Oil revenue dips by N129bn in three months

Ike Amos 01 September 2016, Sweetcrude, Abuja — Nigeria’s crude oil earnings, due to rising cases of attacks on oil and gas installations in the Niger Delta region, dipped by N128.94 billion in three months, dropping to N537.19 billion in the second quarter of 2016, according to the Central Bank of Nigeria, CBN. The CBN, […] More »

San Leon raises $221m to acquire 9.72% stake in OML 18

Ike Amos 01 September 2016, Sweetcrude, Abuja — San Leon Energy Plc has raised $221.4 million from the capital market to finance its acquisition of an initial 9.72 per cent indirect interest in Oil Mining Lease (OML) 18, an onshore producing asset in Nigeria. The company, in a statement released to its investors, said the […] More »

Oil firms flare N11bn gas in one month

01 September 2016, Sweetcrude, Abuja — Nigeria lost $44.4 million, about N11.1 billion, as the Nigerian National Petroleum Corporation, NNPC, the Nigerian Petroleum Development Company, NPDC, and other oil companies flared 14.8 billion Standard Cubic Feet (SCF) of gas in the June 2016. Data obtained from the NNPC’s Monthly Financial and Operations Report for June […] More »

Nigeria: Govt okays more external borrowings

01 September 2016, Abuja -The Federal Government says it is focused on how to turn around the nation’s economy despite the staggering economic situation, which has pushed inflation to a double digit of 17.1. The declaration followed on the heels of the submission by the National Bureau of Statistics that the economy was technically in […] More »

Foreign investment in oil sector drops to $8.09m in three months

Ike Amos 01 September 2016, Sweetcrude, Abuja — A sharp decline was recorded in foreign investments into the oil and gas industry, as the National Bureau of Statistics, NBS, disclosed that capital imported into the sector dipped by $12.74 million to $8.09 million in the second quarter of 2016. The NBS, in its Nigerian Capital […] More »

DoE & LNG companies to discuss next steps for SA’s Gas-to-Power programme in October

31 August 2016, Sweetcrude, Cape Town — Government, international gas developers and finance institutions will return to the South Africa: Gas Options (http://APO.af/wOCzN4) conference this October in Cape Town to address the requirements and opportunities associated with the country’s 3,126MW gas-to-power programme. Following high levels of international interest over the introduction of a standardised procurement […] More »

“Fundamentals of African economy remain strong & entrenched” – Otudeko

31 August 2016, Sweetcrude, Lagos — Dr. Oba Otudeko CFR, Chairman, Honeywell Group and FBN Holdings Plc, has said that fundamentals of the African economy remain strong and entrenched. Otudeko said this at the just concluded 6th edition of the Tokyo International Conference on African Development (TICAD), held from 26th to 28th August in Nairobi, […] More »

Fluenta signs agreement with KOC to supply flare gas meters

*14 systems for multi-point smokeless high-pressure flare sites at South and East Kuwait gathering centres *Project supports Fluenta’s continued expansion in the Middle East 31 August 2016, Sweetcrude, London — Fluenta, a global leader in ultrasonic measurement and management technology, today announces a contract to supply flare gas meters to Kuwait Oil Company, KOC. Fluenta […] More »

PIB: IPMAN appeals to NASS for speedy passage

Kunle Kalejaye 31 August 2016, Sweetcrude, Lagos — The Independent Petroleum Marketers Association of Nigeria, IPMAN has appealed to the National Assembly to accelerate the passage of the Petroleum Industry Bill, PIB which has stalled in there for nine years IPMAN’s Chairman, Board of Trustees, Alhaji Abdulkadri Aminu who made the appeal in an interview […] More »

Niger Delta militants are confused, says NNPC

31 August 2016, Abuja – There is an indication that the Federal Government has yet to commence any negotiation with the Niger Delta militants as the Nigerian National Petroleum Corporation has declared that the militants are confused. According to the NNPC, the confusion has made government officials more cautious, as it has triggered “serious concern” […] More »

Nigeria in recession, economy shrinks by 2.06%

31 August 2016, Abuja — The Nigerian economy, Wednesday, plunged into recession, as the National Bureau of Statistics, NBS, disclosed that the country’s Gross Domestic Product, GDP, in real terms, declined by 2.06 percent in the second quarter of 2016. Nigeria has now recorded two consecutive quarters of declining growth in GDP, the usual definition […] More »

