Sambo insists Nigeria can transmit additional power from 10 new sub-stations

30 January 2015, Akure – Vice President Namadi Sambo has insisted that Nigeria had the capacity to transmit additional power being generated by the 10 new power plants built across the country. Addressing a mammoth crowd at the Peoples Democratic Party (PDP) Presidential Campaign Rally in Akure, Ondo, Sambo frowned at a media report, which […] More »

Shipping charges: Port regulator moves to expose violators

30 January 2015, Lagos – The nation’s port economic regulator, Nigerian Shippers’ Council, NSC, has commenced moves to expose terminal operators and shipping companies still involved in the collection of illegal charges on port users despite the order of the federal high court delivered last month. To this end, the Council in collaboration with importers […] More »

Chevron announces $35bn capital and exploratory budget for 2015

30 January 2015, Sweetcrude, San Ramon, California – Chevron Corporation today announced a $35 billion capital and exploratory investment programme for 2015. Included in the 2015 programme are $4 billion of planned expenditures by affiliates, which do not require cash outlays by Chevron . The 2015 budget is 13% lower than total investments for 2014. […] More »

Crisis looms in Bayelsa over gas project

29 January 2015, Yenagoa—Work at the multi-billion naira Epu Cluster Gas Gathering project in Opokuma Kingdom, in Kolokuma-Opokuma Local Government Area of Bayelsa State, may be disrupted following an alleged disagreement between communities in the clan and Shell Petroleum Development Company, SPDC. Indigenes of the kingdom alleged that Shell reneged on an earlier agreement reached […] More »

Jonathan must flag off Ogidigben EPZ project Feb 4 —WIG

29 January 2015, Warri —As reactions continue to trail the recent visit by President Goodluck Jonathan to the Itsekiri nation in Warri, Delta State, the Warri Interest Group, WIG, has urged President Goodluck Jonathan to perform the groundbreaking of the controversial $16 billion Export Processing Zone, EPZ, in Ogidigben, Warri South- West Local Government Area […] More »

Oil spill: Reps ask Chevron, communities to settle rift within 10 days

29 January 2015, Abuja — THE House of Representatives Committee on Gas (sub-committee on Environment) yesterday asked officials of Chevron Nigeria Limited and representatives of communities ravaged by series of oil spills in Warri, Delta State to reach an amicable settlement within the next 10 days. Chairman of the committee, Hon. Alfonsus Gerrald, in a […] More »

OPEC daily basket price stood at $44.08/b

29 January 2015, Sweetcrude, Vienna, Austria – The price of OPEC basket of twelve crudes stood at 44.08 dollars a barrel on Wednesday, compared with $43.24 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), […] More »

NLNG throws spotlight on Literature Prize-winner Ukala

29 January 2015, Sweetcrude, Port Harcourt - Nigeria LNG, NLNG, Limited will today beam a bright celebratory light on the newest winner of its hundred thousand dollar ($100,000) Nigeria Prize for Literature, Professor Sam Ukala, at a public presentation holding in Lagos. Ukala’s successful entry, Iredi War, edged out a hundred and twenty-three other authors […] More »

KRPC produces 60,000 barrels per day

*To Achieve 90 Percent Installed Capacity in 18 Months 29 January 2015, Sweetcrude, Abuja - The Kaduna Refining and Petrochemical Company Limited, KRPC, is currently running at 60 percent installed capacity and would ramp up to 90 percent installed capacity in eighteen months after the conclusion of the ongoing phased rehabilitation programme of the plant. […] More »

NNPC releases 1,500 trucks of kerosene

28 January 2015, Calabar – Mr Ikenna Okpani, the Media Officer of the Port Harcourt Refining Petroleum Company Ltd., on Wednesday said that the Nigerian National Petroleum Corporation (NNPC) released 1,500 trucks of kerosene to the public. Okpani said this at the inauguration of the “Kero-Correct’’ campaign in Calabar. Okpani, who is the Team Leader […] More »

Chevron expands US Gulf of Mexico leasehold

28 January 2015, Sweetcrude, Houston – Chevron Corporation today announced its subsidiary, Chevron USA Inc., will work with BP Exploration and Production and ConocoPhillips Company to explore and appraise 24 jointly-held offshore leases in the northwest portion of Keathley Canyon in the deepwater Gulf of Mexico. Chevron said in a statement that it would be […] More »

