Oil continues to fall

31 March 2015, News Wires – Oil futures extended losses on Tuesday, as Iran and six world powers ramped up the pace of negotiations to reach a preliminary deal that could ease sanctions and allow more Iranian crude onto world markets. With a deadline less than 24 hours away, the US, Britain, France, Germany, Russia […] More »

George Kirkland, Chevron vice chairman, to retire

31 March 2015, Sweetcrude, Houston, Texas – Chevron Corporation confirmed today that George L. Kirkland, vice chairman and executive vice president, Upstream, will retire from the company, effective June 15 . He will be succeeded by James W. (Jay) Johnson, as executive vice president, Upstream, effective June 16 . “George’s business acumen and deep operational […] More »

VAALCO encounters disappointment at Kindele-1 exploration well off Angola

31 March 2015, Sweetcrude, Lagos - VAALCO Energy, Inc. reported Monday that the post-salt Kindele-1 well, its first exploration well on Block 5 offshore Angola, was drilled to a total vertical depth of approximately 6,000 feet (1,829 meters). The objective reservoir, the Mucanzo sand formation in the Pinda Group section, was found to be water-bearing […] More »

Gen. Buhari leads tight Nigerian presidential race

31 March 2015 - Muhammadu Buhari is currently ahead of Nigerian President Goodluck Jonathan in the electoral race to lead Africa’s largest oil producer. The former Nigerian military ruler has gained more than 50% of the vote and leads Jonathan by some two million votes after the results of 18 states and the capital Abuja […] More »

OPEC daily basket price close at $51.45/b

31 March 2015, Sweetcrude, Vienna, Austria – The price of OPEC basket of twelve crudes stood at 51.45 dollars a barrel on Monday, compared with $52.93 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), Iran […] More »

Oil continues to fall

31 March 2015 - Oil futures extended losses on Tuesday, as Iran and six world powers ramped up the pace of negotiations to reach a preliminary deal that could ease sanctions and allow more Iranian crude onto world markets. With a deadline less than 24 hours away, the US, Britain, France, Germany, Russia and China […] More »

Fitch retains BB- rating for Nigeria with negative outlook

31 March 2015, Abuja - Fitch Ratings has reaffirmed Nigeria’s long-term foreign and local currency credit rating at BB- and BB respectively, but however revised the country’s outlook from stable to negative. It attributed the revision to what it described as political uncertainty in a tightly contested election and other issues that may arise after […] More »

Equities rise despite election fever

31 March 2015, Lagos – Equities listed on the Nigerian Stock Exchange recorded significant gains on Monday amid anxiety over the outcome of the presidential and National Assembly elections. At the close of trading, the market capitalisation of the listed equities rose by 1.73 per cent or N178bn from N10.318tn to N10.496tn. In the same […] More »

Diamond Bank records 10.7% dip in profit

31 March 2015, Lagos – Diamond Bank Plc has released its audited results for the 2014 financial year, which showed that the group witnessed a drop in profit. The results, filed with the Nigerian Stock Exchange on Monday, showed that the group’s profit after tax had declined by 10.7 per cent year-on-year from N28.544bn in […] More »

Ghana refutes claim that Nigeria cut gas supply due to indebtedness

Oscarline Onwuemenyi, with agency reports 31 March 2015, Sweetcrude, Abuja - The Ghanaian government has denied claims that it owes $100 million to the Nigerian Gas Company, which had led to a cut-off in the supply of gas for its power plants. A communications consultant to the Ministry of Energy and Petroleum, Edward Bawa, denied […] More »

Oil prices fall further

Brent crude oil prices fell below $56 a barrel on Monday, extending steep losses from the previous session, as Iran and six world powers tried to reach a deal that could add oil to the market if sanctions against Tehran are lifted. Iran and world powers tried to break an impasse in nuclear negotiations on […] More »

Iran deal deadline nears

30 March 2015, News Wires – A deadline is fast approaching for negotiators to hammer out a framework agreement over Iran’s nuclear programme and sanctions imposed on the major Middle Eastern oil producer. A frame agreement is hoped for by Tuesday as the foreign ministers of six countries – US, UK, France, Germany, Russia and […] More »

‎Govt set to re-privatise Ajaokuta Steel

Oscarline Onwuemenyi 30 March 2015, Sweetcrude, Abuja – The Federal Government will soon commence another process to privatise the Ajaokuta Steel Company Limited (ASCL), Director-General of the Bureau of Public Enterprises (BPE), Mr Benjamin Ezra Dikki, has revealed. Dikki, who was speaking on a breakfast programme on Independent Television (ITV) in Abuja, said that the […] More »

