Yuletide: Make petroleum products available, NUPENG tells govt

Mkpoikana Udoma 01 December 2016, Sweetcrude, Port Harcourt – As 2016 is fastly winding up, the National Union of Petroleum and Natural Gas Workers, NUPENG, has charged the Federal Government to ensure availability of petroleum products across the country. President of NUPENG, Mr. Igwe Achese, in an exclusive interview with SweetcrudeReports in Port Harcourt also appealed […] More »

Give equal opportunities to all ports, NACCIMA urges govt

Mkpoikana Udoma 01 December 2016, Sweetcrude, Port Harcourt – The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, has urged the Federal Government to give equal opportunity to all seaports in the country to operate. Speaking at NACCIMA’s 4th quarter council meeting in Port Harcourt, president of the association, Chief Bassey Edem, alleged […] More »

Labour orders Bristow Nigeria workers to embark on strike

*Ignores govt mediation efforts 30 November 2016, Sweetcrude, Lagos — The National Association of Aircraft Pilots and Engineers, NAAPE has called on its members within Bristow to embark on an industrial action at Lagos, Port Harcourt and Eket in total disregard of ongoing mediation process by the ministry of Labour. The action relates to a […] More »

LPG retailer sensitise members on safety

…As DPR begins clampdown on illegal dealers Kunle Kalejaye 30 November 2016, Sweetcrude, Lagos — Liquefied Petroleum Gas Retailers, LPGAR, Branch of NUPENG of the Lagos State Chapter has urged it members, to be more safety conscious in carrying out their business activities within the state. Chairman of the Lagos Chapter, Mr. David Okenwa who […] More »

Dock Labour: NJIC discontinue negotiations for wage increase

Kunle Kalejaye 30 November 2016, Sweetcrude, Lagos — The National Joint Industrial Council, NJIC, has agreed to discontinue further negotiations for the increment of wages of dock workers given the prevailing economic conditions facing the maritime industry in general and Nigeria in particular. This decision was reached at the inaugural meeting of the NJIC which […] More »

Oil price nears $50 on optimism over OPEC deal

30 November 016, Lagos – After falling to as low as $46.32 on Tuesday, global oil benchmark, Brent, jumped to $49.66 per barrel on Wednesday on growing optimism that the Organisation of Petroleum Exporting Countries would agree on a production-cut deal later in the day. Prices jumped after Iran’s Oil Minister, Bijan Zanganeh, said in […] More »

Help protect oil pipelines from vandals, NNPC begs Oba of Benin

30 November 2016, Benin – The Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Maikanti Baru, has urged the Oba of Benin, Oba Ewuare II, to assist in the protection of the corporation’s facilities from vandals. Baru said this in Benin on Wednesday when he paid homage to the monarch. He said NNCP had two […] More »

How to grow Nigerian economy – Kachikwu

30 November 2016, Abuja – The Minister of State for Petroleum Resources, Mr. Ibe kachikwu, says the growth of the economy solely depends on mobilising and applying human, natural and financial resources. Kachikwu said this in a presentation at the ongoing 9th Annual Forum of Laureates of the Nigerian National order of merit in Abuja […] More »

Power generation at Egbin drops by 84% to 172MW

30 November 2016, Lagos – The nation’s electricity woes have worsened as generation from its biggest power station, Egbin, plunged to a record low of 172 megawatts on Tuesday, down from 1,085MW on March 15. Eight of the nation’s 26 power plants were idle on Tuesday, according to industry data obtained by our correspondent. Generation […] More »

PENGASSAN rejects plans to scrap NNPC, others

30 November 2016, Lagos – The Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, has condemned reported plans by the Federal Government to scrap some regulatory agencies in the oil and gas industry including the Nigerian National Petroleum Corporation, NNPC, without involving stakeholders in the industry. A statement by  PENGASSAN National Public Relations […] More »

Breaking – Nigeria exempted from OPEC production cut

30 November 2016, Sweetcrude, Vienna, Austria – Nigeria has been exempted from the latest production cut by the Organisation of the Petroleum Exporting Countries, OPEC. Meeting in Vienna, Austria, OPEC ministers Wednesday agreed to cut production by the 14-member body by 1.2 million barrels per day to 32.5 million barrels per day. Nigeria’s exemption from […] More »

OPEC confirms cutting output to 32.5 million barrels per day

30 November 2016, Sweetcrude, Vienna, Austria – The Organisation of the Petroleum Exporting Countries, OPEC, has confirmed cutting its production by 1.2 million barrels per day to 32.5 million barrels per day. It confirmed this in a press statement released at the end its 171st meeting in Vienna, Austria, obtained by our correspondent. Full text […] More »

