It’s N220 to the dollar as Hajj, school fees fuel forex demand

01 September 2015, Lagos – The Naira depreciated by N5 to N220 per dollar yesterday in the parallel market as dollar demand to fund hajj pilgrimage and payment of school fees increased demand for the United States currency. From an average of N215 per dollar at the close of business on Friday, the parallel market […] More »

Nigeria: Government explains stable power supply

31 August 2015, Abuja – The Permanent Secretary, Ministry of Power, Ambassador Godknows Igali, on Monday said electricity has been stable in the country lately because there has not been any case of gas pipeline vandalism. Igali spoke with State House correspondents at the Presidential Villa, Abuja. He recalled that vandalism was the bane of […] More »

Electricity: CPC summons DISCOs over ‘crazy bills’

31 August 2015, Abuja – Inundated with consumer complaints, the Consumer Protection Council (CPC) has summoned all electricity Distribution Companies (DISCOs) in the country to a hearing on alleged outrageous billings, based on estimated consumption. The Council, in response to numerous complaints on estimated billings and non-provision of meters, summoned each of the distribution companies. […] More »

Almansoori targets new technologies, innovations at SPE Offshore Europe

31 August 2015, Sweetcrude, Abu Dhabi – AlMansoori Specialized Engineering, the leader in oilfield services in the Middle East, will be looking to gain valuable insights into the latest innovative trends and developments in the global upstream oil and gas sector, at the largest industry event in Europe, to be held next week. Offshore Europe […] More »

Shell to train 150 Niger Delta youths in enterprise development

31 August 2015, Sweetcrude, Lagos –Another 150 youths from the Niger Delta are to benefit from the 2015 LiveWIRE programme of the Shell Petroleum Development Company of Nigeria Limited (SPDC) operated Joint Venture, bringing the total number of beneficiaries to over 6,000 since the launch of the programme in 2003. LiveWIRE is a flagship youth […] More »

GFI forms Africa Advisory Group to drive policy goals

*Four Former Ambassadors to Lend Regional Expertise 31 August 2015, Sweetcrude, Washington, DC – Global Financial Integrity (GFI) is pleased to announce the formation of an Africa Advisory Group, which will provide expert political analysis and policy advice as the organization enters a new phase of its development. Four former ambassadors—Segun Apata, Johnnie Carson, Princeton […] More »

Oil dips in early trade

31 August 2015 – Oil prices fell in Asia on Monday as traders took profits, snapping three days of gains last week that saw the biggest two-day rally in six years. “There is definitely a lot of profit taking going on,” said Daniel Ang, an analyst at Singapore’s Phillip Futures. “There is some readjustment in […] More »

Warri refinery resumes operation Tuesday after shut down – NNPC

Oscarline Onwuemenyi 31 August 2015, Sweetcrude, Abuja – Warri refinery, which has been shut down temporarily since last week Monday will resume operations will resume by Tuesday, a spokesman for the Nigerian National Petroleum Corporation (NNPC) has said. The Group General Manager, Group Public Affairs Division of NNPC, Mr. Ohi Alegbe said the decision to […] More »

Financial market products & services update

31 August 2015, Sweetcrude, Houston – Local and international financial market products and services update. FX: No significant change in the market as the two way quote FX market remains shut. Special auction funds still maintained at 196.00/197.00. FIXED INCOME: Closing last week, improved system liquidity spurred more demand in bills as average yield declined […] More »

OPEC daily basket price close at $45.19/b

31 August 2015, Sweetcrude, Vienna, Austria — The price of OPEC basket of twelve crudes stood at 45.19 dollars a barrel on Friday, compared with $42.37 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: Banks beg govt to relax Single Treasury Account policy

31 August 2015, Abuja — Nigerian Deposit Money Banks, DMBs, have begun a campaign to beg the federal government to review the implementation of the Single Treasury Account, STA, as directed by President Muhammadu Buhari. Top executives of three leading banks in the country ran to the Accountant-General of the Federation, AGF, Alhaji Ahmed Idris, […] More »

Nigerian Content Board, NUC partner to connect oil industry with universities

31 August 2015, Sweetcrude, Lagos – The Nigerian Content Development and Monitoring Board, NCDMB, and the Nigerian University Commission, NUC, have forged a partnership that will link the oil and gas industry with the university system so that both sectors can improve the operations of the other for the benefit of the Nigerian economy. The […] More »

