Court jails oil thieves for 84yrs

31 October 2015, Lagos – Justice Okon Abang of the Federal High Court sitting in Lagos has convicted seven men to 84 years imprisonment for illegal and unlawful dealing in 1,459 metric tonnes of Premium Motor Spirit, popularly called petrol. The court sentenced each of the convicts to a jail term of 12 years each  commencing […] More »

CBN shifts Naira peg as reserves fall again

31 October 2015, Lagos – The Central Bank of Nigeria, CBN, has shifted the fixed Naira peg on the interbank market, following another fall in the country’s foreign reserves. The foreign reserves fell by about $350 million, from $30.48 billion as at September 30 to $30.13 billion as of October 27. The reserves fell by […] More »

Malawi’s hydropower dries up as river runs low, menacing forests

31 October 2015, Lilongwe — Dwindling water levels are hobbling Malawi’s hydroelectric power supply and putting more pressure on the country’s already stressed forests, officials say. The Electricity Supply Corporation of Malawi (ESCOM), a public utility, says the amount of power it generates through three plants on the Shire River has fallen by 66 percent […] More »

Mozambique: LNG payments to state could reach $212bn

31 October 2015, Maputo — The Mozambican state could gain as much as $212 billion US dollars in taxes, dividends, bonuses and other payments over the lifetime of the liquefied natural gas (LNG) project in Palma, in the northern province of Cabo Delgado, according to the chairperson of the National Hydrocarbon Company (ENH), Omar Mitha. […] More »

Egypt: First coal-fired electricity plant to be established March 2016

*To cost $3 billion 31 October 2015, Sweetcrude, Cairo – High-level sources in the Ministry of Electricity and Renewable Energy said that the ministry will sign with a UAE company the contract for establishment of the first coal-fired electricity generating station in South Sinai during next March. The sources said that the ministry is currently […] More »

Nigeria to benefit from EDC $10bn investment

31 October 2015, Lagos – Export Development Canada, EDC, Canada’s official trade finance agency, has emphasised its commitment to facilitating business for sub-Saharan Africa by opening a permanent representation in Johannesburg, South Africa. As one of the largest and most progressive export credit agencies in the world, EDC has helped facilitate more than $7.4 billion […] More »

Dwindling revenue: CBN, fiscal authorities restrategise for economic stability

31 October 2015, Abuja – Faced with persistent fall in crude oil prices, Nigeria’s main foreign exchange earner, the Central Bank of Nigeria , CBN, and the fiscal authorities are now meeting to restrategise on how to stave the nation’s economy away from a looming recession. The Governor of CBN, Mr. Godwin Emefiele, told the […] More »

Africa: Big business wakes up to cost of climate change

31 October 2015, London – The mood was upbeat at the Chatham House conference on climate change earlier this week. Five weeks before COP21 in Paris, the 21st round of UN climate talks, the buzzwords in the room included “momentum”, “turning point” and “optimism”. As well as the usual policy wonks, academics and activists, I […] More »

Nigeria: Skye Bank records N129bn gross earnings in Q3 2015

31 October 2015, Lagos – SKYE Bank Plc has announced gross earnings of N129.24 billion for the third quarter ended September 30, 2015, representing an increase of 33.06 percent over the N97.13 billion recorded during the corresponding period in 2014. The bank’s unaudited result submitted on the floor of the Nigeria Stock Exchange yesterday, showed […] More »

Nigeria: Banks to deactivate unregistered accounts

*As BVN deadline expires Friday 31 October 2015, Lagos – Bank customers that are unable to obtain their bank verification numbers (BVNs) before the close of business this Friday would not be able to operate such accounts as the Central Bank of Nigeria (CBN) has ruled out another extension of the deadline, which expires this […] More »

CBN refuses to devalue Naira, plans PAVE

31 October 2015, Abuja – Governor, Central Bank of Nigeria, CBN, Mr. Goodwin Emefiele has restated that the CBN will not devalue the Naira anytime soon to revive the falling economy. He said that the Bank has had to depreciate the currency from N155 to N197 in February, recalling that even President Mohammdu Buhari and […] More »

Court jails oil thieves for 84yrs

31 October 2015, Lagos – Justice Okon Abang of the Federal High Court sitting in Lagos yesterday convicted seven men to 84 years imprisonment for illegal and unlawful dealing in 1,459 metric tonnes of Premium Motor Spirit, popularly called petrol. The court sentenced each of the convicts to a jail term of 12 years each […] More »

