Tuesday, 27 December 2016

CARITAS BAGS BEST REPUTATION MANAGEMENT FIRM - ACE 2016 AWARDS


Caritas Communications, Africa’s pioneer energy, oil and gas specialist reputation consultancy has emerged the best Reputation Management Consulting firm at the 2016 African Corporate Excellence Awards. Caritas’ recognition was announced by the United Kingdom-based Corporate Vision (CV) Magazine. Caritas beat other reputation management firms to clinch the award in the consultancy category.

Monday, 21 November 2016

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.

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.

Read more @ The PunchOnline

INVESTMENTS IN NIGERIA’S OIL SECTOR DECLINE TO N78B


Capital importation into Nigeria’s oil and gas sector has declined from the $200 million (N90 billion) from the second quarter of 2016 to $172 million (N78 billion) in 3rd quarter, according to the National Bureau of Statistics (NBS). But this decline has been attributed to uncertainty in the country’s oil and gas sector occasioned by insecurity, delay in the passage of the Petroleum Industry Bill (PIB) and delay in meeting contractual obligations in the services industry.
Readmore @ The Guardian Online

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.


Wednesday, 9 November 2016

RECESSION: WE’RE PAYING FOR PAST MISTAKES, SAYS BUHARI


President Muhammadu Buhari on Tuesday blamed the harsh economic situation currently faced by Nigerians on the mistakes the country made in the past. Buhari noted that though the country was blessed with numerous resources, it allowed herself to be confined to a mono economy by paying too much attention on petroleum to the detriment of viable cash crops like cocoa, groundnut, palm oil, palm kernel and hides and skin.


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.


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.


NIGERIA’S PIPELINE BREAKS DROP TO 221 POINTS IN AUGUST


The Federal Government’s efforts in tackling the issue of pipelines vandalism have shown remarkable progress, as disruption of oil flow dropped to 221 in August, down from 311 points in July, according to the latest data from the Nigerian National Petroleum Corporation (NNPC). It disclosed that in August 2016, there was 28.94 per cent drop in the number of pipeline vandalised points relative to July, 2016. The Corporation stated in its August Monthly Financial Report (MFR), released, that the spate of pipeline vandalism in the country has shown remarkable improvement, following Federal Government and NNPC’s sustained engagements with the Niger Delta militants.


FG REACHES SETTLEMENT WITH IOCS ON $5BN CASH CALL ARREARS


The federal government has reached an outline settlement to resolve a protracted dispute with five international oil companies (IOCs), under which the oil firms will be paid $5 billion as arrears of cash calls to cover exploration and production costs. Financial Times reported that Shell, ExxonMobil, Eni, Chevron and Total have signed deals relating to this settlement of costs incurred between 2010 and 2015, as they also seek to forge new financing arrangements for their joint ventures (JVs) in Nigeria.


Friday, 4 November 2016

NEW GAS POLICY CREATES $51BN INVESTMENT OPPORTUNITIES IN SECTOR


Nigeria’s latest gas policy encapsulated in Ibe Kachikwu’s 7Big Wins has created $51 billion worth of investment opportunities in gas processing, transmission and general infrastructure in midstream and downstream operations of the sector. Nigeria’s epileptic power supply has created opportunities to build more power plants, as the current 22 have not assuaged energy needs.


SENATE TO INTRODUCE OIL COMMUNITY DEVT BILL


The Senate President, Dr. Bukola Saraki, has stated that the Senate will introduce a host community legislation to complement the Governance and Institutional Framework Bill of the revised Petroleum Industry Bill. The PIB passed second reading at the Senate on Wednesday. The Senate President said the legislation would address issues relating to community participation, security and the ecological debt incurred by host communities from oil extraction.


Wednesday, 2 November 2016

REPS WARN AGAINST CONTINUOUS GAS FLARING IN NIGER DELTA


The House of Representatives, yesterday, warned oil companies operating in the Niger Delta region against continuous flaring of gas estimated at over $5 billion yearly from over 257 flow stations, saying it had subjected the lives of residents in the area to serious health hazards.

NLNG BURDENED BY DOUBLE TAX, PIPELINE SECURITY ISSUES


The Managing Director and Chief Executive Officer of Nigeria LNG Limited, Tony Attah, has listed the challenges confronting the company to include operations of multiple regulatory agencies, pipeline security issues, and double taxation. Speaking during an oversight visit by the Senate Committee on Gas to the NLNG facility in Bonny, Atah disclosed that there were 19 recorded pipeline disruptions this year alone.



