UK detectives in Nigeria for Alison-Madueke’s case

*Ex-minister’s accounts frozen 31 May 2016, Abuja — As part of the ongoing probe and preparation for the arraignment of a former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, some investigators from the United Kingdom have visited Nigeria to gather evidence. The ex-minister is under investigation over the missing $20billion oil cash, phoney crude oil […] More »

Estblishment of National Shipping Line underway – Amaechi

31 May 2016, Lagos – Minister of Transportation, Chibuike Rotimi Amaechi says the Federal Government is marshalling out ways of encouraging the establishment of a National Shipping Line to ensure maximum exploitation of the potentials in the maritime industry. Amaechi also said the Federal government is making efforts at improving business in the country’s maritime sector especially […] More »

Senate To Debate NEITI Report, Says Saraki

31 May 2016, Abuja – The President of the Senate, Dr. Abubakar Bukola Saraki, on Tuesday said that the Senate would debate the 2013 Audit Report of the Nigeria Extractive Industry Transparency Initiative (NEITI) in view of the mind boggling revelations of mismanagement contained therein. Saraki, according to a statement in Abuja by his Chief Press […] More »

Nigeria to refine 1.3mbpd of oil for consumption by 2023

31 May 2016, Abuja – The International Institute for Petroleum Energy Law and Policy (IIPELP) has said Nigeria would refine up to 1.3 million barrels of crude oil daily (mbpd) by 2023 to meet the fuel demand of her growing population. IIPELP, an energy law and policy think-tank disclosed this in its recent policy analysis and […] More »

Power crippled by sundry problems

31 May 2016, Abuja – The power sector in the first year of Muhammadu Buhari’s presidency was stunted by sundry challenges, even as the authorities continued to set unrealistic targets, writes Chineme Okafor Electricity has become a part of modern life and one cannot think of a world without it. Access to affordable electricity is an […] More »

Low oil prices, militancy mar Buhari’s first year

31 May 2016, Lagos -With the upsurge in attacks on oil and gas installations plunging Nigeria’s oil production to a 20-year low, and low oil price environment, Ejiofor Alike writes that there was little or nothing to celebrate in the country’s energy sector during President Muhammadu Buhari’s first year in office With his sound knowledge […] More »

Lagos’ Aje oilfield produces in excess of 10,000 bpd

31 May 2016, Lagos – The two wells in Aje oil field located in Oil Mining Lease (OML) 113, offshore Lagos, have tested in excess of 10,000 barrels of oil equivalent per day, Panoro Energy, an independent oil and gas company based in the United Kingdom, has announced. After spending over two decades exploring for hydrocarbon […] More »

Solid minerals exported without permits – NEITI

31 May 2016, Abuja – An independent audit of the operational processes and financial payments to Nigeria from companies that mine her solid mineral resources has shown that more of the country’s minerals were exported from her shores without legal permits. The report explained that while it is statutory that companies obtain regularly permits from the […] More »

Ikeja Electric urges higher safety precautions during rainy season

31 May 2016, Lagos – Ikeja Electric has called on residents and consumers within its network to adopt higher safety precautionary measures during the rainy season, in order to prevent electricity-related accidents. According to the company, the rainy season, a period which is marked by increased rainfall, thunderstorms, high winds and floods, often witnesses an escalation […] More »

Marketers defy govt, sell petrol above official ex-depot price

31 May 2016, Lagos – Despite federal government’s recent increase of the price of petrol to reflect the high cost of foreign exchange used in the importation of the product, some marketers and depot owners have defied government’s directive by selling above the official ex-depot price, THISDAY’s investigation has revealed. The high ex-depot price, it was […] More »

Access to renewable, clean energy necessary for sustainable development – UNDP

31 May 2016, Abuja – The United Nations Development Programme is supporting the training of women and youths in a community in Abuja in the fabrication of energy energy-efficient fuel wood stoves under the Access to Clean Energy partnership with the Energy Commission of Nigeria. Country Representative of UNDP, Dr.Pa Lamin Beyai says energy access […] More »

Power sector loses N2bn daily, more turbines pack up

31 May 2016, Lagos – The power sector has been losing an average of N2bn daily since the resurgence of pipeline bombings by militants in the Niger Delta, latest electricity supply statistics have shown. This is coming as the number of functional gas-fired power generating turbines across the country has dropped from 50 that were operational […] More »

Nigeria risks losing oil buyers to Iran, S’Arabia

31 May 2016, Lagos – Nigeria, which recently lost its Africa’s top oil producer status to Angola on the back of huge decline in its output, stands a chance of losing some of its traditional buyers to rival producers such as Iran and Saudi Arabia, industry experts have said. Following the spate of production disruptions largely […] More »

