Oil declines as Kuwait to Nigeria boost OPEC crude production

*Iranian oil output climbs 60,000 barrels a day last month *China purchasing managers index drops for 6th month in January 01 February 2016, London — Oil halted its longest run of gains this year as Kuwait and Nigeria helped boost crude production from OPEC, exacerbating a global glut. Futures lost as much as 1.7 percent […] More »

Lower-for-longer view for oil means more deals on the way

*Value of M&A shrank by 17% to $380 billion last year, EY says *Consolidation to be driven by overcapacity, margin pressures 01 February 2016 – Oil and natural-gas acquisitions will increase this year as a collapse in energy prices weakens companies’ finances, forcing them to accept lower valuations from buyers, according to consultants Ernst & […] More »

Nigeria expanding capacity for power delivery – Fashola

01 February 2016, Abuja — The Minister of Power, Works and Housing, Mr Babatunde Fashola, has said the federal government is determined to increase the capacity of transmission stations to achieve optimal power delivery in the country. Fashola said this during a courtesy visit on Gov. Samuel Ortom of Benue State in Makurdi after he […] More »

Wind & sun can power end to Africa’s energy poverty

01 February 2016, Washington, D.C — Nearly two decades into the 21st century, energy poverty continues to cripple Africa’s social and economic development. More than half of the population lacks access to electricity, and businesses that could create jobs are hampered by frequent blackouts. The good news is that governments and investors are committed to improving […] More »

February loading: Nigeria seeks buyers for 15 oil cargoes

01 February 2016, Lagos — As the country is preparing to load about 62 crude oil cargoes for March 2016 delivery, over 15 cargoes of February-loading are still looking for buyers, according to trade sources. Qua Iboe crude was offered by Exxon at a premium to dated Brent of $1.50 a barrel, steady to higher […] More »

Chevron committed to improved education —Haastrup

01 February 2016, Asaba — GENERAL Manager for Policy Government and Public Affairs, Chevron Nigeria Limited, Mr. Deji Haastrup, has reiterated the commitment of Chevron to improve the standard of education in the country through annual national and community scholarship programmes. He called for part of the funds provided by the Chevron/NNPC joint ventures to […] More »

Nigeria seeks $3.5bn World Bank, AfDB loans to fund 2016 budget

*As drop in oil prices takes toll 01 February 2016, London — Nigeria has asked the World Bank and African Development Bank for $3.5 billion in emergency loans to fill a growing gap in the 2016 budget, FT reports. The budget, which is currently being considered by the national assembly, was predicated on $38 per […] More »

Pipeline bombing: Gbaramatu schools, health centres shut as military continues offensive

*As Warri S-West LGC sets up inquiry *CEPEJ cautions against use of military might 01 February 2016, Warri — SCHOOLS, both secondary and primary, as well as health centres, in Okerenkoko, Oporoza, Kurutie, Kunukunumam, Egboba, Benikurukuru, Egwa, Abitte, Tebijoh and other Ijaw communities in Gbaramatu Kingdom, Warri South-West Local Government Area, Delta State, have been […] More »

New tariff will enable DISCOs, GENCOs acquire infrastructure – NERC

Oscarline Onwuemenyi 01 February 2015, Sweetcrude, Abuja – As the new tariff introduced by the Nigerian Electricity Regulatory Commission, NERC, for electricity consumers across the country became effective on today (Monday), the commission said revenue from the new tariff would enable the power distribution, generation and transmission companies to acquire needed infrastructure. The acting Chairman […] More »

Chevron announces first gas from Southwest China project

01 February 2016, Sweetcrude, Lagos – Chevron Corporation has announced that its fully-owned subsidiary, Unocal East China Sea, Ltd, has begun natural gas production from the first stage of the Chuandongbei Project in southwest China. Chuandongbei is one of the largest onshore gas projects developed by an international oil company and a national oil company in […] More »

