South Africa’s petrol price to rise by 3.5 percent next week

30 September 2016, Johannesburg – The retail price of petrol in South Africa will rise by 3.5 percent from October 5, while the price of wholesale diesel will go up by 2.2 percent, the energy department said on Friday. The price of 93 octane petrol will rise by 44 cents to 12.34 and 95 octane by […] More »

Saudi Arabia gambles it can raise oil prices without losing too much market share

30 September 2016, London — The Organisation of the Petroleum Exporting Countries surprised oil traders and analysts by announcing a production deal following a hastily convened extraordinary meeting in Algiers on Wednesday. The Algiers agreement seems to have been designed to engineer an increase in prices by changing market sentiment rather than reducing the physical […] More »

Illegal oil export: Court orders Chevron, Total to defend allegations

30 September 2016,  Lagos – A Federal High Court in Lagos has ordered multinational oil companies, Total E&P Nigeria Plc and Chevron Nigeria Limited, to defend the allegation by the Federal Government that they under-declared the volume of crude oil they shipped out of the country between January 2011 and December 2014. The Federal Government […] More »

Explosion as navy foils militants’ attempt to sabotage PPMC, Warri refinery

30 September 2016, Warri – The Nigerian Navy has said the loud explosion set off Thursday night by unknown men near the jetty of the Warri Refinery and Petrochemical Company, WRPC, and the Pipeline Products Marketing Company, PPMC, resulted from a foiled attempt by militants to attack both facilities in Ekpan, Uvwie council area, Delta state. […] More »

Naira heads towards N500/USD

*Morgan Stanley warns against controls 30 September 2016, Lagos — Nigeria’s foreign exchange market was tension-soaked yesterday, as the Naira raced towards N500/USD1. It closed at N490/ USD1 in the parallel market, with dealers expecting further rise today to hit the dreaded N500 mark. Surprisingly, the Naira appreciated significantly to N305/ USD at the official […] More »

Nigeria: Privatise refineries, use proceeds to tackle economic crisis — Adenikinju

Ike Amos 30 September 2016, Sweetcrude, Abuja — Energy expert and Professor of Economics, Department of Economics and Director, Centre for Petroleum, Energy Economics and Law at the University of Ibadan, Mr. Adeola Adenikinju, has called on the Federal Government to privatise the refineries and use the proceeds in helping the country escape the current […] More »

Relief arrives for U.S. shale firms as OPEC folds in price battle

30 September 2016, Houston — It was a moment U.S. shale oil producers have been waiting on for more than two years: OPEC nations finally agreed to cut production on Wednesday in a move that lifted low prices ravaging their budgets. Two sources in the Organization of the Petroleum Exporting Countries said the group would […] More »

Financial market products & services update

30 September 2016, Sweetcrude, Lagos — Local and international financial market products and services update. NIGERIA: Nigeria should be worried about the percentage of its revenue that goes into servicing of debts rather than the size of the debts, the World Bank has said. The World Bank Lead Economist for Nigeria, Mr. Khwima Nthara, said […] More »

Power: NERC draft regulation for mini-grids

Kunle Kalejaye 30 September 2016, Sweetcrude, Lagos — In a bid to address erratic power supply and effective regulation in the power generation, Nigerian Electricity Regulatory Commission, NERC has produced a draft regulation for Mini-Grids. The object of the 140 pages Regulation according to NERC is to accelerate electrification in areas without existing Distribution Network […] More »

OPEC daily basket price close at $44.34/b

30 September 2016, Sweetcrude, Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $44.34 a barrel on Thursday, compared with $42.21 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 »

Dangote to power cement plants with coal due to gas shortages

"All our cement plants have been converted to coal," Aliko Dangote, the company's billionaire majority owner and chairman, told a business conference on Thursday, adding they would use 12,000 metric tonnes of coal each day. More »

Nigeria loses 500,000 jobs to illegal miners

The lawmaker said the mining and solid mineral sector was a multi-billion naira sector that was being undermined by the activities of illegal miners. More »

Reps to probe PPMC, oil marketers over N500bn debt

The House alleged that those concerned had sabotaged government and converted funds that should rightly accrue to the Consolidated Revenue Fund. More »

Assets sale: Oil workers vow to shut down Nigeria

Mkpoikana Udoma 30 September 2016, Sweetcrude, Port Harcourt – Nigerian oil workers, under the umbrella of the National Union of Petroleum and Natural Gas workers, NUPENG, on Thursday vowed to shut down the country if the Federal Government went ahead with the proposed sale of critical national assets to fund the 2016 budget. Zonal Chairman of […] More »

