Seplat: Nigeria’s Trans Forcados pipeline to reopen near end 2Q

01 February 2017, Florence/London — Nigeria’s Trans Forcados Pipeline which has been shut for most of the last year could reopen “towards the end of the second quarter”, Seplat Chief Executive Austin Avuru said. The pipeline, operated by the Nigerian Petroleum Development Company (NPDC), has been hit by several militant attacks, the first on a […] More »

Nigeria gains $22m from Bonny Light crude in December

The gain also boosts Nigeria’s capacity to fund its N7.3 trillion 2017 budget, and if the gains continue, may reduce the dependence on external borrowings to fund the budget and other development projects. More »

Five oil firms implicated in Diezani’s $153.3m scandal

“Detectives are on the trail of the chief executives of the five companies. One of them was allegedly traced to London and we are expecting his arrest anytime from now. The EFCC and UK authorities have closed in on one of the oil chiefs in London." More »

Kachikwu says Nigeria can produce 3million barrels of crude daily

He said, “It is important we continue to sustain the institutional engagement and negotiations which are key to the development of the region. Our target is zero militancy by the middle of 2017, and an incident reduction in the region by 90 per cent by 2018. We must resolve current militancy problems and bring back oil production to 2.2 million barrels per day.” More »

Nigeria: Govt renews 17 marginal oil fields licenses

Ike Amos 01 February 2017, Sweetcrude, Abuja — The Federal Government has approved the renewal of licenses for 17 marginal oil fields that expired in 2015. The Ministry of Petroleum Resources, in its scorecard for 2016 and outlook for 2017, also stated that through the Department of Petroleum Resources (DPR) it has approved seven new […] More »

NNPC spent N1.2trn on purchase of crude oil

Ike Amos 01 February 2017, Sweetcrude, Abuja — The Nigerian National Petroleum Corporation, NNPC, spent N1.215 trillion ($5.313 billion) on the purchase of crude for a 12-month period, from November 2015 to October 2016. According to its Monthly Financial and Operations Report for November 2016, the amount was spent in the purchase of 128.509 million […] More »

Banks credit to power firms dips to N726bn

Ike Amos 01 February 2017, Sweetcrude, Abuja — Nigerian banks total credit to power and energy firms dropped to N726.287 billion at the end of 2016, according to latest data released by the National Bureau of Statistics, NBS. The NBS, in its selected banking sector data for the fourth quarter of 2016, disclosed that the […] More »

ExxonMobil earns $7.8b in 2016

Kunle Kalejaye, with agency report … $1.7b during Q4 01 February 2017, Texas — Exxon Mobil Corporation on Tuesday announced estimated 2016 earnings of $7.8 billion, or $1.88 per diluted share. An asset recoverability review was completed in the fourth quarter and resulted in a U.S. Upstream asset impairment charge of about $2 billion mainly […] More »

TCN blames epileptic power supply on poor funding

He explained that the effects of evacuation bottlenecks, which include generation-transmission interface constraints, transmission substation capacity constraints, transmission wheeling constraints and transmission-distribution interface constraints, lead to other problems such as load shedding, voltage/frequency instability, stranded power and system collapse. More »

Brazil solar energy drive stalled by high costs, strict rules

01 February 2017, Sao Paulo — A government plan to spur the construction of solar energy farms in Brazil is faltering because of high costs, strict rules requiring local components and low-priced competition from Chinese suppliers, say regulators and power sector executives. Developers had been excited about solar power’s potential in a continent-sized country with […] More »

Suleja depot fire incident wont affect supply of petroleum products – NNPC

Barrister Anele clarified that the fire incident did not affect the loading section of the depot, assuring that normal loading, bridging and dispatch of products have continued. More »

PENGASSAN rejects National Assembly’s bid to amend NLNG Act

The proposed amendment, it said, could directly affect some $25 billion worth of foreign investments as well as another 18,000 Nigerian jobs linked to NLNG’s Trains 7 and 8 expansion programmes, adding that this will negate the job creation and job security policy being propagated by the current administration. More »

NNPC clarifies position on $1.1Bn oil block signature Bonus, royalties

The GMD, however, said the arrangement allowed NNPC to lift the royalty oil from Production Sharing Contracts (PSCs) and remit the proceeds to the DPR, adding that confirmation and reconciliation of royalty payments to the sister agency were carried out at the monthly meeting between the Office of the Accountant General of the Federation and revenue generating agencies. More »