Photos: OPEC 171st meeting in Vienna, Austria November 30

HE Dr. Mohammed Bin Saleh Al-Sada, OPEC Conference President delivers the opening address                         Saudi Energy Minister, Khalid Al-Falih at OPEC the meeting. HE Al-Sada, OPEC Conference President (c) with Mr. Hamel, Chairman of the Board of Governors (l) and HE Barkindo, OPEC Secretary General […] More »

Breaking – OPEC agrees to cut production by 1.2 million barrels per day

30 November 2016, Sweetcrude, Vienna, Austria – After what seemed an impossibility, the Organisation of the Petroleum Exporting Countries, OPEC, agreed Wednesday to cut its output by 1.2 million barrels per day. It is the first such deal since 2008. Ministers meeting at the organisation’s 171st ministerial meeting in Vienna, Austria reached the deal after Saudi […] More »

Opening address to the 171st Meeting of the OPEC Conference

By HE Dr. Mohammed Bin Saleh Al-Sada, Qatar’s Minister of Energy and Industry and President of the OPEC Conference 30 November 2016, Sweetcrude, Vienna, Austria – Excellencies, ladies and gentlemen, welcome to Vienna for the 171st Meeting of the OPEC Conference. As OPEC Conference President, we would like to offer a very warm welcome to […] More »

India unveils the world’s largest solar power plant

*The country is on schedule to be the world’s third-biggest solar market next year 30 November 2016, Sweetcrude, Lagos — Images have been released showing the sheer size of a new solar power plant in southern India. The facility in Kamuthi, Tamil Nadu, has a capacity of 648 MW and covers an area of 10 […] More »

OPEC said to agree on output cuts as Saudis soften on Iran

Group to reduce supply by 1.2 million barrels a day: delegates Benchmark Brent crude prices climb in London to top $50 30 November 2016, Vienna, Austria – OPEC clinched a deal to curtail oil supply, confounding skeptics as the need to clear a record global crude glut — and prove the group’s credibility — brought its first […] More »

OPEC Secretary General meets heads of delegation on eve of conference

30 November 2016, Sweetcrude, Vienna, Austria — OPEC Secretary General, Dr. Mohammad Sanusi Barkindo, met with OPEC Member Country Heads of Delegation yesterday at the OPEC Secretariat in Vienna, Austria, on the eve of the 171st Meeting of the Conference. Dr Mohammad Barkindo met yesterday with the OPEC Heads of Delegation of Algeria, Ecuador, Indonesia, […] More »

OPEC daily basket price close at $43.87/b

30 November 2016, Sweetcrude, Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $43.87 a barrel on Tuesday, compared with $43.84 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 »

Nigeria: Electricity revenue shortfall to hit N3trn by end of year – NERC

…As Discos meter only 161,640 Customers in 10 months Oscarline Onwuemenyi 30 November 2016, Sweetcrude, Abuja – The Nigerian Electricity Regulatory Commission has warned that the shortfall in the power sector will hit N3 trillion by the end of this year. The Acting Chairman and Chief Executive Officer of NERC, Dr. Anthony Akah revealed this […] More »

How to reinvigorate Nigeria’s oil and gas industry, by Ernest Nwapa

Oscarline Onwuemenyi 30 November 2016, Sweetcrude, Abuja – Pioneer Executive Secretary of the Nigerian Content Development and Monitoring Board, NCDMB, Mr. Ernest Nwapa, says one of the ways to reinvigorate Nigeria’s oil and gas industry is to link it with the nation’s economy. Nwapa, who is President of Global Local Content Council, GLCC, maintained that Nigeria had […] More »

Production cut tops agenda as OPEC meets in Vienna

…Mixed signals from ministers cast doubt on possible deal Chuks Isiwu 30 November 2016, Sweetcrude, Lagos – The Organisation of the Petroleum Exporting Countries, OPEC, ministers meet today in Vienna, Austria amid mixed signals from the ministers over possible deal on production cut. It is OPEC’s 171st ministerial meeting, and the 14-member body is expected […] More »

OGFZ: Govt woos foreign investors with zero-tax, other incentives

Kunle Kalejaye 30 November 2016, Sweetcrude, Lagos – The Oil and Gas Free Zones Authority, OGFZA, has highlighted the advantages foreign investors stand to enjoy in opening up businesses in Nigeria’s Oil and Gas Free Zones, OGFZ. According to managing director of the authority, Mr. Umana Okon Umana, the benefits for investors include zero-tax from federal, […] More »

Power: Senate to sanction NERC over metering failure

30 November 2016, Sweetcrude, Lagos – The National Assembly plans to sanction the country’s power sector regulator, the Nigerian Electricity Regulatory Commission, NERC, unless it moves swiftly to implement existing laws on effective metering and tariff. Chairman Senate Committee on Power, Steel Development and Metallurgy, Senator  H. Abaribe, revealed this at the just- concluded West Africa […] More »

