East Africa: Oil jetty to revolutionise petroleum flow

31 July 2016, Kisumu — Kenya Pipeline Company has completed the construction of a parallel pipeline from Sinendet to Kisumu expected to enhance petroleum product availability in the Western region. Addressing the press, Company Corporate Communications Manager Jason Nyantino said the 112 km, 10-inch pipeline runs parallel to the previous 6-inch pipeline. “It is going […] More »

Nigeria: Govt, MEND strike deal to end N-Delta crisis

*Henry Okah, Charles Okah, Obi Nwabueze may be freed *Nnamdi Kanu, others to get freedom if they renounce Biafra *Tompolo off the hook if he cooperates *Niger Delta Avengers gets last chance to stop bombing or… 31 July 2016, Abuja — The Movement for the Emancipation of the Niger Delta, MEND, and the Federal Government, […] More »

TCN Management Returns to FG as Manitoba Exits

31 July 2016, Abuja – The federal government has resumed the management of Transmission Company of Nigeria (TCN), following the completion of a four-year management contract by Manitoba Hydro International (MHI), Canadian power firm. THISDAY gathered yesterday in Abuja that MHI finally handed over the affairs of TCN to the government on Friday, having failed […] More »

Oil rout erodes second-quarter profits for U.S. majors Exxon, Chevron

*Chevron headquarters, downtown-Houston. 31 July 2016, Houston — Chevron Corp (CVX.N) posted its worst quarterly loss since 2001 on Friday and Exxon Mobil Corp (XOM.N) reported a 59 percent slide in profit, as the long crude price rout and tumbling refining income inflicted pain across the energy sector. The weak results from two of the […] More »

Nigeria govt, SNEPCo explore health partnership opportunities

31 July 2016, Sweetcrude, Lagos, Nigeria — The Federal Ministry of Health and Shell Nigeria Exploration and Production Company, SNEPCo, are exploring partnership opportunities in healthcare delivery. At a just-concluded Health Concepts Validation Exercise organised by SNEPCo in Lagos, the Minister of Health, Prof. Isaac Adewole identified potential areas of collaboration in the delivery of […] More »

NERC appeals court’s decision voiding hike in electricity tariff

31 July 2016, Lagos – The Nigerian Electricity Regulatory Commission (NERC) has filed a Notice of Appeal against the Judgment of a Federal High Court in Lagos, which voided its prerogative to increase or regulate electricity tariffs in Nigeria. Justice Mohammed Idris in his judgment delivered on July 13, 2016 declared as null and void any […] More »

Taxing times: why Russian pump prices rise as oil prices fall

31 July 2016, Moscow — The global economic slowdown has hurt millions of households, but has at least had a silver lining: with oil prices falling, the cost of filling up a vehicle with fuel has dropped. Except, that is, in Russia. While in the past two years world oil prices have fallen 60 percent […] More »

IPMAN denies N10.9bn alleged subsidy scam

31 July 2016, Abuja – The Managing Director of IPMAN Investment Limited, Mr Tunji Adeniji, has exonerated its company over reports of alleged N10.9 billion subsidy scam credited to a factional president of IPMAN, Elder Chinedu Okoronkwo. In a statement made available to Vanguard after the IPMAN NEC meeting in Abuja, the allegation was described as […] More »

Ijaw leaders to militants – don’t declare republic of N-Delta

31 July 2016, Warri — ELDERS and Leaders of Thoughts of Ijaw ethnic nationality in the Niger Delta region of Nigeria, weekend, warned Ijaw militants against their vow to declare the republic of Niger-Delta, saying that what Ijaw nation wants is true federalism. Ijaw leaders at a consultative meeting in Warri, Delta State, hosted by […] More »

Army to move troops, heavy military weapons in S-South

31 July 2016, Abuja — The Nigerian Army said last night that its training exercise for the Niger Delta code named “EXERCISE CROCODILE SMILE” in 82 Division and part of 2 Division areas of responsibility traversing the South-South geopolitical region will commence this weekend. “The general public is please requested not to panic on the […] More »

Fight for survival returns to Europe’s battle-hardened refineries

31 July 2016, London — Energy companies’ lifeline during the rout in oil prices – refining and downstream – has withered but the fall in margins is hardly a surprise for European refiners, which are turning again to survival strategies honed during the tough years. Results this week from integrated oil majors including Shell, Total, […] More »

Tanzania: Dangote plant fined Sh15m for polluting

31 July 2016, Dar es Salaam — THE National Environmental Council, NEMC, has ordered the Dangote Industrial Limited to pay a fine of 15m/- for contravening the Environmental Management Act, 2004 and its regulations. The Deputy Minister of State in the Vice-President’s Office, Union and Environment, Luhaga Mpina, penalised the Mtwara based cement industry on […] More »