Crude Oil Swap Contracts: How Reps uncovered the underbelly of govt agencies

01 February 2015, Abuja – To many calculating  the figure-bearing headlines emanating from the ongoing probe by the House of Representatives Ad-hoc Committee on Crude Oil Swap and Oil Processing Agreement (OPA), so much economic attacks and sabotage appear to have been spearheaded by the same agencies and officials of government who were being paid […] More »

Crude Oil Swap contracts: How Reps uncovered the underbelly of govt agencies

31 January 2016, Abuja — To many calculating the figure-bearing headlines emanating from the ongoing probe by the House of Representatives Ad-hoc Committee on Crude Oil Swap and Oil Processing Agreement, OPA, so much economic attacks and sabotage appear to have been spearheaded by the same agencies and officials of government who were being paid […] More »

NLNG earmarks $12m to boost science studies in tertiary institutions

31 January 2016, Lagos — The Nigeria Liquefied Natural Gas Limited said it has earmarked $12 million to provide ultra-modern engineering laboratories in six universities in Nigeria. The Managing Director of NLNG, Babs Omotowa, told the News Agency of Nigeria on Saturday in Lagos that the project involved building, refurbishing and equipping of the laboratories […] More »

Gunmen attack Agip pipeline in Brass LGA, Bayelsa

31 January 2016, Brass — Gunmen suspected to be ex-militants have attacked a crude oil pipeline belonging to Italian Oil giant Eni, also known as Nigeria Agip Oil Company, NAOC, located in the Brass Local Government Area, LGA, of Bayelsa State. Eyewitness account reveals that the pipeline was bombed by some unknown suspects on Thursday […] More »

Nigeria – Kenya oil trade lacks transparency

*Revenues unaccounted for 31 January 2016, Nairobi — As Nigerian President Muhammadu Buhari visits the country, little might be said in public about a yesteryear multi-million-shilling 30,000 barrels of crude oil per day deal that ended up in smoke. This remains one of the most opaque deals ever signed with Nigeria and the whereabouts of barrels […] More »

New Tariff: Customers to determine their bills – PHED

Mkpoikana Udoma -31 January 2016, Sweetcrude,  Port Harcourt – The Port-Harcourt Electricity Distribution Company, PHED, says, as the new electricity tariff comes into effect on Monday February 1, customers would be the ones to determine their final bills based on their actual consumption. Speaking at a quarterly press conference in Port-Harcourt, Rivers State, the Chief Executive […] More »

Stop selling petrol in houses, Kano Fire Service warns black marketeers

30 January 2016, Kano – The Kano State Fire Service on Saturday cautioned black marketeers against selling fuel in or around residential houses in the state. The State Director of the agency, Alhaji Balarabe Kabara, gave the warning in an interview with the News Agency of Nigeria (NAN) in Kano. He said the warning became necessary […] More »

Nigerian Content: Mudiame commissions ultra-modern laboratory, graduates trainees

Oscarline Onwuemenyi 30 January 2016, Sweetcrude, Abuja — Despite the significant drop in the price of crude oil, an indigenous welding company, Mudiame International Limited, recently commissioned an ultra-modern laboratory, a move that has shown the company’s commitment to the development of Nigerian Content. The new laboratory will enable the company carry out destructive and […] More »

Nigeria: Govt orders forensic audit of NNPC, 80 other agencies

*Reveals Excess Crude Account stood at $2.26 billion as at Dec. 2015 Oscarline Onwuemenyi 30 January 2016, Sweetcrude, Abuja — Following the 65th meeting of the Economic Council, NEC, in Abuja, the Federal government has engaged two auditing firms KPMG professionals and SIAO to conduct forensic audit of 81 government revenue generating agencies including the […] More »

Low oil prices: NCDMB commits to protect local companies

Oscarline Onwuemenyi 30 January 2016, Sweetcrude, Abuja — The Nigerian Content Development and Monitoring Board, NCDMB, said it has initiated steps to fashion out strategies that will protect local capacities that had been developed by oil and gas service companies over the past five years of implementing the Nigerian Content Act. The Executive Secretary of […] More »