Ikeja Electric decries violence against field staff

Kunle Kalejaye 31 January 2017, Sweetcrude, Lagos —  The Ikeja Electricity Distribution Company has decried the increasing spate of violent attacks against its field staff discharging their official duties. Citing the recent malicious incident at Akowonjo, Lagos, where an aggrieved woman allegedly stabbed a staff of the company who was discharging his official duties, the […] More »

CBN insists new forex policy not designed to favour special interests

“As the constitutionally authorised industry regulator mandated to manage the forex market, we wish to state unequivocally that the CBN has a duty to perform and would not indulge in acts capable of discrediting the FX market.” More »

Energy Institute, RAEng launches graduate engineering scheme

Kunle Kalejaye 31 January 2017, Sweetcrude, Lagos — Energy Institute Nigeria, in partnership with Lonadek’s Cedar Science Technology Engineering and Mathematics Centre, STEM and the Royal Academy of Engineering, RAE, have launched a 4-months Graduate Engineering Training Scheme, GETS. The GETS project will focus on addressing the power gaps in Nigeria using conventional and non- […] More »

Dangote Cement to expand investment in Zambia, other African countries

“I am here not only to explore investment opportunities and consolidate our existing business relations, but also to congratulate your Excellency for your victory in the last general elections,” said Dangote. More »

Post 60% MON acquisition: NIPCO urged to enlist on NSE

Kunle Kalejaye 31 January 2017 Sweetcrude, Lagos — Three months after successfully acquiring ExxonMobil’s 60 percent stake in Mobil Oil, NIPCO Plc has been urged to get enlisted on Nigeria Stock Exchange, NSE. NSE Chief Executive Officer, Mr. Oscar Onyema made the call on Monday during a courtesy visit to NIPCO’s head office in Lagos. […] More »

TUC wants more oil subsidy scam perpetrators prosecuted

“It hurts that while Nigerians are groaning and asking for the basic things like food, infrastructure, job, etc. some greedy Nigerians under the guise of oil marketers are milking the country dry,” the statement read in part. More »

Navy apprehends nine oil thieves in Delta

31 January 2017, Warri – The Nigerian Navy on Monday said it had apprehended nine suspected oil thieves in its ongoing “Operation Water Sweet” in Delta State. The Flag Officer Commanding, Central Naval Command, Rear Adm. Mohammed Garba, disclosed this to newsmen at the Nigerian Navy Ship, DELTA, Warri Naval Base. He also said that […] More »

Woman allegedly stabs staff of Ikeja Electric over epileptic power

30 January 2017, Lagos – Ikeja Electric (IE) on Monday decried the increasing number of violent attacks on its staff while performing their lawful duties. Mr Felix Ofulue, the Head, Corporate Communications Unit of the company, expressed the company’s concern in a statement made available to newsmen in Lagos. He said that the company was shocked […] More »

Naira reverses loss after dropping to 500/dollar

30 January 2017, Lagos –  The naira dropped against the United States dollar from 498 to 500 at the parallel market during the early trading hours on Monday, crossing the critical threshold currency analysts had predicted. Foreign exchange traders linked the development to relative scarcity of the greenback in the Forex market. The local unit, […] More »

Scientist disagrees with Shell on impact of oil leak on Bayelsa communities

30 January 2017, Lagos –  An environmental scientist, Ms Benita Siloko, has disagreed with Shell Petroleum Development Company, SPDC, on the impact of the 550 barrels of crude discharged into Ogboinbiri river in Bayelsa State in 2015. SPDC had on March 5, 2015, confirmed that an oil leak from its underwater line within its oil […] More »

South Africa: Petrol price to increase in February

30 January 2017, Pretoria — Motorists will have to dig deeper into their pockets as all grades of petrol are due to increase on Wednesday. In a statement, the Department of Energy announced that both 93 and 95 octane petrol is set to rise by 29 cents a litre. According to the department, the price of […] More »

Uganda: Oil Cash Payout Inquiry Faces Bumpy Ride

30 January 2017, Kampala – Parliament’s Rules of Procedure spell out that committees should take 45 days to investigate a matter and file a report to the House for debate and resolutions. But the committee investigating what has come to be known as the oil cash bonanza was given two months to investigate whether procedures were […] More »

