Crude Oil Scam: November 2017

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Thursday, 30 November 2017

Chevron: Brazil’s court rejects attempt to enforce fraudulent Ecuadorian judgment

01 December 2017, Sweetcrude, Houston, Texas – Brazil’s Superior Court of Justice, STJ, has unanimously rejected an attempt to enforce a fraudulent Ecuadorian judgment against Chevron Corporation, citing a lack of jurisdiction. The fraudulent judgment has now been rejected in Argentina, Brazil and the United States. “Courts around the world continue to reject attempts to …

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01 December 2017, News Wires – China’s imports of liquefied natural gas (LNG) for the month of November could hit 4 million tons surpassing the previous record of 3.7 million tons the country imported in December last year, according to Reuters reports . The increase in imports is a response to rising demand boosted by a …

The post China’s November LNG imports to hit new high appeared first on SweetCrudeReports.

30 November 2017, News Wires – Iraq is planning to increase production from the giant Rumaila oilfield to about 1.5 million barrels per day (bpd) in 2018, the head of Rumaila operations said. Rumaila oilfield, developed by Britain’s BP and Chinese partner CNPC, now produces about 1.45 million bpd, Mohammed Hassan told Reuters late on Tuesday. …

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30 November 2017, News Wires – Sasol Ltd., the world’s largest maker of fuel from coal, will consider carving out a separate company from its expanding chemicals business. The South African company will focus on a potential split after its $11.1 billion chemicals project near Lake Charles, Louisiana, is completed in late 2019, co-Chief Executive …

The post Sasol shifts strategy, evaluates chemical business split appeared first on SweetCrudeReports.

The post Prices of energy companies’ equities at the Nigerian Stock Exchange appeared first on SweetCrudeReports.

30 November 2017, Sweetcrude, Vienna, Austria – The Organisation of the Petroleum Exporting Countries, OPEC, has extended its oil production cut deals, Saudi Energy Minister Khalid al-Falih has confirmed. He spoke in Vienna, Austria, on Thursday at the 173rd meeting of the OPEC Conference, saying the decision had been unanimous, “a solid decision to extend deal through …

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Photos: The 173rd OPEC Conference in Vienna, Austria

The post Photos: The 173rd meeting of the OPEC Conference in Vienna, Austria appeared first on SweetCrudeReports.

…Pushes for roll over of oil cut deal OpeOluwani Akintayo 01 December 2017, Sweetcrude, Lagos – The Organisation of the Petroleum Exporting Countries, OPEC, has urged world leaders to consistently occupy themselves with environmental issues, describing focus on climate change as “critically imperative”. Saudi Arabia’s Minister of Energy, Industry and Mineral Resources and President of …

The post OPEC calls for attention on climate change appeared first on SweetCrudeReports.

30 November 2017, Sweetcrude, Abidjan, Ivory Coast — EnergyNet (www.EnergyNet.co.uk) will host the second Regional Energy Co-operation Summit in Côte d’Ivoire from 24-25 January 2018 – a strategic platform for project evolution and partnership development. The conference will discuss opportunities for cross-border power projects and potential gas investments across West Africa. At the first Regional …

The post Energy Summit in Abidjan to explore West Africa’s gas & energy markets appeared first on SweetCrudeReports.

30 November 2017, Sweetcrude, Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $61.14 a barrel on Wednesday, compared with $61.31 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 …

The post OPEC daily basket price close at $61.14/b appeared first on SweetCrudeReports.

Mkpoikana Udoma 30 November 2017, Sweetcrude, Port Harcourt — The Federal Inland Revenue Service, FIRS, has shut down Delmar Petroleum Limited and nine other firms in Rivers State for failing to pay their tax worth million to the Federal Government. The affected firms, according to FIRS, have failed to remit their Value Added Tax, VAT …

The post Tax evasion: FIRS shuts down Delmar Petroleum, 9 others in Rivers appeared first on SweetCrudeReports.

30 November 2017, Vienna, Austria — OPEC and Russia look set to prolong oil supply cuts until the end of 2018 this week while signaling that they may review the deal when they meet again in June if the market overheats. With oil prices LCOc1 rallying above $60 per barrel, Russia has questioned the wisdom …

The post OPEC, Russia head for oil cut extension but wary of overheating market appeared first on SweetCrudeReports.

