Landlords shut 37 Agip oil wells in Rivers

Mkpoikana Udoma 01 March 2017, Sweetcrude, Port Harcourt -Alleging negligence, a group known as the ONELGA Oil and Gas Landlords Families Association in Ogba/Egbema/Ndoni Local Government Area of Rivers State has shut 37 oil wells belonging to the Nigerian Agip Oil Company, NAOC. According to chairman of the association, Mr. Chikobi Alali, the decision to […] More »

OGFZA to license new oil & gas free zone in Delta

Mkpoikana Udoma 01 March 2017, Sweetcrude, Port Harcourt – The Oil and Gas Free Zones Authority, OGFZA, is set to break new grounds with the licensing of a new oil and gas free zone in Delta State. The Managing Director of OGFZA, Mr. Umana Okon Umana, who led his management team on a facility tour […] More »

How PHEDC negligence killed 3 in Port Harcourt

Mkpoikana Udoma 01 March 2017, Sweetcrude, Port Harcourt – Three people in Rumuomoi/Rumuorosi community in Port Harcourt were electrocuted to death following alleged negligence by Port Harcourt Electricity Distribution Company, PHEDC, workers. The deceased persons, Mr. and Mrs. Obinna Okereke, 25 and 22 years, from Ebonyi State, and a 50-year old cobbler, named Fred, from […] More »

Ghana to achieve 200,000b/d oil output in April

01 March 2017, Sweetcrude, Lagos – Ghana will increase its daily production of oil to more than 200,000 barrels per day by April this year, when its third Floating Production and Storage Vessel, FPSO AgyekumKufuor is expected to set sail into the country’s waters. This development will also push the country towards improved energy supply […] More »

Naira strengthens to N435/$ on CBN dollar glut

*Another $180m sold for visible and invisible transactions *Travelex to get $4m weekly at Lagos and Abuja airports *Currency speculators would suffer, central bank warns 28 February 2017, Lagos — The naira continued to strengthen on the parallel market on Monday to close at N435 to the dollar, stronger than N450 to the dollar at […] More »

Nigeria’s GDP growth rate contracted to -1.30% in Q4

28 February 2017, Abuja — Nigeria’s real Gross Domestic Product (GDP) growth rate contracted to -1.30 percent in the fourth quarter of last year (Q4 2016) compared to -2.26 percent in the previous quarter, the National Bureau of Statistics (NBS) stated on Tuesday. Though the decline was less severe than the contraction in the previous […] More »

Low oil price: Nigeria’s survival, a miracle — OPEC

Ike Amos 28 February 2017, Sweetcrude, Abuja — Secretary-General of the Organisation of Petroleum Exporting Countries, OPEC, Mr. Mohammed Barkindo, yesterday, stated that Nigeria’s survival of the low oil price regime was a miracle. Speaking during a visit to the Minister of State for Petroleum Resources in Abuja, Mr. Ibe Kachikwu, Barkindo commended the giant […] More »

Lekoil completes 6-KM offshore pipeline at Otakikpo field

*Production ramping up to 10,000 b/d 28 February 2017, Sweetcrude, Lagos — Lekoil, the oil and gas exploration and development company with a focus on West Africa, has announced the completion of a six-kilometer offshore pipeline leading from the storage tanks to the tanker offloading manifold at the Otakikpo field as part of efforts to […] More »

Nigeria’s GDP shrinks by 1.3% in 2016 fourth quarter

28 February 2017, Abuja – The National Bureau of Statistics on Tuesday released the Gross Domestic Product growth rate for the country with the economy recording a contraction of -1.3 per cent in growth rate in the fourth quarter of 2016. The NBS in the report explained that in real terms, the economy recorded a […] More »

Nigeria’s growth drops, oil raises hopes for end to recession

28 February 2017, Abuja – Nigeria’s battered economy suffered a year-long contraction in 2016, official data showed Tuesday, but the oil sector showed signs of recovery, raising hopes for an end to recession. The latest figures showed that the gross domestic product (GDP) shrunk by 1.5 percent last year, largely due to oil production disruptions […] More »

Nigeria set to attract $10bn oil and gas investments – Kachikwu

28 February 2017, Abuja – Minister of State, Petroleum Resources, Dr Emmanuel Kachikwu, has said that the Federal Government will attract more than $10bn investments to the oil and gas industry in the next five years. Kachikwu said this on Tuesday in Abuja at the ongoing Nigerian Oil and Gas Conference tagged: “ Reforming and […] More »

