How fuel tanker inferno ruined us – Victims of Aba fuel explosion

30 September 2015, Umuahia – For property owners and residents of buildings on Aba-Owerri road that was recently gutted by fire sparked by fuel tanker explosion, life will never be the same, at least for now as some of them lost their lives’ savings during the incident. At least few residential buildings, 14 shops and about […] More »

MAN, stakeholders seek N50bn intervention fund for steel industry

30 September 2015, Lagos – Stakeholders in the manufacturing sector have called on the federal government to urgently intervene in the steel sector to avert its imminent collapse.   Chief Executive Officer of African Industries Group, Sanjay Kumar made the appeal on behalf of Nigerian steel manufacturers in a chat with THISDAY in Lagos. Similarly, the […] More »

NDDC awarded inflated contracts for past five years, Coalition alleges

30 September 2015, Lagos – The Coalition of Civil Society Groups has alleged that the Niger Delta Development Commission (NDDC) awarded outrageous inflated contracts for the past five years or more. It has therefore called on the anti-graft agencies to thoroughly and urgently beam their search light on the activities of the commission and all contracts […] More »

Oil exports under threat as crude carriers shun Nigerian waters

30 September 2015, Lagos – The efforts by the federal government to curb crude oil theft by imposing strict conditions on Very Large Crude Carriers (VLCC) lifting the Nigeria’s crude oil is threatening the exports of the country’s crude oil, as Asian vessels have shunned the country’s territorial waters. This latest development will potentially compound the […] More »

Electricity: Youths threaten to shut down Agip Oil facilities

30 September 2015, Asaba – Multi-national oil company, Agip Oil, has about three weeks to step electricity down from its independent power plant (IPP) to the three local government areas of Ndokwa ethnic nationality in Delta State to avoid its installations in there from being forcibly shut down. This threat is contained in a 21-day ultimatum […] More »

African Petroleum gets new CEO

30 September 2015, News Wires – Oslo- and Sydney-listed African Petroleum has appointed a new chief executive to follow in the footsteps of Stuart Lake, who is stepping down for health reasons. African Petroleum holds licence interests off Ivory Coast, the Gambia, Liberia, Senegal and Sierra Leone. Lake will be leaving the position with immediate effect, […] More »

Oil falls as US stocks rise

30 September 2015, News Wires – Crude oil futures fell in early Asian trade on Wednesday after US inventories showed a weekly buildup that far exceeded analyst expectations. The American Petroleum Institute said late on Tuesday that US crude stockpiles rose by 4.6 million barrels to 457.8 million barrels in the week to 25 September. Analysts polled by […] More »

Strongest will survive in oil sands

30 September 2015, News Wires – A global decline in commodity prices has not scared away some of the world’s biggest explorers from Canada’s oil sands sector, lured by its long-term potential to produce and its ability to rebound. Although restructuring in the form of layoffs and cost-cutting measures have fast become the norm for oil […] More »

CGC hits gas in Argentina

30 September 2015, News Wires – Argentine energy company Compania General de Combustibles (CGC) has discovered a new natural gas deposit in the southern Santa Cruz province. “The exploratory well Morena Sur has tested an initial rate of approximately 100,000 cubic meters per day,” Reuters cited a CGC statement as saying. “It is estimated that the […] More »

Africa oil fund to fight hunger

30 September 2015, News Wires – Oil players active in some nascent African acreage can now help fight child malnutrition after four countries on the continent signed up to a scheme to divert some oil taxes to a United Nations (UN) fund. Congo-Brazzaville, Guinea, Niger and Mali have agreed to put a portion of revenues from […] More »

India slashes gas price

30 September 2015, News Wires – The Indian government has vastly decreased the price of natural gas for domestic producers in a move that was widely expected and many fear may harm further exploration efforts off the country. The price has been chopped 18% to $3.82 per million British thermal units on a gross calorific basis […] More »

Shell ‘ends Bosnia quest’

30 September 2015, News Wires – Anglo-Dutch supermajor Shell is reportedly ending a $700 million exploration push in Bosnia, citing a changed energy environment. In 2011, Shell and the government of Bosnia’s autonomous Bosniak-Croat Federation signed a memorandum of understanding (MOU) aimed at reaching a deal on a petroleum license, according to Reuters. The memorandum was […] More »

Navy impounds vessel on illegal activity

30 September 2015, Calabar – The Eastern Naval Command of the Nigerian Navy has seized a vessel on illegal activity along the Calabar Fairway Board in Cross River State. The impounded vessel had 14 Nigerians and one Ghanaian on board. The Flag Officer Commanding, ENC, Rear Admiral Atiku Abdulkadir, disclosed this at the Nigerian Navy […] More »