Nigerian Content key to national security-Kentebe

30 October 2015, Sweetcrude, Lagos – The successful implementation of the Nigerian Content Act is fundamental to the sustenance of national security because it engages thousands of citizens in productive activities and contributes significantly to the gross domestic product, the Executive Secretary, Nigerian Content Development and Monitoring Board, NCDMB, Mr. Denzil Kentebe has said. Delivering […] More »

Equatorial Guinea expands scope of major crude oil and petroleum tank farm project

*Minister of Mines, Industry and Energy announces the signing of an MoU that significantly expands the scope of the planned Bioko Oil Terminal project 30 October 2015, Sweetcrude/APO, MALABO, Equatorial Guinea — The Ministry of Mines, Industry and Energy, representing the Government of Equatorial Guinea, announced today that it has signed a Memorandum of Understanding […] More »

Renewed Interests in Solid Minerals: Nigerian Government and investors must leapfrog

30 October 2015, Sweetcrude, Abuja – Arriving late in an activity can provide a leapfrogging opportunity for smart entities. Telephony for example, saw Africa joining the world in the era of mobile; circumventing numerous challenges associated with running/maintaining analog telephone systems on a large scale (Europe and America) and thereby leapfrogging into the mobile era. […] More »

NIMASA Inspects Scene of Missing Crew

30 October 2015, Lagos – The management of the Nigerian Maritime Administration and Safety Agency (NIMASA) will continue to put the area, where some crew members were drown following a collision of their ship with another vessel, under surveillance, the Acting Director General, Haruna Baba Jauro has said. The agency, which is the designated authority (DA) in […] More »

PPPRA Issues New Fuel Allocations Despite Payment Worries

30 October 2015, Abuja – The Petroleum Products Pricing Regulatory Agency (PPPRA) has issued allocations for imports of some 1.8 million tonnes of gasoline for the fourth quarter, traders said Thursday, despite concerns over the country’s ability to make good on delayed subsidy payments. The provisional figure, issued individually to companies this week, is on par […] More »

Court stops govt from winding up PHCN

30 October 2015, Lagos – The National Industrial Court, NIC, holding in Abuja, has restrained the Federal Government and 19 others including Distribution Companies, DISCOs, whether by themselves, their agents, proxies or privies, from winding up the Power Holding Company of Nigeria, PHCN, or liquidating its assets. Specifically, the NIC ordered the respondents, jointly or […] More »

Itsekiri groups cautioned against 7-day ultimatum to DESOPADEC

30 October 2015, Effurun—Urhobo and Ijaw youths in Delta State, yesterday at Effurun, Uvwie Local Government Area, cautioned Itsekiri organizations over their seven-day ultimatum to shut the Delta State Oil Producing Areas Development Commission, DESOPADEC, over purported marginalization of the ethnic group. The Urhobo Youth Leaders Association, UYLA, Urhobo Youth Council, Ijaw Youth Leaders Forum, […] More »

Shining light through North Sea gloom

30 October 2015, News Wires – There is a good deal of pessimism surrounding the UK North Sea industry today. However, some companies are bucking the trend, saying they do see a future for the sector. While funding for exploration, appraisal and development is hard to come by, some smaller companies, private equity groups and others […] More »

Devaluation of Naira not an option – Osinbajo

30 October, Abuja – Vice president, Yemi Osinbajo yesterday said that further devaluation of Naira was not a solution to the current economic down turn in the country. He however announces federal government plan to set up $25 b Infrastructural Fund which would be sourced from local and international sources including Nigeria’s Sovereign Wealth Fund. […] More »

Financial market products & services update

30 October 2015, Sweetcrude, Lagos – Local and international financial market products and services update. NIGERIA: The Central Bank of Nigeria, CBN, recent decision to cease its regular mop-up of liquidity from the system, mostly through its open market operations (OMO) instrument, has released a lot of liquidity into the financial system. This is evident […] More »

Ogoni oil spill: Group lambasts Shell over neglect, shoddy clean up

Oscarline Onwuemenyi 30 October 2015, Sweetcrude, Abuja – The Amnesty International (AI) and the Centre for Environment, Human Rights and Development, CEHRD, have announced plans to launch a new report which exposes what they described as Shell’s blatantly false statements about its efforts to clean up oil spills in the Niger Delta next week. According […] More »

‎Despite glut of products, Nigeria’s oil export levels to remain stable

Oscarline Onwuemenyi, with agency reports 30 October 2015, Sweetcrude, Abuja – The total exports of Nigerian crude oil are expected to remain largely stable in December, putting more downward pressure on prices as the fight for buyers intensified among producers of light sweet crudes. Provisional loading programmes show that Nigeria’s export plan for December includes […] More »