Oil giant Total sells Nigerian oil field stake for $569m

30 March 2015, Lagos – French oil giant Total said Monday that it has sold its stake in a Nigerian oil field to a local company for $569 million (523 million euros). Total’s sale of its share in the onshore Oil Mining Lease 29 to Aiteo Eastern E&P comes after the French group made two […] More »

Nigeria: Govt to attempt another privatization of Ajaokuta Steel

Oscarline Onwuemenyi 30 March 2015, Sweetcrude, Abuja - The Federal Government will soon commence another process to privatise the Ajaokuta Steel Company Limited (ASCL), Director-General of the Bureau of Public Enterprises (BPE), Mr Benjamin Ezra Dikki, has revealed. Dikki, who was speaking on a breakfast programme on Independent Television (ITV) in Abuja, said that the […] More »

External reserve hits new low, below 4 months import

30 March 2015, Lagos -The stress of dwindling oil revenue is mounting on the economy as external reserve drops below USD30 billion last week, indicating less than four months import bill. The decline which came with last week’s withdrawals for meeting forex demands put the total figure at USD29.9 billion. The international standard for healthy […] More »

Nigeria: Total pockets $1bn from divestments in 3 onshore blocks

30 March 2015 - Total’s recent divestment of its interests in three onshore Oil Mining Leases (OML) in Nigeria, inlcuding OML 18 and OML 24, crossed $1 billion Monday after the French major completed the sale of its stake in OML 29 to local firm Aiteo Eastern E&P for $569 million. “The sale of these […] More »

Barclays Africa applies for equities trading licence in Nigeria

30 March 2015, Lagos - Barclays Africa Group Limited, which is expanding on the continent after buying most of its parent’s operations in Africa, has applied for an equities trading license in Nigeria in addition to a commercial licence. “We really want to follow our corporate clients into Nigeria,” Bloomberg quoted the chief executive officer […] More »

Jonathan’s exit seen as spark needed to ignite markets

29 March 2015, Lagos - President Goodluck Jonathan left the floor of the Nigerian Stock Exchange after a visit two weeks ago to traders singing “For He’s a Jolly Good Fellow”. Some investors would prefer that he keeps walking. According to Bloombery since rising to a five-year high in July, Nigeria’s benchmark stock index has […] More »

Nigeria: Currency-in-circulation fell 7.6 % in January

29 March 2015, Lagos - Contrary to the fear of unrestrained use of cash in the run up to the general elections, the Central Bank of Nigeria has reported a marginal drop in currency-in-circulation in the month of January this year. The CBN Economic Review for the month of January, which was made available on […] More »

Baker Hughes: US oil rig decline smallest since December

29 March 2015 - The number of rigs drilling for oil in the United States declined by 12 this week to 813, the smallest decline since December, oil services firm Baker Hughes said in its closely watched survey on Friday. That compares with declines of 41 and 56 rigs in the prior two weeks and […] More »

CNOOC to boost output 18% over 3 years

*Vows cost cuts 29 March 2015, HONG KONG – China’s top offshore oil producer CNOOC Ltd said on Friday it aims to boost output by 18 percent over the next three years, after reporting stronger-than-expected 2014 profit on cost cuts and higher production. CNOOC, China’s third largest oil company, plans to boost output to 513 […] More »

Oil dives 5% as worries about Iran talks trump Yemen

29 March 2015 New YorK - Oil tumbled 5 per cent at the weekend, erasing the previous session’s gains, as Yemen’s conflict looked less likely to disrupt Middle East crude shipments and investors turned their focus to talks for a potential Iran nuclear deal that could put more supply on the market. Oil prices still […] More »

Shell moves rigs to Alaska ahead of possible drilling permit

29 March 2015, London - Royal Dutch Shell is moving oil rigs to Alaska ahead of the possible resumption of controversial drilling activities as the oil major awaits the green light from U.S. authorities. The Anglo-Dutch oil major hopes to revive its Arctic drilling programme two years after the grounding of a rig in Alaska […] More »

Nigeria: Six ships laden with petrol arrive in Lagos

29 March 2015, Abuja - Six ships laden with 157,200 tonnes of petrol have arrived Lagos ports awaiting to berth the News Agency of Nigeria, NAN, reports. The Nigerian Ports Authority, NPA, stated this in its daily publication – ‘Shipping Position’ in Lagos on Thursday. The publication indicated that 10 other ships containing kerosene, aviation […] More »

