Project to retrieve S. Africa’s Apartheid oil stash stalls

*Contractor misses deadline to replace 300,000 barrels of crude *Oil stock rotation was irregular, Central Energy Fund says 30 June 2017, Johannesburg – A South African company that borrowed $15.4 million worth of oil sludge from the government to help fund the recovery of crude stored in a mine during apartheid has yet to implement […] More »

Nigeria inches closer to 40 billion barrels oil reserve target – NNPC

Under the agreement, Schlumberger would provide the over $700 million development cost of the Anyala and Madu fields which would generate 193 million barrels of crude oil into the current reserves of 37.2billion barrels and an additional 800 billion cubic feet of gas into the nation’s proven gas reserves which currently stand at 197 Trillion Cubic feet of gas . More »

Nigeria’s crude account one of world’s least transparent – NRGI

“The government discloses almost none of the rules or practices governing deposits, withdrawals or investments of the ECA,” the report said. It added that the account, along with the other worst performers, is “so opaque that there is no way to know how much may be lost to mismanagement.” More »

Govt launches VAIDS, to grant amnesty to defaulting voluntary tax payers

Noting the progress by government in taxing those in formal employment, he said self-employed persons, professionals and some companies evade full tax payment due to the inability of the tax authorities to assess their true income and assess them accurately. More »

Steel stakeholders blast Kogi gov, others over “fraudulent” plan to acquire Ajaokuta Steel company

The stakeholders indicated that the processes that had led to the choices of past concessionaires have been faulty and have produced such groups as the Global Infrastructure Holding Limited (GIHL), which have not advanced the cause of industrialisation in the country. More »

AfDB to support Nigeria’s power recovery strategies

“On the contribution of the AfDB to Nigeria, we have a very large programme in Nigeria to match the size of the country; it is about six billion dollars. It has grown significantly over the last few years; I think we have been investing about 1.5 billion dollars a year both in the public and private sectors." More »

Nigeria: FEC okays new Gas Master plan to boost industrial growth

“Gas development remains the new horizon for opportunity. There is so much happening that needs to happen that should have happened yesterday and not begin to happen now in the gas sector. Gas is the future of this country in terms of infrastructure, support, members of staff training and re-training.” More »

Crude oil prices firm, set for biggest weekly gain since mid-May

30 June 2017, Singapore — Crude-oil futures on Friday were on track for their biggest weekly gain since mid-May, ending five weeks of losses with prices underpinned by a decline in U.S. output. U.S. crude futures CLc1 have added 5.1 percent this week, while benchmark Brent LCOc1 has gained 4.8 percent, marking the biggest rise […] More »

OPEC oil output jumps to 2017 high as Nigeria, Libya pump more

30 June 2017, London — OPEC oil output has risen in June by 280,000 barrels per day (b/d) to a 2017 high, a Reuters survey found, as a further recovery in supply from the two member countries exempt from a production-cutting deal offset strong compliance by their peers. High compliance by Gulf producers Saudi Arabia […] More »

Nigeria govt. insists it has no plan to concession or sell refineries

“The reality is that once private sector players begin to build their own refineries, whatever we are afraid of will disappear. And unless we begin to move very rapidly and quickly to position these refineries in such a way that they can compete, we will lose the refineries completely together with the job scale that exist there right now." More »

EU prolongs energy sanctions against Russia to 2018

29 June 2017, News Wires – The EU has again prolonged energy, financial and other economic sanctions against Russia for its role in the conflict in Ukraine, this time to January 31, 2018, the EU Council said. The EU imposed energy sanctions in July 2014 when it limited Russia’s access to European technology and services […] More »

Financial market, products & services update

29 June 2017, Sweetcrude, Houston — The local and international financial market products and services update. NIGERIA: The Central Bank of Nigeria (CBN) Wednesday intervened in various segments of the inter-bank market to the tune of $195 million. A breakdown of the intervention revealed that authorized dealers in the wholesale window segment received a $100 […] More »

Japan outlaws restrictions on resale of LNG cargoes

29 June 2017, News Wires – Japan has outlawed restrictions stopping customers from reselling cargoes of liquefied natural gas, in its latest move to liberalise a market where Japanese utilities have long been the biggest buyers. The Japan Fair Trade Commission, concluding an investigation into the sector, said it was banning clauses limiting resale of […] More »