26 ships laden with petroleum products, other items, to arrive Lagos ports

30 January 2017, Lagos – Twenty six ships laden with petroleum products, food items and other goods are expected to arrive Apapa and Tin-Can Island ports in Lagos from Jan. 30 to February 18. The Nigerian Ports Authority (NPA) stated this in its publication – `Shipping Position’, – a copy of which was made available on […] More »

NNPC Suleja depot gutted by fire

30 January 2017, Abuja – The Nigerian National Petroleum Corporation (NNPC) depot in Suleja, Niger State,  was yesterday gutted by fire. An articulated vehicle, as well as the loading canopy  at the depot were mostly affected by the inferno. It was learnt that but for the timely arrival of men of the fire service in Suleja, […] More »

Petrol scarcity looms as product sells for N142 per litre in depots

30 January 2017, Lagos – Despite the pledge by oil marketers to support the federal government’s efforts in ensuring sustained and stable supply of petrol at the official pump price of N145 per litre, there are indications of imminent scarcity as some depot owners have jerked the ex-depot price to N142 per litre, against government’s approved […] More »

NDDC sets 21-point agenda for Niger Delta development

30 January 2017, Port Harcout –  The Niger Delta Development Commission (NDDC) has reaffirmed its commitment to making the commission’s systems and processes more transparent for sustainable development of the Niger Delta region. This was contained in a 21-point focus set out at the board’s inaugural meeting in Port Harcourt, Rivers State last Thursday as […] More »

Financial market products & services update

30 January 2017, Sweetcrude, Houston — The local and international financial market products and services update. NIGERIA: About a week after the Federal Government announced the release of N72bn as its counterpart fund for the construction of the Lagos-Ibadan standard gauge rail line, the Export-Import Bank of China has approved $1.275bn (about N408bn) loan for […] More »

Nigerian ship owners demands better deal with govt

30 January 2017, Lagos – Nigerian ship owners have demanded for a better deal with the Federal Government in this New Year to avert the pitfalls that inhibited the sustainable growth of the shipping sector of the economy in 2016. The indigenous ship owners identified the need for the Federal Government to encourage investment in shipping […] More »

NIMASA seeks stakeholders’ contributions to port reforms

30 January 2017, Lagos – The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside has called on stakeholders in the maritime sector to make input in the ongoing port reform agenda of the present administration in other to reposition the maritime industry for greater efficiency. Peterside made this call in […] More »

NERC may shelve proposed tariff hike due to recession, Discos’ lawsuit

30 January 2017, Abuja –  The Nigerian Electricity Regulatory Commission (NERC) may not implement its planned increase in tariff for the 11 electricity distribution companies (Discos), THISDAY has learnt. The decision to backtrack on its move is predicated on country’s current economic recession and the ruling from the suit at the two Federal High Courts […] More »

OPEC daily basket price close at $52.88 /b

30 January 2017, Sweetcrude, Vienna, Austria — The price of OPEC basket of thirteen crudes stood at $52.88 a barrel on Friday, compared with $52.91 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light […] More »

Oil steady but U.S. drilling weakens deal to cut output

30 January 2017, London — Oil prices were steady on Monday, but news of another increase in U.S. drilling activity spread concern over rising output just as many of the world’s oil producers are trying to comply with a deal to pump less in an attempt to prop up prices. The number of active U.S. […] More »

OPEC convinces investors that its oil output cuts are real

30 January 2017, New York — OPEC appears to have persuaded investors that it’s making good on promised production cuts. Money managers are the most optimistic on West Texas Intermediate oil prices in at least a decade as the Organization of Petroleum Exporting Countries and other producers reduce crude output. Saudi Arabia has said more […] More »

Ogoniland can’t get clean water this generation – Don

30 January 2017, Lagos – A professor at the Department of Applied Geology, Federal University of Technology, Akure, Yinusa Asiwaju-Bello, has said it will take a long time for polluted groundwater to be safe enough for consumption. He said polluted groundwater in a place like Ogoniland in Rivers State would take a long time before […] More »

Oil price, forex policy hamper economic recovery — Experts

30 January 2017, Abuja – The country’s economy may struggle to rebound from its worst slump in 25 years unless President Muhammadu Buhari ends the Niger Delta militancy and review the nation’s foreign exchange policy that has blocked investment, economic and financial experts have said. The experts said a more favourable oil and foreign-currency environment could […] More »