Oil falls on US data

30 October 2015 – Crude futures dropped in early Asian trading on Friday after the release of a report showing that US economic growth had slowed sharply, reinforcing concerns about sluggish demand in a world awash with oil. US economic growth braked sharply in the third quarter as businesses cut back on restocking warehouses to […] More »

OPEC daily basket price close at $44.34/b

30 October 2015, Sweetcrude, Vienna, Austria — The price of OPEC basket of twelve crudes stood at 44.34 dollars a barrel on Thursday, compared with $43.20 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 »

Chevron announces successful appraisal of Gulf of Mexico discovery

30 October 2015, Sweetcude, Houston, Texas – Chevron Corporation announced Thursday the successful appraisal of the Anchor discovery in the Lower Tertiary Wilcox Trend in Deepwater Gulf of Mexico. “The positive results of our appraisal work at Anchor indicate a significant discovery of potentially hub class scale,” Jay Johnson, executive vice president Upstream, Chevron Corporation, said, according […] More »

WoodMac: Tax rethink needed in Sub-Saharan Africa

29 October 2015, London – Revisions to how oil and gas companies are taxed may be needed to unlock sub-Saharan Africa’s 48 billion barrels of already-discovered oil, according to the findings from a new study by consulting firm Wood Mackenzie. The findings, released on Wednesday to coincide with Cape Town’s Africa Oil Week, prompted Wood […] More »

Oil Price Fall: Buhari admits policies hurting businesses

29 October 2015, Abuja – President Muhammadu Buhari says in lieu of the fall in oil prices, his government is committed to implementing policies that may hurt operations of some businesses in the short term. President Buhari, however, added that his administration believed that those measures were right for a sustainable economy. President Buhari was speaking […] More »

South Africa: Petrol price could drop by 22c a litre

29 October 2015, Johannesburg – Motorists can expect some relief at petrol pumps next month, thanks to a drop in global oil prices in October, the Automobile Association (AA) said. Commenting on unaudited fuel price data released at month-end by the Central Energy Fund, the AA said the petrol price is showing declines of between 18 […] More »

Shell launches Diesel Extra 50 in Namibia

29 October 2015, Windhoek – Vivo Energy Namibia, the distributor and marketer of Shell products, launched the new Diesel Extra 50 in Namibia on Saturday. The launch was held in the park in Tacoma Street near the headquarters of Vivo Energy and the ribbon cutting ceremony was preceded by a march down Independence Avenue. Light and […] More »

Tullow, Africa Oil to establish Pokot and Turkana conservancies

29 October 2015, Nairobi – Tullow Oil and Africa Oil on Wednesday signed a five-year grant agreement with Turkana and Pokot communities that will establish six community-run conservancies. Tullow Kenya Country Manager Martin Mbogo said the agreement is part of Tullow’s commitment to ensure host communities enjoy long-lasting benefits from the oil and gas investment, while […] More »

African oil producers struggle to adapt as oil prices drop

29 October 2015, News Wires – The big players in Africa’s oil industry are meeting in Cape Town to discuss the ongoing turmoil in the industry. Falling oil prices are not just causing doom but could be beneficial to the continent. You may think it’s all over for Africa. This is a continent that for […] More »

Navy, Army battle oil thieves in Niger Delta

29 October 2015, Port Harcourt — Crude oil theft and illegal refining are a booming business for jobless youths and the main source of pollution in the Niger Delta region. Despite efforts put in place to curtail illegal oil bunkering, the criminal economic activities are rising on a daily basis. As part of effort to stem […] More »

Turkey expresses desire to invest in oil and gas fields in Sudan

29 October 2015, Khartoum — The Turkish State has expressed desire to invest in the fields of gas and oil in Sudan. This came when the Minister of Oil and Gas, Dr. Mohammed Zaid Awad received, at his office, Wednesday, the Turkish Ambassador to Khartoum, describing the Sudanese-Turkish relations as progressing well, referring to the Turkish […] More »

19m barrels of Nigerian crude struggling to find buyers

29 October 2015, Lagos – Around 19 million barrels of Nigerian crude oil for November loading are struggling to find buyers as Asian and Europe refiners have either started looking further ahead or turned to closer and increasingly cheaper crude oil grades. Traders said the surplus cargoes of Nigerian crude oil were slow to clear on […] More »

Angola: Where did all the oil riches go? – Luanda residents

29 October 2015, Luanda – A few years ago, Luanda, the capital of Angola, was on every ambitious investor’s lips. With large infrastructure and housing projects rapidly changing its appearance, the city seemed to be leaving behind the country’s 27-year civil war. But hopes for renewal are slowly dissipating as the price of the commodity on […] More »

