Transocean takes $992m charge on drilling business as oil slumps

28 February 2015, News Wires – Offshore rig provider Transocean Ltd wrote down the value of its contract drilling business by $992 million in the fourth quarter as demand slumped due to a steep fall in oil prices. As a result of the impairment charge, Transocean has no goodwill remaining on its balance sheet, the […] More »

Petrobras denies hiring JPMorgan for subsalt license sales

28 February 2015, News Wires – Petróleo Brasileiro SA denied on Friday that it has hired JPMorgan Chase & Co to handle the sale of oil exploration licenses in deep-sea areas off the coast this year. In a securities filing, the state-controlled oil producer known as Petrobras reiterated the need to reduce capital investments, dispose […] More »

Fuel scarcity hits Abuja

28 February 2015, Abuja – Hundreds of motorists on Friday were left stranded at filling stations in Abuja as they spent hours on long queues waiting to buy fuel. The queues were largely pronounced in the city centre as most of the filling stations in satellite towns refused to sell the product without giving customers […] More »

Fuel scarcity: NNPC warns against panic buying

27 February 2015, Abuja – The Nigerian National Petroleum Corporation, NNPC, has described the shortage of Premium Motor Spirit, popularly known as petrol, as “artificially induced,” warning Nigerians against panic buying. The agency on Friday said it had injected an additional 688 million litres of the product into the system, but did not state while […] More »

Brent set for largest monthly gain since 2009

Crude oil futures rebounded on Friday, with Brent heading for its biggest monthly gain since May 2009, as supply outages in the North Sea and renewed fears of gas supply disruption in Europe supported prices. A reduction in rig counts and expectations for better oil demand have helped Brent prices rise by around 15% so […] More »

Petrobras scandal about to hit political class

27 February 2015, News Wires – Brazil’s top prosecutor is expected to file charges in coming days against politicians implicated in the Petrobras corruption scandal, a political bombshell that could involve members of Congress and President Dilma Rousseff’s government. Under Brazilian law, lawmakers and cabinet members can only be tried by the Supreme Court. Prosecutor […] More »

Price stability: Expert commends CBN for adopting ‘Float’ exchange rate mechanism

27 February 2015, Lagos - A financial expert, Mr Sewa Wusu, on Wednesday commended the Central Bank of Nigeria, CBN, for adopting the “float” exchange rate mechanism to ensure price stability.Wusu in Lagos said that the measure would have positive effect on the economy in the medium and long term. He said the float exchange […] More »

OPEC daily basket price close at $56.07/b

27 February 2015, Sweetcrude, Vienna, Austria – The price of OPEC basket of twelve crudes stood at 56.07 dollars a barrel on Thursday, compared with $53.81 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 »

Brent set for largest monthly gain since 2009

27 February 2015 - Crude oil futures rebounded on Friday, with Brent heading for its biggest monthly gain since May 2009, as supply outages in the North Sea and renewed fears of gas supply disruption in Europe supported prices.A reduction in rig counts and expectations for better oil demand have helped Brent prices rise by […] More »

Navy arrests five Beninoise, four others for oil theft

27 February 2015, Lagos – In line with the zero tolerance of the Chief of Naval Staff, Vice Admiral Usman Jibrin, to crude oil theft and pipeline vandalism, the Western Naval Command (WNC) has arrested five citizens of Benin Republic and four others for maritime illegalities. While three of the suspects were arrested outside the […] More »

Rising oil price will encourage investment – NNPC

27 February 2015, Abuja – The Nigerian National Petroleum Corporation (NNPC) has expressed satisfaction with the recovery of OIL PRICES, even if the corporation’s comment is premature. The corporation hopes that the changes noticed in the oil price recently would further encourage investment in the oil and gas sector. Oil price in the international market […] More »

Firm to invest N60bn in Jos steel milll

27 February 2015, Abuja – The Eta Zuma Group, which acquired the Jos Steel Rolling Mill from the Federal Government in 2005, has said that it will spend $300m (about N60bn) to rehabilitate the steel production plant. The Group Managing Director, Eta Zuma of the company, Dr. Innocent Ezuma, disclosed this when the Minister of […] More »

Power supply dips by 360MW

27 February 2015, Lagos – Supply of electricity to consumers across the country has fallen by 360.88 megawatts in the last one week and the Federal Government has again attributed the development to the vandalism of pipelines that transport gas to power plants. Specifically, the energy sent out to electricity consumers plunged from 3,424.11MW on […] More »