Nigeria: Shell to lose 35,000b/d oil for 3-months over attacks

31 July 2016, Lagos — Royal Dutch Shell says its oil production in Nigeria will fall by 35,000 barrels per day in the third quarter of 2016 due to sabotage incidents and scheduled repairs. Shell, Nigeria’s oldest energy company, stated this in its second quarter 2016 financial results, warning that its earnings could be further […] More »

IPMAN investment denies N10. 9bn alleged subsidy scam

31 July 2016, Lagos — The Managing Director of IPMAN Investment Limited, Mr. Tunji Adeniji, has exonerated its company over reports of alleged N10.9 billion subsidy scam credited to the president of a faction of IPMAN, Elder Chinedu Okoronkwo. In a statement made available after the IPMAN NEC meeting in Abuja, the allegation was described […] More »

Eni Nigeria loses 13,000bpd of crude oil in six months

Ike Amos 30 July 2016, Sweetcrude, Abuja — The resurgence of violence in the Niger Delta has started to take its toll on oil and gas companies in Nigeria, as Eni disclosed‎ that it lost 13,000 barrels of crude oil equivalent per day in the first half of 2016. Chief Executive Officer of Eni, Claudio […] More »

Nigeria: Lagos begins first crude oil export August

30 July 2016, Abuja — All is now set for the first crude oil lifting for export from the Aje field, offshore Lagos, Nigeria, by the end of August following the commissioning of a production and storage vessel for the crude. The news follows the declaration by governor Akinwunmi Ambode in May, that Lagos has […] More »

A truly powerful upgrade in Egypt: More electricity, less fuel, lower cost

30 July 2016, Cairo — GE has completed an upgrade at the Nubaria power plant in Egypt that is being implemented for the first time in the Middle East and African, and the third time globally. The upgrade was implemented on two GE heavy duty 9FA gas turbines that will help Egypt boost power generating […] More »

NBET, TCN get $473m facility from AfDB to boost power supply

“We are expecting that at end of the year, our generation capacity will be over 6,000mw by the end of 2016; 10000mw in 2019 and 30,000mw in 2030,” Fashola noted. More »

Vandalism: Nigeria’s oil sector growth falls by 1.89 percent

According to the bureau, the oil sector contributed 10.29 per cent of the total GDP, marginally lower from the share recorded in the corresponding period of 2015, yet higher from the share in fourth quarter of 2015 by 2.24 per cent points. More »

Power: Nigerian govt to enforce energy conservation in national building code

Fashola also emphasised the need to collate effective and reliable data on energy usage in the country even as the sector moves to the next stage on the newly-launched Roadmap for Power, which is stable power supply. More »

Nigeria approves solar energy sale price

A team of solar developers comprising 14 pioneers are collectively expected to generate 1,125MW of electricity, which will be distributed to the grid through a stepped down transmission network to enable them to minimise levels of transmission losses. More »

Nigeria’s revenue from oil, gas drops to N186bn in one month

30 July 2016, Sweetcrude, Abuja — Nigeria’s earning from the oil and gas sector dropped slightly by 0.48 per cent to N185.8 billion in the month of May 2016, according to data obtained from the Central Bank of Nigeria, CBN. The CBN, in its Economic Report for May 2016, disclosed that oil revenue declined by […] More »

Abuja – Kaduna railway: ‘Beginning of inter modal transport revolution’ – Peterside

Kunle Kalejaye 30 July 2016, Sweetcrude, Lagos — The Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA) Dr. Dakuku Peterside has described the inauguration of the Abuja-Kaduna rail services as the beginning of a revolution in Nigeria’s quest for an inter-modal transport system. Dr. Peterside who spoke to journalists at the venue of […] More »

Militancy: Nigerian govt ‘can’t rule out force’ if dialogue fails

On the possibility of using force if talks between the government and militants break down, Minister of Defence, Mansur Dan-Ali, said: "It cannot be ruled out." More »

Hostcom to build 10 refineries in oil-producing communities

Ike Amos 29 July 2016, Sweetcrude, Abuja — Oil-producing communities, under the auspices of Host Communities of Nigeria, Producing Oil, and Gas has announced plans to construct a minimum of 10 modular refineries in each of the 10 oil-producing states in Nigeria. According to a statement by National Chairman of HOSTCOM, Mr. Mike Emuh, disclosed […] More »