How Africa can attract foreign and local investment for its power projects

29 March 2015, Cape Town - “Investing in the power sector in Africa can be very lucrative and we have the success stories to prove it”, says Evan Schiff, event director of African Utility Week, taking place in Cape Town from 12-14 May. During the largest annual power and water conference and expo on the […] More »

Unilever acquires N43bn shares of Nigerian unit

29 March 2015 - Unilever is planning to raise its stake in its Nigerian unit to as much as 75 per cent to benefit from expected economic growth in Africa’s most populous nation. Unilever, whose detergents and deodorants are used by 2 billion consumers daily, wants to raise its stake in Unilever Nigeria Plc from […] More »

Oil slump, PIB threaten gas-to-power project

29 March 2015, Lagos – The steep decline in global crude oil prices, regulatory uncertainty and vandalism of gas infrastructure constitute major threats to gas development for the growing need in the power sector, industry players and analysts have said. Prior to the plunge in oil prices, International Oil Companies had raised concerns that the […] More »

Polls reduce domestic investments by N40bn

29 March 2015, Lagos – Domestic investments in the Nigerian Stock Exchange have recorded a substantial decline due to fears and uncertainties regarding the 2015 general elections, as well as concerns about insecurity. The latest investment details from the NSE showed that local investments dropped by N40.1bn at the end of February 2015. As of […] More »

Currency-in-circulation fell 7.6 % in January

29 March 2015, Abuja – Contrary to the fear of unrestrained use of cash in the run up to the general elections, the Central Bank of Nigeria has reported a marginal drop in currency-in-circulation in the month of January this year. The CBN Economic Review for the month of January, which was made available on […] More »

CBN sets agenda for post-election stability, leaves rates unchanged

29 March 2015, Abuja – Up till yesterday, the most important issue in Nigeria was the choice of the next president for the country. It was a process which many had feared could trigger crises with its attendant consequences on both the political and economic scenes. However, with the presidential election regarded as a done […] More »

For banks, another opportunity for higher capital adequacy

29 March 2015, Lagos -The extension of deadline on banks’ capital adequacy both for the Systemically Important Banks and for banks that breached the minimum capital adequacy under Basel II is another opportunity created by the Central Bank for banks to ring-fence their respective institutions against shocks, reports Festus Akanbi The latest effort of the […] More »

South Africa: Electricity demand contributes to Eskom crisis

29 March 2015, Pretoria — President Jacob Zuma says Eskom has since the dawn of democracy had to meet a demand for electricity which had not been met under Apartheid, and that naturally led to an extraordinary pressure on the national grid. He was replying to Parliamentary questions for written reply. The President said the […] More »

Mauritius: Australia to invest in bunkering facilities in Port Louis Harbour

29 March 2015, Port Louis - The Australian quoted investment private bank Macquarie has expressed interest to finance through a local partner, Scott Shipping, and Atlantic Energy Consulting, a first offshore oil bunkering facility to the tune of some $ 100 million Australian Dollars in the Port Louis harbour. The Minister of Industry, Commerce and […] More »

Investment opportunities in automotive, renewable energy with South Africa

29 March 2015, Cairo - Chairman of the Industrial Development Authority (IDA) Ismail Gaber stressed keenness of the Ministry Industry on strengthening relations with South Africa on the bilateral and regional level. Gabre referred to a cooperation agreement with South Africa in the fields of car feeding industry, agricultural crops, mineral wealth, new and renewable […] More »

Nigeria’s local content policy receives major boost

28 March 2015, Lagos - The local content policy of the Federal Government received a boost Wednesday with the formal handing over of Shell’s equity in OML 29 to a local oil and gas firm, Aiteo, thereby increasing the participation of indigenous companies in the upstream sub-sector of the oil and gas industry. Speaking at […] More »

Discussions to reform ailing energy industry in the Comoros

28 March 2015, Abidjan - A High Level Consultation gathering took place on Wednesday, March 25 at the African Development Bank headquarters in Abidjan to discuss solutions to ending the energy problem in Comoros. The meeting has cited the important role the private sector can play in the country’s ailing energy industry. Emmanuel Mbi, First […] More »

Enugu boils over Gov Chime’s fresh request for N11b loan

28 March 2015, Enugu — Angry protesters on Thursday besieged the Enugu State House of Assembly complex to kick against a request by Governor Sullivan Chime for the House to give him fresh approval to obtain N11 billion loan. The protesters, who were led by the state governorship candidate of All Progressives Congress (APC), Okechukwu […] More »