Mozambique announces result of oil licensing round

29 October 2015, London — Mozambique’s National Petroleum Institute (INP) has announced the results of the fifth licencing round for exploration and production of hydrocarbons in fifteen blocks. The fifteen blocks on offer cover an area of 74,259 square kilometres. They are located off the northern coast including the Rovuma Basin, the Zambezi Delta and the […] More »

McDermott’s Ghana JV a go

29 October 2015, News Wires – US contractor McDermott has been given the thumbs-up for its joint venture in Ghana with local partner Hydra Offshore to pursue projects. McDermott Marine Construction Ghana Limited (MMCGL), which was formed with Accra-based engineering firm Hydra in late April, won regulatory approval to pursue offshore opportunities, the US player said […] More »

Arco vs Agip: Counsel urges court to enter judgment in favour of claimant

29 October 2015, Lagos – Chief Wole Olanipekun, SAN, leading three other senior advocates in a case instituted by an indigenous oil servicing firm, Arco Group Plc, has said a Federal High Court sitting in Port Harcourt cannot hear argument canvassed by Nigerian Agip Oil Company, NAOC, through his lawyer, Chief Thompson Okpoko, SAN, unless it […] More »

Workers to Buhari: Stop BPE from liquidating assets of defunct PHCN

29 October 2015, Lagos – Workers in the nation’s Power Sector, have petitioned President Muhammadu Buhari, asking him to stop the Bureau of Public Enterprises, BPE, and others from liquidating the remaining assets of the defunct Power Holding Company of Nigeria, PHCN, without addressing pending labour issues. In a petition detailing happenings in the sector from […] More »

NNPC deploys 10m litres of fuel to Northern states

29 October 2015, Abuja – Nigerian National Petroleum Corporation, NNPC, says it had deployed 306 truckloads of Premium Motor Spirit, also known as fuel, which is about 10 million litres of the product, to some northern states in the country. The corporation, in a statement by its Group General Manager, Group Public Affairs Division, Mr. Ohi […] More »

Govt blames energy crisis on population growth

29 October 2015, Abuja – The Federal Government has blamed high population growth for the country’s inability to meet the energy needs of its citizens and business outfits. The Secretary to the Government of the Federation, Mr. Babachi Lawal, who laid the blame in a speech at the inauguration of the Nigeria Energy Calculator developed by […] More »

Ibadan Disco disconnects community for protesting poor power supply

29 October 2015, Lagos – At least 300 residents of Yotomi Golden Estate, in the Ofada, Mowe area of Ogun State, have been thrown into complete darkness. The problem, they say, started after they led a delegation to the manager of the Owode service hub of the Ibadan Electricity Distribution Company, Mr. Kole Olanipekun. They alleged […] More »

Equatorial Guinea promotes new offshore exploration in 2016

*Ministry of Mines, Industry and Energy will launch bidding round in 2016 *Ministry of Mines, Industry and Energy will launch bidding round in 2016 *The Ministry will not extend ExxonMobil Zafiro PSC license upon expiration *Sale of Hess assets to foreign bidders and Noble Energy Carla and Diega developments will not be approved by Government […] More »

AGR to deliver field development support in East Africa

29 October 2015, Sweetcrude, Lagos – Norway headquartered AGR has secured an Agreement to deliver Field Development support in Sudan for Nigerian explorer, Misana Energy Resources (Misana). Misana is part of a consortium that was recently awarded a Production Sharing Contract (PSC) for blocks 25 D & E in the White Nile Province in Southern […] More »

Total to resume South African offshore drilling next year

29 October 2015, Cape Town – French oil major Total is expected to resume drilling offshore South Africa in the second half of 2016, part of a broader campaign to explore in Africa, a senior official said on Wednesday. Total last year stopped drilling off the southern coast of South Africa after experiencing mechanical problems […] More »

Oil dips slightly in early trade

29 October 2015 – Crude futures held on to strong gains in early Asian trading on Thursday, after the US Federal Reserve kept rates unchanged and a weekly government report on oil stockpiles showed an inventory build that was within expectations. US and global oil benchmarks were little changed, having jumped on Wednesday after the […] More »

OPEC daily basket price close at $43.20/b

29 October 2015, Sweetcrude, Vienna, Austria — The price of OPEC basket of twelve crudes stood at 43.20 dollars a barrel on Wednesday, compared with $42.40 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 »

Shell posts Q3 2015 loss on write-downs

*Took charges after scrapping big-ticket projects amid oil price slump 29 October 2015, London — Royal Dutch Shell PLC on Thursday swung to a third-quarter loss after taking chunky write-downs on projects amid a 16-month slump in oil prices. The giant Anglo-Dutch oil company took charges of $7.9 billion in the quarter after scrapping a […] More »