OPEC'S OIL OUTPUT HITS NEW RECORD ON NIGERIA, LIBYA

Partial recovery in oil production capacity in Nigeria and Libya is likely to set another record high in October in OPEC’s oil output. The rise in output could add to scepticism about OPEC’s ability to finalise a plan agreed in September to limit supplies, a survey by Reuters said.


NIGER DELTA LEADERS MEET BUHARI, DEMAND OIL BLOCS



President Muhammadu Buhari and some prominent leaders and stakeholders in the Niger Delta yesterday began to find lasting solutions to the crises in the oil-rich region. As part of the move, President Buhari hosted the leaders at the Presidential Villa where they demanded that they will be considered in the allocation and ownership of oil wells. The Niger Delta leaders specifically outlined a 16-point agenda which they presented to Buhari towards halting militancy in their area.

Monday, 31 October 2016

BENEFITS OF EXXONMOBIL OIL DISCOVERY TO TAKE 5 YEARS


It will take a minimum of five years for Nigeria to start reaping the benefits of ExxonMobil’s one billion-barrel crude oil discovery which was announced 27 October. Industry sources cite unresolved fiscal, regulatory and governance issues, cash call debts and inferior economics of developing new finds in a low oil price environment as key obstacles.


FG TO ESTABLISH SPECIALISED PETROLEUM FORCE TO TACKLE MILITANCY


As part of its 2017 target to ensure zero militancy and drastic reduction of violence in the Niger Delta, which affect Nigeria’s oil production, the federal government has indicated that it would set up a specialised petroleum force, comprising coastal patrol teams, Niger Delta subsidiary police, and other paramilitary set-ups.

Read more @ Thisday Online

Friday, 28 October 2016

NNPC, TOTAL TO CONSIDER LIFTING OIL THROUGH RAIL

PHOTO: planwashington.orgThe Nigerian National Petroleum Corporation (NNPC) and Total Nigeria Plc are considering the movement of petroleum products through the rail system in other to reduce the cost of transportation.

This, they believed, is possible if plans by government to overhaul the rail sector becomes realistic.

Read more @ Guardian

SENATE BEGINS DEBATE ON PIB NEXT WEEK

Nigerian Senate. PHOTO:nta.ngThe Senate will next week begin deliberations on the Petroleum Industry (Governance) Bill otherwise known as PIB.

According to the notice paper of the upper chamber of the National Assembly, the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) will also be considered on Wednesday in accordance with the Fiscal Responsibility Act 2007.

Read more @ Guardian NG

EXXONMOBIL DISCOVERS ONE BILLION BARRELS OF OIL IN NIGERIA

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

NNPC, TOTAL TO CONSIDER LIFTING OIL THROUGH RAIL

PHOTO: planwashington.orgThe Nigerian National Petroleum Corporation (NNPC) and Total Nigeria Plc are considering the movement of petroleum products through the rail system in other to reduce the cost of transportation.

This, they believed, is possible if plans by government to overhaul the rail sector becomes realistic.

Read more @ Guardian NG

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

SENATE COMMITTEE BACKS NLNG TRAIN 7 PROJECT

The Chairman, Senate Committee on Gas, Senator Bassey Akpan, has pledged the support of the committee to the proposed Train 7 expansion project of the Nigerian LNG Limited. Akpan stated this when he led members of the committee on an oversight visit to the NLNG facility in Bonny.
 
A statement signed by the General Manager, External Relations, NLNG, Dr. Kudo Eresia-Eke, quoted Akpan as saying the committee would do all within its power to sustain the NLNG legacy and encourage the entrenchment of its business model in other sectors of the economy.
 

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.
 

 

TOTAL PARTNERS FIRM ON EMPLOYEE ENGAGEMENT

Total Nigeria Plc in partnership with Kasher Consulting organised the third edition of “Total Job Shado” at the Kaduna Blending Plant and Kaduna Sales Office simultaneously.

According to a statement from Total, the programme is an employee engagement activity designed to increase career awareness among senior secondary school students and to help model students’ behavior through examples set by employees who serve as their mentors.

Read more @ Guardian NG

CHINA FINE-TUNES OIL DEALS WITH FG, SEEKS SOVEREIGN GUARANTEE ON INVESTMENTS

China Fine-tunes Oil Deals with FG, Seeks Sovereign Guarantee on InvestmentsNigeria 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 predict mixed fortunes as Nigerian downstream sector divestment increasesAnalysts 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.

HIGH EXPECTATIONS DOG BUHARI’S LAUNCH OF NNPC ROADMAP

*NNPC Towers.Ahead of Thursday’s launch of Nigerian National Petroleum Corporation, NNPC Seven Point Roadmap agenda for the country’s petroleum industry by President Muhammadu Buhari, there are high expectations among investors and industry players as they anticipate milestone incentives.