Nigeria: Steel manufacturers lament hike in electricity tariff

Oscarline Onwuemenyi 26 February 2015, Sweetcrude, Abuja - The Steel Manufacturing Group of the Manufacturers Association of Nigeria, MAN, yesterday threatened to shut down operations in the face of persistent hike in electricity tariff without commensurate increase in power supply, even as it lamented that the hike in electricity tariff has crippled many steel companies […] More »

Oil dips in early trade

26 February 2015 - Brent crude fell towards $61 on Thursday, reversing previous gains as a bulging US crude stockpiles offset glimpses of an oil demand recovery. Both Brent and US crude recorded their largest percentage gains in nearly two weeks at Wednesday’s settlement, closing more than 30% higher than the trough of $46.59 a […] More »

OPEC daily basket price close at $53.81/b

26 February 2015, Sweetcrude, Vienna, Austria – The price of OPEC basket of twelve crudes stood at 53.81 dollars a barrel on Wednesday, compared with $53.54 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 »

FG, States’ shared income drops to N500.13bn on low oil revenues

—As NNPC remits N5.1bn owed to Federation Account —Begins talks to pay back $1.4bn of missing oil fund Oscarline Onwuemenyi 26 February 2015, Sweetcrude, Abuja – The Federal government, states and local governments yesterday shared N500.13 billion as revenue from the federation account for the month of January 2015. This is lower than the N580.38billion […] More »

Steel manufacturers lament hike in electricity tariff

Oscarline Onwuemenyi 26 February 2015, Sweetcrude, Abuja – The Steel Manufacturing Group of the Manufacturers Association of Nigeria (MAN) yesterday threatened to shut down operations in the face of persistent hike in electricity tariff without commensurate increase in power supply, even as it lamented that the hike in electricity tariff has crippled many steel companies […] More »

Foreign reserves drop by $2.7bn in two months

26 February 2015, Abuja – The nation’s foreign exchange reserves tumbled by $2.68bn in less than two months to $31.79bn as of February 23, declining at a faster pace than what financial analysts had predicted, data obtained from the Central Bank of Nigeria on Wednesday showed. The current stock of external reserves revealed a drop […] More »

Manufacturers to shut factories over high electricity bills

26 February 2015, Abuja – Some manufacturers in the country have said that the increase in electricity tariffs will force them to shut down their operations in the near future if development is not urgently addressed. Different producer groups of the Manufacturers Association of Nigeria on Wednesday said if the Nigerian Electricity Regulatory Commission failed […] More »

Missing $20bn: House gives govt one week ultimatum to release forensic audit report

*As Senate pegs oil benchmark at $52, exchange rate at N190 per dollar *Slashes SURE-P vote with N100m, capital and recurrent expenditure Oscarline Onwuemenyi 26 February 2015, Sweetcrude, Abuja - The fight over the missing $20 billion oil fund is far from over as the House of Representatives Committee on Public Accounts yesterday issued a […] More »

Power generation drops as Seplat Petroleum shuts Oben gas plant

25 February 2015, Lagos – Electricity generation in the country has dropped as Seplat Petroleum Development Company Plc shuts down the Oben Gas Plant, a joint venture between the company and the Nigerian Petroleum Development Company (NPDC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC). The 10-day long shut-down, which will enable the company […] More »

Obasanjo never inaugurated Olorunsogo ll Power Station, says NDPHC

25 February 2015, Lagos – The Niger Delta Power Holding Company Limited (NDPHC), owners of the National Integrated Power Project (NIPP), has refuted reports that the 750 megawatt-capacity Olorunsogo Phase 2 Power Plant built under the NIPP in Ogun State, which was at the weekend inaugurated by President Goodluck Jonathan, had earlier been inaugurated by […] More »

Govt perfects sale of multi-billion naira Delta Steel to auto firm

25 February 2015, Lagos – The Minister of Mines and Steel Development, Mr. Mohammed Sada, on Tuesday disclosed that barring any last minute hiccups, the federal government would sell Delta Steel Company to an automobile firm. The minister stated this when he appeared before the Senate Committee on Power, Mines and Steel, to defend his […] More »

Forte Oil: Profitability moderated by huge borrowing cost

25 February 2015, Lagos – After recording impressive results in 2013, Forte Oil’s bottom-line was still affected by the huge cost of borrowing in 2014, writes Goddy Egene Investors in Forte Oil Plc enjoyed an unprecedented capital growth in their in 2013 and 2014. The stock recorded the highest capital growth of 1,165 per cent […] More »

Missing $20bn: Okonjo-Iweala gets one week ultimatum to submit forensic audit

25 February 2015, Abuja – Miffed by the uncounted $20 billion, the House of Representatives has Wednesday issued a one week ultimatum to the Minister of Finance and Coordinating Minister of the economy Ngozi Okonjo-Iweala to submit the report of the forensic audit. The mandate followed a resolution, passed last week by the House at […] More »