Stock market lost N1.732tn in one year under Buhari

31May 2016, Lagos –  The Nigerian stock market crashed by N1.732tn within one year of the Muhammadu Buhari-led Federal Government. The Nigerian Stock Exchange data showed that the NSE market capitalisation on May 28, 2015 was N11.658tn, while that of May 27, 2016 was N9.926tn. Market capitalisation is the total market value of the shares […] More »

Nigeria: Govt tinkers master-plan for exploration of solid minerals

31 May 2016, Lagos — President Muhammadu Buhari says the government would soon roll out a master plan for the exploration of the 44 solid minerals identified to be available in commercial quantity in the country. It is part of efforts to fully develop the solid minerals sector, which the government has declared the new […] More »

Oil price: Nigeria loses $45.9m revenue in April

Oscarline Onwuemenyi 31 May 2016, Sweetcrude, Abuja — Nigeria recorded a revenue loss of $45.9 million in April, according to Minister for Finance,  Mrs. Kemi Adesun. The revenue loss was as a result of the drop in the average price of crude oil from $39.04 in December 2015 to $29.02 in January this year, the minister […] More »

Nigeria loses N13bn to oil theft, vandalism in one month

31 May 2016, Abuja — Nigeria has lost N12.566 billion in one month due to petroleum products theft and vandalism of the facilities of the Nigerian National Petroleum Corporation, NNPC. Giving a breakdown of the losses, the NNPC, in its Monthly Financial and Operations Report for March 2016, disclosed that crude oil loss amounted to […] More »

Nigeria: Govt deploys 5 warships, 100 gunboats, fighter jets to Delta creeks

31 May 2016, Warri — The federal government, yesterday, deployed an armada of five warships, 100 gunboats and fighter jets to the creeks of the Niger Delta, in response to the continued bombing of oil and gas pipelines by Niger Delta Avengers, NDA. This heightened tension in the coastal communities of Southern Ijaw Local Government […] More »

Financial market products & services update

31 May 2016, Sweetcrude, Houston — Local and international financial market products and services update. NIGERIA: The Nigerian Customs department announced today it will begin to use the rate of N285 to the dollar for the calculation of duty on all imports from Wednesday, June 1, 2016. FX: The CBN weekly Special intervention was held […] More »

Power: PwC report identifies ways to achieve UN 2030 target

31 May 2016, Lagos — Global auditing firm, PriceWaterhouseCoopers, PwC, has in its latest report identified ways to achieve the United Nations 2030 target of electricity for all. The report titled, ‘Electricity Beyond the Grid: Accelerating Access to Sustainable Power for All’, says a new approach is needed that better recognises the part that off-grid […] More »

OPEC daily basket price close at $44.80/b

31 May 2016, Sweetcrude, Vienna, Austria — The price of OPEC basket of thirteen crudes stood at $44.80 a barrel on Monday, compared with $44.76 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), Minas […] More »

Global low-density polyethylene capacity will grow to 34.2 mtpa – GlobalData

31 May 2016, Sweetcrude, London – Global Low-Density Polyethylene (LDPE) capacity could see considerable growth over the next five years, with announced planned projects increasing in capacity from 26.2 million tons per annum (mtpa) in 2015 to 34.2 mtpa by 2020, according to research and consulting firm GlobalData. The company’s latest report* states that 27 […] More »

‎Avengers: Nigerian military invades more Delta communities

Kunle Kalejaye 31 May 2016, Sweetcrude, Lagos — The Joint Military Task Force, codenamed “Operations Pulo Shield”, in the wee hours of Monday invaded more Ijaw communities in search of vandals and militants responsible for the bombing of oil and gas facilities in Delta State. The communities according to reports include Benikrukru, Kokodiagbene, Kurutie and […] More »

NIMASA to undergo major reforms – Dr. Peterside

*Reiterates commitment to maritime capacity building Kunle Kalejaye 31 May 2016, Sweetcrude, Lagos — The Nigerian Maritime Administration and Safety Agency, NIMASA, will undergo major reforms in the next one year to boast it’s capacity to drive the growth and development of the Nigerian maritime industry. The Agency’s Director General, Dr. Dakuku Peterside who stated […] More »

23rd Africa Oil Week/Africa Upstream 2016, Cape Town – 31st Oct. – 4th Nov. 2016

“Meet Governments and Corporate Players shaping Africa’s Oil, Gas-LNG Game” 31 May 2016, Sweetcrude, London, United Kingdom — Global Pacific & Partners with ITE Group will host the 23rd Annual Africa Oil Week/Africa Upstream 2016 Conference (http://ift.tt/1KXngol) over 31st October-4th November 2016, at the Cape Town International Convention Centre, South Africa. Our landmark Africa Oil […] More »