Reps to investigate N500bn debt owed PPMC

29 September 2016, Abuja – The House of Representatives, on Thursday, resolved to investigate the N500 billion debt owed Petroleum Pricing Marketing Company (PPMC) by major marketers and independent oil marketers. The House said the decision is in line with sections 88 and 89 of the 1999 Constitution as amended, which empowers the house to carry […] More »

Govt targets 7% GDP contribution from mining

29 September 2016, Abuja – The Federal Government on Wednesday announced plans to boost earnings from mining sector with a view to increasing its GDP contribution from 0.33 per cent to seven per cent over the next 15 years. The Minister of Mines and Steel Development, Dr Kayode Fayemi, announced this at the National Council on […] More »

Nigeria losing $200bn to non-passage of PIB –NEITI

29 September 2016, Abuja – The country is losing about $200bn as a result of its failure to pass the Petroleum Industry Bill as an enabling law for the oil and gas industry, the Nigeria Extractive Industries Transparency Initiative has said. NEITI, in its latest policy brief entitled, ‘The urgency of a new petroleum sector law’, […] More »

OWA stresses need for security in oil business

29 September 2016, Abuja – Offshore West Africa has highlighted the importance of health, safety, security and environment in the oil and gas industry, despite the low oil price environment. The organisers of the Offshore West Africa Conference and Exhibition said HSSE would be a focal point for discussion at OWA 2017, considering the issues of […] More »

Firms to build mini refineries in Nigeria

29 September 2016, Lagos – Evolve Trading & Investment Limited with offices in the United Kingdom and Nigeria has signed a Memorandum of Understanding with Awaritse Nigeria Limited, a local oil servicing company, to build mini refineries with the capacity to process crude oil, produce water and generate electricity. The partnership, according to a statement, was […] More »

Shell seeks global collaboration on clean energy

Kunle Kalejaye September 2016, Sweetcrude, Lagos –  Shell through its #makethefuture campaign is highlighting the need for greater collaboration to create more and cleaner energy by bringing to life innovations from six smart energy start-ups. Spurred by increasing demand for energy, which now contributes to climate change, Shell said, “We need more and cleaner energy.” […] More »

Govt owes oil firms $8.1bn in cash calls

29 September 2016, Abuja – The Federal Government owes oil companies at least a total of $8.06bn in unpaid cash calls, as the Nigerian National Petroleum Corporation failed to pay $3.06bn in the first seven months of the year. The nation’s oil and gas production structure is majorly split between Joint Ventures onshore and in shallow […] More »

NNPC can quickly get us out of recession, says Obasanjo

29 September 2016, Abuja – Former President Olusegun Obasanjo has said the Nigerian National Petroleum Corporation can help the country quickly get out of recession. Obasanjo stated this during a courtesy call on him by the Group Managing Director, NNPC, Dr. Maikanti Baru, in Abeokuta on Wednesday. The NNPC on his Twitter handle quoted Obasanjo as […] More »

Power sector faces collapse — Frontier Oil CEO

29 September 2016, Lagos – Chief Executive Officer of Frontier Oil Limited, Mr. Dada Thomas, has warned that the nation’s power sector risks collapse, urging the Federal Government to act fast. He stressed the need to address the problem of gas production as 80 per cent of current and future power generation, according to him, is […] More »

ANEEJ backs probe of $17bn undeclared oil exports

29 September 2016, Lagos – The Africa Network for Environment and Economic Justice has said the plan by the National Assembly to probe the alleged $17bn undeclared crude oil and gas exports is a step in the right direction. The group said in a statement that it was hopeful that the probe panel would comprise Nigerians […] More »

Oil price rally fades on doubts over OPEC output deal

29 September 2016, Abuja – An oil price rally fuelled by OPEC’s deal to cut crude output fizzled out Thursday with analysts doubting the cartel’s ability to seriously tackle a supply glut. Following a meeting that included Russia, the Organisation of Petroleum Exporting Countries shocked markets Wednesday by saying it planned to trim total production by […] More »

Investors lose N4.9 bn as oil, gas stocks drag Index lower

29 September 2016, Lagos – Investors in the Nigerian stock market, yesterday, lost N4.9 billion as sustained profit taking in oil and gas stocks drag down the Nigerian Stock Exchange, NSE All share index by five bases points, bps. Specifically, the stock market defied the two consecutive days of gains  on the NSE as the All […] More »