Power: 1,117MW lost to weak distribution network

30 September 2015, Lagos – Power supply from the national grid has dropped by 1,116.8 megawatts in the last one month since generation peaked at 4,810.7MW on August 25. Generation fell to 3,693.90MW on Monday from 4,008.53MW recorded a day earlier, according to data obtained from the Federal Ministry of Power and the Presidential Task Force […] More »

Ikeja Electric to cut fixed charges by half

30 September 2015, Lagos – Ikeja Electric has moved to reduce the fixed charges for power consumption being paid by its customers by 50 per cent. The firm said in a statement on Tuesday that its managing director, Mr. Abiodun Ajifowobaje, disclosed this at a stakeholders’ consultative forum on cost-reflective tariff in Lagos. Household consumers under […] More »

Ex-PHCN staff paid N373bn severance allowance – BPE

30 September 2015, Abuja – The Bureau of Public Enterprises said N373.38bn had been spent so far to settle former employees of the defunct Power Holding Company of Nigeria. The Head, Public Communications of BPE, Mr. Alex Okoh, said this on Wednesday in Abuja in an interview with the News Agency of Nigeria. He said […] More »

Crude oil transportation contracts help cut cost – experts

30 September 2015, Lagos – The federal government’s decision to award marine transportation contracts for crude oil movements from terminals to the refineries is not only cost effective but equally in tune with best environmental practices. This was the verdict of oil experts in response to a publication on an online news media, Premium Times, […] More »

Tompolo’s pipeline security contract still intact – NIMASA DG

30 September 2015, Lagos – The Nigerian Maritime Administration and Safety Agency (NIMASA), has debunked reports that President Muhammadu Buhari has terminated the federal government’s pipeline security deal with Global West Vessels Specialists Limited (GWVSL), a company said to belong to former Niger-Delta war-lord, Government Ekpemupolo (alias Tompolo). Giving the high incidences of pipeline vandalisation in […] More »

A flaring shame: New report exposes hidden fracking subsidy

30 September 2015, Sweetcrude, WASHINGTON, D.C. — A new, peer-reviewed, report from Friends of the Earth brings to light one of Big Oil’s most overlooked subsidies: royalty-free flaring on public and tribal lands. As the fracking boom spreads across the country, companies eager to tap profitable shale oil are burning away — or flaring — […] More »

WSS moves to strengthen position in Asian offshore market

30 September 2015, Sweetcrude, Singapore – Wilhelmsen Ships Service is pleased to announce that Frank Liang has been named Regional Offshore Manager Asia, tasked with building the company’s business with rig contractors. According to Sean Neilan, Sales & Marketing Director in Asia Pacific, Liang will play an important role in WSS’s strategic initiative towards the […] More »

Dark days loom for Nigeria’s power sector

*NIPPs’ performance hampered by myriad challenges Oscarline Onwuemenyi 30 September 2015, Sweetcrude, Abuja – Despite recent recorded improvements in power generation across the country, there is growing fear that the dark days of decadent and epileptic power supply may be far from from over. This is as the National Integrated Power Projects (NIPPs) under the […] More »

‎NNPC’s “letter of comfort” issue impacting crude trading activity

*As Indian buyers cautious over Nigeria’s crude Oscarline Onwuemenyi, with agency reports ABUJA – India’s Hindustan Petroleum Corp., HPCL, said it will be cautious in buying Nigerian oil, as the company is still scouting for a vessel to lift a cargo for early October loading after the Nigerian National Petroleum Corporation, NNPC, demanded a “letter […] More »

NERC laments poor electricity distribution facilities

*Says 6000Mw generation target may be scuttled Oscarline Onwuemenyi 30 September 2015, Sweetcrude, Abuja – The Nigerian Electricity Regulatory Commission, NERC, has lamented that poor electricity distribution facilities across the country may scuttle its plans to increase on-grid electricity generation to 6,000 megawatts by the end of 2015. Chairman of NERC, Dr. Sam Amadi noted […] More »

UNIDO to provide $2.6bn for small hydro power plants in Nigeria

Oscarline Onwuemenyi 30 September 2015, Sweetcrude, Abuja – The United Nations Industrial Development Organisation, UNIDO, announced on Tuesday that it has budgeted the sum of $2.6 billion for the development of Small Hydro Power,‎ SHP, plants in Nigeria. The UNIDO Country ‎Representative in Nigeria, Dr. David Tommy disclosed this in Abuja at the launch of […] More »

Financial market products & services update

30 September 2015, Sweetcrude, Lagos – Local and international financial market products and services update. NIGERIA: Half the Nigeria’s bonds listed on the JPMorgan Government Bond Index for Emerging Markets will be removed today and the rest next month, the US bank said on Tuesday. The decision, which means investments funds tracking the index will […] More »