Nigeria: CBN raises N98b in treasury bills

28 March 2015, Lagos - The Central Bank of Nigeria (CBN), on Thursday, said it raised N97.8 billion ($491 million) in Treasury bills at an auction that fetched lower yields compared with the previous sale last week owing to strong appetite for the debt. Investors, mostly domestic banks and pension funds, submitted bids totalling N297.06 […] More »

Govt’s local content policy receives major boost

27 March 2015, Lagos – The local content policy of the Federal Government received a boost Wednesday with the formal handing over of Shell’s equity in OML 29 to a local oil and gas firm, Aiteo, thereby increasing the participation of indigenous companies in the upstream sub-sector of the oil and gas industry. Speaking at […] More »

Fuel queues emerge over Presidential election fears

*Tanker drivers hoarding products for fear of post-election violence Oscarline Onwuemenyi 27 March 2015, Sweetcrude, Abuja - There are fears that impending fuel scarcity may mar Saturday’s Presidential and National Assembly elections as long queues have surfaced in filling stations in and around Abuja, the Federal Capital Territory. This is even as the Nigerian National […] More »

Nebo commissions NDDC power sub-station in Delta

Mkpoikana Udoma 26 March 2015, Sweetcrude, Port Harcourt – Minister of Power, Prof Chinedu Nebo, has inaugurated the multi-billion naira 132KV Transmission Line and two 30MVA, 132/33KV substation with associated 33KV overhead lines built by the Niger Delta Development Commission, NDDC, at Oghara in Ethiope West Local Government Area of Delta State. Nebo, who performed […] More »

Shell tasks medical experts on service delivery

Mkpoikana Udoma 26 March 2015, Sweetcrude, Port Harcourt – The Shell Petroleum Development Company of Nigeria, SPDC, has tasked experts in the Nigerian health sector to focus more on strategies that will further enhance service delivery to the public. The charge was given to the management and staff of Obio Cottage Hospital in Rumuobiakani, Port […] More »

Nigeria: Skye Bank issues N100bn commercial paper

26 March 2015, Lagos - NIGERIA’S next mega bank, Skye Bank has today signed an agreement with StanbicIBTC Bank and Financial Market Dealers Quotation System (FMDQ) to issue N100 billion in commercial paper to increase its ability to do more transactions. The first tranche of the transaction is in the size of N20b, which opens […] More »

Prices jump after Saudi air strikes

26 March 2015 - Brent crude oil prices shot up nearly 6% on Thursday after Saudi Arabia and its Gulf Arab allies began a military operation in Yemen, although Asian importers said they were not immediately worried about supply disruptions. The strike against Iran-backed Houthi rebels who have driven the president from the country’s capital […] More »

Nigerian govt seeks $2 b W/Bank, ADB loan

*Urges patronage of locally made goods 26 March 2015, Abuja - Faced with low oil revenue and high demand for foreign exchange, the federal government has taken steps to source $2 billion from the World Bank and the African Development Bank, ADB, to assist in the implementation of its policies and programmes this year. The […] More »

OPEC daily basket price close at $50.83/b

26 March 2015, Sweetcrude, Vienna, Austria – The price of OPEC basket of twelve crudes stood at 50.83 dollars a barrel on Wednesday, compared with $50.92 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 »

Business enthusiasm: Nigeria tops global ranking

26 March 2015, Lagos - Nigeria leads the world in enthusiasm for business, according to a survey carried out by Global Entrepreneurship Monitor, GEM. Indeed, the report noted that, all across Africa, a growing wave of grassroots self-starters are taking risks and defying obstacles to bring their money-making ideas to life. Armed with a can-do […] More »

PPPRA cuts Q2 petroleum import allocations by 50%

Oscarline Onwuemenyi 26 March 2015, Sweetcrude, Abuja - The Federal Government has issued permits allowing 1.5 million mt in petroleum imports in the second quarter, slashing Q1 permitted volumes in half after private companies demanded the lower allocations due to rising import costs and a government subsidy dispute. The Petroleum Products Pricing Regulatory Agency (PPPRA) […] More »

PPPRA cuts petrol imports by 50%, scarcity worsens

25 March 2015, Abuja – Three ur days to the presidential election, long queues of motorists resurfaced in the few filling stations that had petrol to sell in Lagos and Abuja on Tuesday as importers of the product were said to be handicapped by the delay in the payment of their subsidy arrears. It was […] More »