Naira trades flat, set for further gain

28 February 2017, Lagos – The naira closed flat at 445 against the United States dollar at the parallel market on Monday as the foreign exchange market awaits the further release of the greenback by the Central Bank of Nigeria. The CBN has sold additional $180m into the market this week, barely one week after […] More »

Malabu Oil Block forfeiture: Shell, Agip, others know fate March 13

28 February 2017, Abuja – The Abuja division of the Federal High Court has reserved till March 13 ruling on two separate applications filed by Shell Nigerian Exploration and Production Company and Nigerian Agip Exploration Limited seeking to set aside an order of forfeiture granted the Economic and Financial Crimes Commission (EFCC) in respect of […] More »

Oil price crash: Worst days for Nigeria over – OPEC

28 February 2017, Abuja – Secretary-General of the Organisation of Petroleum Exporting Countries, OPEC, Mr. Mohammed Barkindo, yesterday, disclosed that the worst days for Nigeria due to the low price of crude oil were over. Mohammed Barkindo He said Nigeria’s ability to weather the storms of the low price of crude oil was a miracle. […] More »

DPR accuses marketers of diverting petroleum products

28 February 2017, Abuja – The Department of Petroleum Resources (DPR) has said that it has uncovered fresh cases of diversion of petroleum products by fuel marketers. According to the regulatory agency, products loaded in trucks are being diverted from their original destinations by some marketers. The agency also alleged that some of the marketers […] More »

CBN pumps fresh $180m into forex market

28 February 2017, Abuja – The Central Bank of Nigeria on Monday increased the liquidity in the foreign exchange market by releasing additional $180m for settlement of various transactions. This was confirmed by the Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okoroafor. He said while the sum of $100m was released into the wholesale […] More »

Govt to build gas industrial park valued at about $20bn in Niger Delta – Osinbajo

28 February 2017, Abuja – Following his consultations with stakeholders in the oil rich Niger Delta States, the Acting President Yemi Osinbajo has said that a plan to establish a gas industrial park valued at about $20b in the region has begun. Tagged the Gas Revolution Industrial Park, GRIP, Ogidigben, the project which would be […] More »

Nigeria, Algeria, others lost $1tn to oil crash – OPEC

28 February 2017, Lagos –Nigeria, Algeria and other members of the Organisation of Petroleum Exporting Countries lost a cumulative revenue of about $1tn as a result of the crash in crude oil prices, the Secretary-General of OPEC, Mohammed Barkindo, has said. He stated this at the headquarters of the Federal Ministry of Petroleum Resources during […] More »

Malabu: Adoke, ex-finance minister under fresh probe, says EFCC

28 February 2017, Abuja – The Economic and Financial Crimes Commission has said it is still investigating a former Attorney General of the Federation and Minister of Justice, Mr. Mohammed Adoke (SAN), in relation to the $1.2bn Malabu oil scam. The anti-graft agency said in a court process filed on Friday that it was investigating […] More »

JTF raids illegal refineries in Rivers, Delta

Mkpoikana Udoma 28 February 2017, Sweetcrude, Port Harcourt – In its effort to protect oil and gas infrastructure in the Niger Delta region, the Joint Military Task Force operating in the region, Operation Delta Safe, ODS, says it has carried out raids on three illegal refineries in Rivers and Delta States. The JTF said during the […] More »

Nigeria: Dollar crashes again, exchanges at N440

*As CBN floods market *CBN pumps additional $80m for PTA, fees, medicals & $100m through banks for wholesale forwards market 27 February 2017, Abuja — In keeping with its determination to increase liquidity in the foreign exchange market, the Central Bank of Nigeria (CBN) on Monday released another $100m into the wholesale forwards segment of […] More »

Kaduna Electric participates at Kaduna Trade Fair

27 February 2017, Sweetcrude, Lagos – Kaduna Electric has promised its customers seamless service at this year’s Kaduna international Trade Fair which commenced at the weekend at the trade fair ground in Kaduna/ A statement by the Head, Corporate Communication, Abdulazeez Abdullahi, said the company will also use the opportunity of the fair to enlighten […] More »

Naira strengthens further against dollar, sells at N450/$

27 February 2017, Lagos – The naira on Monday continued to strengthen against the dollar and other major currencies, journalists report. The Nigerian currency gained N10 to exchange at N450 to a dollar at the parallel market, while the Pound Sterling and the Euro exchanged at N560 and N470. Indeed, Naira devaluation is probably the most […] More »