OPEC daily basket price close at $43.49/b

30 September 2015, Sweetcrude, Vienna, Austria — The price of OPEC basket of twelve crudes stood at 43.49 dollars a barrel on Tuesday, compared with $43.54 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 »

Oil falls as US stocks rise

30 September 2015 – Crude oil futures fell in early Asian trade on Wednesday after US inventories showed a weekly buildup that far exceeded analyst expectations. The American Petroleum Institute said late on Tuesday that US crude stockpiles rose by 4.6 million barrels to 457.8 million barrels in the week to 25 September. Analysts polled […] More »

President Buhari to superintend petroleum ministry

*To name other ministers today 30 September 2015, New York – President Buhari while addressing some select reporters yesterday, after addressing a Global Leaders’ Summit on Countering ISIL and Violent Extremism, said he will remain the Minister of Petroleum. The President is also expected to announce appointment of other ministers today. He said the step is […] More »

Uncertainty dogs return of NNPC refineries

 …Massive petroleum imports to continue Hector Igbikiowubo 30 September 2015, Sweetcrude, Lagos – The Nigerian National Petroleum Corporation, NNPC, has served notice that there is uncertainty over the restoration of its refineries in the short term, indicating that domestic fuel consumption would continue to be serviced by massive petroleum importation. Dr. Emmanuel Ibe Kachikwu, the Group […] More »

Nigeria: Review of PSCs marks govt’s inconsistency

30 September 2015, Sweetcrude, Lagos – Nigeria’s plans to review existing production sharing contracts, PSCc, with foreign oil producers to help stem the impact of a slump in global oil prices could prove a counter-productive quick-fix, adding to uncertainties that have pinned down the county’s oil sector growth, a report by Platts has revealed. This […] More »

NEITI seeks boost to funding, demands 5% of recovered monies

Oscarline Onwuemenyi 30 September 2015, Sweetcrude, Abuja – The Nigeria Extractive Industries Transparency Initiative, NEITI, is demanding modification of existing laws that will allow it double civil money penalty on erring mining, oil and gas companies for providing falsified information regarding production volumes, sales and income. NEITI’s Legal Director, Mr. Peter Ogbobine, who disclosed this in […] More »

14 suspects under prosecution for oil theft – NSCDC

Mkpoikana Udoma 30 September 2015, Sweetcrude, Port Harcourt – The Abia State Commander of the Nigerian Security and Civil Defence Corps, NSCDC, Mr. Benito Eze, has lamented the increase in pipeline vandalism in the state since the Port Harcourt Refinery resumed pumping of petroleum products to Aba and Enugu depots. Eze, who made the disclosure in […] More »

African producers account for growth in active offshore rigs – EIA

Oscarline Onwuemenyi 30 September 2015, Sweetcrude, Lagos – Most of the more recent growth in active offshore rigs outside the US had occurred in Africa, according to a recent report by the Energy Information Administration, EIA, the statistical arm of the United States’ Department of Energy. The new report showed that ‎Angola leads Nigeria in […] More »

Ghana monitises gas through Atuabo processing plant

Chuks Isiwu 30 September 2015, Sweetcrudee, Lagos – Ghana has successfully commenced the monitisation of its associated natural gas with the recent launch of the one-billion dollar Atuabo gas processing plant in Jomoro, Western Region. Work on the project – the first of the country’s s effort at monetising associated natural gas from the Jubilee […] More »

Govt to use solar energy production to boost employment

‎Oscarline onwuemenyi 30 September 2015, Sweetcrude, Abuja – The National Directorate of Employment, NDE, has announced government’s plans to use solar energy to boost employment generation for thousands of youth in the country. Speaking recently at a solar energy system training, NDE Director-General Mallam Abubakar Mohammed, said the agency had been involved in environmental scanning to […] More »

NAPTIN graduates 156 engineers

 Kunle Kalejaye 30 September 2015, Sweetcrude, Lagos – The National Power Training Institute of Nigeria, NAPTIN, has graduated 156 engineers under its Graduate Skill Development Programme, NGSDP. Speaking at the 4th graduation ceremony of the programme in Lagos, Director General, NAPTIN, Mr. Reuben Okeke, said the graduates comprised 79 distributions engineers, 73 generation and four in […] More »

NERC insists on commercial rates for power supply to Togo, Benin Republic

 Oscarline Onwuemenyi 30 September 2015, Sweetcrude, Abuja – The Nigerian Electricity Regulatory Commission (NERC) has stated that it will find a balance in protecting Nigeria’s economic interests in stable electricity supply and respect for bilateral electricity trade with her two West African neighbours, Togo and Benin Republic. To this end, it advised the Community Electric du […] More »