Seplat loses $61m as Forcados remains shut

*Production down by 21% Kunle Kalejaye 29 July 2016, Sweetcrude, Lagos — Seplat, an independent indigenous Nigerian oil exploration, and production company posted an after-tax lose of $61 million sequel to the shut-in and suspension of oil export at the Forcados terminal. In mid-February 2016, militants in Nigeria’s oil-rich region, Niger Delta blew up pipeline […] More »

Tanzania: UNDP donates $221m for solar power project

29 July 2016, Kilombero — The United Nations Development Programme (UNDP) has donated Sh221 million to sponsor a solar energy project for Mofu Village in Kilombero District. The Kilombero Valley and Development organisation (Kivedo) Director, Hamza Kaposa, told The Citizen the one-year solar energy project will also deal with irrigation and drilling deep wells to […] More »

Navy blocks escape route of pipeline vandals in Lagos

29 July 2016, Lagos – The Nigerian Navy on Friday said it had successfully blocked all escape routes of the pipeline vandals in the Arepo, Ikorodu areas of Lagos. The Flag Officer Commanding, Western Naval Command, Rear Admiral Fergusson Bobai said this at a news conference held at the Command’s Headquarters in Apapa, Lagos. He said, […] More »

Lagos begins first crude oil export August

29 July 2016, Lagos – All is now set for the first crude oil lifting for export from the Aje field, offshore Lagos, Nigeria, by the end of August following the commissioning of a production and storage vessel for the crude. The news follows the declaration by governor Akinwunmi Ambode in May, that Lagos has officially […] More »

Governors opposed excess crude savings – Ex-CBN Dep Gov

29 July 2016, Abuja- Former Deputy Governor of Central Bank of Nigeria, CBN, Rev. Tunde Lemo, has recommended five nuggets for President Muhammadu Buhari to put the nation’s economy on the path of sustained growth and inclusive development, revealing how former governors were opposed to Federal Government’s decision to save excess crude revenue. Speaking at the 61st […] More »

Nigeria: Shell to lose 35,000bpd oil for 3-months over attacks

29 July 2016, Lagos – Royal Dutch Shell says its oil production in Nigeria will fall by 35,000 barrels per day in the third quarter of 2016 due to sabotage incidents and scheduled repairs. Shell, Nigeria’s oldest energy company, stated this in its second quarter 2016 financial results, warning that its earnings could be further […] More »

Naira appreciates to N322.85/$1 on interbank market

29 July 2016, Lagos – The naira exchange rate pared some of the losses recorded against the dollar during the week as it climbed to N322.85 to a dollar on Thursday, stronger than the N330.12 to a dollar it had closed on Wednesday as the market continued on the path of price discovery. On the […] More »

Lingering aviation fuel scarcity

29 July 2016, Lagos – The last two weeks could be described as the toughest period for Nigerian airlines as the aviation sector witnessed the worst fuel crisis in at least the past two years. The product was not available and few companies that had the product, sold at exorbitant prices. Airlines’ operations were crippled. Air […] More »

‘Intels monopoly bid, threat to huge investments at Nigeria’s ports’

29 July 2016, Lagos — Terminal operators and private investors in Nigerian ports have kicked against moves to grant a monopoly for handling certain types of cargoes to Intels Nigeria Limited, insisting it will destroy the gains of the concession policy and erode existing and potential investments in the sector. This was a sequel to […] More »

Military descends on Arepo vandals’ hideout

29 July 2016, Lagos – Many people were feared dead as the Military commenced bombardment of Iroko creeks in Arepo area of Ogun State, suspected to be inhabited by militants. This is just as gunmen, suspected to be militants, stormed Isawo area of Ikorodu, Lagos, and abducted a man identified simply as Hyginius. The bombardment, it was […] More »

Naira appreciates to N322.85/$1 on interbank market

29 July 2016, Lagos — The naira exchange rate pared some of the losses recorded against the dollar during the week as it climbed to N322.85 to a dollar on Thursday, stronger than the N330.12 to a dollar it had closed on Wednesday as the market continued on the path of price discovery. On the […] More »

Goldman says oil’s rebalancing remains fragile amid macro headwinds

29 July 2016, Bengalaru — Oil’s recovering fundamentals remain fragile, with many global factors offsetting each other, leaving a firmer U.S. dollar as the main driver of lower prices recently, Goldman Sachs said in a note this week. The Wall Street bank, which turned bullish on oil earlier this year, said oil prices will remain […] More »

Africa’s first biofuel flights take off in South Africa

29 July 2016, Johannesburg — History was made in mid-July. Africa’s first sustainable biofuel powered flights successfully flew between Johannesburg and Cape Town. The South African Airways (SAA) and Mango Boeing 737-800s used biofuel to power their engines on 15 July 2016. The fuel is made from a tobacco plant cultivated in Limpopo. Under Project […] More »