NIMASA woos Norwegian govt for ‘mutually beneficial partnership’

Kunle Kalejaye 31 May 2016, Sweetcrude, Lagos — The Nigerian Maritime Administration and Safety Agency, NIMASA,‎ is eager to partner with the Norwegian government for mutual benefit that would propel the growth and development of the maritime industry in Nigeria. The Director General of NIMASA, Dr. Dakuku Peterside, stated this as he played host to the […] More »

Shell CEO warns renewables shift could spell end if too swift

31 May 2016, Hague — Royal Dutch Shell cannot switch too quickly to producing renewable energy without risking its dividend payments and even its very existence, the oil and gas group’s chief executive warned. Major investors, including Dutch pension fund PGGM, have criticized Shell’s climate change policy in recent months, saying it should do more […] More »

Egypt to increase gas production to 6bcf/d

31 May 2016, Cairo — Egypt will increase its natural gas production to between 5.5 and 6 billion cubic feet per day, BCF/d, by the end of 2019, up from the current 3.9 billion cubic feet per day. Oil Minister Tarek El Molla stated this, saying the country currently has 12 natural gas field development […] More »

Nigeria’s insurance sector joins top 10 in Africa

31 May 2016, Abuja — Nigeria has emerged one of the top insurance markets in Africa, ranking third with an over-all premium income of N386 billion (over $1billion). The insurance market in the continent as dominated by South Africa continues to dominate the continent’s insurance market, with its Life and Non- Life Insurance Premiums dominating […] More »

Fashola laments state of Oji River power plant

31 May 2016, Sweetcrude, Abuja – Minister of Power, Works and Housing, Mr. Babatunde Fashola, has lamented the poor state of the Oji River coal power plant in Enugu, expressing displeasure that most of its operating parts had been dismantled. He spoke at the memorandum of understanding, MoU, signing ceremony for a $9 million per year […] More »

AfDB targets 2025 for universal electricity access in Africa

Oscarline Onwuemenyi 31 May 2016, Sweetcrude, Abuja –  The African Development Bank, AfDB, has again set an ambitious goal to help the continent achieve universal electricity access by 2025, with a strong focus on encouraging clean and renewable energy solutions. To achieve this goal, it is estimated that needed investment in the energy sector will range […] More »

Kenya increases capacity of pipeline to transport fuel

30 May 2016, Nairobi – Refined fuel exports from Kenya to Uganda and northern Tanzania and other parts of the region are expected to rise with the completion of a new pipeline. A 10-inch pipeline valued a $57 million, has been designed to deliver higher volumes of fuel to the Kenya Pipeline Company’s Kisumu depot on […] More »

Sasol embarks on new drilling in Mozambique

30 May 2016, Maputo –  The South African petro-chemical giant Sasol has announced that on Thursday it began to drill its first well under its field development plan (FDP) for the Production Sharing Agreement (PSA) in the southern Mozambican province of Inhambane. The FDP was approved by the Mozambican government in January. Sasol already operates […] More »

Namibia: June fuel increases to hit consumers hard

30 May 2016, Windhoek — Consumers who are already facing massive increases in food prices can brace for more shocks as a rise in fuel prices is sure to push up expenses even more. The Ministry of Mines and Energy on Friday confirmed that as of Wednesday, June 01, petrol prices will increase by 60 cents […] More »

Tanzania: Jet fuel supplier put on hold

30 May 2016, Dar es Salaam – The government has suspended the supplier of the contaminated jet fuel and directed the concerned company to immediately start cleaning all the tanks and pipes of the affected oil companies in the country. Energy and Minerals Minister Professor Sospeter Muhongo issued the directive in Dar es Salaam yesterday, ordering […] More »

Africa refuses to go green, wants fossil fuels

30 May 2016, News Wires – African countries face new hurdles in their quest to turn on the lights for about 621 million people as global financiers become increasingly reluctant to fund non-renewable energy projects. It is becoming increasingly difficult for African countries to obtain financing from both the public and private sectors, particularly for coal […] More »

Navy arrests five suspected vandals, recover smuggled petrol

30 May 2016, Lagos – Operatives of the Nigerian Navy Ship (NNS) have arrested five foreigners suspected to be pipeline vandals with several 25 litres jerry cans laden with Premium Motor Spirit (PMS). The suspects – Agbotou Firmin, Sohe Soule, Gbenou Daniel, Dosspu Vigor and Sodohe Olivier, all Beninnois, were arrested on May 25, but handed […] More »

Firm makes case for improved marine safety

30 May 2016, Lagos – Poor maritime safety in the country could be responsible for the upsurge in sea piracy and other related crimes, Tosan Harriman, Chief Executive Officer, Neptune Marine Services has said. Neptune which prides itself as a leader in the sector having been in existence as a going concern for over 60years, supplies […] More »