DAPPMA, IPMAN explain kerosene, diesel scarcity

Kunle Kalejaye 30 January 2017, Sweetcrude, Lagos – The Depot and Petroleum Products Marketers Association, DAPPMA, has blamed the scarcity of domestic kerosene and automative gas oil, AGO, also known as diesel on the high exchange rate in the country. DAPPMA executive secretary, Mr. Olufemi Adewole, said in an interview that shortage of foreign exchange for […] More »

Oil, minerals producing areas develop blueprint to end Niger Delta crisis

30 January 2017, Abuja – Oil and Solid Mineral Producing Area Landlords’ Association of Nigeria, OMPALAN, yesterday, said it had developed a blue-print that would help end the lingering crisis in the Niger Delta and other minerals producing communities across the country. Chairman, Board of Trustees and National Leader, OMPALAN, Mr. Udo Azogu, stated this in […] More »

UK court dismisses suit on RDS liability for Niger Delta oil spills

30 January 2017, Sweetcrude, Port Harcourt, Nigeria — A High Court in London has dismissed a suit by Bille and Ogale communities seeking to sue Royal Dutch Shell (RDS) in English courts for spill incidents in the Niger Delta. The communities had, on May 2015, through their UK solicitors, Leigh Day, brought oil spill litigation […] More »

Maritime ready to take over from oil as top revenue earner – NIMASA

30 January 2017, Sweetcrude, Lagos — The Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside has said that the nation’s maritime industry is ready to take its rightful place as the top revenue earner for the government, having concluded plans to support its growth. Speaking in Lagos during a courtesy […] More »

Progress is being made at Cameroon assets – Bowleven

29 January 2017, London — Africa-focused oil and gas company Bowleven plc has stated that progress is being made within its assets in Cameroon. “Progress is being made on our entire asset base in Cameroon and in the active screening of new opportunities,” Bowleven Chief Executive Kevin Hart said. “The company’s robust balance sheet position […] More »

Saudi Aramco selects US firms to audit its reserves for IPO

29 January 2017, Dubai/Khobar, Saudi Arabia/London — State oil giant Saudi Aramco has tasked two U.S. industry leaders in oil reserves auditing to review the content of its deposits as it pushes ahead with a share listing next year, industry sources said on Thursday. Aramco, whose fields are estimated to contain 15 percent of the […] More »

Chevron’s first loss in decades signals hard time for giants

29 January 2017, Chicago — Chevron Corp. posted its first annual loss since at least 1980, signalling the difficulties faced by the world’s biggest oil companies as they struggle to emerge from the worst collapse in a generation. The company had a $497 million loss last year and failed to replace all of the crude […] More »

Border tax ideas roil oil markets, favour Gulf Coast refiners

29 January 2017, Houston/New York — As with many industries now fretting over the uncertain future of U.S. trade policy, the oil business is sizing up the potential impact of the various protectionist measures being bandied about Washington – which has sent crude markets into a tizzy. The trade proposal with the most momentum may […] More »

Bayelsa sues Agip for N1.6tn over oil spill

29 January 2017, Yenagoa –  The Bayelsa Government has dragged Nigerian Agip Oil Company Ltd. to a Federal High Court in Port Harcourt over an oil spillage from the company’s SBM Sirius in Brass Local Government Area of the state. The government disclosed this on Friday in an originating summons, filed by the Bayelsa Attorney-General […] More »

Obaseki wants Japanese investment in solid minerals, agriculture

29 January 2017, Benin – Governor Godwin Obaseki of Edo State has commenced discussions with the Japanese government to drive investments in agriculture, transportation, solid minerals and youth empowerment in vocational and technological services. The governor at a meeting in Abuja with the First Secretary, Economic Development and Cooperation, Embassy of Japan in Nigeria, Gaku Sato, […] More »

Mining summit shifted over Abuja airport closure

29 January 2017, Abuja- Due to the planned closure of the Nnamdi Azikiwe International Airport, Abuja in March, ConMin West Africa Exhibition and the National Mining Summit have been moved from the earlier scheduled date in April to June 13-15, 2017. A statement from the organisers noted that with a large proportion of attendees and […] More »

Reps threaten to arrest CBN gov, AGF over oil bloc sale

29 January 2017, Abuja – The House of Representatives has threatened to issue warrant of arrest on the Governor of Central Bank of Nigeria, Mr Godwin Emefiele, and the Accountant-General of the Federation, Mr Ahmed Idris, over oil licenses. According to the House, the threat is in respect of the sale of Oil Prospecting Licenses […] More »