30 November 2017, News wires – Thailand’s largest refiner Thai Oil PCL will stop producing fuel oil from 2022 once it completes a $4-billion upgrade that will boost output of clean fuels, officials said. The project is part of a growing trend among global refiners to produce more high-quality oil products instead of the heavy …

The post Thai oil’s refinery to produce only clean fuels from 2022 appeared first on SweetCrudeReports.

Mkpoikana Udoma 30 November 2017, Sweetcrude, Port Harcourt — The Niger Delta Development Commission, NDDC, has signed a Memorandum of Understanding, MOU, with the Small and Medium Enterprises Development Agency of Nigeria, SMEDAN, and a private sector organization for the establishment of Nigeria’s first enterprise innovation and growth hub. The tripartite agreement, which kick-starts the …

The post NDDC, SMEDAN to establish enterprise innovation hub appeared first on SweetCrudeReports.

“The allegations cited in your letter against (Royal Dutch Shell) and Shell Nigeria are false and without merit. Shell Nigeria did not collude with the military authorities to suppress community unrest and in no way encouraged or advocated any acts of violence in Nigeria.

The post Shell denies allegations of complicity in crimes against Ogoni people appeared first on SweetCrudeReports.

Adetunji stated that currently NNPC Retail Limited enjoyed 14 per cent of the market share of the sale of white products, adding that the company aimed at attaining 15 per cent of the mark share soonest.

The post NNPC Retail to promote consumption of cooking gas appeared first on SweetCrudeReports.

OpeOluwani Akintayo 30 November 2017, Sweetcrude, Lagos — The Natural Resource Governance Institute, NRGI, has called to question the persistent accountability challenges in the Nigerian National Petroleum Corporation, NNPC’s annual financial report. In its 2017 Resource Governance Index dedicated to measuring the quality of resource governance of 81 countries around the world, said NNPC as …

The post NRGI faults NNPC’s annual financial report appeared first on SweetCrudeReports.

It is expected that a decision will be reached before the end of the year as three companies who would receive 70,000 barrels per day of crude are the target.

The post NNPC seeks buyers who can pay $5 billion advance for crude oil appeared first on SweetCrudeReports.

Forbes, in the document, informed that the Award was given specially to top oil and gas personalities who have made far-reaching and positive contributions to the development of the sector, and have caused sustained stability of the economy in which they operate.

The post NNPC GMD clinches Forbes Oil & Gas Man of the Year 2017 award appeared first on SweetCrudeReports.

ExxonMobil’s offshore Canada project produces first oil

29 November 2017, News Wires – The Hebron oil project off the coast of eastern Canada has produced its first oil, operator Exxon Mobil said on Tuesday, in a boost to Atlantic Canada’s output after years of weak crude prices. At its peak Hebron will produce up to 150,000 barrels per day (bpd), Exxon said. …

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29 November 2017, News wires – Royal Dutch Shell Plc has announced the cancellation of its scrip dividend, with effect from the fourth quarter of this year. The cancellation means that the fourth quarter 2017 interim dividend, and future dividends, will be settled entirely in cash rather than the company offering a share-based alternative. The …

The post Shell to cancel scrip dividend in 4Q appeared first on SweetCrudeReports.

29 November 2017, News Wires – CNOOC Limited has confirmed that the Weizhou 12-2 oil field phase II project, located in the Beibu Gulf in the South China Sea, has commenced production. The project is expected to reach its designed peak output of approximately 11,800 barrels of crude oil per day in 2018. Currently, seven …

The post South China Sea project starts production appeared first on SweetCrudeReports.

The post Prices of energy companies’ equities at the Nigerian Stock Exchange appeared first on SweetCrudeReports.

OpeOluwani Akintayo 29 November 2017, Sweetcrude, Lagos – The Department of Petroleum Resources, DPR, has denied allegation that it failed to remit and diverted the sum of $950 million royalty payment to the Federation Account, describing the allegation as “erroneous and misleading”. Recent reports claiming to have drawn its information from the outcome of the meeting …

The post DPR denies diverting $950m royalty funds appeared first on SweetCrudeReports.

Opeoluwani Akintayo 29 November 2017, Sweetcrude, Lagos – Chairman and Managing Director, Chevron Nigeria Limited, Jeffery Ewing, says Nigeria still has significant opportunities to find new oil and gas resources in the Niger Delta region as he urged the Federal Government to invest in new oil exploration activities in the area. Ewing stated this in …

The post Nigeria still has significant opportunities in Niger Delta – Chevron boss appeared first on SweetCrudeReports.