Tariff hike: Labour to picket power companies on Monday

Oscarline Onwuemenyi 30 January 2016, Sweetcrude, Abuja — The Nigeria Labour Congress, Trade Union Congress of Nigeria and Civil Society Organisations have announced plans to will picket electricity distribution companies across the country on Monday to resist the increase in electricity tariff slated to commence on February 1. The groups described the decision by the […] More »

Ghana: Electricity tariff hike cut to 45 & 50 per cent

30 January 2016, Accra — The government has agreed to reduce the recently upwardly adjusted electricity tariff from 59.2% to 45% and 50%, respectively for two specific categories of consumers. Consumers who fall within the 0 – 50 units band (lifeline), will enjoy the greater relief. They will only now suffer a 45% increase instead […] More »

Nigerdock completes load-out of SONAM NAG, Wellhead Platform

*To boost NNPC/Chevron power improvement efforts 30 January 2016, Lagos — TO improve power supply and support government’s effort to reduce gas flaring, the Nigeria National Petroleum Corporation, and Chevron Nigeria Limited, NNPC/CNL Joint Venture, have announced the completion and load-out of the topside module of the SONAM Non-Associated Gas, NAG, Wellhead Platform project. The […] More »

Nigeria: Kano Fire Service cautions against selling petrol in homes

30 January 2016, Kano — The Kano State Fire Service on Saturday cautioned black marketeers against selling fuel in or around residential houses in the state. The State Director of the agency, Alhaji Balarabe Kabara, gave the warning in an interview with the News Agency of Nigeria, NAN, in Kano. He said the warning became […] More »

Use recovered loot to build refineries, NLC tells govt

30 January 2016, Lagos—The Nigeria Labour Congress, NLC, has called on the Federal Government to use the fund recovered from those who looted the treasury to build refineries in order to meet the country’s energy needs. The union made the call at a stakeholders meeting held in Lagos on fuel subsidy and petrol pricing in Nigeria. […] More »

Chevron hands over assets to Seplat, Belemaoil

30 January 2016, Lagos—Chevron Nigeria Limited (CNL), operator of the joint venture (JV) between the Nigerian National Petroleum Corporation (NNPC) and CNL (the “NNPC/CNL JV) has formally handed over the producing assets in OMLs 53 and 55 to Seplat Petroleum Development Company Plc. (Seplat) and Belemaoil Producing Limited (Belemaoil) respectively Friday in Lagos. A similar […] More »

Oil set for second weekly gain on Russia-led supply cut talk

30 January 2016, Lagos – Global benchmark Brent crude futures rose on Friday, moving nearly eight per cent higher so far this week and set for a second weekly gain. Oil was spurred by hopes of a deal among oil-producing countries to tackle the supply glut. Brent futures have jumped 28 per cent since hitting […] More »

Fraud: Court adjourns Akpobolokemi, others’ trial till Feb 17

30 January 2016, Lagos – A Federal High in Lagos has further adjourned till February 17, 2016 for the Economic and Financial Crimes Commission to open its case against a former  Director-General of the Nigerian Maritime Administration and Safety Agency, Patrick Akpolobokemi, charged with N3.4bn fraud. Akpobolokemi was arraigned on December 3, 2015 alongside nine […] More »

Eko Disco commences enlightenment on new electricity tariff

29 January 2016, Lagos – The management of Eko Electricity Distribution Plc (EKEDP) on Friday said it had commenced the enlightenment of all consumers within its zone on the new electricity tariff. Mr Oladele Amoda, the EKEDP Chief Executive Officer, told the News Agency of Nigeria (NAN) in Lagos that he led a management team […] More »