Fitch: Nigerian banks in trouble, may post decline performance indicators

31 August 2015, Lagos – Fitch Ratings has declared that Nigerian banks are operating in increasingly difficult conditions as this may result in a sharp deterioration of their profitability, asset quality, liquidity and capital ratios. Fitch in its report released weekend said “The sector outlook is negative in December. Gross Domestic Product, GDP figures for […] More »

Cash crunch: CBN intervenes with N212bn

31 August 2015, Lagos – A bail out liquidity management by the Central Bank of Nigeria, CBN, may ensue in the banking system if liquidity situation fails to improve significantly this week, as the money market situation toughened last week. It was gathered that the apex bank had already intervened following a tightening up in […] More »

Rattled by pure sentiment in August, markets return focus to fundamentals

31 August 2015, News Wires – August has proven to be a month of extreme volatility for oil prices, but how much of this is based on sentiment and the realities of trading in the dog days of summer when volumes are historically lower, and, therefore, more prone to big market swings? The answer is that […] More »

For OPEC, this year’s painful oil slump will bring gains in 2016

31 August 2015, News Wires – While OPEC’s fight to snatch market share from rival oil producers might look like a costly failure as prices languish below $50 a barrel, an entirely different picture could emerge next year. Supplies outside OPEC are expected to contract in 2016 for the first time since 2008, sliding by 200,000 […] More »

Russian oil firms raise profits and output, spurred By rouble weakness

30 August 2015, News Wires – Russian oil firms are increasing their rouble profits and raising production as a weak currency protects their business, which has turned into one of the world’s most profitable. Russia has kept its production, which includes gas condensate, near post-Soviet highs as its producers benefit from getting the bulk of their […] More »

Cobalt agrees to $1.75bn transaction with Sonangol for Angola blocks

30 August 2015, News Wires – Cobalt International Energy Inc. has announced that it has signed an agreement to sell its entire 40 percent participating interest in blocks 21/09 and 20/11, located offshore Angola, to Sonangol for $1.75 billion. The transaction, which has an effective date of Jan. 1, is subject to Angolan government approvals, which […] More »

Ban on modular refineries fuels attacks, violent deaths

30 August 2015, Yenagoa – No one would have imagined that the creeks and  waterways of Bayelsa State, given their serenity and alluring vegetation, on both sides, could be turned into killing fields by sea pirates. Several persons including security operatives have lost their lives along the waterways which some have dubbed ‘more dangerous than shark […] More »

Power firms not ready for commercial market — TCN

30 August 2015, Abuja – The continued flouting of the contractual demands of the Transitional Electricity Market by power distribution companies is a clear indication that the firms are not prepared for the take-off of TEM, which was declared in February this year, the Transmission Company of Nigeria has said. Through the declaration of TEM, […] More »

Corruption: University workers want govt to revoke all oil well licences

30 August 2015, Abuja – The Senior Staff Association of Nigerian Universities (SSANU), on Sunday called on President Muhammadu Buhari to review how oil wells are allocated in the country by revoking all the licences. SSANU’s National President, Samson Ugwoke who spoke at the union National Executive Council Meeting (NEC) and pre- delegates conference in […] More »

Agreement inked with Gazprom to supply liquefied gas to Egypt

30 August 2015, Cairo – Petroleum Minister Sherif Ismail said on Thursday 27/08/2015 that an agreement was inked with Russian company Gazprom to supply amounts of liquefied gas to Egypt for the upcoming two years. Ismail’s statements come during his visit to Russia where he is accompanying President Abdel Fattah El Sisi on his third […] More »

Obama Africa trip: US institutional investors to discuss Africa co-investments

30 August 2015, Sweetcrude, Houston – Africa investor (Ai), a leading international investment and communications group, today announced that US pension funds and other institutional investors will engage in discussions around investing in Africa at the Africa investor CEO Institutional Investment Summit 2015, taking place on the 24th-25th of September 2015 at the Thomson Reuters […] More »

Buhari approves 65 licences for private refineries

*Decision taken within 10 days in office *DPR feigns ignorance 30 August 2015, Lagos – President Muhammadu Buhari has granted licences to 65 Nigerian companies to construct modular refineries. The companies were selected from about 285 applications that were screened for the purpose. Modular refineries are mini-refineries with capacities ranging from 1,000 to 10,000 barrels […] More »

NNPC committee recommends sale of refineries, Buhari disagrees

30 August 2015, Abuja – The Nigerian National Petroleum Corporation has recommended the sale of the nation’s three refineries in Port Harcourt, Warri and Kaduna due to some challenges the corporation described as critical elements, which may continually hinder their effective operation in the hands of the Federal Government. NNPC has equally finalised its position […] More »