Financial market products & services update

29 September 2016, Sweetcrude, Lagos — Local and international financial market products and services update. NIGERIA: The Governor, Central Bank of Nigeria, CBN, Mr. Godwin Emefiele has said that the central bank’s development finance activities are focused on stimulating the economy. Emefiele said this in a keynote address presented on his behalf by the Director, […] More »

PIM to be announced at the South Africa: ‘Gas Options Conference in Cape Town

*540 participants are confirmed to attend the meeting 29 September 2016, CAPE TOWN, South Africa — The Minister for Energy of South Africa, the Hon. Tina Joemat-Pettersson MP, is to exclusively present the much anticipated ‘Project Information Memorandum, PIM’ at EnergyNet’s (www.EnergyNet.co.uk) annual South Africa: Gas Options (http://ift.tt/1F998Ku) investors briefing on the 3rd October in […] More »

Ogun communities celebrate Shell Nigeria Gas for schools’ upgrade

29 September 2016, Sweetcrude, Ota, Ogun — People of Ewupe, Isorosi and Ijaliye communities in Ota, Ogun State rolled out the drums in a fanfare on Tuesday at the opening of multimillion naira new school facilities donated by Shell Nigeria Gas (SNG) the downstream subsidiary of Shell in Nigeria. The projects, executed in co-located Ebenezer […] More »

NNPC to settle $6bn JV debt using tax

Baru noted that the current JV payment structure requires urgent review, adding that the new model being proposed by the NNPC would enable the Corporation plough back profit and grow the oil and gas business in the upstream for the benefit of all stakeholders. More »

Nigeria loses $200bn due to non-passage of PIB – NEITI

Orji said that clear unambiguous rules, predictable policy-making, and efficient regulations had been lacking in Nigeria’s petroleum sector since the process of enacting a law for the sector commenced. More »

Power crisis: Egbin MD’s comment not in national interest – Minister

Kunle Kalejaye 29 September 2016, Sweetcrude, Lagos — The Minister of Power, Works and Housing, Babatunde Raji Fashola has described the comment of the Managing Director and Cheif Executive Officer of Egbin Power Plant, Mr. Dallas Peavey on the imminent collapse of Nigeria’s power sector as not in the country’s interest. Fashola who stated this […] More »

Nigeria: Govt sees diversification as remedy to dwindling economy

Udoma said, “We must use this crisis to introduce measures that will truly diversify the Nigerian economy by ensuring that the non-oil sector generates enough foreign currency earnings to drive the economy even without any crude oil earnings." More »

OPEC daily basket price close at $42.21/b

29 September 2016, Sweetcrude, Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $42.21 a barrel on Wednesday, compared with $42.30 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 »

Total Group appoints new member into board

29 September 2016, Sweetcrude, Lagos — The TOTAL Group announces the appointment of Mr. Abiodun AFOLABI to the Board of Directors of Total E&P Nigeria Limited (“TEPNG”) and Total Upstream Nigeria Limited (“TUPNI”), respectively, with effect from Wednesday, 21 September, 2016, pursuant to Resolutions of the Board of Directors of each of the Companies, dated […] More »

Oil jumps after report OPEC reaches deal to limit crude output in November

29 September 2016, London — Oil prices settled up nearly 6 percent on Wednesday after OPEC sources said the group has struck a deal to limit crude output at its policy meeting in November, its first agreement to cut production since the market crashed two years ago on oversupply. The Organization of the Petroleum Exporting […] More »

OPEC to cut production by 750,000 barrels per day

29 September 2016, Lagos – The Organisation of Petroleum Exporting Countries has agreed to cut production by 750,000 barrels a day, Bloomberg News reported Wednesday, citing a delegation member. The surprise news triggered an immediate spike of more than 5 percent in crude prices, as markets had expected the Algiers meeting to end without agreement. In […] More »

Govt working to address forex challenges of electricity operators- Fashola

29 September 2016, Abuja – The Minister of Power, Works and Housing, Mr. Babatunde Fashola, has said the federal government is aware of the liquidity challenges of operators in Nigeria’s electricity market and is working hard to address them. Fashola said yesterday at a power forum in Lagos that the government knew operators were going through […] More »

Confusion as Naira slumps to N452/$ on parallel market

29 September 2016, Abuja – The naira continued to plummet on the parallel FX market, falling to N452 to the dollar, lower than the N445 to the dollar from the previous day as demand for the greenback continued to outweigh supply. The spot rate of the naira also fell on the interbank FX market to N312 […] More »

