Gas’ll attract $51bn investments to Nigeria — NNPC

Ike Amos 31 October 2016, Sweetcrude, Abuja — The Nigerian National Petroleum Corporation, NNPC, has stated that with the renewed drive for industrialization through improved gas supply, $51 billion investment opportunities exist across the gas value chain in Nigeria. In his keynote presentation at the 10th Nigerian gas Association, NGA, International Conference and Exhibition, Group […] More »

Nigeria’s power investors counting losses 3yrs after privatisation

Kunle Kalejaye 31 October 2016, Sweetcrude, Lagos — Private investors in Nigeria’s power sector are recouping losses rather than gain three years after the sector was safely placed in their hands to improve and sustain power generation, distribution and revenue collection. On November 1, 2013, the power sector officially moved away from government control with […] More »

CSR: NLNG, Navy commission co-funded school hostel in Calabar

Kunle Kalejaye 31 October 2016, Sweetcrude, Lagos — Nigeria Liquefied Natural Gas Limited, NLNG, and the Nigerian Navy recently commissioned a public-private partnership funded hostel at the Nigerian Navy Secondary School, Akpab-Uyo, Calabar as part of the company’s Corporate Social Responsibility, CSR contribution to the development of education in Nigeria. The 320 capacity boys hostel […] More »

Fuel supply: NNPC de-recognises IPMAN over leadership tussle

31 October 2016, Abuja – After several failed attempts at restoring peace, the Nigerian National Petroleum Corporation, NNPC, Monday, has vowed not to work with both factions of the Independent Petroleum Marketers of Nigeria, IPMAN, and would instead deal with the oil marketers on an individual basis, pending the resolution of the crisis rocking the […] More »

Gas will generate more revenue soon – Kachikwu

31 October 2016, Abuja – The Minister of State for Petroleum, Dr Ibe Kachikwu, on Monday said Federal Government would give more attention to the development of gas as a major revenue earner for Nigeria. Kachikwu, who stated this in Abuja at the 10th Nigerian Gas Association International Conference, said the country was determined to […] More »

System 2B Network: NNPC recording losses, says NUPENG

31 October 2016, Abuja – The Nigeria Union of Petroleum and Natural Gas Workers on Monday gave reasons for non-pumping of petroleum products through System 2B Pipelines Network by the Nigerian National Petroleum Corporation. The South-West Chairman of NUPENG, Alhaji Tokunbo Korodo, said that NNPC was recording a huge financial loss when pumping fuel through the network due […] More »

Nigeria services foreign debts with $1.62bn in five years

31 October 2016, Abuja – External debts have cost the nation a total of $1.62bn in interest payment in the last five years, an investigation by our correspondent has shown. Statistics obtained from the Debt Management Office showed that the country spent a total of $331,059, 850 on servicing its external debts in 2015. The nation’s […] More »

No gain in partial deregulation of downstream oil sector — Ihenacho

31 October 2016, Lagos – The Chairman, Integrated Oil and Gas Limited, Mr. Emmanuel Ihenacho, speaks with ’FEMI ASU about petrol pricing, recent divestments, the nation’s refineries, deregulation and other vital issues in the downstream sector of the oil and gas industry What is your assessment of the state of the Nigerian downstream oil and […] More »

Nigeria among top 10 oil suppliers to US

31 October 2016, Lagos – NIgeria has become the ninth supplier of crude oil to the United States, from 15th and 12th positions in 2014 and 2015, respectively, according to the the latest data from the US Energy Information Administration has showed. Canada, Saudi Arabia, and Venezuela are the top three sources of crude imports to […] More »

Power firms demand reward for performance despite criticisms

31 October 2016, Lagos – Despite being aware of criticisms against their performance post-privatisation, operators in the power industry have called for a mechanism that will reward their performance. Although they also called for punishments where necessary, the firms asked the Federal Government to ensure that its Ministries, Departments and Agencies fulfilled their obligations to […] More »

Conoil pays N2bn dividend to shareholders

31 October 2016, Lagos –  The move by Conoil Plc,  a petroleum downstream player, to pay N2bn dividend for the 2015 financial year, has been approved by shareholders of the company as well as other stakeholders. The shareholders of the company commended the company’s resolve to pay such dividend despite the prevailing economic challenges in […] More »

3,000 electrical/electronics workers lose jobs in seven months

31 October 2016, Lagos – The problem of difficult access to foreign exchange to procure essential raw materials for production by manufacturers, among other challenges, has resulted in unprecedented job losses in different sectors, with the electrical/electronic sub sector feeling the heat, ANNA OKON writes Local manufacturers of electrical and electronics items, including cables, meters, […] More »