Nigeria on course with oil audit validation, says NEITI

…2013 oil, gas, solid minerals audit reports ready 29 January 2016, Abuja – Nigeria Extractive Industries Transparency Initiative (NEITI) has confirmed that Nigeria may not default afterall, over the December deadline for publishing of its new 2013 Oil, Gas and Solid Minerals audit reports. Specifically, the NEITI said the two reports are ready and awaiting […] More »

42 ships laden with petroleum products, foods, expected in Lagos

29 January 2016, Lagos – Forty two ships laden with petroleum products, food items and other goods are expected to arrive Apapa and Tin-Can Island ports in Lagos from Jan. 29 to Feb. 23. The Nigerian Ports Authority (NPA) stated this in its publication – `Shipping Position’ – a copy of which was made available to […] More »

Don’t scrap maritime varsity, Aginighan appeals to govt

29 January 2016, Port Harcourt – Former Acting Managing Director of Niger Delta Development Commission (NDDC), Power Ziakede Aginighan has appealed to the Minister of Transportation, Rotimi Amaechi not to scrap the Nigeria Maritime University. .According to Aginighan, scrapping the University has the potential to alter peace in the Niger Delta region. In a statement issued […] More »

N-Delta militancy fuelled by non-clean up of Ogoniland —Buhari

29 November 2016, Abuja – President Muhammadu Buhari, yesterday, in Nairobi, Kenya, said that non-clean up of oil spillages in the Niger Delta especially in Ogoniland, was responsible for the militancy the region witnessed in times past. The president consequently vowed to clean up the land by implementing the United Nations Environmental Programme, UNEP’s recommendations to […] More »

Fire guts Ketu market, filling station

29 January 2015, Lagos – Fire Thursday swept through some parts of Lagos, wreaking havoc in Ketu and Lawanson. Some sections of the Jakande Market in Ketu were destroyed by the fire. The MRS Filling Station in Lawanson, Surulere went up in flames when a tanker exploded while about discharging fuel. The Ketu fire, which […] More »

Firm introduces alternative power supply for manufacturing sector

29 January 2015, Lagos – Powergas Africa Limited is set to change the fortunes of manufacturing firms throughout sub-Saharan Africa. Headed by Mr. Deepak Khilnani, the Company’s ‘Gas on Wheels’ service is providing firms with a real alternative to dirty and expensive diesel fuel, offering the region’s manufacturing sector a new lease of life. Speaking on the […] More »

nergy commission, NBTI to partner on commercialisation of research products

29 January 2016, Abuja – The Energy Commission of Nigeria (ECN) said it would collaborate with the National Board for Technology Incubation (NBTI) to commercialise its research and development products nationwide. Prof. Jere Bala, the Director-General of the commission, said this in an interview with the News Agency of Nigeria (NAN) on Thursday in Abuja. He […] More »

Firm takes delivery of LNG vessel

29 January 2016, Lagos – Evergas’ latest addition to its fleet, the 3rd ‘dragon class’ 27.500 cbm multigas LNG carrier in a series of eight has been successfully named at a ceremony at the Sinopacific Offshore & Engineering (SOE) shipyard in Qidong, China. The state-of-the-art carrier was named JS INEOS INTREPID. The vessel bears a distinct dragon symbolizing its […] More »

Nigeria: Chevron concludes handover of OMLs 53 & 55

*Reiterates commitment to Nigerian Content 29 January 2016, Sweetcrude, Lagos — Chevron Nigeria Limited, CNL, operator of the joint venture, JV, between the Nigerian National Petroleum Corporation, NNPC, and CNL (the “NNPC/CNL JV) has formally handed over the producing assets in OMLs 53 and 55 to Seplat Petroleum Development Company Plc. (Seplat) and Belemaoil Producing […] More »

Sterling withdraws from Mauritania block

29 January 2016 — Sterling Energy Mauritania Limited has submitted a notice of withdrawal to its joint venture partners in relation to Block C-3, offshore Mauritania, following newly acquired and processed regional 2D seismic in the region. As part of the withdrawal, SEML will assign its entire 40.5 percent participating interest in the production sharing […] More »

