NEITI queries NNPC’s ignorance on NLNG dividends

Ike Amos 01 May 2017, Sweetcrude, Abuja — The Nigeria Extractive Industries Transparency Initiative (NEITI) has questioned the Nigerian National Petroleum Corporation’s (NNPC) claim of ignorance as regards the true ownership of the Nigerian Liquefied Natural Gas’ (NLNG) shares in its possession. According to NEITI, in its latest Policy Brief, ‘Unremitted Funds, Economic Recovery, and […] More »

Energy-efficiency advancements unlock major growth opportunities in global pumps market

*North America & Asia-Pacific water & wastewater and chemicals segments will offer big gains to suppliers, finds Frost & Sullivan’s Industrial Automation & Process Control team 30 April 2017, London –– Growth in the global pumps market continues to pick up pace, driven by rapid development in the water, wastewater and sanitation, and chemical industries. […] More »

“We’re tired of fake clearing documents”- Customs boss

30 April 2017, Sweetcrude, Lagos — THE Comptroller of the Tin Can Island Area Command, Yusuf Bashar has said that Ease of Doing Business initiative is primarily all about transparency in data processing, and cautioned importers to desist from submitting ‘doctored’ and ‘adulterated’ invoices. Bashar Disclosed this a forum Lagos, on “Ease of Doing Business […] More »

NEITI audit of Nigeria’s oil & gas sector underway

30 April 2017, Sweetcrude, Lagos — The Executive Secretary of the Nigerian Extractive Industries Transparency Initiative, NEITI, Waziri Adio has disclosed that his agency has commenced a comprehensive, independent audit of the country’s oil and gas sector to cover 2015 and 2016. The Executive Secretary of NEITI who made the disclosure at a workshop organised […] More »

Nigeria ship owners support NIMASA’a revival of African maritime

30 April 2017, Sweetcrude, Houston — Ship Owners Association of Nigeria, SOAN has given its support to Dr. Dakuku Peterside, the Director-General of the Nigerian Maritime Administration and safety Agency, NIMASA to lead African maritime sector revival, for the economic benefit of the continent, following his recent election as the Chairman, of the Association of […] More »

South Africa: Eskom must account before parliament for alleged nuclear pay-offs

30 April 2017, Pretoria — The DA will today write to the Chair of Chairpersons to request that Eskom is urgently summoned to appear before Parliament, to account for the damning allegations that the entity has paid off anti-nuclear research groups. According to a report released by amaBhugane, Eskom has allegedly paid the Centre for […] More »

GE and Sonelgaz $3bn deal to boost Algeria’s power sector

30 April 2017, Lagos — GE and Algeria’s Sonelgaz SPE, an affiliate of Sonelgaz, will collaborate under a historic deal worth more than $3 billion that is a prime indicator of the direction now taken by many nations – upscale industrial capabilities through the local adoption of global capabilities. The signing ceremony took place at […] More »

Through various development initiatives, GE is having a positive impact on Angolans’ lives

30 April 2017, Lagos — Since 1958, GE has been operating in Angola where they have worked hard to expand their portfolio in the country. With the introduction of GE Transportation, the company delivered its first diesel locomotive to the Angolan Rail Company in 1967. Today, GE Angola employs more than 600 people across important […] More »

South Africa: Citibank to pay R69.5 million fine

30 April 2017, Pretoria — Citibank has agreed to pay an administrative penalty of almost R69.5 million in relation to the bank’s involvement in a forex trading cartel, the Competition Commission said on Wednesday. Citibank has also agreed to appear as a witness in the hearings involving the prosecution of other banks, which are also […] More »

Oil’s big American glut is resting elsewhere

30 April 2017, London — Excess crude oil inventories in the U.S. are finally and clearly in retreat as OPEC’s output agreement nears the end of its fourth month. But those oil bulls looking for higher prices shouldn’t get too excited just yet — the surplus may just be moving elsewhere. True, the crude stockpile […] More »

NNPC’s status in downstream sector no longer sustainable — Kachikwu

Ike Amos  30 April 2017, Sweetcrude, Abuja — Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, has noted that it is no longer sustainable for the Nigerian National Petroleum Corporation (NNPC) to continue to feature prominently in the downstream petroleum sector, stating that in the long run, the NNPC would be made to cut […] More »

Nigeria’s oil firms flare N246bn gas in one year

Ike Amos 29 April 2017, Sweetcrude, Abuja — Oil and gas firms operating in the country flared $794.22 million, about N246.209 billion worth of gas in 2016, the Nigerian National Petroleum Corporation, NNPC has stated. The NNPC, in its Monthly Financial and Operations Report for January 2016, released recently, stated that the companies flared 245.13 […] More »