Optimum Petroleum plans OPL 310 appraisal, development next year

Kunle Kalejaye 30 November 2016, Sweetcrude, Lagos – Indigenous operator, Optimum Petroleum Development Limited, says it will commence appraisal and development work on its OPL 310 asset together with partners next year. The appraisal and development work will contribute to the production of oil and gas reserves, “supporting the industrial development and energy needs of Lagos State and the petroleum industry of the […] More »

TCN expects improved power supply following delivery of ‘abandoned equipment’

Kunle Kalejaye 30 November 2016, Sweetcrude, Lagos – The Transmission Company of Nigeria, TCN, says its recent receipt of 77 out of its 218 abandoned containers loaded with power equipment meant for power projects across the country would ensure timely completion of affected projects and bring about improved power delivery of the distribution companies, and ultimately to […] More »

Eko Disco, Huawei sign MoU on meters installation

30 November 2016, Sweetcrude, Lagos – Eko Electricity Distribution Company has signed a Memorandum of Understanding, MoU, with Chinese technology company, Huawei, to expedite installation of prepaid meters within its network. Details of the agreement revealed that, starting with 100,000 meters installation, customers within Eko Disco network would be fully metered before the end of the […] More »

OPEC daily basket price close at $43.84/b

29 November 2016, Sweetcrude, Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $43.84 a barrel on Monday, compared with $44.88 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), Rabi […] More »

Lawmakers to support the rebuilding process in NIMASA

29 November 2016, Sweetcrude, Lagos — The House of Representatives Committee on Maritime Safety, Education and Administration has resolved to support the rebuilding efforts of the Nigerian Maritime Administration and Safety Agency (NIMASA) in its quest to reposition, reform and restructure for the benefit of the nation. The Chairman of the Committee, Hon. Mohammed Umar […] More »

BEDC pledges to resolve customer issues

Kunle Kalejaye 29 November 2016, Sweetcrude, Lagos — Benin Electricity Distribution Plc, BEDC, has assured customers across its franchise states of Edo, Delta, Ondo and Ekiti States of its readiness to resolve all issues and problems associated with operations, soliciting for their patience and understanding. The Managing Director / CEO, Mrs. Funke Osibodu who was […] More »

CSR: IE partners Unilever on better oral hygiene

29 November 2016, Sweetcrude, Lagos — Ikeja Electric Plc (IE), one of Nigeria’s leading Electricity Distribution companies, has carried out an oral hygiene intervention campaign across five primary schools within its network where the pupils were taught the fundamentals of dental care. The campaign, conducted in conjunction with Unilever Nigeria Plc and health maintenance agency, […] More »

Govt spent $1bn on kerosene subsidy in 2015 – Osinbajo

29 November 2016, Abuja – Vice President Yemi Osinbajo, Tuesday, lamented the low usage of Liquefied Petroleum Gas, LPG, also known as cooking gas, in Nigeria, while he disclosed that the Federal Government spent $1 billion on kerosene subsidy in 2015. Using current Central Bank of Nigeria’s, CBN, exchange rate, the $1 billion spent on kerosene […] More »

Mozambique’s LNG project in line for final investment decision

29 November 2016, Sweetcrude, Lagos – Mozambique’s liquefied natural gas, LNG, project is in line for final investment decision after the country’s national oil company gave a major approval expected to drive the project. The country’s National Hydrocarbons Company, ENH, last week approved its investment plan for the Coral South offshore gas project being led by […] More »

Those blowing pipelines not ordinary Nigerians – Buhari

29 November 2016, Abuja  –  Jolted by the sophistication and employment of high technical skills in their actions, President Muhammadu Buhari has feared that those blowing up pipelines were not ordinary Nigerians. The President who was in doubt about the sophistry of the perpetrators felt that the militants were getting help from highly skilled engineering […] More »

Reps want fuel sold at N70 per litre

29 November 2016, Abuja  – The House of Representatives on Tuesday urged the Petroleum Products Prices Regulatory Agency (PPPRA) to review the current price template for Premium Motor Spirit (PMS) with a view to reducing the price to N70. This followed the adoption of a motion sponsored by Rep. Abubaker Fulata titled “Urgent Need to […] More »

Many indigenous oil firms not contributing to local content fund – NCDMB

According to him, “Not much has been expended from that fund for capacity development. Part of the strategy of this new Board is to come out with a very transparent process with which genuine Nigerian contractors in the oil and gas sector will have access to the fund." More »

NOSDRA to ensure timely, effective response to oil spills – Idabor

At a recent meeting with the Chairman House Committee on Environment and the Minister of Environment, the NOSDRA boss noted that the agency is pushing for a law reform to enable the agency perform its duties effectively. More »