Low inventories & supply developments are affecting Asian residual fuel oil prices

29 June 2019, Sweetcrude, Houston — “The difference between high-sulfur residual fuel oil prices in Singapore and crude oil prices in Dubai/Oman has been narrowing since the spring. Low inventories of residual fuel oil in Singapore and lower residual fuel oil production from Russia are likely contributing to the narrowing price spread.” More »

174 Pakistan killed in oil tanker inferno

29 June 2017, News Wire – The death toll from an oil tanker explosion in central Pakistan has risen to 174, officials said Thursday. The dead includes the driver who warned people scooping up spilled fuel to stay away but was ignored. The tanker overturned early Sunday on a main highway from Karachi to Lahore […] More »

Guyana to strengthen upstream regulation as Exxon achieves Liza FID

29 June 2017, Sweetcrude, London — As Exxon Mobil Corporation’s Liza project moves into the development phase, the challenge for the Guyanese government is to strengthen the regulatory framework and put in place a regime for the management of petroleum revenues. On June 16, 2017 Exxon announced that it had taken the Final Investment Decision […] More »

Oil prices rise to two-week high on dip in U.S. output

29 June 2017, London — Oil prices rose to a two-week high on Thursday, extending a rally into a sixth straight session after a decline in weekly U.S. production eased concerns about deepening oversupply. Crude prices slipped to the lowest in 10 months last week but have since rebounded more than 7 percent, stretching their […] More »

OPEC daily basket price close at $44.48/b

29 June 2017, Sweetcrude, Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $44.48 a barrel on Wednesday, compared with $44.23 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), Zafiro (Equatorial […] More »

Nigeria expresses concern over involvement of foreigners in crude theft, piracy

“As we may be aware in recent years, the socio-economic agitations in the Niger Delta have elicited significant maritime security challenges such as attacks on shipping, kidnapping, crude oil theft, illegal bunkering and refining have remained challenging." More »

Nigeria’s oil and gas industry facing challenges from shale, militancy, others – FG

“Closer home, new exploration plays have been and will continue to be discovered in neighbouring West African countries and East Africa, with many producing countries already reviewing their fiscal terms to capture profits and increase government take,” he said. More »

Ghana signs $10 billion bauxite project agreement with China

*Memorandum of understanding includes refineries, railways *Two countries in talks over terms of a final agreement 29 June 2017, Accra — Ghana signed an agreement with China that may culminate in the development of a $10 billion bauxite venture that will include the construction of alumina refineries and railway infrastructure, according to a senior government […] More »

France to invest €1bn in Nigeria’s oil and gas sector

Michael James 29 June 2017, Sweetcrude, Abuja – The French Government says it has set aside about one billion euros to be invested in the Nigeria oil and gas industry, stating that Nigeria remains her first economic trading partner in Africa. France Ambassador to Nigeria, His Excellency, Denys Gauer, declared this when the Group General Manager, […] More »

Diezani’s ally, Kola Aluko’s N16bn apartment to be auctioned in US

Mr. Aluko is avoiding Nigerian authorities who tried to freeze his assets in February as part of a money-laundering probe that also involves ex-Petroleum Minister, Mrs. Diezani Alison-Madueke, an ally of Mr. Aluko. More »

PENGASSAN holds national election today in Abuja

29 June 217, Sweetcrude, Lagos – The Petroleum and Natural Gas Senior Association of Nigeria, PENGASSAN, will holds national election today (Thursday) to choose new officers to pilot its affairs. SweetcrudeReports gathered that the election will cover the position of president and all other posts in the association. Meanwhile, one of the candidates contending for […] More »

Fashola directs TCN to reconstruct rural roads damaged while moving power equipment

The community leaders urged Fashola to direct immediate re-routing of the electricity supply to enable the communities in the area to benefit. They also asked for the reconstruction of Ugwuaji major roads damaged by numerous heavy duty trucks carrying containers and transformers to the Ugwuaji substation among others. More »

Nigerian govt approves new national gas policy

29 June 2017, Sweetcrude, Abuja — The Nigerian Government, Wednesday, approved the new National Gas Policy that is aimed at improving the Nigeria’s gas fortunes and to boost the country’s revenues from the commodity. Acting President Yemi Osinbajo, who was represented by the Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, stated this at […] More »