One of the incentive operators are anticipating in the Seven Point Roadmap document is to define NNPC role in the industry. If NNPC ends up being a regulator, some operators argued that foreign investors are willing to buy NNPC stake in Joint Venture operators.

Read more @ SweetCrude Reports

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 Minister of State for Pretroleum Resources Emmanuel Ibe Kachikwu PHOTO: TWITTER/NNPCThe 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

ForcadosDeclining 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

Trans Forcados pipelineThe 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, others race to meet India’s surging oil appetiteNigeria, 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

OPEC, UN HARP ON ECONOMIC DIVERSIFICATION OF OIL PRODUCERS

Sanusi BarkindoUnited Nations Framework Convention on Climate Change (UNFCCC) and Organisation of Petroleum the Exporting Countries (OPEC) has identified economic diversification as the leeway for building economic resilience.

Both UNFCCC and OPEC have therefore agreed to explore all available capacities, which can assist member countries in diversifying their economies and achieving transition of work force.

Read more @ Guardian NG

Wednesday, 19 October 2016

NEITI MAY RETAIN PART OF RECOVERED REVENUE TO BRIDGE FUNDING GAP

Executive Secretary, NEITI, Waziri AdioThere are indications that the law establishing the Nigeria Extractive Industries Transparency Initiative (NEITI), may be amended to enable the Agency retain certain percentage of recovered revenues from extractive companies to bridge its funding gap.

This was disclosed by the Chairman of Senate Committee on Petroleum Resources (Upstream), Tayo Alasoadura, in Abuja, when he led the committee to the NEITI Secretariat on oversight function.

Read more @ Guardian NG

CRUDE OIL PRICES LOOKING FOR DIRECTION AMIDST OPPOSING FORCES

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

crude oilAs 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

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

WHY NEITI WANTS PRESIDENT BUHARI TO JETTISON PIB

Why NEITI wants President Buhari to jettison PIB In this report, the Nigerian Extractive Industries Transparency Industry (NEITI) called on President Muhammadu Buhari to take full charge of enacting a new law for the petroleum sector. According to the agency, the failure of Nigeria to pass an over-arching law for the petroleum sector after repeated attempts continue to accumulate huge costs for the country, estimated at more than $200 billion.

Read more @ BusinessDay

REPRIEVE FOR OIL/GAS SECTOR AS KACHIKWU SEALS $15BN INVESTMENT DEAL

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 country

Read more @ BusinessDay

Monday, 17 October 2016

EGINA-UFR PROJECT: NNPC SEEKS NCDMB COLLABORATION TO SHORTEN CONTRACTING CYCLE

NNPCFollowing the huge success recorded by Saipem Contracting Nigerian Limited (SNCL) on the Egina Umbilicals, Flowlines, Risers (UFR), Offloading Systems and Offshore Works project, in terms of employment generation and Nigerian content development, the Nigerian National Petroleum Corporation (NNPC) has called for more support and collaboration from the Nigeria Content Development and Monitoring Board (NCDMB) to shorten contracting cycle to six months.

Read more @ Guardian

COURT RESTRAINS NPDC, NNPC FROM TERMINATING AGREEMENT WITH ATLANTIC ENERGY

COURT RESTRAINS NPDC, NNPC FROM TERMINATING AGREEMENT WITH ATLANTIC ENERGYA 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

Crude Oil ProductionNigeria’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 Group Managing Director of NNPC, Maikanti Baru PHOTO: TWITTER/NNPCThe 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

NIGERIA LOSES N2TRN ANNUALLY TO CRUDE LIFTING BY FOREIGN VESSELS

crude oil tankers marketThe Ship Owners Association of Nigeria, SOAN, and the Nigerian Ship Owners Association, NISA, say about N2 trillion is lost annually by allowing foreign carriers to exercise dominance over the carriage of 150 million of Nigerian cargo, including crude and products, according Shipping Position Daily.

They attributed the loss by NIgeria to the Nigerian National Petroleum Corporation, NNPC’s, exclusive use of foreign shipping companies for transporting the Nigerian crude, which is sold on Free-on-board, FOB, rather than on Cost, Insurance and Freight, CIS.
 

Thursday, 13 October 2016

OIL PRICES SLUMP 1% AS OPEC'S OUTPUT HITS EIGHT-MONTH HIGH

Oil prices fell about one per cent wednesday after the Organisation of Petroleum Exporting Countries (OPEC) reported its September oil output at eight-year highs in its monthly Oil Market Report (OMR), thus eroding optimism over the carte’s pledge to bring a global crude oil glut under control.
 