Fashola says Discos frustrate NERC’s efforts to reform power sector

He noted that the Discos have irrespective of their excuses, failed to also tell Nigerians that they have mostly refused to submit their annual statement of accounts to the NERC as required by the reform law, as well as frustrated attempts by NERC to activate their pacts in the Transitional Electricity Market (TEM) which should bind them to objective service delivery. More »

Oil prices fall as OPEC fails to stop excess production

29 November 2016, Lagos – Oil prices dipped Tuesday as expectations dimmed of an OPEC agreement to reduce the cartel’s gushing of crude into the massively saturated global market by around a million barrels per day. Prices were also hit as non-OPEC Russia confirmed it would not send a delegation to the Organisation of the […] More »

European stocks diverge as oil slides before OPEC meet

29 November 2016, Lagos – European stock markets mostly rebounded Tuesday but London extended losses as mining shares lost their shine, while oil prices slumped almost a dollar on the eve of a crucial OPEC meeting. Asian traders had earlier moved cautiously, with the recent Trump-fuelled rally in stocks subdued by profit-taking, uncertainty over a […] More »

It’s illegal for states to issue EIA certificates – FG

29 November 2016, Abuja – The issuance of Environmental Impact Assessment certificates by state governments is illegal, the Federal Government has said. It stated this on Monday following the rising cases of issuance of EIA certificates by different agencies of state governments, stressing that it was the sole responsibility of the Federal Ministry of Environment […] More »

Fitch doubts Nigeria’s crude-for-loans deals with India, China

29 November 2016, Lagos –  Fitch Ratings, a global credit rating agency, has expressed doubt over Nigeria’s multi-billion dollar crude-for-loans prepayment deals with India and China. The Minister of State for Petroleum, Dr. Ibe Kachikwu, recently said the country had negotiated a $15bn investment with India, where the Indian government would make an upfront payment […] More »

Nigeria needs $14bn in new investment to raise oil output – Shoreline MD

29 November 2016, Lagos – Nigeria needs at least $14 billion a year in new investments over the next five years to raise oil output to 2.2 million barrels a day (bpd) which is the national budget output benchmark, the Managing Director of Shoreline Natural Resources, an independent oil producing company, Ladi Bada, has said. […] More »

Govt owes oil marketers $1.7bn

29 November 2016, Lagos – The country may be plunged into another round of excruciating fuel scarcity in the next couple of weeks, as oil marketers disclosed that they are running out of patience over the Federal Government’s refusal to pay its $1.7 billion debt owed oil marketers since May 2015. One of the oil […] More »

Uncertainty ahead of crucial OPEC meeting

29 November 2016, Lagos – Mixed signals from OPEC ministers caused fresh volatility on oil markets Monday ahead of a meeting in Vienna meant to nail down a deal reducing the cartel’s output by up to a million barrels per day. Saudi Arabia’s energy minister appeared to suggest on Sunday that Riyadh could live with OPEC […] More »

Kachikwu decries security challenges in oil, gas sector

29 November 2016, Abuja – The Minister of State for Petroleum Resources, Dr Ibe Kachikwu said the effects of security challenges in oil and gas sector had affected all sectors of the country’s economy. Kachikwu said this on Monday in Lagos at the 17th International Health, Safety and Environment (HSE) Biennial Conference on the Oil and Gas […] More »

Bush burning caused pipeline explosion in Delta – JTF

29 November 2016, Warri –  The Joint Task Force (JTF), Operation Delta Safe (ODS), said Monday that the recent pipeline explosion that occurred around Otu-Jeremi, Ughelli, Delta State, was caused by bush burning. Clarifying the incident, JTF’s Deputy Coordinator, Joint Media Campaign Centre (JMCC), Lt. Com. Thomas Otuji, said heat from the bush burning ruptured […] More »

OPEC in last-ditch effort to save oil deal

28 November 2016, Vienna, Austria — OPEC was trying on Monday to rescue a deal to limit oil output as tensions grew among the producer group and non-OPEC member Russia, with top exporter Saudi Arabia saying markets would rebalance even without an agreement. OPEC experts started a meeting in Vienna at 0900 GMT and were […] More »

Oil up, trade choppy as OPEC makes last-ditch bid to save deal

28 November 2016, New York — Oil prices gained more than 2 percent on Monday in volatile trading after falling as much as 2 percent, recouping losses as the market reacted to the shaky prospect of major producers being able to agree on output cuts at a meeting on Wednesday. U.S. West Texas Intermediate crude […] More »

Shell considering selling its Iraq oil assets

28 November 2016, London — Royal Dutch Shell (RDSa.L) is considering selling out of its oil fields in Iraq as part of its global $30 billion asset disposal program, industry sources said on Monday. Shell is seeking to slim down its vast oil and gas portfolio following the $54 billion acquisition of BG Group in […] More »