Independents, marginal fields account for 4.4% of oil output

…NPDC produces 17m barrels in one year Ike Amos 29 April 2017, Sweetcrude, Abuja — Independents and marginal oil fields producer accounted for only 4.39 percent of Nigeria’s crude oil and condensates production in 2016, according to latest data released by the Nigerian National Petroleum Corporation, NNPC. This was in spite of the Federal Government’s […] More »

Total-led consortium to start building Cote d’Ivoire LNG terminal this year

29 April 2017, Baku — An international consortium led by France’s Total SA plans to start construction of a liquefied natural gas (LNG) terminal in Cote d’Ivoire by mid-2017, an official from Azeri SOCAR Trading, the consortium’s member, said on Wednesday. The project cost is estimated at 120 million-130 million euros ($130.6 million-$141.5 million), Togrul […] More »

Surging Chevron, ExxonMobil profits signal oil industry turnaround

29 April 207, Houston — Rising crude prices helped Chevron Corp and Exxon Mobil Corp easily beat analysts’ quarterly profit expectations on Friday, setting an upbeat tone as the two companies press ahead with shale oil expansions. While cost cuts and asset sales provided a boost to both companies, the results highlighted the slowly improving […] More »

Canada oil bets on tech, scale in face of foreign majors’ exodus

29 April 2019,Calgary, Alberta — As global oil majors pull out of Canada’s oil sands, domestic companies are buying up assets and betting technology and economies of scale will enable them to turn a profit despite low crude prices. Global energy majors have sold off more than $22.5 billion worth of Canadian oil sands assets […] More »

Iran gets positive output cut signals from OPEC, NON-OPEC states

29 April 2017, Tehran — Iran’s Oil Minister said on Saturday OPEC and non-OPEC countries had given positive signals for an extension of output cuts, which Tehran would also back. The Organization of the Petroleum Exporting Countries (OPEC)meets in May to discuss oil supply policy. Oil prices fell last week though they closed higher on […] More »

Nigerian lawmakers may pass budget next week

29 April 2017, Abuja — Nigerian lawmakers may approve the 2017 budget next week, with the process resuming after a top senator said work was stalled by police taking away key documents from his home, a presidential adviser said. Lawmakers have returned to work on the budget, Ita Enang, President Muhammadu Buhari’s adviser on legislative […] More »

Libya’s biggest oil field to reopen as refinery back on

*Production is 491,000 barrels a day: NOC’s Chairman Sanalla *Crude said to be expected to reach Zawiya refinery Thursday 29 April 2017, London — Libya’s biggest oil field, Sharara, reopened as crude began to move through a pipeline connected to the Zawiya refinery, according to a person with direct knowledge of the matter. Oil began […] More »

Ikeja Electric marks World Malaria Day

Kunle Kalejaye 28 April 2017, Sweetcrude, Lagos – Ikeja Electric Plc joined the global fight against malaria as it marked World Malaria Day with the donation of treated mosquito nets and medical tests to six riverine communities in Lagos. Determined to combat the dreaded disease, which is prevalent in sub-Saharan Africa, Ikeja Electric partnered with frontline […] More »

Blackout looms as ULC shuts PHEDC’s transmission stations, demands workers unionism

Mkpoikana Udoma 28 April 2017, Sweetcrude, Port Harcourt – Residents of Port Harcourt may experience total power blackout as a result of the shutdown of all the power transmission stations belonging to the Port Harcourt Electricity Distribution Company, PHEDC, in Port Harcourt, by the newly-formed labour union, United Labour Congress, ULC. SweetcrudeReports gathered that all states […] More »

Trump opens door for Arctic sea oil exploration

Chuks Isiwu 28 April 2017, Sweetcrude, Houston, Texas – US President Donald Trump signed an executive order Friday opening up the US section of the Arctic Sea for oil and gas exploration. Signing the order in the Oval Office in the presence of Congress members and energy industry top officials, Trump said the move will create […] More »

NEITI begins 2015, 2016 audit of oil and gas sector

“NEITI is committed to working closely with the companies under the EITI framework to create good business environment that is conducive for the inflow of more foreign direct investments into the extractive sector. For this to happen we encourage all companies to embrace transparency, accountability and corporate governance in conformity with the EITI standards,” he More »

Reps to meet NNPC officials over oil marketers’ charges claim

According to Igbokwe, the committee is studying the various oral and written submissions and would soon come up with a report to the House that would justify or condemn the decision of Federal Government in increasing prices of petroleum products. More »

