Group tasks Wike on rehabilitation of repentant cultists

Mkpoikana Udoma 01 April 2017, Sweetcrude, Port Harcourt – A group known as Southern Youth Foundation, SYF, has called on the Rivers State Governor, Chief Nyesom Wike, to hasten the next phase of the amnesty programme for cultists in the state in other to dissuade the repentant youths from going back to crime. The youth group […] More »

NNPC says adulterated petroleum products from vandalised pipelines in circulation –

31 March 2017, Sweetcrude, Lagos – The Nigerian National Petroleum Corporation, NNPC, has alerted the public to the presence of adulterated petroleum products. It, therefore, has advised the public to be wary of the products, which it alleged was coming from vandalised pipelines. It said the need for the public to be wary of the […] More »

IMF urges Nigeria to start belt tightening, cut Naira curbs

‘Stronger macroeconomic policies are urgently needed’: IMF Nigeria should start fiscal consolidation, monetary tightening 31 March 2017, Sweetcrude, London — Nigeria should remove currency-trading restrictions and reduce its budget deficit and debt-service costs to “sustainable” levels, the International Monetary Fund said. “Stronger macroeconomic policies are urgently needed to rebuild confidence and foster an economic recovery,” […] More »

Oil theft: NSCDC suspends two officers

31 March 2017, Sweetcrude, Abuja – The Nigeria Security and Civil Defence Corps (NSCDC) has suspended two of its officers for alleged involvement in oil theft in Bayelsa State. NSCDC sp‎okesman, Mr Emmanuel Okeh, disclosed this in an interview with newsmen on Friday in Abuja. According to him, the management of the Corps condemned the alleged […] More »

Investors flock to Nigeria Eurobonds, avoid the Naira

*Yield on bond offering tightened to 7.5% from 7.8% guidance *Orders for six times offering of $500 million in notes 31 March 2017, Sweetcrude, Lagos — Nigeria’s oversubscribed Eurobond on Wednesday showed that investors will flock to the country’s dollar assets. But when it comes to naira ones, they’re staying well away. Nigeria got around […] More »

Ghana names AfDB’s Ernest Addison as Central Bank governor

*New governor is a former research director at central bank *Addison seen striking balance between price stability, growth 31 March 2017, Accra — Ghana’s President Nana Akufo-Addo has appointed Ernest Addison as the nation’s new central bank governor following the resignation of Abdul Nashiru Issahaku after only a year in the post. Addison, an economics […] More »

Nigerian govt reiterates commitment to Niger Delta development

The Group is charged with the responsibility of working with State Governments, development partners, oil companies and other stakeholders which include PANDEF, to come up with a concerted plan, with timelines and personally responsible agencies or ministries to spearhead the development of the long neglected region. More »

Senate to receive final report on PIGB April 25

During the session, the committee members, among others, would receive further input, deliberate on their findings and recommendations, and conclude their report for submission to the Senate. More »

Oil price seen struggling as U.S. output weighs against OPEC cuts

31 March 2017, London — Oil analysts have grown more unsure that OPEC’s supply cut will be enough to offset the increase in U.S. production and do not believe prices will reach $60 a barrel until early next year, according to a Reuters poll on Friday. Brent crude is expected to average $57.25 per barrel […] More »

CBN approves licence for Development Bank with N398.45bn seed fund

…As Finance Ministry Announces DBN Management, Board Members Oscarline Onwuemenyi 31 March 2017, Sweetcrude, Abuja – The Central Bank of Nigeria (CBN) has approved a licence for the Development Bank of Nigeria (DBN) with $1.3 billion as seed capital, the Minister of Finance, Mrs. Kemi Adeosun said yesterday. The ministry, which is the chief promoter […] More »

Oil retreats, set to become worst-performing asset in first quarter

31 March 2017, London — Oil prices fell on Friday after a three-day rally ran out of steam due to a stronger dollar, promising to notch up the oil market’s worst-performing quarter since 2015 as investors fret that growing U.S. supplies are undermining OPEC-led cuts. Brent crude futures LCOc1 have made the biggest losses across […] More »

Glencore in talks to sell global oil storage stakes

31 March 2017, London — Swiss-based trading and mining giant Glencore is selling a bundle of its global oil storage stakes, sources told Reuters, following similar moves by rivals as a boom period for storage shows signs of nearing to an end. Demand for storage exploded following the oil price plunge in 2014 because the […] More »