This is coming as energy ministers from Qatar, the United Arab Emirates, Algeria, Venezuela and Russia yesterday began informal closed-door talks with the Secretary General of OPEC, Mr. Mohammed Barkindo, in Istanbul, Turkey, as part of the coordinated efforts to rebalance the oil market.
 

NIGERIA'S OIL OUTPUT FALLS BELOW MARKET ESTIMATE

crude oil The crude oil production figure provided by Nigeria to the Organisation of Petroleum Exporting Countries for last month was 139,000 barrels per day lower than the estimate from secondary sources.
 
Nigeria, which lost the Africa’s top oil producer status in March, produced less crude oil than its rival, Angola, in September, according to OPEC.
 

Wednesday, 12 October 2016

OPEC STRESSES IMPORTANCE OF CRUDE OIL PRODUCTION FREEZE

Sanusi BarkindoThe Orgaisation of the Petroleum Exporting Countries (OPEC) has said that the agreement by member countries to settle for out put freeze underlines the organisation’s continued commitment to a ‘sustainable stability’ in oil markets.

This it said would be for the mutual interests of producing nations, efficient and secure supplies to consumers and with a fair return on invested capital for all producers


Read more @ Guardian NG

GAS SUPPLY SHORTAGE WORSENS AS GENERATION RISES TO 4,202.7MW

Gas plantBut for gas supply challenges, which constrained over 3,321 Mega Watts (MW) of electricity, the nation’s total electricity generation would have hit 7,529MW in the last one month.

Although, the country is presently generating 4,202.7MW, which was made possible by the contribution of hydro power plants, this is less than the installed capacity of 11,165.40MW of electricity in the country.

Read more @ Guardian NG

Tuesday, 11 October 2016

VERTEX ASSUMES THE LARGEST SHARE OF FIRST HYDROCARBON NIGERIA (FHN)

vertes Vertex, an Upstream Nigerian independent funded by African Capital Alliance (ACA), has taken 40% of First Hydrocarbon Nigeria FHN, in a new shareholding structure of the latter. The company is one of two new equity holders of FHN, buying into what used to be Afren’s 70% of FHN. The other newcomer is the FHN Management, now holding 15%.

Equity belonging to African Capital Alliance (ACA), an early investor, has increased to 19.9% (from 11.9%).  Earl Act, which held 22%, now has 25.1%. Earl Act is a financial services firm serving as vehicle for a Nigerian lender which has granted substantial loans to FHN.

Read more @ Africa Oil+Gas

OIL MAY HIT $60 PER BARREL THIS YEAR

Oil price hits one-year high at $53Saudi Arabia’s Energy Minister Khalid al-Falih has said that the price of crude oil might hit $60 per barrel this year, following the decision of the Organisation of Petroleum Exporting Countries (OPEC) to cut global production.
 
This is coming as the Russian President, Vladimir Putin, monday gave his support to international efforts to reduce oil supply and boost prices in the clearest sign yet that Russia might participate in moves to cut or freeze output.
 

OIL PRICE HITS ONE-YEAR HIGH AT $53

Global oil benchmark, Brent, jumped to a one-year high on Monday, after Russia said it was ready to join the Organisation of Petroleum Exporting Countries in curbing crude output.
 
The oil price has risen from $45 on September 28 when OPEC decided to cut output for the first time in eight years.
 

Monday, 10 October 2016

OIL EXPORTING NATIONS LOSE $1TR TO CRISIS

The over two years of oil price crisis has cost the Organisation of the Petroleum Exporting Countries (OPEC) more than $1 trillion in losses and a decline of 26 per cent in industry-related investments.

Besides, with the unsteady developments in the growth of the global economy, there is a projection that the oil industry would record further contraction of about 22 per cent in investment this year.

Read more @ Tadall

FG STILL DIALOGUING WITH NIGER DELTA, SAYS KACHIKWU

FG Still Dialoguing with Niger Delta, Says KachikwuThe Minister of State for Petroleum, Dr. Ibe Kachikwu, has said it is not true that the federal government is working against the people of the Niger Delta region.
 
He also said the dialogue between the federal government and the people of the region to find lasting solutions to the lingering violence and pipeline vandalism in the region was on-going.
 

Thursday, 6 October 2016

KACHIKWU: NIGERIA WILL SOON CLOSE $4BN INVESTMENT DEAL WITH CHINA

Ibe KachikwuThe Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said that Nigeria will soon close the deal on a $3 billion to $4 billion loan from China that will be channelled towards the provision of infrastructure in the oil and gas sector.
 
Kachikwu made the disclosure at the end of the Federal Executive Council (FEC) meeting held in the State House, Abuja wednesday, adding that the loan was a fallout of the July roadshow held by the petroleum ministry and the Nigerian National Petroleum Corporation (NNPC) in China.