Russian oil privatization saga points to limits of Putin’s power

31 August 2016, Moscow/UFA, Russia — Russia’s decision to postpone the privatization of a mid-sized oil company has sent a message to investors: for all his power, President Vladimir Putin has failed to stop political infighting getting in the way of business. Foreigners have long been wary of buying assets in Russia because of concerns […] More »

OPEC daily basket price close at $45.25/b

31 August 2016, Sweetcrude, Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $45.25 a barrel on Tuesday, compared with $45.44 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 »

Saudi Arabia will maintain responsible oil production policy – Falih

31 August 2016, Riyadh — Saudi Arabian energy minister Khalid al-Falih said the top crude exporter does not target a specific figure for its oil production which is set based on its customer’s needs. “The kingdom’s production meets the requirements of the customers… the kingdom’s production policy will maintain a large degree of responsibility,” Falih […] More »

Oil price outlook cut as doubts grow over output freeze

31 August 2016,London — Oil analysts have cut their price forecasts for the first time since February, as the prospect of the world’s largest producers agreeing to freeze output dims and U.S. production shows signs of gradually picking up. After five consecutive months of upward revisions, the 34 analysts and economists polled by Reuters forecast […] More »

Nigeria: Power supply now 3,061mw

31 August 2016, Lagos – The Transmission Company of Nigeria (TCN) has sent out 3,061megawatts (Mw) of electricity generated by the electricity generation companies to the 11 distribution companies (DisCos). The Nigerian Electricity System Operator (SO) made this known on its website yesterday . According to its operational report for August 30, the Nigerian Electricity […] More »

$200m Halliburton cash ‘blown on presidential helicopter’

31 August 2016, Abuja – Detectives probing the whereabouts of the $200m (N81.4billion) fines paid by five companies involved in the $180million Halliburton bribery scam have made a major discovery. The cash was allegedly blown on the purchase of a security helicopter for ex-President Goodluck Jonathan, The Nation learnt yesterday. A former Minister of Finance […] More »

Rivers community advocates state-owned seaport

Mkpoikana Udoma 31 August 2016, Sweetcrude, Port Harcourt – A call has been made to the Rivers State Government to construct a state-owned Seaport at Bakana, Kalabari Kingdom in Degema Local Government Area of the state. A community leader in Bakana, Alabo Victor Ibanibo Don-Pedro, made the call in a statement made available to our […] More »

Fuel price: Labour expresses concern over ‘body language’ of marketers

31 August 2016, Sweetcrude, Abuja –  The Nigerian Labour Congress, NLC, says the body language of petroleum products marketers in the country was pointing to another hike in the prices of products. According to NLC President, Mr. Ayuba Wabba, and Secretary General, Dr. Peter Ozo-Ezon, marketers should not contemplate this option “in view of the […] More »

NIPC rues impact of poor power supply on investment

Oscarline Onwuemenyi 31 August 2016, Sweetcrude, Abuja – Acting Executive Secretary of the Nigerian Investment Promotion Council, NIPC, Hajiya Ladi Katagum says poor power supply and other infrastructural challenges may disrupt efforts by the Federal Government to diversifying the economy from oil. Katagum, who stated this in an interview with journalists in Abuja, regretted that […] More »

BP, ExxonMobil, ConocoPhillips ‘quit’ Alaska LNG project

31 August 2016, Lagos – BP, Conoco Phillips and ExxonMobil said that the 65-billion dollar mega-project would be too unprofitable for them to move into the next phase of development. The big 3 oil companies have told state lawmakers that the proposal on the table to pipe, liquefy and export North Slope natural gas is […] More »

NLNG awaits govt directives on downstream investment

31 August 2016, Abuja – The Nigeria LNG Limited, NLNG, is awaiting directives from the Vice President’s office to commence investment in the downstream sector of the Nigeria’s petroleum industry, the company has said. General Manager, External Relations, Mr. Kudo Eresia-Eke, told our correspondent in Lagos that the company’s investment initiative can only be realised […] More »

NNPC charges NAPE to improve hydrocarbon reserves

31 August 2016, Abuja – Opting to spare nothing to chance to replenish Nigeria’s depleting hydrocarbon reserves, the Nigerian National Petroleum Corporation, NNPC, has charged the National Association of Petroleum Explorationists, NAPE, to explore the hydrocarbon potentials of green frontier basins. NNPC’s Group Managing Director, Dr. Maikanti Baru, made this charge when he received the […] More »