OpeOluwani Akintayo 29 November 2017, Sweetcrude, Lagos — The Nigerian Stock Exchange, NSE on Monday, November 27, 2017, listed by introduction, eight hundred million, (800,000,000) ordinary shares of Global Spectrum Energy Services Plc at N5 per Share. Global Spectrum Energy Services Plc is an integrated Oil & Gas Offshore Support Vessel Services Company operating in …

The post Global Spectrum Energy Services lists on NSE appeared first on SweetCrudeReports.

29 November 2017, Sweetcrude, Lagos — The Shell Petroleum Development Company Joint Venture (SPDC JV) has introduced an additional education award to the prizes for one of the two Most Valuable Players in the 2017 NNPC Shell Cup for All Nigeria Secondary Schools Football Championship, aside from attending the Feyenoord Youth Academy. The scholarship will …

The post SPDC JV introduces UK summer scholarship for NNPC/Shell Cup MVPs appeared first on SweetCrudeReports.

29 November 2017, Sweetcrude, Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $61.31 a barrel on Tuesday, compared with $61.51 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 …

The post OPEC daily basket price close at $61.31/b appeared first on SweetCrudeReports.

29 November 2017, Sweetcrude, Houston, Texas – ExxonMobil Corporation announced Tuesday that the Hebron project started production safely and ahead of schedule. At its peak, the project will produce up to 150,000 barrels of oil per day. Discovered in 1980, the Hebron field is estimated to contain more than 700 million barrels of recoverable resources. The …

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29 November 2017, Sweetcrude, Abuja – The Permanent Secretary, Ministry of Mines and Steel Development, Alhaji Mohammed Abbas, has sought synergy between directors in the ministry and the Mining Implementation Strategy Team, MIST, charged with the responsibility of full implementation of the Nigerian mining roadmap. Abbas said in Abuja that cooperation between the directors and …

The post Perm-Sec urges cooperation between directors, MIST to boost mining appeared first on SweetCrudeReports.

29 November 2017, Vienna, Austria — OPEC and Russia are heading towards prolonging their oil supply cuts for the whole of 2018 but with an option to review the deal in June, OPEC sources said on Tuesday after Moscow expressed concerns the market could overheat. The recommendation was made by a joint committee of OPEC …

The post OPEC heading for oil cut extension with a caveat appeared first on SweetCrudeReports.

29 November 2017, Sweetcrude, Lagos – Director-General of the Nigerian Maritime Administration and Safety Agency, NIMASA, Dr. Dakuku Peterside, has disclosed that piracy attack in the Gulf of Guinea has reduced tremendously. According to him, current statistics also show that attacks on oil and gas installations onshore and offshore reduced from 36 in the first …

The post Piracy attack in Gulf of Guinea has reduced ‘tremendously’, say Peterside appeared first on SweetCrudeReports.

Mkpoikana Udoma 29 November 2017, Sweetcrude, Port Harcourt — The Executive Secretary of the Nigerian Content Development and Monitoring Board, NCDMB, Simbi Wabote, has thrown his weight behind the move by the Oil and Gas Free Zones Authority, OGFZA, to reduce tariffs and cut the cost of doing business in the nation’s oil and gas …

The post NCDMB backs downward review of free zone tariffs appeared first on SweetCrudeReports.

29 November 2017, Sweetcrude, Abidjan, Côte d’Ivoire — The African Development Bank (AfDB) and other participating co-lenders have signed agreements for the financing of the Nacala Corridor project. This is an integrated and transformative infrastructure project which consists of a 912-km railway and a port meant to unlock the Western region of Mozambique and landlocked …

The post AfDB signs $300m private sector loan agreement for Nacala Corridor project appeared first on SweetCrudeReports.

Mkpoikana Udoma 29 November 2017, Sweetcrude, Port Harcourt – Residents of Woji in Port Harcourt metropolis of Rivers State have in the last two months spent over N1 billion in running generators, due to the failure of the Port Harcourt Electricity Distribution Company, PHEDC, to provide power supply to the area in the last two months. …

The post Port Harcourt residents count losses from lack of power supply appeared first on SweetCrudeReports.

Ike Amos 29 November 2017, Sweetcrude, Abuja — Foreign investment inflow into the Nigerian petroleum industry slowed drastically in the third quarter of 2017, as foreign capital inflow into the industry dropped by 91.56 percent to $16.07 million from $190.39 million recorded in the second quarter of 2017. Data obtained from the Third Quarter 2017 …

The post Foreign investment in Nigeria’s oil industry drops to $16m appeared first on SweetCrudeReports.

