vanguard

WHY WE SACKED AGGRIEVED NUPENG MEMBER, BY TOTAL

Elisabeth-ProustAS parts of Nigeria reel in pains following the warning strike by oil workers, Total Exploration and Production (Total E&P) Nigeria Limited has revealed that the aggrieved worker, Mrs. Elo Ogbonda, breached her terms of employment, which warranted the termination of her employment.

This disclosure was contained in a statement made by the Total E&P Deputy General Manager, Policy, Media and Coordination, Charles Ogan, explaining the circumstances of the sack that led to the ongoing strike by the National Union of Petroleum and Natural Gas Workers (NUPENG).

Read more @ The Guardian


ALISON-MADUEKE EMERGES PRESIDENT OF GAS EXPORTING NATIONS’ FORUM

ALISON-MADUEKE EMERGES PRESIDENT OF GAS EXPORTING NATIONS’ FORUM
It was another honour yesterday for Nigeria’s Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke as she was appointed President of the Ministerial Meeting of the Gas Exporting Countries Forum (GECF), the first woman to be so named by the body.

The fresh appointment is coming barely three weeks after her election as the first female President of the Organisation of Petroleum Exporting Countries (OPEC).

Read more @ The Guardian

Tuesday, 16 December 2014

FG SUMMONS STRIKING OIL WORKERS

The Federal Government has summoned leaders of two oil workers’ unions for a meeting in Abuja today as a strike called by the unions to press home their demand for better conditions in the sector entered the second day. A source at the Ministry of Petroleum Resources said other stakeholders would also be in attendance at the meeting scheduled for 11am in Abuja.

NNPC, IOCS LOSE N110.4BN IN NOVEMBER

Operators and Joint Ventures (JVs) partners in Nigeria’s oil and gas industry lost about N110.4 billion in November. With the average crude price of $69 per barrel in the month of November ($73 per barrel high and $65 low), the crude recorded about $10 price differential between October and November when it averaged about $79 per barrel.

Read more @ New Telegraph

BRENT DROPS TO FIVE-YEAR LOW AT $61

Minister of Petroleum Resources, Mrs. Diezani Alison-MaduekeThe average price of crude oil from the Organisation of Petroleum Exporting Countries fell below $60 for the first time since July 2009, according to data from the 12-member cartel. However, the global benchmark Brent, against which Nigeria’s oil is priced, fell to $61.28 per barrel on Monday.

Brent has now lost more than 45 per cent of its value since its mid-June spike of $115 per barrel.

Read more @ The Punch

OIL SECTOR CONTRACTING, LICENSING PROCESSES FRAUGHT WITH CORRUPTION

The process for the award of contracts and licenses for oil and gas prospecting in Nigeria is tainted by corruption and collusion, according to a report, the 2014 Nigeria Natural Resource Charter (NNRC) Benchmarking Report.

The process, the report disclosed, is ruined with a high degree of uncertainty and political influence, a factor that has hampered the growth of the sector and the economy in general.

Read more @ Vanguard

GAS EXPORTING COUNTRIES MEET TODAY

161214F-OPEC-Conference.jpg - 161214F-OPEC-Conference.jpg
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