Greek oil tanker hostages released in Nigeria

25 February 2015,Athens – Two Greeks and a Pakistani taken hostage three weeks ago off the coast of Nigeria in a bloody attack on a Greek oil tanker have been freed, the ship’s owner said Wednesday. Aeolos Management, owner of the Maltese-flagged VLCC Kalamos, said in a statement that pending medical examinations the three men […] More »

Nigeria: AfDB partners Mastercard on financial inclusion to promote SMEs development

25 February 2015, Sweetcrude, Lagos - African Development Bank, AfDB, said it has partnered MasterCard to expand financial inclusion across the African continent. The bank said the collaboration seeks to develop solutions that would drive inclusive growth in Africa by broadening access and usage of digital financial services. It noted that MasterCard would bring its […] More »

Nigeria moves to bridge $2.4tn infrastructure funding gap

25 February 2015, Lagos - The Federal Government will soon begin the implementation of a strategic investment master plan to bridge the country’s huge infrastructural funding gap estimated at about $2.4trillion within the next 30 years. The Executive Secretary/Chief Executive Officer, Nigerian Investment Promotion Commission, Mrs. Saratu Umar, disclosed this during a media roundtable organised […] More »

OPEC daily basket price close at $53.54/b

25 February 2015, February 2015, Vienna, Austria – The price of OPEC basket of twelve crudes stood at 53.54 dollars a barrel on Tuesday, compared with $54.09 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 […] More »

Fuel scarcity hits Kwara, Imo

25 February 2015,Ilorin – Long queue of desperate motorists searching for petrol on Tuesday resurfaced in Ilorin and other parts of Kwara State as well as Owerri and its environs in Imo State. One of our correspondents, who monitored the development in the Ilorin metropolis, observed that attendants at many filling stations in Tanke area, […] More »

Budget: Senate settles for $52 oil benchmark

25 February 2015, Abuja – The Senate on Tuesday at an executive session settled for $52 per barrel as the oil price benchmark for the 2015 budget proposal. This is against the $65 per barrel the executive submitted to the two chambers of the National Assembly in December last year. A senator, who spoke on […] More »

Fuel importation drops by 14%

…Marketers hike petrol ex-depot prices to N83 Kunle Kalejaye 25 February 2015, Sweetcrude, Lagos – Investigation by SweetcrudeReports, conducted over the last four weeks has revealed that importation of fuel into the country by oil marketers has dropped by 14 percent. This, the marketers say, may inflict on the nation a debilitating fuel scarcity between […] More »

CRFFN takes up life insurance scheme for members

25 February 2015, lagos – The Council for the Regulation of Freight Forwarding in Nigeria, CRFFN, has taken up a life insurance scheme of N1 million, for its members in case of death. Disclosing this over the weekend, Registrar of the Council, Mike Jukwe, said that the decision to take up the insurance scheme is […] More »

Govt schedules payment of N264bn subsidy by March end

25 February 2015, Abuja – The Federal Government, Monday, scheduled to pay off about N264 billion between now and end of March, as subsidy reimbursement applications submitted to marketers as at end of January 2015. The sum comprises 2014 outstanding debts of N164 billion in addition to N100 billion derived from foreign exchange and bank […] More »

Fuel scarcity looms as marketers hoard productl

25 February 2015, Lagos – Scarcity of petrol is looming as queues have returned to filling stations across Lagos, while some of them have stopped selling. This is an indication that the cold war between marketers and the management of the Petroleum Products Pricing Regulatory Agency, PPPRA, has not been resolved. Vanguard had earlier reported […] More »

NIPPs contribute 2,500MW to national grid – Govt

*Others to return to full capacity soon Oscarline Onwuemenyi 25 February 2015, Sweetcrude, Abuja - The Nigerian Government has stated that some of the power plants constructed and commissioned under the National Integrated Power Projects (NIPPs) now contribute about 2500 megawatts (MW) of electricity to the national grid. The Minister of Power, Prof. Chinedu Nebo, […] More »

Pipeline Vandalism: Oil companies seek alternative route to Forcados Export terminal

24 February 2015, Lagos – Six oil and gas exploration and production (E & P) companies that deliver crude oil to the Forcados Export Terminal in Delta State, through the Trans -Forcados Pipeline are seeking an alternative crude oil supply route, following incessant vandalism of the current pipeline network. Trans-Forcados Pipeline, which is used by […] More »