Nigeria: New electricity tariff to begin on Monday – NERC

*New MYTO based on 100% metering of customers Oscarline Onwuemenyi 29 January 2016, Sweetcrude, Abuja — The Nigerian Electricity Regulatory Commission, NERC, has announced that new tariffs approved for electricity consumers across the country will become effective on Monday. The acting Chairman of NERC, Dr. Anthony Akah, who said this when he led top executives […] More »

Oil price slump: Devaluation will kill Naira, Buhari insists

*Says it’ll bring hardship on poor Nigerians *Says BDCs are scam, drain on economy Oscarline Onwuemenyi 29 January 2016, Sweetcrude, Abuja — President Muhammadu Buhari has declared that he was yet to be convinced that Nigeria and its people will derive any tangible benefit from an official devaluation of the Naira. The president who was […] More »

Chinese gas demand to rise 7.3% in 2016

29 January 2016, Sweetcrude, Lagos — Demand for natural gas in China is expected to rise in 2016 mainly due to price cut initiated by the state planner. World’s second biggest economy consumed 191 billion cubic meters (bcm) of natural gas in 2015, up only 3.7 percent on year, Xinhua Finance Agency said citing a […] More »

OPEC: Iran a challenge to any deal on oil cuts

29 January 2016, London/Dubai — Iran, boosting oil exports after the lifting of sanctions, is talking of a need to recoup its market share, making the OPEC member a challenge to any deal among producers to fix a supply glut, OPEC sources said on Thursday. Russian officials have decided they should talk to Saudi Arabia […] More »

Oil price: ‘rumours could move market 15 per cent’

*Russia floats idea of supply cuts coordinated across OPEC, pushing prices above $35 29 January 2016, London — The oil price surged nearly eight per cent to above $35 a barrel yesterday, ending a fourth consecutive session higher and heading for its second consecutive week of gains, as speculation grew over a deal to cut […] More »

Financial market products & services update

29 January 2016, Sweetcrude, Houston — Local and international financial market products and services update. NIGERIA: Nigeria’s President Muhammadu Buhari stood firm in rejecting calls to devalue the currency of Africa’s top oil producer, saying that he wouldn’t “kill the naira.” Letting the currency fall would only result in higher inflation and cause hardship for […] More »

OPEC daily basket price close at $28.28/b

29 January 2016, Sweetcrude, Vienna, Austria — The price of OPEC basket of thirteen crudes stood at $28.28 a barrel on Thursday, compared with $26.40 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), Minas […] More »

I won’t devalue Naira, Buhari insists

29 January 2016, Abuja – President Muhammadu Buhari has stated their further devaluation of Naira would kill the currency, insisting that it was one decision he was not ready to take at the moment. The president said he was not also ready to inflict more hardship on the poor citizens of Nigeria who have already […] More »

Govt already taking wrong steps on power, says Labour

29 January 2015, Lagos – Mr Joe Ajaero, General Secretary of the National Union of Electricity Employees, NUEE, wherein he spoke on the power distribution companies, DISCOs, and who he said are shortchanging Nigerians. The second part was published earlier.   In this, Ajaero speaks on, among others, issues of pre-paid metres, service charge among […] More »

Why solar projects fail in Nigeria – Study

Oscarline Onwuemenyi 29 January 2016, Sweetcrude, Abuja  – A recent study on renewable energy in Nigeria has revealed that many solar energy projects in the continent fail because they lack proper planning and long-term government support. The study, published recently in Renewable Energy, sought to find out why solar power is failing to deliver cheap energy […] More »

Nigerian Content: Firm graduates 28 technical trainees

Oscarline Onwuemenyi 29 January 2016, Sweetcrude, Abuja – Oilserv Limited, an oil and gas service company with expertise in pipelines and flowlines, has completed the training of 28 Nigerian youths in auto-welding, manual welding and fitting and rigging activities as part of its technical training scheme. Other focus areas of the scheme included basic equipment maintenance, […] More »