OPEC daily basket price close at $50.20/b

31 March 2017, Sweetcrude, Vienna, Austria — The price of OPEC basket of thirteen crudes stood at $50.20 a barrel on Thursday, compared with $49.54 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 »

President Buhari forwards fresh NDDC nominees for Ondo, Abia, Imo to Senate

Oscarline Onwuemenyi 31 March 2017, Sweetcrude, Abuja – President Muhammadu Buhari yesterday forwarded to the Senate three new names to the board of the Niger Delta Development Commission NDDC for replacement of those earlier rejected by the upper chamber. The nominees are Lucky Omirisan representing Ondo state, Chuka Amawawa from Imo state and Nwogu N […] More »

Oil theft: NSCDC impounds 152 trucks, gets 315 jailed in Rivers

Mkpoikana Udoma 31 March 2017, Sweetcrude, Port Harcourt –  The Rivers State Command of the Nigerian Security and Civil Defence Corp, NSCDC, says it has impounded 152 trucks filled with illegally acquired petroleum products. It also said 315 oil thieves have been jailed in the last two years. The NSCDC stated that so far this […] More »

NNPC urges Nigerians to be wary of adulterated fuel

30 March 2017, Sweetcrude, Abuja – The Nigerian National Petroleum Corporation, NNPC, has cautioned Nigerians against adulterated fuel, saying that by exercising caution, consumers could forestall explosion, knockdown of engines, equipment or any such other ugly incidents leading to death or injuries. NNPC stated in a statement on Thursday by Group General Manager, Public Affairs Division, […] More »

Kaduna Electric MD advocates strategy to end power sector challenges

30 March 2017, Sweetcrude, Kaduna –  The Managing Director of Kaduna Electric, Engr. Garba Haruna has suggested what he called a triple action strategy to solving the challenges bedevilling the nation’s power sector. The strategies, as advocated by the electricity boss are reductions in the cost of electricity generation through reduction in the cost of […] More »

US oil attracts more buyers as Nigeria loses markets

30 March 2017, Sweetcrude, Lagos – The United States exported crude oil to 26 different countries in 2016, compared with 10 countries the previous year, according to the US Energy Information Administration, EIA. Included in the list of countries are those that usually buy the Nigeria crude, and these countries are China, Spain, the United Kingdom, […] More »

S. Africa mine communities ignored in design of social plans

*Communities should have right to veto mines, group says *Mining companies often don’t honor commitments: legal center 30 March 2017, Johannesburg — When companies design development programs for areas near their operations in South Africa that are required to win government approval for licenses, local communities are often not consulted and have no right to […] More »

Economic uncertainty envelops Gabon over fading oil industry

30 March 2017, Sweetcrude, Libreville/Dakar — Charles Lekabi lived comfortably as a driver for an oil company in Gabon’s industrial town of Port Gentil until he was laid off three years ago. “Today, I struggle to pay my rent,” said Lekabi, who worked for French oil company Total for seven years before he was let […] More »

Oil steady on Libya disruptions, bloated U.S. stockpiles

30 March 2017, London — Oil prices steadied on Thursday after two days of increases as bloated U.S. inventories limited the impact of supply disruptions in Libya and lower supply from other OPEC exporters. Brent crude oil LCOc1 was unchanged at $52.42 a barrel by 0825 GMT. U.S. light crude oil CLc1 was up 5 […] More »

Saudi Aramco formally appoints banks to advise on share sale

30 March 2017, London — Saudi Aramco has formally appointed JPMorgan Chase & Co, Morgan Stanley and HSBC as international financial advisers for its initial public offering, sources familiar with the matter told Reuters. The trio joined Moelis & Co and Evercore, which have been appointed independent financial advisers, one source said of what is […] More »

OPEC compliance with oil curbs rises in March

*UAE joins production cut 30 March 2017, London/Dubai — OPEC oil output is likely to fall for a third straight month in March, a Reuters survey found on Wednesday, as the United Arab Emirates made progress in trimming supplies while maintenance and unrest cut production in exempt nations Nigeria and Libya. The reduction by the […] More »

OPEC daily basket price close at $49.54/b

30 March 2017, Sweetcrude, Vienna, Austria — The price of OPEC basket of thirteen crudes stood at $49.54 a barrel on Wednesday, compared with $48.84 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 »

Nigerian govt seeks $150m World Bank loan to resuscitate mining Sector

The minister also said that they intended to establish Nigerian Solid Minerals Investment Fund (NSMIF) structured as a private sector-oriented investment outfit to provide financing to private sector-led projects in mining sector. More »