Job retention: NAPTIN to leverage on NERC’s ‘No Objection’ Clause

24 February 2015, Abuja – The National Power Training Institute of Nigeria (NAPTIN) has said it will take advantage of the ‘No Objection’ clause currently required from operators who would want to import skills in the country’s electricity sector by the Nigerian Electricity Regulatory Commission (NERC). NERC now issues a clearance to any operator before […] More »

Petrolog acquires ocean diving support vessel

24 February 2015, Lagos – Petrolog, an indigenous oil servicing company, has acquired an ocean diving support vessel to boost its operations and advance the local content policy of the federal government. The brand new 100 per cent Nigerian flagged, ABS classed Dynamic Positioning (DP2) dive support system vessel is currently in Nigerian waters. It […] More »

NIPP’s contribution to power generation now 2500MW – Nebo

24 February 2015, Abuja – Minister of Power, Prof. Chinedu Nebo, has said a few of the power plants constructed and commissioned under the National Integrated Power Projects (NIPPs) now contribute 2500 megawatts (MW) of electricity to the national grid. Nebo said this at the commissioning of the 750MW Olorunsogo Phase-2 NIPP plant in Ogun […] More »

60,000 barrels of crude oil stolen daily, says Uduaghan

24 February 2015, Lagos – The Governor of Delta State, Dr. Emmanuel Uduaghan has clarified that contrary to the 400,000 barrels of crude oil bandied as being stolen by oil thieves in Nigeria, the actual volume of crude stolen daily is 60,000 barrels. Speaking to journalists in Ogun State at the weekend, Uduaghan noted that […] More »

Seplat broke no laws in acquisition of Chevron’s blocks – Avuru

24 February 2015, Lagos – Chief Executive Officer and Managing Director of SEPLAT Petroleum Development Company Plc, Mr. Austin Avuru spoke with Ejiofor Alike on his company’s acquisitions of assets, its growth and dual listing, as well as recent developments in the global energy market. Excerpts: Before SEPLAT acquired OMLs 4, 38 and 41 from […] More »

Time for NNPC to open up itself to scrutiny

24 February 2015, Abuja – The forensic audit of the Nigerian National Petroleum Corporation on unremitted crude oil revenue by PricewaterhouseCoopers (PwC) suggests that the state oil company should be transparent in its dealings. Chineme Okafor writes The barrage of criticism that greeted the allegation by the Central Bank of Nigeria (CBN) that $49.8 billion […] More »

Shell, Techno Oil’s CSR yield dividends for host communities

24 February 2015, Lagos – Shell Nigeria Exploration and Production Company (SNEPCo) and Techno Oil Limited have delivered new projects to boost their Corporate Social Responsibility (CSR) programmes in their host communities. While SNEPCo at the weekend handed over a library complex and computer room donated to St. Mary’s Convent School in Lagos, the pace-setting […] More »

Brent gains on Libya outage

24 February 2015 - Brent crude oil reversed early losses to trade back above $59 a barrel on Tuesday as Libya’s largest oilfield stopped production, and as traders awaited US oil inventory data to see whether it would show another large increase. The Sarir oilfield in Libya shut because of a power cut, in a […] More »

The morning after election: The fate of a bleeding economy:

Chijioke K. Mama 24 February 2015, Sweetcrude, Lagos - Elections and government transitions are dicey issues in every economy. If there is a change in power, it is characteristically followed by ripples of shock across the macroeconomic horizon of a country. Nigeria goes to the polls in about four weeks from now, to elect a […] More »

Nigeria’s gas demand to hit 10bcf — NNPC

24 February 2015, Lagos - The Nigerian National Petroleum Corporation, NNPC, yesterday, stated that Nigeria’s domestic gas demand will rise to about 10 billion cubic feet, bcf, per day within the next five years, from current demand of about two billion cubic feet per day. Group Managing Director of the NNPC, Mr. Joseph Dawha, was […] More »

NERC issues licences to companies to generate 590MW

24 February 2015, Lagos - The Nigerian Electricity Regulatory Commission has issued two on-grid licences to KVK Power Nigeria PVT Limited, and Aluminium Smelter Company of Nigeria, ASCON Plc to generate 590 megawatts, MW, of electricity from solar and gas respectively. The Commission in a statement issued last week in Abuja, explained that KVT Power […] More »

Brazil still weighing 2015 round

24 February 2015 - Brazil is gauging market interest in exploring for oil and gas in the country before deciding whether to go ahead with a new auction of blocks in the first half of this year, the Energy Ministry said on Friday. The 13th oil rights auction, Brazil’s first sale of oil and gas […] More »