Dangote Cement posts N442bn revenue, N133bn profit

31 October 2016, Lagos — Dangote Cement Plc last week recorded a revenue of N442 billion for the nine months ended September 30, 2016, showing an increase of 21 percent above the N365 billion in the corresponding period of 2015. However, Profit after tax fell to N133 billion, from N157.9 billion in 2015. According to […] More »

Diamond Bank records 78% drop in profit after tax

31 October 2016, Lagos — Diamond Bank Plc last Friday reported a profit after tax of N3.511 billion for the nine months ended September 30, 2016, showing a decline of 78 per cent from N15.967 billion in the corresponding of 2015. The decline in bottom-line resulted from high impairment charges that soared by 106 per […] More »

OPEC Secretary-General meets with Azerbaijan’s Energy Minister

31 October 2016, Sweetcrude, Vienna, Austria — OPEC Secretary General Dr. Mohammad Sanusi Barkindo received Azerbaijani Minister of Energy, Natig Aliyev, and the Ambassador and Permanent Representative of the Permanent Mission to the International Organizations in Vienna, Galib Israfilov, prior to the OPEC–non-OPEC 1st Meeting of the High-level Committee, held at the OPEC Secretariat. Chairman […] More »

OPEC daily basket price close at $47.04/b

31 October 2016, Sweetcrude, Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $47.04 a barrel on Friday, compared with $47.23 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 »

Financial market products & services update

31 October 2016, Sweetcrude, Lagos — Local and international financial market products and services update. NIGERIA: The World Bank and International Monetary Fund, IMF, have piled pressure on the Federal Government to come up with an economic blueprint, if its drive for foreign loans was not to be stalled. Vanguard gathered that officials of both […] More »

OPEC splits prevent deal with other producers to curb supply

*Output-cut accord hinges on positions of Iran and Iraq *Oman, Russia willing to participate if OPEC has its own accord 31 October 2016, Vienna — OPEC’s internal disagreements over how to implement oil supply cuts agreed to last month prevented a deal to secure the cooperation of other major suppliers. More than 18 hours of […] More »

Militants claim responsibility for bombing on NPDC trunkline

31 October 2016, Warri — Urhobo/Isoko militant group, Niger Delta Greenland Justice Mandate (NDGJM), yesterday claimed that it bombed the 32-inch Effurun-Otor delivery line operated by the Nigerian Petroleum Development Company (NPDC). The group said in a statement signed by its spokesman. Aldo Agbalaja, that its action was in protest against the pan-Niger Delta Forum […] More »

Iraq reveals oilfields output to win over OPEC ahead of meeting

*State marketing agency shows rare details of crude production *Iraq wants OPEC to accept its figures before November meeting 31 October 2016, Baghdad — Iraq has published data showing a rare level of detail for its oil production and exports, a week after inviting energy reporters to Baghdad to make a case that the country […] More »

Uganda says total will take stake in planned oil refinery

*Investors sought after Russian-led group discussions stall *60,000 barrel-a-day refinery to be built at cost of $4 billion 31 October 2016, Kampala — Total SA, the French oil company drilling wells in Uganda, agreed to take a 10 percent stake in the country’s planned refinery as it seeks other investors for the $4 billion plant, […] More »

Buhari identifies oil & gas sector as ways out of economic recession

31 October 2016, Abuja — Despite the crash in the prices of crude oil in the international market, President Muhammadu Buhari, yesterday, stated the oil and gas industry still remains a critical panacea to Nigeria’s economic woes. He said that though the country was diversifying its economy through agriculture, solid minerals amongst others, there was […] More »

Nigeria: Govt to establish specialised petroleum force to tackle militancy

31 October 2016, Abuja — As part of its 2017 target to ensure zero militancy and drastic reduction of violence in the Niger Delta, which affect Nigeria’s oil production, the federal government has indicated that it would set up a specialised petroleum force, comprising coastal patrol teams, Niger Delta subsidiary police, and other paramilitary set-ups. […] More »

Nigeria loses N2.1trn to Niger Delta militants, vandals in 2016

30 October 2016, Lagos — The Nigerian National Petroleum Corporation, NNPC, said from January 2016 till date, the government lost $7 billion (N2.1 trillion) to the activities of militancy groups and oil pipeline vandals in the Niger Delta region. The Group Managing Director of NNPC, Maikanti Baru, said this on Friday in Abuja at the […] More »