NLNG revenue drops to $4.72bn in 2016

29 March 2017, Sweetcrude, Abuja — Nigeria Liquefied Natural Gas (NLNG) has recorded a significant decline in its earnings for 2016, as its revenue dipped by 30.98 percent from $6.84 billion recorded in 2015 to $4.72 billion in 2016. The NLNG, in its unaudited financial statement for the year ended, December 31, 2016, also stated […] More »

NNPC set to transform into an integrated energy company

He said the Corporation was already working on a project to generate four Megawatts (4MW) of electricity while also exploring the possibility of investing in the transmission segment of the power sector. More »

Govt to split PIB into 4 parts for easy passage – NNPC Boss

Baru said the NNPC was currently collaborating with the legislature and other industry stakeholders to ensure the passage of the Petroleum Industry Governance Bill, PIGB, hitherto referred to as the Petroleum Industry Bill. More »

World Bank considers $150m loan for Nigeria’s mining sector

29 March 2017, Sweetcrude, Abuja – The World Bank is considering a $150 million loan that would go to boost activities in the Nigerian mining sector. That was specifically one of the topics on the agenda of the World Bank’s board of governors’ current meeting. Minister of Mines and Steel Development, Dr. Kayode Fayemi, disclosed […] More »

We’re positioned for greater efficiency – Hadiza Usman

29 March 2017, Sweetcrude, Lagos – The Managing Director of the Nigerian Ports Authority, NPA, Ms Hadiza Bala Usman, has pledged to work towards effective implementation of the Nigerian Ports Master Plan and to ensure it becomes a reference point in all matters concerning operational efficiency in the industry. She promised that NPA would prioritise the […] More »

Delta State Assembly approves N164m for Asaba IPP

29 March 2017, Asaba – The Delta State government will improve power supply in the state capital, Asaba, with N164 million. This follows approval on Wednesday by the state House of Assembly of N164million for the Asaba Integrated Power Plant Project (AIPPP) to boost power supply for 10 years in Asaba. Gov. Ifeanyi Okowa of […] More »

Nigeria: Export of unprocessed minerals will soon become offence

Sam Ikeotuonye 29 March 2017, Sweetcrude, Lagos – The Nigerian government says it will soon become an offence for anyone to take unprocessed minerals out of the country. Speaking in Abuja at a town hall meeting with stakeholders in the mining sector,  Minister ofMines and Steel Development, Dr. Kayode Fayemi, said the Federal Government was working towards […] More »

Nigeria’s revenue rising – NEITI

Oscarline Onwuemenyi 29 March 2017, Sweetcrude, Abuja – The Nigeria Extractive Industries Transparency Initiative, NEITI, has said that Nigeria’s revenue was on the rise. According to NEITI, an increase of 8.8 per cent in the total Federation Account Allocation Committee disbursements made in the fourth quarter of last year indicated that the country’s revenue had started […] More »

NNPC re-assures on Nigeria’s commitment to Trans-Sahara Gas Project

29 March 2017, Sweetcrude, Abuja – The Nigerian National Petroleum Corporation, NNPC, has re-stated Nigeria’s commitment to the successful execution of the $12 billion Trans-Saharan Gas Pipeline project, TSGP, as it assured that the project was on track. The Group Managing Director of the NNPC, Dr. Maikanti Baru, disclosed this in Abuja while receiving the National […] More »

Nigeria, Sao Tome spend $129m on JDZ operations

29 March 2017, Sweetcrude, Abuja – Nigeria and Sao Tome and Principe have so far spent over $129 million on the Joint Development Zone, JDZ, they formed 15 years ago to enable a rancour-free exploitation of oil and gas resources in the area within their maritime boundary. The spent amount is out of the $302.6 million […] More »

Egbin power threatens shutdown over TCN, gas, N100bn debt

*Nationwide blackout imminent Kunle Kalejaye 29 March 2017, Sweetcrude, Lagos — There are indications that Nigeria will be thrown into darkness next week as the management of Egbin Power Plant have threatened to shut down operations due to non-settlement of N100billion debt, inadequate gas supply and operation inefficiency of the Transmission Company of Nigeria, TCN. […] More »

Seven Energy replaces Ihenacho with Maheshwari

Kunle Kalejaye 29 March 2017, Sweetcrude, Lagos — Seven Energy Finance Limited, with its parent company Seven Energy International Limited has appointed Manish Maheshwari as Chief Executive Officer to succeed Phillip Ihenacho. Phillip Ihenacho had informed the Company in 2016 of his wish to step down from a full-time executive role with the Company. Manish […] More »