Pipeline vandalism reduces by 20%

27 February 2017, Abuja –  The Nigerian National Petroleum Corporation (NNPC) on Monday, said pipeline vandalism in the country had dropped to 20 per cent. Group Managing Director of the corporation, Dr Maikanti Baru, said this at the opening of the 2017 Nigerian Oil and Gas Conference in Abuja. He said that vandalism cases dropped […] More »

Grimaldi shipping introduces electronic payment options in Nigeria

27 February 2017, Sweetcrude, Lagos — IN a bid to fast track cargo delivery, Grimaldi Agency Nigeria Limited has developed and introduced multiple payment options for port users. The Deputy Managing Director of Grimaldi Agency Nigeria, Nitin Senan, who disclosed this in Lagos recently, said the shipping agency’s customers can now obtain and pay provisional […] More »

US dollar may drop to N400 as CBN pumps another $221m

27 February 2017, Lagos — As part of efforts to sustain its defence of the naira, the Central Bank of Nigeria (CBN) on Thursday sold $221,371,218.04 to banks in its second special wholesale intervention forwards since the new foreign exchange (FX) policy actions were announced a week ago. A breakdown of the amount sold by […] More »

Russia says in talks over Iranian oil purchases

27 February 2017, Moscow — Russia has been in talks of buying oil from Iran, Energy Minister Alexander Novak said on Monday, confirming earlier reports. At the sidelines of an economic forum in the Black Sea resort of Sochi, Novak told reporters he expected the deal to be reached “within weeks.” The purchases will be […] More »

OPEC daily basket price close at $53.61/b

27 February 2017, Sweetcrude, Vienna, Austria — The price of OPEC basket of thirteen crudes stood at $53.61 a barrel on Friday, compared with $53.95 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 »

Compensation: Man who lost arms working for PHCN threatens suicide

27 February 2017, Lagos  – Mr. Tairu Quadri, whose two arms were amputated after an explosion during an official assignment as a staff member of the defunct PHCN on Monday threatened to commit suicide over neglect and unpaid compensation. Quadri, who is married with two children, said in Lagos that since the incident occurred in 2008, […] More »

NLNG, NNPC on collision over pipeline explosion

27 February 2017, Lagos –  Nigeria LNG Limited and the Nigerian National Petroleum Corporation (NNPC) may be heading for a collision over the explosion that hit the NLNG pipelines in Emohua Local Government Area of Rivers State, which was allegedly caused by the activities of Integrated Data Services Limited, (IDSL), a subsidiary of the corporation, […] More »

Govt, Discos disagree over MDAs’ electricity debt payment

27 February 2017, Lagos –  The Federal Government has refused to settle all outstanding debts owed by its Ministries, Departments and Agencies, SUNDAY PUNCH has learnt. It was gathered that instead of clearing all the debts, the government said it would only settle the electricity bills that accumulated between 2015 and February 2017, leaving out […] More »

Experts predict further gain as naira hits 445/dollar

27 February 2017, Lagos – The naira rose to 445 against the United States dollar at the parallel market on Sunday, one week after the Central Bank of Nigeria introduced a new policy measure aimed at boosting foreign exchange supply in the market. The local currency, which had tumbled to 520/dollar last Monday, closed at […] More »

DPR accuses marketers of hoarding, diverting products

27 February 2017, Lagos – Petroleum products’ marketers have again commenced the hoarding, diversion and adulteration of products, the Department of Petroleum Resources has alleged. According to the agency, some marketers are diverting products at their truck terminals across the country, while others are manipulating their dispensing pumps. Although the DPR said it had intensified […] More »

Power consumers grumble despite rise in generation

27 February 2017, Lagos –  The recent comments by the Minister of Power, Works and Housing, Mr. Babatunde Fashola, on the rise in power generation to about 4,000 megawatts have been greeted with condemnation by individual electricity consumers as well as different consumer groups across the country. According to them, the rise in power generation […] More »

Nigerian troops raid illegal refineries in the Niger Delta

26 February 2017, Sweetcrude, Warri — Personnel of the Operation Delta Safe (OPDS) working with the Nigerian Naval Ship (NNS) Delta have successfully carried out a raid on two illegal refineries along the LAPASE CREEK in Warri South of Delta State as part of its effort to protect oil and gas infrastructure in the Niger […] More »

Nigerian govt clears visa hurdle for business travellers

26 February 2017, Lagos — The Federal Government has reviewed the visa processes for foreigners who wish to visit Nigeria for business and tourism purposes, with a view to removing bureaucratic bottleneck and encouraging business travellers and tourists, thus giving a boost to the economy. A statement issued on Sunday by the Minister of Information […] More »