US crude closes above $46

28 January 2015 - Oil jumped as much as 3% on Tuesday as a weak dollar propped up commodities, but crude prices came off their highs in post-settlement trading on signs of another big US supply build last week. Oil prices were up most of the day, tracking the dollar, despite concerns about rising US […] More »

OPEC daily basket price close at $43.24/b

28 January 2015, Sweetcrude, Vienna, Austria – The price of OPEC basket of twelve crudes stood at 43.24 dollars a barrel on Tuesday, compared with $42.90 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), […] More »

Govt averts pending strike with Petrol Tanker Drivers

Oscarline Onwuemenyi 28 January 2015, Sweetcrude, Abuja - The Federal Government said that another pending fuel crisis in the nation had been averted following Tuesday’s meeting with aggrieved management of the Nigerian Association of Road Transport Owners (NARTO). The government’s position was contained in a communique issued at the end of the meeting between officials […] More »

Eko Disco moves to generate electricity

27 January 2015, Lagos – The Eko Electricity Distribution Company says it has commenced the tender process for its embedded generation project. The company said on Monday, in a statement signed by the Assistant General Manager, Corporate Communications, Mr. Godwin Idemudia, that it recently held a pre-bid conference with representatives of companies and organisations that […] More »

Nigeria’s production down by 160,000 bpd — Alison-Madueke

27 January 2014, Lagos – Nigeria is losing about 160,000 barrels of oil daily due to the activities of pipeline vandals, the Minister of Petroleum Resources, Mrs Diezani Alison-Madueke has said, The minister who stated this at television monitored programme, Kaakaki, in Lagos, last weekend, said that but for sabotage and vandalism, Nigeria would have […] More »

Nigeria’s gas supply market hits 2bn cfpd – NNPC

26 January 2015, Abuja – The Nigerian National Petroleum Corporation, NNPC, says Nigeria has grown its gas supply market from 300 million to two billion cubic feet per day, cfpd. The Group Executive Director, Gas and Power, NNPC, Dr David Ige, stated this in an interview with newsmen in Abuja. Ige attributed the feat to […] More »

January gas supply down by 50% due to pipeline vandalism – NNPC

25 January 2015, Abuja – Nigeria’s total gas production may have been cut by almost 50 per cent in the month of January following relentless breaks on the Trans-Forcados crude oil pipeline. Consequently, available gas for supply to thermal electricity generation companies in the country has dropped. The Group Executive Director, Gas and Power of […] More »

Devaluation will boost Nigeria’s non-oil export – Stakeholders

24 January 2015, Lagos - Industry stakeholders have predicted that the devaluation of the Naira will favour businesses in the non-oil export sector as well as manufacturers that source their raw materials locally rather than from markets outside Nigeria. This, they say, was in contrast to the popular assumption that devaluation does all harm and […] More »

Nigeria: U.S Energy Group plans 250Mw injection to national grid

24 January 2015, Sweetcrude, Lagos - Minister of Power, Prof. Chinedu Nebo has described the planned injection of 250MWinto the national grid by Missouri American Energy, USA, as a great and feasible feat, noting that with the reduced amount needed for the project, when compared with larger power projects, it would provide energy quicker and […] More »

Naira rebounds from record lows on CBN action

25 January 2015 - Nigeria’s naira recovered from record lows hit this week after the central bank increased forex trading limits and sold dollars to commercial lenders on Thursday, dealers said. The unit rose 0.45 percent to close at 188.35 naira after ending at a record closing low of 189.20 for the two previous sessions. […] More »

Contract approval cycles threatens oil projects

24 January 2015, Abuja – As competition for crude oil and investments in Africa grows amid the plunge in global oil prices, the time it takes for projects to be approved in the country as well as rising insecurity have been identified as factors affecting project costs. Oil and energy experts said the development might […] More »

Africa needs to move forward on renewable energy

24 January 2015, Abu Dhabi — Diversification of Africa’s electricity sources by embarking on renewable energy solutions – such as solar, wind, geothermal and hydro power – is being heralded as a solution to the continent’s energy poverty. But although a number of countries are already reaping benefits from investment in renewables, there is concern […] More »

EPZ Crisis: Jonathan sues for calm

24 January 2015, Warri - President Goodluck Jonathan yesterday held a closed door meeting with the Olu of Warri, Ogiame Atuwatse II and the National President of the Christian Association of Nigeria, CAN, Pastor Ayo Oritsejafor in Warri, Delta State. Sources at the closed door meeting disclosed that the visit was for the President to […] More »