With low oil output, prospect of fulfilling campaign promises challenged – Ngige

30 May 2016, Abuja – The federal government yesterday said the prospect of the All Progressives Congress (APC)-led government fulfilling its campaign promises faces a great challenge following Nigeria’s low output of oil production brought about by the recent bombings of oil facilities by the Niger Delta Avengers in the oil region. The Minister of Labour […] More »

Plummeting oil prices: LNG price slumps by over 50%

30 May 2016, Lagos – The plummeting prices of crude oil have taken a toll on the price of Liquefied Natural Gas (LNG) in the international market as the latter also slumped by over 50 per cent due to the correlation between the prices of the two products. THISDAY gathered that LNG buyers in Europe, who […] More »

Conoil enjoins Nigerians to be hopeful

30 May 2016, Lagos – Frontline petroleum products marketer, Conoil, has enjoined Nigerians to keep hope alive while calling for unity and understanding on the 17th anniversary of democratic rule in the country. In its message of hope to Nigerians, Conoil noted that Nigeria has indeed come a long way and made notable progress since the […] More »

BoI commissions N32m solar power system in Kaduna

30 May 2016, Abuja – The Bank of Industry (BoI) has commissioned a N32 million- micro grid solar system in Charwa/Chakun, an off-grid community in Markafi Local Government Area of Kaduna State. The commissioning of the 24 kilowatt (KW)-stand alone solar electrification project developed was the last of the sixth pilot programme executed by the development […] More »

Unabating sleaze in the oil sector

30 May 2016, Lagos – The 2013 audit report of financial and process activities in Nigeria’s oil industry which the Nigeria Extractive Industries Transparency Initiative (NEITI) released last Monday shows nothing has really changed in the way Nigeria runs her oil industry. Chineme Okafor reviews the report “It is important to re-state that these reports covered […] More »

Nigeria should honour its agreements – Omotowa

30 May 2016, Lagos – Managing Director of Nigeria LNG Limited, Mr. Babs Omotowa spoke to Ejiofor Alike on the changing dynamics in the global liquefied natural gas market, positing that for Nigeria to succeed in her current drive to attract foreign investments, she must honour existing agreements with investors to assure others of the stability of the […] More »

Attacks on oil facilities: Tompolo calls on militants to ceasefire

30 May 2016, Abuja – The ex-militants leader, High Chief Government Ekpemupolo (Tompolo), yesterday called on the new militant group, the Niger Delta Avengers, to put an end to its attacks on oil facilities, saying it would not do the nation any good, especially at this critical period of the country’s economy. In a statement titled: […] More »

Troops avert attacks on oil pipelines in Bayelsa – Army

30 May 2016, Abuja – The Nigerian Army says its troops on Sunday averted attacks on oil pipelines located at Gulobokri and Eweleso communities in Brass Local Government Area of Bayelsa. The acting Director of Army Public Relations, Col. Sani Usman confirmed this in a statement issued in Abuja. Usman said the attack was averted by […] More »

Investments in oil & gas free zones hit N14.8trn

30 May 2016, Lagos – Investments in the Oil and Gas Free Zones across the country hit N14.8 trillion as at March, 2016, with Integrated Logistics Limited leading with an investment of more than N10 trillion. Managing Director of Oil and Gas Free Zones Authority, Mr. Victor Alabo, who disclosed this to Vangaurd, said players in […] More »

Why petrol will exceed N200/litre this year, unless…

30 May 2016, Lagos – The Honorable Minister for Petroleum Resources, Mr Ibe Kachikwu, recently, announced a new petrol price of N145/litre; the NNPC GMD, was however, clearly cautious to avoid a definite declaration that the petroleum downstream sector has now become fully deregulated with the almost 60% increase in petrol price; nonetheless, this seeming dictatorship […] More »

Stock market set to hit N10trn mark

30 May 2016, Lagos – The Nigerian Stock Exchange (NSE) is set to hit the N10 trillion mark this week, in continuation of the superlative performance which greeted the decision of the Central Bank for Nigeria (CBN) to introduce a flexible exchange rate. Last week, total value of shares listed on the NSE, or market capitalisation, […] More »

UNEP Report implementation’ll reduce crime —Minister

30 May 2016, Abuja – Abuja—Minister of Environment, Mrs Amina Mohammed, has said that the implementation of the United Nations Environment Report, UNEP, will reduce crime and violence in Ogoni area of Rivers State. Mohammed said this when she inspected the site of the flag-off of the implementation of the Report at Numuu-Tekuru, Bodo, Gokana Local […] More »