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Khan said that the importation marked the beginning of a major business expansion between Nigeria and Pakistan in the oil and gas sector, adding “in the future, we are expecting much trade in this as well as in other sectors".

The post Pakistan begins importation of Nigeria’s LNG appeared first on SweetCrudeReports.

“Rather than debate this that has no basis in reality, we may just continue to beg this government to be very specific in the indication of the assumptions underlined in the budget. The assumptions are totally wrong and off the mark. Therefore, the 2018 budget is already dead on arrival.”

The post 2018 budget already dead on arrival – Senator Abaribe appeared first on SweetCrudeReports.

Amnesty International has therefore called for a criminal investigation against UK-Dutch Shell energy giant over its alleged role in human rights abuses by Nigeria’s government during its campaign to crush protests against the company’s work in Ogoniland the 1990s.

The post Amnesty International accuses Shell of crimes against Ogonis in 1990s appeared first on SweetCrudeReports.

Shell signals full cash dividend for investors

OpeOluwani Akintayo 29 November 2017, Sweetcrude, Lagos – Anglo-Dutch oil company, Royal Dutch Shell, has announced a full cash dividend payment for its investors for the first time in more than two years. The international oil company, IOC, made the announcement on Tuesday. It would be recalled that due to the crash in oil prices …

The post Shell signals full cash dividend for investors appeared first on SweetCrudeReports.

He said, "There is no question at all about the tariff increase, however, the government was not going to implement it now but was working towards cleaning the electricity value chain."

The post Electricity tariff increase inevitable – Osinbajo appeared first on SweetCrudeReports.

Demand for oil in China and the U.S. is expected to continue to grow next year, Vice President of Refining and Chemicals at research firm Wood Mackenzie, Alan Gelder, said, “and globally, we see 3.5 percent growth for petrochemical products in 2018.”

The post China, US to drive higher oil demand in 2018 appeared first on SweetCrudeReports.

‎"Independent revenue has continued to lag behind with low level of remittances. The GDP growth rate planned for 2017 was 1.7percent and at the end of 1st quarter, we have achieved 1.4percent, giving a positive indication that we will attain the 1.7 percent target and possibly surpass."

The post Govt says it has achieved 47% performance of 2017 budget appeared first on SweetCrudeReports.

The post Prices of energy companies’ equities at the Nigerian Stock Exchange appeared first on SweetCrudeReports.

28 November 2017, Sweetcrude, Houston, Texas — The local and international financial market products and services update. NIGERIA: The total value of capital imported into Nigeria more than doubled in the third quarter to $4.15 billion, after the economy emerged from a recession, the National Bureau of Statistics (NBS) said on Monday. Nigeria’s economy grew …

The post Financial market products & services update appeared first on SweetCrudeReports.

*Test flight scheduled for 2020 OpeOluwani Akintayo 28 November 2017, Sweetcrude, Lagos — Airbus, Rolls-Royce, and Siemens have partnered to build a 100-passenger plane powered by a hybrid-electric motor. Named the E-Fan-X project, it will replace one of four gas turbine engines on a short-haul airline with the motor for a test flight by 2020. …

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OpeOluwani Akintayo 28 November 2017, Sweetcrude, Lagos — The Organisation of the Petroleum Exporting Countries, OPEC, Russia and few other oil producing nations outside OPEC will meet on Thursday, November 30 in Vienna, Austria. The objective of the meeting is to determine whether or not to continue with the oil cuts deal to boost oil …

The post OPEC, Russia, others to meet Thursday in Vienna appeared first on SweetCrudeReports.

Ike Amos 28 November 2017, Sweetcrude, Abuja — Nigeria lost N19.993 billion to sabotage and pipeline vandalism in the month of August, according to data released by the Nigerian National Petroleum Corporation, NNPC. The NNPC, in its Monthly Financial and Operations Report for August 2017, disclosed that the loss recorded in August represented an improvement …

The post Nigeria loses N20bn to oil pipeline vandalism in one month appeared first on SweetCrudeReports.

28 November 2017, Sweetcrude, Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $61.51 a barrel on Monday, compared with $61.64 the previous Friday, 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 …

The post OPEC daily basket price close at $61.51/b appeared first on SweetCrudeReports.

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