PENGASSAN urges govt on clear-cut roadmap for oil&gas industry

Mkpoikana Udoma 28 June 2017, Sweetrude, Port Harcourt – An aspiring national president ‎of the Petroleum and Natural Gas Senior Staph association of Nigeria, PENGASSAN, Mr. Sale Abdullahi, has said that the way forward for Nigeria’s oil and gas sector is to have a road map not just in tapping the potentials in the sector but to […] More »

Financial market products & services update

28 June 2017, Sweetcrude, Houston — The local and international financial market products and services update. NIGERIA: The French government has announced that it has set aside about €1bn to be invested in Nigeria’s oil and gas industry and that Nigeria remains its first economic trading partner in Africa. The France Ambassador to Nigeria, Denys […] More »

Strike: Petroleum tanker drivers insist on repair of bad roads in Rivers

Mkpoikana Udoma 28 June 2017, Sweetrude, Port Harcourt – The Nigerian Union of Petroleum and Natural Gas Workers, NUPENG, and its Petroleum Tanker Drivers, PTD, branch are insisting on government’s repair of bad roads in Rivers State before they would call off their ongoing strike. NUPENG called out the tanker drivers on an indefinite strike last week […] More »

Nigeria exports N2.38tr-worth of crude oil in Q1 2017

28 June 2017, Sweetrude, Abuja – The National Bureau of Statistics, NBS, says Nigeria exported crude oil valued at N2.38 trillion in the first quarter of this year.  It stated in its First Quarter 2017 Foreign Trade Statistics that Europe was the highest buyer of Nigeria’s crude oil, as the country exported N810.287 billion-worth of crude […] More »

Discos re-assure non-maximum demand customers over metering obligations

28 June 2017, Sweetrude, Lagos – The 11 electricity distributing companies or Discos operating in the country have assured their non-maximum demand customers that they were working towards intensifying their metering obligations in an attempt to phase out the challenges of estimated billing faced by customers. This is coming against the backdrop of fears of a […] More »

Gabon to cut oil reliance as IMF approves $642 million loan

*Nation to cut oil part of state revenue to 25% by mid-2020 *OPEC membership of ‘strategic importance’ to tiny producer 28 June 2017, Libreville — Gabon, OPEC’s smallest member by production, will try to reduce its reliance on oil by increasing investments in agriculture and mining as part of pledges made to win a $642 […] More »

CSR-in-Action partners NEITI, NNPC, others to host SITEI 2017

28 June 2017, Sweetrude, Lagos – CSR-in-Action and the Nigerian Extractive Industries Transparency Initiative, NEITI), in partnership with the Federal Ministry of Petroleum Resources, Ministry of Mines and Steel Development, Nigerian National Petroleum Corporation, NNPC, as well as the Miners Association of Nigeria, MAN, Petroleum Technology Association of Nigeria, PETAN, and other stakeholders have announced […] More »

Despite weak oil prices, OPEC still pockets more dollars

28 June 2017, London — With world oil inventories swelling despite a global pact on cutting output and crude prices falling by a fifth in the past month, OPEC appears to be losing its battle to balance the market. But there is one crucial fight the oil-exporting group has been winning so far: its members […] More »

Congo to launch new licensing round in October

28 June 2017, Sweetrude, Lagos – The Republic of Congo plans to offer new acreage under a licensing round that would be unveiled in October It is a follow up to a previous deep-water licensing exercise that is yet to be concluded. The country’s Hydrocarbons Minister Jean-Marc Thystere Tchicaya is expected to announce modalities for the new licensing […] More »

Oil stays below $47 as U.S. inventory report revives glut worries

28 June 2017, London — Oil edged further below $47 a barrel on Wednesday after an industry report said U.S. inventories had increased, reviving concerns that a three-year supply glut is far from over. The American Petroleum Institute (API) said on Tuesday U.S. crude inventories rose by 851,000 barrels last week, while analysts expected a […] More »

Wike to rally south-south governors against NLNG Act amendment

Mkpoikana Udoma 28 June 2017, Sweetrude, Port Harcourt – Rivers State governor, Chief Nyesom Ezenwo Wike, has stated that his administration will join forces with other governors  of  the South-South geo-political zone to prevent the amendment of Nigeria Liquefied Natural Gas, NLNG, Act, which is pending before the National Assembly. The governor also stated that agitations in […] More »