Senate delays passage of PIB due to death of Sen. Adeleke

According to him, “We ought to have passed the PIGB yesterday, but because of the demise of Senator Isiaka Adeleke, we decided to hold a special session in his honour. That was why we could not pass it. But we have already agreed that the bill will be considered and passed between May 16 and 17.” More »

American firm opens discussion on Nigeria-Sao Tome oil blocks

It said that it is refocusing on opportunities for cost-efficient entry into production and producing assets. This, it noted is in contrast to the pure exploration model which the company previously ran and is intended to open up the company to new streams of investment and revenue. More »

U.S. refiners bet on strong exports to balance market

28 April 2017, New York — U.S. refiners have come out of maintenance season betting that big exports to Mexico and South America will help alleviate high product inventories and boost margins as the critical summer driving season nears. The first wave of earnings results from several large independent U.S. refiners showed that they are […] More »

FCT Revenue Service will end multiple taxation in the territory– Minister

ello expressed optimism that the initiative by the administration to create a one-stop window for all taxes, would key into the Federal Government’s programme of improving the position of Nigeria on World Bank's “Ease of Doing Business Index”. More »

Extension of OPEC-led cuts could end oil glut by end-2017

28 April 2017, Houston — Supply and demand in the oil market could fall into balance by the end of this year if OPEC and its partners extend their deal to reduce crude output, a Reuters survey forecast on Friday. However, the prospect of rising output from outside OPEC, led by U.S. shale oil producers, […] More »

2017 Budget ready for President’s signature next week – Senate Leader

“When we were going on Easter recess, members of the Senate Committee on Appropriation, including that of the House, did not go on recess. They stayed back because that was the arrangement so that by the time we returned on April 25, that was Tuesday, they should lay the report of the budget." More »

Nigeria to revitalise ALSCON, boost economic diversification plan

Fayemi who undertook the tour of the various plants and the harbour in the complex with the Minister of State, Hon. Abubakar Bawa Bwari, lamented that the huge national asset was left to rot, in spite of its potential to help boost the economy and create employment opportunities. More »

May Day: Labour calls for urgent review of National Minimum Wage

“The May Day is an auspicious occasion for the working people to reflect on their struggles and make their demands. We shall use this opportunity to renew the call for the review of the National Minimum Wage that is overdue for review considering the current economic trends. More »

Oil rebounds from one-month low on hopes for output cut extension

28 April 2017, London — Oil prices rebounded on Friday after dropping to a one-month low the previous day, prompting investors to buy at cheaper levels ahead of a May OPEC meeting at which producers could extend output cuts. Gains were also helped by a weaker dollar and signs that non-OPEC member Russia was fully […] More »

OPEC output cuts whet Asia’s appetite for North Sea oil

28 April 2017, London/Singapore — OPEC production cuts have created record Asian demand for European oil and made China the second biggest consumer of North Sea crude as flows from its usual Middle East suppliers dip. Rising Asian appetite for North Sea crude has largely been fueled by the falling premium charged for North Sea […] More »

Ivory Coast plans $1 billion Eurobond sale by end of July

*West African nation previously sold Eurobonds in 2014, 2015 *Debt will probably have 10-year maturity, banks not yet hired 28 April 2017, London — Ivory Coast plans to sell at least $1 billion in Eurobonds by the end of July to raise funds for infrastructure projects, the country’s first issuance of international debt since 2015, […] More »

Oil prices fall after Libyan oilfields restart

27 April 2017, London — Oil prices fell on Thursday after news that two key oilfields in Libya had restarted, pumping crude for export into an already bloated market. Benchmark Brent crude LCOc1 fell $1.22 a barrel to a low of $50.60 before recovering slightly to around $50.80 by 1330 GMT. The contract has fallen […] More »

CSR: Ikeja Electric marks World Malaria Day

27 April 2017, Sweetcrude, Lagos — Ikeja Electric Plc. has joined the global fight against malaria as it marked World Malaria Day with the donation of treated mosquito nets and medical tests to six riverine communities in Lagos. Determined to combat the dreaded disease, which is prevalent in sub-Saharan Africa, Ikeja Electric partnered with frontline […] More »

Fast-rising U.S. shale oil output puts OPEC cut at risk – Rystad

27 April 2017, Singapore — Shale oil output in the United States is rising much faster than expected and gaining market share globally, increasing the risk of a “volume war” with OPEC and weaker oil prices, the founder of oil and gas consultancy Rystad Energy said. Rystad Energy expects U.S. shale oil output to grow […] More »