China to increase investment in Nigeria

‎…Trial of corrupt NNPC staff to begin soon – Buhari Oscarline Onwuemenyi 29 September 2015, Sweetcrude, Abuja – President Muhammadu Buhari in New York, United States of America on Sunday stated that the prosecution of those suspected to have looted the treasury of Nigerian National Petroleum Corporation, NNPC, will begin soon. The president also restated his […] More »

Don’t slash DESOPADEC finances, Maikpobi tells Okowa, lawmakers

29 September 2015, Warri – National Coordinator of the Host Communities of Nigeria, HOSTCOM, Prince Okareme Maikpobi, has urged the governor of Delta State, Senator Ifeanyi Okowa and Delta State House of Assembly not to meddle with funds legitimately due to the Delta State Oil Producing Areas Development Commission, DESOPADEC, in the on-going re-appraisal of the […] More »

Nigeria: Massive fuel imports as refineries remain down

29 September 2015, Abuja – There has been a steady surge in fuel importation to Nigeria with more inflows expected from Europe in the months to come. Trading sources told Platts, a global energy information website, at the weekend that one of the main reasons for the strong demand has been the increased buying interest […] More »

Crude carriers demand exorbitant fees to lift Nigerian oil

29 September 2015, Lagos – There are strong indications that the federal government’s decision to demand for letters of comfort from vessels lifting crude oil from Nigeria following the reversal of a recent ban on 113 oil tankers, may face a backlash from ship owners as vessels willing to come into the country now charge exorbitant […] More »

Nigeria: Foreign reserves in steady decline

29 September 2015, Lagos – Nigeria’s foreign reserves is now on a steady decline against the backdrop of the decision by Central Bank of Nigeria, CBN, to protect the Naira from depreciation. As at last trading day on Wednesday, September 23, the reserves had fallen to $30.485 billion, about $1.139 billion drop from this year’s […] More »

Kenya, Uganda to establish company to manage crude oil pipeline

29 September 2015, Kampala – Kenya and Uganda are making plans to set up an oil company to be owned by all the stakeholders in the $4 billion crude oil pipeline deal. Daniel Kiptoo, Petroleum Legal Advisor to the Cabinet Secretary Davies Chirchir told the Nation that the planned company will help address conditions set […] More »

Nigeria: Alternative funding panacea to joint venture operations

29 September 2015, Lagos – In what seems to be an answer to the prayers of local players in the oil and gas industry for the federal government to explore other means of funding its joint venture operations with the International Oil Companies (IOCs), the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), […] More »

Sudan: Minister affirms commitment to oil production inrease plan

29 September 2015, Khartoum — Sudan’s Minister of Oil and Gas, Dr. Mohammed Zayed Awad has affirmed his ministry’s commitment to increase oil production in the country and provide the requested needs in the oil bi-products. The minister who congratulated the employees of the ministry and the petroleum companies lauded the efforts being exerted by the […] More »

Uganda: Time is now to invest in oil and gas sector

29 September 2015, Kampala – The low price of oil has dashed initial hopes for oil and gas investment in Africa, but governments have the opportunity to turn things around. The discovery of oil off the coast of Ghana in 2007 – and subsequent hydrocarbon finds in Uganda, Kenya, Tanzania and Mozambique – sparked an exuberant […] More »

Smuggling: Algeria seizes 920 litres of fuel

29 September 2015, Algiers —Algeria’s Ministry of National Defence says an all-terrain vehicle loaded with 920 litres of fuel was seized Sunday in Bordj Badji Mokhtar, in the country’s South. “As part of measures to strengthen border security and fight against organized crime, a detachment of the operational area of Bordj Badji Mokhtar (6th Military Region) […] More »

South Africa: Diesel addict Eskom needs new drug – Energy Minister

29 September 2015, Johannesburg – Eskom is addicted to diesel and must ween itself off this expensive and unhealthy substance, Energy Minister Tina Joemat-Pettersson has said. “I have to take this diesel addict off this substance,” she said. “I have to give it another drug – one that is a little cheaper – and that is […] More »

Benin, Togo beg Nigeria for more electricity

29 September 2015, Abuja – The governments of Benin and Togo on Monday called for an increase in the amount of electricity, which their countries receive from Nigeria. They specifically requested the Nigerian electricity supply industry to increase the amount of power sent to them from 200 megawatts to 300MW. Speaking through the Community Electric du […] More »

N6.5bn SURE-P money missing, PM tells Benue probe panel

29 September 2015, Lagos – The Maritime Workers’ Union of Nigeria, MWUN, weekend, gave the management of Nigeria Ports Authority, NPA, Friday deadline to pay over eight months unpaid wages to dockworkers or the nation’s ports would be shut from Monday. This came after the quick intervention of the leadership of MWUN aborted a wild […] More »