Ajaokuta Steel: How Fayemi copied 2014 concession agreement

*Experts say new deal with GINL unfavourable to Nigeria Kunle Kalejaye 31 August 2016, Sweetcrude, Lagos – Less than one month after the Federal Government signed a new agreement to reclaim Ajaokuta Steel Company and concession the National Iron Ore Mining Company, NIOMCO, in Itakpe to Indian company, Global Infrastructure Company, industry experts say the deal […] More »

Oil spill: Community accuses Total of destroying properties, brutalising residents

*We can never set soldiers against our host community – Total Mkpoikana Udoma 31 August 2016, Sweetcrude, Port Harcourt – Residents of Odiemerenyi community in Ahoada East Local Government Area of Rivers State have decried the effects of an alleged oil spill from the Oil Mining Lease, OML, 58 pipeline belonging to Total Exploration and Production […] More »

Govt set to launch petroleum road-map, gas policy

Kunle Kalejaye 31 August 2016, Sweetcrude, Lagos – The Federal Government is set to launch a Petroleum Road-Map designed in the form of policies that will cushion Nigeria’s current economic crisis. Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, revealed this in Lagos, saying the road-map will come out in three policies which include the roadmap […] More »

Bulk trader moves to deflect poor remittances by Discos to Gencos

Oscarline Onwuemenyi 31 August 2016, Sweetcrude, Abuja –  The Nigerian Bulk Electricity Trading Plc, NBET, also known as the Bulk Trader, said that it has assigned to the electricity generation companies or Gencos the right to draw down payments for power supplied but not paid for by electricity distribution companies or Discos from the Letter of […] More »

Don’t bomb Niger Delta, Umar warns Buhari

30 August 2016, Kaduna – Former Military Governor of Kaduna State, Col. Abubakar Umar(retd), on Tuesday warned President Muhammadu Buhari against deploying troops and military hardware in the Niger Delta to halt the activities of militants in the region. Umar said the Federal Government’s planned use of force to rout out  militants, especially the Niger Delta Avengers […] More »

Forex market trades $327m, foreign investors buy bonds

30 August 2016, Lagos – The nation’s foreign exchange market recorded $327m worth of transactions on Monday, about six times more than its usual volume, the FMDQ OTC Securities Exchange, told Reuters. This included a single transaction of $270m at N345/dollar by foreign investors buying local currency bonds, the Managing Director, FMDQ OTC Securities Exchange, […] More »

External reserves rise by $595m in five days

30 August 2016, Lagos  The nation’s foreign exchange reserves have increased by $595m to hit a one-month high of $26.196bn, the latest data from the Central Bank of Nigeria have shown. This came on Monday just as the naira traded around 412- 413 against the United States dollar at the parallel market, compared to 414/dollar […] More »

Oil exploration: Lagos Assembly seeks protection for host communities

30 August 2016, Lagos – The Lagos State House of Assembly on Monday called for a stakeholders’ meeting of government officials, oil investors and host communities, following oil discovery and exploration in Badagry area. The call followed a motion moved by Mr Folajimi Mohammed (APC-Ikeja I) on the need for the state to be proactive […] More »

No prepaid meter, no payment of electricity bills, consumers threaten EKEDC

30 August 2016, Lagos – Electricity consumers in Ijeshatedo in SuruLere Local Government Area, Lagos State, have threatened not to pay their monthly electricity bills to the Eko Electricity Distribution Company (EKEDC) until it installed prepaid meters in their houses. They told newsmen in Lagos in separate interviews that they were tired of paying estimated bills, […] More »

SPDC JV trains more youths on power plant operations

30 August 2016, Sweetcrude, Port Harcourt — The Shell Petroleum Development Company (SPDC) operated Joint Venture has trained 15 engineering graduates from host communities of the Afam VI Power Plant at Oyigbo in Rivers State on the operation and maintenance of combined cycle power plants. They are the second set of 30 graduates from the […] More »

Financial market products & services update

30 August 2016, Sweetcrude, Houston — Local and international financial market products and services update. NIGERIA: THE Central Bank of Nigeria has disclosed that total foreign exchange inflow into the economy in the second quarter of 2016 was $15.33billion. This, it said represented an increase of 3.7 percent above the level at the end of […] More »

Oil market rebalancing could take until end 2017 – Shell

30 August 2016, Stavanger, Norway — The huge global oil oversupply that has weighed on prices for the past two years may not clear until the second half of 2017, Shell’s chief energy adviser Wim Thomas told Reuters. The potential return to the market of some 1.5 million barrels per day of supply from Libya […] More »