Vandals cut N40m NIPP power transmission tower in Abia

30 August 2015, Abuja — The Niger Delta Power Holdings, NDPHC, Plc, which is handling the 10 National Integrated Power Project, NIPP, plants, on Thursday said that vandals attacked and cut its transmission lines and tower worth N40 million in Abia state. NDPHC also stated that the development has ensured that 1,397 megawatts (MW) of […] More »

Nigeria: Why we now have electricity – Amadi

30 August 2015, Abuja – Dr. Sam Amadi is the chairman, Nigerian Electricity Regulatory Commission (NERC). In this interview with PEMBI DAVID-STEPHEN and PAUL CHIAMA, he speaks of the recent successes made in the power reform initiative, the challenges in the power sector and what Nigerians should expect from the sector, among other issues. It […] More »

Developing nations need $133bn geothermal investment by 2030 – Report

30 August 2015, Sweetcrude, Toronto — Kenya and Turkey have exceeded forecasts for harnessing geothermal energy, but other developing countries, including Indonesia and the Philippines, are lagging behind on leveraging the renewable power source, a new analysis shows. If developing nations are to carry out planned expansion of geothermal energy capacity, $133 billion needs to […] More »

Crackdown on modular refining fuels attack, violent deaths

30 August 2015, Yenagoa – No one would have imagined that the creeks and waterways of Bayelsa State, given their serenity and alluring vegetation, on both sides, could be turned into killing fields by sea pirates. Several persons including security operatives have lost their lives along the waterways which some have dubbed ‘more dangerous than […] More »

Jonathan, Diezani under probe over $6m mobile stages

…Fund drawn from one of NNPC’s numerous accounts 29 August 2015, Abuja – The ongoing probe of the past administration by President Muhammadu Buhari has indicted his predecessor, President Goodluck Jonathan, and two of his former officials, over an alleged purchase of three mobile stages to the tune of $6.9million, a Presidency source has said.     […] More »

DPR seals 28 petrol stations in Imo

29 August 2015, Owerri – No fewer than 28 petrol stations have been shut down in Imo State by the Directorate of Petroleum Resources (DPR), for selling petrol above the government regulated price of N87 and engaging in other sharp practices which include under dispensing, adulteration and hoarding of petroleum products. The Zonal Assistant Director […] More »

PPMC counts achievements amid controversies

29 August 2015, Lagos – Despite the controversies surrounding the Crude for Petroleum Products Exchange Agreements, better known as crude oil swaps, and Offshore Processing Agreements (OPAs), entered into by the Pipelines and Product Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC) and oil traders between 2011 and 2014, the corporation, […] More »

Shell declares force majeure on Bonny Light exports

29 August 2015, Lagos – The spate of pipeline vandalism and crude oil theft in the Niger Delta is increasingly assuming alarming proportion as Shell Petroleum Development Company (SPDC) has again declared force majeure on the exports of Bonny Light grade of crude oil as result of the activities of vandals and oil thieves. This […] More »

Ethiopia first country to launch Climdev-Africa Special Fund Project

29 August 2015, Addis Ababa – The ClimDev Africa Special Fund (CDSF) launched its first project in Ethiopia on August 3 to help the country cope with, and build resilience to, climate change by enhancing capacity in climate monitoring, data analysis, interpretation, forecasting and dissemination for use in national decision-making. The project entitled “Strengthening Climate […] More »

First two projects of Africa Climate Change Fund approved

*To support climate finance readiness in Africa 29 August 2015, Sweetcrude, Houston – The newly established Africa Climate Change Fund (ACCF) has approved its first two projects in the past month. One will support Mali with preparatory funding to advance its low-carbon, climate resilient development agenda, and the second will strengthen data and information on […] More »

NNPC reduces list of potential oil lifters from 43 to 16

29 August 2015, Abuja — In a novel move to instill transparency and probity in the award of the annual crude oil term contracts, the Nigerian National Petroleum Corporation (NNPC) on Thursday mapped out measures to execute the 2015/2016 award of contracts to companies for the evacuation of Nigeria’s crude oil equity from the various […] More »

South Africa: Petrol price drops by 69 cents

29 August 2015, Pretoria — The price of petrol will drop by 69 cents a litre as of next week, the Department of Energy said on Friday. The price of Diesel 0.05% Sulphur will decrease by 54 cents, while that of Diesel 0.005% Sulphur will decrease by 51 cents. The price of Illuminating Paraffin (Wholesale) […] More »