OPEC should let oil prices rebalance the market

28 June 2017, London — The 1980s film “WarGames” contains an important lesson for OPEC and shale producers about the futility of trying to manage the oil market. Released in 1983, the movie blended new concerns about home computers and hacking with older concerns about the accidental start of nuclear conflict and mutually assured destruction. […] More »

Pipeline leakages, low wellhead pressure drag down Nigeria’s oil output

Oscarline Onwuemenyi 28 June 2017, Sweetrude, Abuja – Despite the Nigerian government’s success in achieving relative peace in the Niger Delta region and ensuring security for oil production, pipeline leakages and low wellhead pressure dragged the nation’s oil output down to 1.6 million barrels per day in April, the Nigerian National Petroleum Corporation, NNPC, has said. […] More »

Nigeria could lose billions over Bonga Southwest, Bonga North projects – Report

Chuks Isiwu 28 June 2017, Sweetrude, Lagos – Nigeria could end up losing funds so far invested in two key projects, the Bonga Southwest and Bonga North projects, over climate targets. This is according to a report, which showed that oil majors, including Royal Dutch Shell and ExxonMobil risk wasting more than a third of their […] More »

Nigerian govt seeks $5bn loan from W’Bank to boost power supply

The Director of Operations at the Multilateral Investment Guarantee Agency, an arm of the World Bank Group, Sarvesh Suri, said a full range of instruments would be deployed to help the government mobilise investments directly from the private sector and through private sector guarantees. More »

Power generation drops to 2,900MW nationally

Operational statistics of the Transmission Company of Nigeria (TCN) yesterday showed that the peak generation of electricity as at Sunday was 3,903mw but that sharply dropped to 2,982mw on Monday. The lowest generation for Sunday was 3,108mw as reported by the media. More »

France plans €1billion investment in Nigeria’s oil and gas industry

He expressed concern that some other French companies were having challenges with the unclear Nigeria’s fiscal policies in the oil and gas sector revealing that some French investors were currently developing wind energy and solar energy in Katsina State More »

5,600 lead poison victims treated in Zamfara, Niger

He said that MSF treated the lead poison victims and facilitated the remediation of the affected areas in collaboration with the Ministry of Environment to ensure children were no longer exposed to the contaminant. More »

BPP urges court to void N1.786b contract for PHCN’s liquidation

The BPP argued that, in awarding the contract to the 1st plaintiff (J.K.Gadzama LLP), the 2nd defendant (BPE) violated existing laws, more so, when it was not the nature of contracts that involved national security or defence to warrant it from being exempted from the application of the PPA 2007. More »

China’s CNPC suspends fuel sales to North Korea as risks mount

28 June 2017, Beijing — China National Petroleum Corp has suspended sales of fuel to North Korea over concerns the state-owned oil company won’t get paid, as pressure mounts on Pyongyang to rein in its nuclear and missile programmes, three sources told Reuters. It’s unclear how long the suspension will last. A prolonged cut would […] More »

Shale producers say spending ‘flexibility’ key as oil prices drop

28 June 2017, London — U.S. shale oil producers plan to keep drilling new wells despite this month’s crude CLc1 price drop but expect to revisit spending should pricing remain below $45 a barrel for several months. “We will not drill into oblivion,” Tim Dove, chief executive of Pioneer Natural Resources Co (PXD.N), told investors […] More »

NERC’s mini-grid regulation to improve electricity investment – Group

Mini-grids are electricity supply systems with their own power generation capacity, mostly from renewable energy, supplying more than one customer and can operate either in isolation from or connected to an existing distribution network. More »

Workers welfare not properly captured in 2017 budget – Labour

He noted that a study of the figures in the budget shows that, major priorities were given to areas that do not address the fundamental issues that Nigerians are passing through. More »

OPEC in no rush on deeper oil output cut, to look at in July

27 June 2017, London — OPEC will not rush into making a further cut in oil output or end some countries’ exemptions to output limits, OPEC delegates said, although a meeting in Russia next month is likely to consider further steps to support the market. OPEC and allied non-OPEC producers agreed on May 25 to […] More »