Oil industry suppliers see light at the end of the tunnel

29 July 2016, Oslo/Milan — European suppliers to the oil industry, hit by their customers’ spending cutbacks over the past two years, have produced stronger than expected second-quarter earnings and are cautiously pointing to signs of recovery in demand. These companies, which encompass oil drillers, engineering groups, oil services providers and seismic surveyors, have had […] More »

Oil rally to resume later this year, demand to offset glut

29 July 2016, London — Oil analysts still expect a rise in the crude price this year, thanks to improving demand growth that should help offset any bearish headwinds from a stubborn supply surplus, a Reuters poll showed on Friday. A survey of 29 economists and analysts forecast Brent crude will average $45.51 per barrel […] More »

Financial market products & services update

29 July 2016, Sweetcrude, Lagos — Local and international financial markets products and service update. NIGERIA: The Federal Government has pledged to review the existing trade and industrial policies in the country to pave the way for new strategies that will guarantee the provision of enabling a business environment for the manufacturing sector. The Minister […] More »

Board approves AfDB Group’s industrialisation strategy for Africa 2016-2025

A Road Map for scaling up Africa’s economic transformation 29 July 2016, Sweetcrude, Lagos — Africa’s industrialization agenda, one of the Bank Group’s top priorities for the continent’s economic transformation, received a boost this week with the approval of the Bank Group’s Industrialisation Strategy for Africa 2016-2025. The Strategy, approved by the AfDB’s Board on […] More »

Criticism trails CBN’s decision to hike MPR to 14%

29 July 2016, Abuja — The Central Bank of Nigeria(CBN), yesterday, jerked up its Monetary Policy Rate (MPR)to 14 per cent, attracting criticism from business experts who predicted that the hike will lead to increased corporate failures, unemployment and decline in the nation’s stock market. At the end of its Monetary Policy Committee (MPC) meeting […] More »

OPEC daily basket price close at $39.79/b

29 July 2016, Sweetcrude, Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $39.79 a barrel on Thursday, compared with $40.49 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), Rabi […] More »

Vandalism: Shell Nigeria’s oil output slides to 37,000bpd

29 July 2016, Abuja – The impact of the recent spate of attacks on oil and gas assets in the Niger Delta has started to reverberate across the petroleum industry, as Shell Nigeria, yesterday, disclosed that its crude oil production dropped sharply to 37,000 barrels per day in the second quarter, Q2 2016. Shell in its […] More »

NIMASA reads riot act to oil firms

28 July 2016, Lagos – The Nigerian Maritime Administration and Safety Agency (NIMASA) has expressed concerns about the flagrant disregard for the cabotage and environmental laws by some International Oil Companies (IOCs) operating in in the country. The Director General, NIMASA, Dr. Dakuku Peterside, who stated this during an engagement with the IOCs in Lagos, said […] More »

Govt urged to issue bond to clear subsidy backlog

28 July 2016, Lagos — The Federal Government has been urged to consider floating a bond program to cover the backlog of payment to oil marketers including Foreign Exchange (FX) differentials to date, The former Chairman of defunct Enterprise Bank Ltd Mr Emeka Onwuka who made the recommendation at the book launch, titled: Dynamics of the […] More »

Nigeria: Oil sector growth falls by 1.89 per cent

28 July 2016, Lagos – The real growth of down Nigeria’s oil sector slowed by 1.89 per cent in first quarter of 2016, due to the reduction in the country’s daily production occasioned by pipeline vandalism. The National Bureau of Statistics, which made this disclosure in its first Quarter 2016 Gross Domestic Product (GDP) report, note […] More »

Saraki urges NLNG to reduce gas flaring

28 July 2016, Abuja — Senate President Bukola Saraki has advised the Nigerian Liquefied Natural Gas (NLNG) to reduce gas flaring to endear itself to the people. He also pledged the determination of the Eighth Senate and indeed the National Assembly to enact business-friendly laws. He gave the‎ advice on Monday when the outgoing Managing Director […] More »

Nigeria: Govt suffers revenue shortfall of N423bn to low oil prices, pipeline vandalism

28 July 2016, Abuja – The Federal Government suffered a shortfall of N423.54 billion in revenue generation in the month of April, due to the current low oil prices at the international market. Specifically, the N391.33 billion, estimated federally-collected revenue in April 2016, fell short of the provisional monthly budget estimate of N814.87 billion by tN423.54 […] More »