South Africa: We don’t need public approval for Russian nuclear deal – Govt

26 February 2017, Pretoria — The South African government is under no obligation to get public approval for a nuclear agreement it signed with Russia, the Western Cape High Court heard on Thursday. State advocate Marius Oosthuizen SC said a court was also not allowed to get involved in a dispute over whether the public […] More »

Nigerian govt proposes payments of NNPC’s dividends into SWF

26 February 2017, Lagos — The Federal Government has proposed that some of the dividends from the operations of the Nigerian National Petroleum Corporation (NNPC) expected to be reorganised in line with the Petroleum Industry Governance Bill (PIGB) should be paid into Nigeria’s Sovereign Wealth Fund. This is with a view to growing the fund’s […] More »

Oil slips nearly 1 percent on concerns over rising U.S. output

26 February 2017, New York — Oil prices fell about 1 percent on Friday as worries about rising U.S. supplies outweighed OPEC pledges to boost compliance with output curbs. But crude prices were on track for a weekly rise as traders have begun to pull out barrels from pricey storage, with physical markets showing signs […] More »

Nigeria: Port concession extension was an under table deal – House Committee Chair

26 February 2017, Lagos — THE House of Representative Committee on Ports, Harbour and Waterways has said that the recent extension granted some concessionaires was an under the table deal vowing to probe it and correct any anomaly. In an interview, the Committee Chairman, Dr. Patrick Asadu said that the extension granted concessionaires will not […] More »

Nigeria’s ban on vehicle through land borders: Govt considers 90-day implementation delay

26 February 2017, Sweetcrude, Lagos — THE Nigerian government may have decided to delay implementation of its policy on the ban on importation of vehicles through land borders across the country as stakeholders protest on the issue may be receiving attention. In response to a petition written by the National Council of Managing Director of […] More »

OPEC compliance seen growing as laggards Iraq and UAE pledge action

26 February 2017, London — OPEC has so far surprised the market by showing record compliance with oil-output curbs and could do so further in coming months as the biggest laggards – the United Arab Emirates and Iraq – pledge to catch up quickly with their targets. The Organization of the Petroleum Exporting Countries has […] More »

Iraq signs $500 million electricity deal with ABB

26 February 2017, Baghdad — Iraq signed a $500 million agreement with ABB to implement energy projects, Prime Minister Haider al-Abadi’s office said in a statement on Sunday. “An electricity agreement was signed between the government of Iraq and the Swedish company ABB for the implementation of energy transmission for … the Ministry of Electricity,” […] More »

Nigeria’s unique nexus around solar power

Chijioke Mama 26 February 2017, Sweetcrude, Lagos — What can solar power really do for Nigeria? Answering this question provides ample insights for solar firms, policy makers and advocacy groups. There is an emerging functional nexus between solar power (as a unique source of power) and Nigeria’s peculiar developmental challenges. Stakeholders need to understand this […] More »

NNPC renegotiates deep offshore rig rate, gets 72% discount

*Says unit technical cost for oil has dropped to $27/b from $70/b 25 February 2017, Abuja — The Nigerian National Petroleum Corporation (NNPC) yesterday said it has renegotiated its deep offshore rig rate from a staggering $580,000 to $164,000 per day, translating to a cost savings of 71.7 percent. It also stated that it achieved […] More »

Kaduna Electric bemoans energy theft, installs 11,000 meters in two months

He disclosed that the energy theft are done both externally by by-passing the new meters and internally by compromising or damaging the relays, vowing to leave no stone unturned in fighting those behind it. More »

EFCC disowns auctioneer of seized petroleum products

He said the commission had not authorised anyone to act on its behalf in respect of the MT Good Success and MT Asteris vessels, warning members of the public to refrain from any related activity. More »

People in oil-producing areas prone to cancer – Study

A new study published in a journal, PLOS ONE, found that young people diagnosed with acute lymphocytic leukaemia are more likely to live in areas of high-density oil and gas development compared to others diagnosed with other types of cancer. More »

As Saudis prepare to sell shares in oil giant, some have misgivings

25 February 2017, Khobar, Saudi Arabia/Dubai — Jamil Farsi, a prominent Saudi Arabian jewellery tycoon, made an impassioned plea to the investment minister at a meeting of the Jeddah Chamber of Commerce this month. “I don’t know anything about economics but I beg you, and I beg the officials in the country, not to sell […] More »

Nigeria’s Presidency, N’Assembly resolve grey areas in 2017 Budget

Specifically, the meeting was said to have resolved that projects, such as the N6.9 billon Abuja Airport rehabilitation which was provided for in the 2017 budget, should be captured in the capital aspect of the budget. More »