Oil prices rise on U.S. weather disruption, OPEC action speculation

30 August 2016, London/Singapore — Oil futures rose on Tuesday supported by production suspensions in the U.S. Gulf due to an expected tropical storm and speculation that producers meeting in Algeria next month will act to prop up prices. Brent crude futures LCOc1 were trading at $49.73 per barrel at 0924 GMT, up 47 cents […] More »

OPEC daily basket price stood at $45.44/b

30 August 2016, Sweetcrude, Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $45.44 a barrel on Monday, compared with $45.75 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 »

OPEC Secretary-General meets Nigerian Ambassador

30 August 2016, Sweetcrude, Vienna, Austria — OPEC Secretary General HE Mohammad Sanusi Barkindo met with HE Gazing Jessy Napmwang Dangtim, Charge d’Affaires of the Permanent Mission of the Federal Republic of Nigeria to Austria and Slovakia, at the OPEC Secretariat. Mr. Dangtim, who was accompanied by the First Secretary at the Nigerian Embassy, Mr. […] More »

Masari blasts Niger Delta leaders, says they used oil money as ‘pocket money’

He asked the Federal government to publish how much the region has received since the 13 percent derivation started. More »

Bank earmarks N100m to boost NEPC’s non-oil exports

Awolowo added that the scheme had been part of the Council’s efforts to reposition the non-oil sector, re-write the narrative of the Council through job creation and inclusive growth – thereby making it a major contributor to the Gross Domestic Product (GDP). More »

Breaking News: Militants blow another facility in Delta

30 August 2016, Ughelli – Despite the ongoing military “Operation Crocodile Smile” in the Niger Delta region, an Urhobo militant group, Niger Delta Greenland Justice Movement, NDGJM, in the early hours of today, blew up the Ogor-Oteri major delivery line, operated by the Nigeria Petroleum Development Company and Shorelines Petroleum in the state. The group […] More »

You can win battle, not oil war, Avengers tell Buhari

30 August 2016, Warri – The Niger Delta Avengers, NDA, has rebuffed President Muhammadu Buhari’s threat to give Niger Delta militants the Boko Haram treatment, saying that he could win the battle with military operations, but would never win the oil war. Spokesperson of the militant group, self-styled Brig Gen Mudoch Agbinibo, in a statement, […] More »

We’ll protest naked to summon wrath of gods against govt, gas company over oil spillage – A’Ibom women

30 August 2016, Nsit Ibom – Women of Obotim Nsit community, Nsit Ibom Local Government Area, Akwa-Ibom State have vowed to protest nude to summon the wrath of the gods against government and a gas company whose pipeline was blown up in the community by the Niger Delta Avengers, NDA, July 24, for allegedly abandoning […] More »

Nigeria lost N105.9bn to gas flaring in six months

30 August 2016, Abuja – Nigeria lost about $336.33 million in the first half of 2016, as oil and gas companies operating in the country flared 112.11 billion Standard Cubic Feet (SCF) of gas between January and June 2016, according to data obtained from the Nigerian National Petroleum Corporation, NNPC. At the Nigerian Gas Company’s […] More »

PwC to audit TCN’s account for first time in 10 years

30 August 2016, Abuja – The Transmission Company of Nigeria (TCN) has said that it will open its books to external auditors to review for the first time in the last 10 years. TCN, which recently reverted to the federal government’s management, admitted at a recent briefing in Abuja that it had not opened its […] More »

Nigeria not a good destination for investment – Gas suppliers

30 August  2016, Lagos – Stakeholders in Nigeria’s oil and gas industry have passed a verdict that following the slash in domestic gas supply by more than half due to the Niger Delta crisis, Nigeria is no longer a good destination for investment in the sector. Speaking at a special session of the 2016 conference […] More »

‘World Class’ Nickel reportedly discovered in Nigeria

Nickel is primarily sold for first use as refined metal. About 65 percent of it consumed in the West is used to produce stainless steel. More »

Niger Delta Avengers finally announce halt to hostilities

"We have listened carefully and halted hostilities in the Niger Delta," said the Avengers in the statement, presented as an "open letter" to President Muhammadu Buhari on the group's website. More »

Nigeria will be among top investment countries in 2019 – Buhari

Nigeria is currently ranked 169 out of 189 countries by the World Bank according to the Bank's 2016 Ease of Doing Business report. More »

NLNG awaits VP’s directives on downstream investment

“We are optimistic that he is going to roll out a plan and that plan will serve the interest of a number of stakeholders within that area,” Eresia-Eke said. More »