Oil traders store 40m barrels at sea pending oil price rise

24 January 2015 - Oil traders have booked up to 20 tankers to store an estimated 40 million barrels of crude at sea, rising from 25 million barrels last week, as they soak up a stocks glut in anticipation of future profits, shipping and oil market sources said. The more than 50 percent fall in […] More »

OPEC daily basket price close at $43.05/b

23 January 2015, Sweetcrude, Vienna, Austria – The price of OPEC basket of twelve crudes stood at 43.05 dollars a barrel on Thursday, compared with $43.25 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), […] More »

Oil spikes on news of Saudi king’s death

23 January 2015- Oil prices jumped in Asian trading on Friday as news of the death of Saudi Arabia’s King Abdullah added to uncertainty in energy markets already facing some of the biggest shifts in decades. Abdullah died early on Friday and his brother Salman became king, the royal court in the world’s top oil […] More »

AfDB, MasterCard broaden to drive financial inclusion across Africa

23 January 2015, Nairobi – The African Development Bank (AfDB) and MasterCard have announced a broad collaboration that aims to expand financial inclusion across the African continent. The collaboration seeks to develop solutions that drive inclusive growth in Africa by broadening access and usage of digital financial services. MasterCard brings proven expertise to design and […] More »

Govt provides guidelines for PPAs, plans cuts in negotiation cycle

*As Discos signal readiness to participate in Transitional Electricity Market Oscarline Onwuemenyi 23 January 2015, Sweetcrude, Abuja - The Federal Government has provided guidelines for power firms to adhere to in order to efficiently sign Power Purchase Agreements (PPA) with the Nigerian Bulk Electricity Trading Company, NBET. The Minister of Power, Prof. Chinedu Nebo, stated […] More »

Russia may see oil output fall by 1million bpd – Deputy PM

22 January 2015, Davos, Switzerland – Russia may see a natural decline in oil output by around 1 million barrels per day (bpd) at most but has no plans to cut production in coordination with OPEC, Deputy Prime Minister Arkady Dvorkovich said on Wednesday. Russia is the world’s biggest oil producer and output hit a […] More »

Corruption probe: No need for Petrobras investment cut – Minister

22 January 2015, News Wires – State-run Brazilian oil producer Petroleo Brasileiro SA does not need to curtail its multibillion-dollar investment plan because of a growing corruption scandal, Mines and Energy Minister Eduardo Braga has told Reuters. Revelations of price-fixing, bribery and political kickbacks at Petrobras, as the company is known, and a sharp fall […] More »

Oman oil minister slams OPEC on prices, market share

22 January 2015, News Wires – Oman oil minister Mohammad bin Hamad al-Rumhy sharply criticised OPEC’s production policy on Wednesday, saying it was creating volatility in the market without benefiting oil producers and that his country was suffering. In November, OPEC decided to keep its output unchanged despite sliding prices. Analysts believe the policy is […] More »

Indonesia to offer 8 oil, gas exploration blocks in 2015

22 January 2015, News Wires – Indonesia intends to offer eight oil and gas exploration blocks this year as the government hopes to increase petroleum reserves and production, Acting Director General of Oil and Gas in the Ministry of Energy and Mineral Resources I Gusti Nyoman Wiratmadja said Tuesday in a written submission to Commission […] More »

Tullow ‘encouraged’ by results at Kenya’s Epir-1 well

22 January 2015, News Wires – Africa-focused independent producer Tullow Oil said Thursday that it was encouraged by the results at its Epir-1 exploration well, onshore Kenya, in spite of it not being a discovery. Tullow said the well encountered oil and wet gas shows over a 330-foot interval of non-reservoir quality rocks, demonstrating a […] More »

BP Asks For Lower Fine In Penalty Phase Of Gulf Spill Trial

22 January 2015, New Orleans – BP Plc, citing low oil prices, tried to whittle away at $13.7 billion in potential fines under the Clean Water Act on Tuesday as the penalty phase started in its trial over the 2010 Gulf of Mexico oil spill. BP said its fine should be modest as it took […] More »

Kemp: Oil producers’ under-appreciated role in US economy

22 January 2015, London – The eight states at the heart of the American shale oil revolution all grew faster than the U.S. national average over the last decade, according to the U.S. Bureau of Economic Analysis (BEA), underscoring the importance of oil production to the U.S. economy. Gross domestic product (GDP) attributable to private […] More »

OPEC, oil companies clash at Davos over price collapse

22 January 2015, Davos, Switzerland – The Organisation of the Petroleum Exporting Countries, OPEC, defended on Wednesday its decision not to intervene to halt the oil price collapse, shrugging off warnings by top energy firms that the cartel’s policy could lead to a huge supply shortage as investments dry up. The strain the halving of […] More »