Saudi Arabia dashes hopes for OPEC deal in Algeria

29 September 2016, Abuja – Saudi Arabia on Tuesday dashed the hopes that the Organisation of Petroleum Exporting Countries (OPEC) could reach an agreement to reduce crude oil production in Algeria today as the differences between the kingdom and rival Iran remained unresolved. Saudi Arabia had offered to reduce its output if Iran agreed to freeze production, […] More »

FG, states’ revenue to dip further as NNPC seeks to use royalties, taxes to fund JVs

29 September 2016, Abuja – In a move certain to raise eyebrows reminiscent of the outcry over the proposal on the sale of the country’s strategic oil and gas assets, the Nigerian National Petroleum Corporation (NNPC) has said that it is working on new modalities that would allow it to fund its joint venture (JV) cash […] More »

NERC gives Discos November 1 deadline to close CAPMI scheme

29 September 2016, Abuja – The Nigerian Electricity Regulatory Commission (NERC) has directedthe 11 electricity distribution companies (Discos) to formally wind-down, by November 1, 2016, the alternative meter financing scheme it initiated in 2013. The commission said the Credited Advance Payment for Metering Implementation (CAPMI), which allows electricity consumers self-finance of their meter acquisition and installation […] More »

IFC partners DFID to mprove access to electricity for SMEs in Nigeria

29 September 2016, Lagos – A member of the World Bank Group, International Finance Corporation (IFC) and the United Kingdom’s Department for International Development (DFID) have announced a partnership to facilitate the deployment of off-grid and embedded solar systems solutions in commercial and industrial sectors in Nigeria. The objective of the collaboration is to help corporate […] More »

Senate asks Buhari to dialogue with militants, rejects sale of national assets Read more at: http://ift.tt/2dA0sS8

29 September 2015, Abuja – The Senate, yesterday, moved against last week’s recommendation of the National Economic Council, NEC, which asked the Federal Government to sell the country’s national assets. The Senate’s position came on a day the Federal Government said no final decision had been taken on the matter. NEC had recommended sale of the […] More »

Fashola dispels fears over possible nation-wide power shut-down

29 September 2016, Lagos – Against an earlier statement of possible shut-down of the country’s power supply over cash liquidity and gas supply difficulties in the power sector, the Minister of Power, Works and Housing, Mr. Babatunde Fashola, has faulted such claims, describing it as “inflammatory and insensitive to Nigeria’s national security.” The minister made […] More »

Investors lose N4.9bn as oil, gas stocks drag Index lower

29 September 2016, Lagos  Investors in the Nigerian stock market, yesterday, lost N4.9 billion as sustained profit taking in oil and gas stocks drag down the Nigerian Stock Exchange, NSE All share index by five bases points, bps. Specifically, the stock market defied the two consecutive days of gains  on the NSE as the All […] More »

Sale of NLNG, refineries, others attract more discordant tunes

28 September 2016, Lagos – Amid near conclusion of decision by the federal government to sell some national assets over fiscal stress, more industry analysts have thrown more light on the issues involved. Director General of West African Institute for Financial and Economic Management,  WAIFEM, Professor Akpan Ekpo,  has warned against the sale of the Nigeria Liquefied […] More »

DPR rejects allegation of weak regulation in dirty fuel controversy

28 September 2016, Abuja –  The Department Of Petroleum Resources, DPR, has refuted claims which indicted it of failed regulatory oversight in the importation of dirty diesel with more than 100 per cent Sulphur into the country by Swiss trading companies. It will be recalled that Swiss, watchdog group, in its publication titled; ‘Public Eye’, had […] More »

NNPC to pay for JV cash call arrears through royalties

28 September 2016, Abuja –  The Nigerian National Petroleum Corporation says it has started working out modalities that will enable it to exit Joint Venture cash call arrears by ensuring that outstanding and future payments are liquated from oil and gas royalties and taxes under a first line charge model. The Group Managing Director, NNPC, […] More »

India promises to buy more Nigerian crude oil

28 September 2016, Abuja –  The Indian Government has promised to increase the volume of crude oil it buys from Nigeria. The Asian country also promised to invest $5bn in the Nigerian economy. The Indian Vice President, Mohammad Ansari, made the pledge on Tuesday at the State House, Abuja, when he visited President Muhammadu Buhari. […] More »