How banks, govt officials aided marketers to loot subsidy billions

*And they are all walking away *EFCC double standards exposed! 29 August 2015, Lagos – Impunity twerked naked at the market square. It is still not done twerking.Thousands of forged documents , outlandish fairy tales, pervasive conscience searing mendacity . The whole of an annual federal capital budget plundered by a few. Noises were made, […] More »

NNPC shuts down Warri refinery over crude oil shortage

29 August 2015, Abuja – The Nigerian National Petroleum Corporation, NNPC, yesterday, stated that it has shut down the Warri Refineries due to operational challenges. Group General Manager, Group Public Affairs Division of the NNPC, Mr. Ohi Alegbe, who disclosed this, noted, however, that the refinery is expected to be reopened for operations on Tuesday. […] More »

New NNPC man makes his mark

28 August 2015, News Wires – Ibe Kachikwu, head of the Nigerian National Petroleum Corporation (NNPC), is taking no prisoners as he forges ahead with implementing the anti-graft policies of President Muhammadu Buhari. Appointed only last month, Kachikwu has made dramatic changes at NNPC, installing a completely new board and replacing 38 senior managers. He is […] More »

Oil steady after bounce back

28 August 2015, News Wires – Oil prices steadied on Friday after bouncing back from six-and-a-half-year lows on recovering equities markets, strong US economic growth and news of low crude supplies from Nigeria, Reuters reported. Oil saw its biggest one-day bounce since 2009 on Thursday, with North Sea Brent and US light crude rising more than […] More »

Schlumberger’s buyout proposal makes sense

28 August 2015, News Wires – Schlumberger’s proposed buyout of equipment-maker Cameron is a natural progression in the oil service industry’s push for greater collaboration and more integrated services lines to drive down development costs. (This comment originally appeared in the hardcopy edition of Upstream newspaper.) Amid much wailing over the escalating costs of offshore development, […] More »

NOV axes Norway staff

28 August 2015, News Wires – National Oilwell Varco (NOV) has confirmed it is axing 900 jobs in Norway as a market slump has taken a toll on orders for the US-based drilling equipment supplier. NOV’s Kristiansand location will bear the brunt of the redundancies with 425 staff to pack their bags, while 235 jobs will […] More »

Statoil eyes Sigrun East

28 August 2015, News Wires – Statoil has been granted safety clearance to drill a wildcat at the Sigrun East prospect in the Norwegian North Sea. The state-owned explorer will use semi-submersible Songa Trym to drill the 15/3-10 probe in a water depth of around 107 metres in its operated production licences 025 and 187, about […] More »

Petrobras ‘urges delay’ for fuel IPO

28 August 2015, News Wires – Management at Brazil’s state-controlled Petrobras has urged the company’s board to delay a planned initial public offering of its fuel distribution unit as market conditions soured, according to reports. Management told the board that the impact of market turmoil on strategic decisions like BR Distribuidora’s listing should be analysed more […] More »

Settlement reached in decade-long oil spill

28 August 2015, News Wires – A New Orleans independent will pay $400,000 for coastal research as part of a settlement in a lawsuit over a US Gulf of Mexico oil spill that started in 2004, according to reports. Taylor Energy was sued by Waterkeeper Alliance in 2012. The environmental group accused Taylor of withholding information […] More »

Nigerian banks heading into storms – Fitch

28 August 2015, Lagos – Fitch Rating has warned that Nigerian banks are heading into financial and operational storms in view of what it called the increasingly difficult conditions under which they are operating. It made it clear that the difficult times are likely to result in a sharp deterioration in profitability, asset quality, liquidity and […] More »

Avoid strike, offset maritime workers’ salary arrears, Ministry advises NPA

28 August 2015, Lagos – The Federal Ministry of Labour and Productivity on Thursday called on the management of the Nigeria Ports Authority (NPA) to hasten the payment of salary arrears owed to stevedoring workers at the nation’s ports. The ministry in a statement containing its advice to the NPA stated in Abuja that its call […] More »

Midwestern Oil and Gas clarifies transaction with Mart Resources

28 August 2015, Lagos – Midwestern Oil and Gas Company Limited has confirmed the termination of the business arrangement it had with Mart Resources, Inc. It blamed the development on the inability to raise enough funds to finance the transaction. In a statement yesterday, the management of Midwestern Oil and Gas noted that it elected to […] More »

DPR seals 28 petrol stations in Imo

28 August 2015, Lagos – No fewer than 28 petrol stations have been shut down in Imo State by the Directorate of Petroleum Resources (DPR), for selling petrol above the government regulated price of N87 and engaging in other sharp practices which include under dispensing, adulteration and hoarding of petroleum products. The Zonal Assistant Director Operations, […] More »