Nigeria: Govt unveils new measure to tackle oil spill in N/Delta

30 October 2016, Lagos — In a bid to deal with the menace of oil spillage particularly in the Niger Delta region, the Federal Government had unveiled new technology that would aid in rapid response to the oil spill and prevent the further degradation of the environment. The Minister of Environment, Mrs. Aisha Mohammed explained […] More »

Ghana: Access Bank raises $300m Eurobond from international market

30 October 2016, Accra — Access Bank Plc, a leading financial institution and parent company of Access Bank Ghana, has successfully raised US$300 million, via a Eurobond, from the international bond market. The bank recently accessed the international market to raise the bond, with a maturity date in October 2021, at a coupon of 10.5%. […] More »

Nigeria: Firm to build 300km transmission line in Cross River

30 October 2016, Calabar — The quest by the Cross River State Government to have uninterrupted power supply especially in the Calabar metropolis by December has received a major boost as a Nigerian firm, Buoshishi International limited is set to build a 300-kilometer transmission line in the state. Chairman and Chief Executive Officer (CEO), of […] More »

CBN meets BDCs as Naira depreciates to N466/$

30 October 2016, Lagos — THE Naira yesterday depreciated further to N466 per dollar in the parallel market prompting the Central Bank of Nigeria, CBN, to meet with Bureaux De Change, BDC, operators and Travelex to evolve measures to halt the persistent slide of the currency. Investigations revealed that the parallel market exchange rate rose […] More »

Russia sees oil output slightly up in 2017-18: draft budget

30 October 2016, Moscow — Russia expects to increase its oil output by 0.7 percent next year and a further 0.9 percent in 2018, the draft federal budget showed. Crude production is seen at a record-high 548 million tonnes in 2017 and 553 million tonnes in both 2018 and 2019, up from an estimated 544 […] More »

Non-OPEC yet to pledge concrete oil output steps after meeting OPEC

30 October 2016, Vienna — Non-OPEC producers made no specific commitment on Saturday to join the Organisation of the Petroleum Exporting Countries in limiting oil output levels to prop up prices – a stance that suggested they wanted OPEC to solve its differences first. Officials and experts from OPEC countries and non-OPEC nations including Azerbaijan, […] More »

Too Early to write off power privatisation, BPE tells Dangote

29 October 2016, Abuja – The Bureau of Public Enterprise (BPE) yesterday responded to a call on the federal government to reverse the power sector privatisation by the President of Dangote Group, Alhaji Aliko Dangote, saying it was too early to condemn the process as a failure. The agency which was responsible for the power […] More »

Nigeria: Govt has $500m commitment for $1bn Eurobond – Adeosun

29 October 2016, Abuja -The Federal Government has $500m commitment for the $1bn Eurobond it intends to issue before the end of the year and any decision to increase the size of the offer will depend on pricing, the Minister of Finance, Mrs. Kemi Adeosun, has said. The Federal Government is planning to borrow $1bn […] More »

Chevron attack: Power supply falls by 600MW

29 October 2016, Lagos -Last Tuesday’s attack on Chevron’s gas line by militants in the Niger Delta has affected the flow of gas to some power plants, leading to a loss of about 500 to 600 megawatts of electricity, our correspondent has learnt. A source at the Nigerian National Petroleum Corporation told our correspondent that […] More »

Nigeria: Govt to raise $25.46bn from World Bank, IDB, AfDB

29 October 2016, Abuja – The Federal Government will seek to borrow $25.46bn from multilateral and bilateral development agencies, including the World Bank and the Islamic Development, between now and 2018. Other agencies the Federal Government will resort to for funds to complement the dwindling resources from oil and gas are the African Development Bank, […] More »

NIMASA assures stakeholders of safety standards in maritime industry

29 October 2016, Lagos – The Director-General, Nigerian Maritime Administration and Safety Agency, Dr. Dakuku Peterside, has assured stakeholders of the agency’s resolve to ensure safety standards in the maritime industry. Peterside, who was represented by the Head of Shipping Development Department, Mr. Akin Akinyosoye, gave the assurance at the 10th Oil Trading and Logistics […] More »

OPEC considers freeze on production

29 October 2016, Lagos – Members of the Organisation of Petroleum Exporting Countries on Friday met in Vienna for talks about a possible freeze on production. Ahead of the meeting, Iranian representatives said the country had no plans to limit oil output. However, further details were to be clarified in preparation for the decisive meeting […] More »

Suspend planned strike – Ngige begs NUPENG, PENGASSAN

29 October 2016, Abuja – The Federal Government has advised the National Union Of Petroleum and Natural Gas Workers and the Petroleum and Natural Gas Senior Staff Association of Nigeria to shelve their planned strike over the alleged sacking of 3,000 of its members by oil companies. The Minister of Labour and Employment, Sen. Chris Ngige, […] More »