Nigeria: Ajah substation adds 60MVA capacity

Kunle Kalejaye  27 April 2017, Sweetcrude, Lagos — The Transmission Company of Nigeria (TCN) has increased transformer capacity in its Ajah substation with additional 60MVA. This brings the substation capacity to 220MVA from 160MVA, even as on-going works to bring back to service another 60MVA power transformer in the substation has reached an advanced stage. […] More »

Nigeria: 37 companies bid to supply NNPC firefighting trucks

Kunle Kalejaye 27 April 2017, Sweetcrude, Lagos — No fewer than 37 companies have submitted bids to supply six triple agent firefighting trucks for the operation of the Nigerian Pipelines and Storage Company (NPSC), one of the downstream subsidiaries of the Nigerian National Petroleum Corporation (NNPC). Speaking at a public bid opening exercise held at […] More »

Nigeria approves N3.8bn for NIMASA to hire vessels

27 April 2017, Sweetcrude, Lagos — Nigeria’s Federal Executive Council on Wednesday approved the lease of what it called “fast-going vessels” for the Nigerian Maritime Administration and Safety Agency, NIMASA. Transportation Minister Rotimi Amaechi stated this while briefing State House correspondents on the outcome of the FEC meeting. The minister, who put the cost of […] More »

Ajaokuta: Lawyer slams N500m defamation charge on Ifeanyi Ubah, Authority Newspaper, others

Kunle Kalejaye  27 April 2017, Sweetcrude, Lagos — Activist and Lawyer Barrister Natasha Akpoti has added Ifeanyi Ubah and Authority Newspaper in N500 million suit before Abuja Federal High Court for defamation of character in a series of publication on her involvement in reviving Ajaokuta Steel Company of Nigeria and the Nigeria Iron Ore Mines […] More »

Financial market products & services update

27 April 2017, Sweetcrude, Houston — The local and international financial market products and services update. NIGERIA: Following last Tuesday’s assurances by the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, that the CBN would continue to intervene in the foreign exchange market, the bank Wednesday auctioned the sum of $185.86 million […] More »

Nigeria impounds foreign vessel for alleged theft of Shell crude

27 April 2017, Port Harcourt — Nigeria detained a vessel with crew members from countries including Pakistan, Indonesia, and Ukraine for alleged theft of crude from a facility owned by Royal Dutch Shell Plc, the navy said. The tanker, MT TECNE, was apprehended before dawn on April 25 while loading crude from the Afremo platform […] More »

Nigeria’s Buhari seeks approval of $7 billion borrowing plan

27 April 2017, Abuja — Nigerian President Muhammadu Buhari asked lawmakers to approve a plan for the government to borrow $7 billion through 2018 to develop railroads and support an economic recovery. The Export-Import Bank of China approved several loans for railroad projects, including $3.5 billion to build a line connecting the commercial capital, Lagos, […] More »

OPEC daily basket price close at $49.63/b

27 April 2017, Sweetcrude, Vienna, Austria — The price of OPEC basket of thirteen crudes stood at $49.63 a barrel on Wednesday, compared with $49.21 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 »

CBN predicts an end to recession in Q3 2017

*Foreign reserve hits $31b 26 April 2017, Sweetcrude, Abuja — The Central Bank of Nigeria, CBN, Governor, Godwin Emefiele, has said the country will be completely out of recession by the second or first half of the third quarter Q3 2017. Emefiele spoke after emerging from a closed session with Senate President, Abubakar Bukola Saraki, […] More »

What investors need to know about Nigeria’s exchange window

*Naira weakens in early days of trading with light volume *So far, central bank has held off on intervening to stem slide 26 April 2017, London — There’s a lot riding on Nigeria’s new foreign-exchange platform. The system — called the Investors’ and Exporters’ FX Window — is the central bank’s latest attempt to lure […] More »

NIMASA, Navy sign MoU maritime security

26 April 2017, Sweetcrude, Lagos — The Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Navy (NN) on Wednesday signed a reviewed Memorandum of Understanding (MoU) aimed at keeping the nation’s territorial waters safer for ship navigation. The MoU came, even as industry watchers evaluated the one signed earlier, with some noting that […] More »

NIMASA read riot act to staff over extortion allegation

26 April 2017, Sweetcrude, Lagos — Director General of Nigerian Maritime Administration and Safety Agency, NIMASA, Dakuku Peterside, has threatened to deal decisively with any staff of the agency involved in any illegal activity while boarding vessels within the nation’s territorial waters. The staff of the agency usually board to carry out Port and Flag […] More »