TCN reconnects Borno to power grid

22 January 2015, Abuja – The Federal Government has announced the reconnection of Borno State to the national electricity grid by the Transmission Company of Nigeria . The Minister of State for Power, Mr. Mohammed Wakil, had on Monday issued a 48-hour ultimatum to the TCN to reconnect the state to the grid despite the […] More »

Pump price: NSCDC seals 10 Ondo filling stations

22 January 2015, Akure – The Nigeria Security and Civil Defence Corps, Ondo State Command, says it has sealed 10 filling stations for failing to sell petrol at the new pump price of N87. This is contained in a statement by the command spokesman, Mr Kayode Balogun, on Thursday in Akure. Balogun said the enforcement […] More »

OPEC daily basket price stood at $43.25/b

22nd January 2015, Sweetcrude, Vienna, Austria – The price of OPEC basket of twelve crudes stood at 43.25 dollars a barrel on Wednesday, compared with $43.04 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), […] More »

Nigeria to deploy digital technology to check pipeline vandalism

Oscarline Onwuemenyi 22 January 2015, Sweetcrude, Abuja – The Federal Government has disclosed that it plans to deploy the use of digital surveillance technology in its efforts to check the menace of pipeline vandalism across the country. Minister of Power, Prof. Chinedu Nebo, who stated this in Abuja yesterday noted that only the use and […] More »

BP asks for lower Macondo fine

21 January 2015 - UK supermajor BP, citing low oil prices, tried to whittle away at $13.7 billion in potential fines under the Clean Water Act on Tuesday as the penalty phase started in its trial over the 2010 Macondo oil spill. BP said its fine should be modest as it took extensive steps to […] More »

Oil edges higher

21 January 2015 - Oil prices edged up in early Asian trading on Wednesday in a further sign that prices are receiving support around current levels, but analysts said the outlook for the next six months remained weak due to oversupply. Oil fell as much as 5% on Tuesday after the International Monetary Fund cut […] More »

OPEC daily basket price close at $43.04/b

21 January 2015, Sweetcrude, Vienna, Austria – The price of OPEC basket of twelve crudes stood at 43.04 dollars a barrel on Tuesday, compared with $43.87 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), […] More »

Nigeria’s electricity transmission capacity upgraded by 40% – Wakil

20 January 2015, Abuja – The Minister of State for Power, Mohammed Wakil, has said the federal government has upgraded Nigeria’s electricity transmission capacity by an additional 40 per cent growth ratio within the last couple of years. Wakil noted in a recent statement from the ministry that transmission capacity of the power sector has […] More »

Resolving the cooking gas supply logjam

20 January 2015, Lagos – Despite the 50 per cent crash in the prices of crude oil and liquefied natural gas, importers and marketers of liquefied petroleum gas or cooking gas, have continued to sell the deregulated product at exorbitant costs in Nigeria on account of the existing monopoly and problems of logistics. The price […] More »

Oil falls on weak Chinese data

20 January 2015 - Oil markets dipped on Tuesday as China’s economic growth for 2014 undershot a government target and hit its weakest annual expansion in 24 years, adding to worries in energy markets already suffering from slowing demand and oversupply. The world’s second-largest economy grew 7.4% last year, China’s National Bureau of Statistics said, […] More »

OPEC daily basket price close at $43.87/b

20 January 2015, Sweetcrude, Vienna, Austria – The price of OPEC basket of twelve crudes stood at 43.87 dollars a barrel on Monday, compared with $43.40 the previous Friday, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), […] More »

Nigeria: CBN likely to retain interest rate

19 January 2015, Lagos - Notwithstanding the continuous threat to stability as oil prices continue to slide, the Central Bank of Nigeria’s (CBN’s) monetary policy committee (MPC) is expected to leave the benchmark interest rate and other monetary policy tools unchanged at the end of its two-day meeting, which commences on Monday. This is largely […] More »

NNPC initiates ‘Kero Correct’ scheme to crash kerosene price nationwide

Oscarline Onwuemenyi 19 January 2015, Sweetcrude, Abuja - In a bid to get kerosene to consumers across the 36 states of the Federation and the Federal Capital Territory, Abuja, at the regulated price of N50 per litre, the Nigerian National Petroleum Corporation (NNPC) has initiated a scheme aimed at cutting off the several layers of […] More »