Nigeria to showcase maritime potentials in Norway

Kunle Kalejaye 29 March 2017, Sweetcrude, Lagos — The Nigerian Maritime Administration and Safety Agency, NIMASA would be showcasing the potentials of the Nigerian Maritime Sector at the Norway Shipping week that would hold later this year. This initiative is part of measures to attract foreign investors to tap into opportunities that abound in the […] More »

Nigerian govt shops for increased investment in oil sector

Ike Amos 29 March 2017, Sweetcrude, Abuja — The Minister of State for Petroleum Resources, Mr. Emmanuel Kachikwu has declared that the Federal Government had stepped up efforts to attract more investments into the oil and gas industry despite the volatility and uncertainty in the global petroleum industry. In his presentation titled, “Oil Resource Management […] More »

OGTAN wants portion of NCDF for capacity building

Ike Amos 29 March 2017, Sweetcrude, Abuja — Oil and Gas Trainers Association of Nigeria OGTAN, said it had commenced talks with the Nigerian Content Development Monitoring Board to ensure that a portion of the Nigerian Content Development Fund, NCDF, is made available to its members. In a statement in Abuja, President of OGTAN, Mr. […] More »

Trelleborg successfully completes wet testing of NjordGuard™

29 March 2017, Sweetcrude, Lagos — Trelleborg’s offshore operation successfully completed a series of wet tests to verify the capabilities and functionality of its NjordGuard™ cable protection system for installation and removal on J-tube and monopile interfaces for offshore wind farms. In addition to passing all the tests, NjordGuard™ was installed and removed from the […] More »

After six decades, U.S. set to turn natgas exporter amid LNG boom

29 March 2017, Houston — The last time the United States was a net exporter of natural gas was in 1957 when Dwight Eisenhower was president. That should change in 2018 when the country is expected to become the world’s third-largest exporter of liquefied natural gas, LNG. By the end of next year, U.S. LNG […] More »

MRS debunks expropriation of product throughput claims

“In a throughput contract, we act as a product bank to different customers who we throughput products for, but because of the operational process involved in replenishing stock, we have seven days from when we receive the demand to provide the products if we have stock out." More »

OPEC daily basket price close at $48.84/b

29 March 2017, Sweetcrude, Vienna, Austria — The price of OPEC basket of thirteen crudes stood at $48.84 a barrel on Tuesday, compared with $48.25 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 »

2017 Budget: Saraki gives Thursday deadline to committees to submit reports

“After Thursday, we will have no alternative but go by the executive submission. This is the last time we are making this announcement. All chairmen of committees unfailingly by Thursday, kindly ensure that your report is with the chairman of Appropriations,” he stated. More »

Court strikes out Ex-NNPC boss, Yakubu’s N1bn suit against EFCC, AGF

Yakubu had filed the suit before Justice Ahmed Mohammed of the Federal High Court in Abuja following his arrest on February 8, 2017 and his continued detention by the EFCC with respect to the sums of $9,772,800 and £74,000 recovered from his house in Kaduna on February 3. More »

Financial market products & services update

29 March 2017, Sweetcrude, Lagos — The local and international financial market products and services update. NIGERIA: Kemi Adeosun, minister of finance, has said the economic template being used to foster the growth of Nigeria’s economy was copied from Lagos state. Making the admission on Tuesday, the minister said she was not ashamed to admit […] More »

21 committees perform ovetsight functions on NNPC operations

Kunle Kalejaye 29 March 2017, Sweetcrude, Lagos — The Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Dr. Maikanti Baru on Tuesday said about 21 committees of the National Assembly perform oversight functions on the operations of the corporation. Dr. Maikanti Baru stated this while delivering a keynote speech at the Executive Intelligence […] More »

Another community threatens to shut Agip operations

Mpkoikana Udoma 29 March 2017, Sweetcrude, Port Harcourt – Few weeks after a group known as the ONELGA Oil and Gas Landlords Families Association in Ogba/Egbema/Ndoni Local Government Area of Rivers State shut 37 oil wells belonging to the Nigerian Agip Oil Company, NAOC, another group is threatening to shut the company’s operations in the […] More »

Oil workers call for mass action over PIB

Mkpoikana Udoma 29 March 2017, Sweetcrude, Port Harcourt – Labour unions in the Nigerian petroleum industry – the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, and the Nigerian Union of Petroleum and Natural Gas Workers, NUPENG – have called for mass action over the continued delay in the passage of the much-awaited […] More »