30 per cent of forex spent on fuel imports – Adeosun

29 October 2016, Abuja – The Minister of Finance, Mrs. Kemi Adeosun, on Friday said that 30 per cent of the Nigeria’s demand for foreign exchange was for fuel importation. Adeosun stated this in Lagos at the launch of  “FirstGem” , a product of First Bank of Nigeria Ltd., aimed at empowering women through wealth creation. […] More »

Gurara Hydro Power Plant to generate 30 megawatts -Fashola

29 October 2016, Abuja – The completion of the Gurara Hydro Power Plant in Kaduna State would generate additional 30 megawatts, the Minster of Power, Works and Housing , Mr. Babatunde Fashola, has said. Fashola spoke on Friday in Kaduna when he visited the Gurara Dam project to assess the level of work. The project […] More »

OPEC hold talks with Russia, others on production cuts

29 October 2016, Lagos – OPEC officials held talks with Russia and other non-cartel members Saturday in Vienna to debate how to implement a plan aimed at cutting oil output to reduce a global supply glut and bolster prices. “The recovery process has taken far too long and we cannot risk delaying the adjustment any […] More »

Govt seeks $1.8bn for rehabilitation of refineries

29 October, 2016, Abuja -The Federal Government will be spending between $1.4bn and $1.8bn to rehabilitate the nation’s refineries within two years in its bid to reposition the oil and gas sector. The rehabilitation will be carried out with the participation of the private sector. This is one of the highlights of the road map […] More »

Fashola: Kashimbila, Gurara dams will provide 70Mw power, ecological safety

29 October 2016, Abuja — The Minister of Power, Works and Housing, Mr. Babatunde Fashola has said the Kashimbila Multipurpose Dam project in Taraba State will provide 40 megawatts, MW, of electricity, protect states around it from a predicted ecological disaster, and support agricultural ventures when completed. He also inspected the Gurara hydro-power plant which […] More »

OPEC meets non-OPEC nations for oil talks, gets Azeri support

29 October 2016, Vienna — Officials from OPEC and non-member oil producing countries met on Saturday aiming to build support for an OPEC plan to reduce output one day after OPEC members were unable to agree on how to implement the deal. Arriving for the meeting with OPEC’s High-Level Committee of exporters, only the representative […] More »

Refineries to be fixed before sale, Nigerian govt insists

There have been suggestions recently by prominent Nigerians for key assets, including the refineries, to be sold to raise seriously needed funds to reflate the economy. More »

Russia’s Rosneft submits draft Bashneft buyout offer to regulator

29 October 2016, Moscow — Rosneft has sent a draft mandatory offer to the central bank to buy the shares it does not already own in oil firm Bashneft, the Russian energy company said in a regulatory statement released late on Friday. State-controlled Rosneft is seeking government approval to buy up to 100 percent of […] More »

BPE responds to Dangote, says power privatisation not a failure

Akpotaire said the agreement signed with the investors upon their acquisition of the power assets allows that they take at least five years to invest in and stabilise their networks. He explained that based on that, Dangote’s claim of the exercise’s failure was not factual. More »

U.S. oil drillers cut rigs for first week since June – Baker Hughes

29 October 2016, Houston — U.S. oil drillers cut rigs this week for the first time since June, ending a 17-week recovery in the rig count, even as crude prices mostly held over $50 a barrel this month, the key level analysts said should lead to more drilling. Drillers cut 2 oil rigs in the […] More »

Nigerian govt begs oil union to suspend planned strike

Ngige said that the ministry had earlier in the year had several meetings with the employers, leadership of the unions and employees in which an agreement was reached. More »

Daewoo: Rivers Assembly warns against unlawful retrenchment of workers

Mkpoikana Udoma 28 October 2016, Port Harcourt – As companies across the country continue to consider workers’ sack as a survival strategy against the nation’s economic recession, the Rivers State House of Assembly  has warned companies operating in the state against retrenchment of workers without severance benefits. This came as some retrenched workers of Daewoo Construction […] More »

$2.6bn Badagry Deep Sea Port project’ll boost nation’s economy – Ambode Read more at: http://ift.tt/2dTVgqs

28 October 2016, Lagos – Lagos State Governor, Mr. Akinwunmi Ambode on Thursday expressed optimism that the $2.6bn Badagry Deep Sea Port Project would be a major turning point that would go a long way to bring about global growth to Nigerian waters and by extension the nation’s economy. The Governor, who spoke shortly after another successful […] More »