Mkpoikana Udoma 31 March 2018, Sweetcrude, Port Harcourt — Worried by epileptic power supply to the free zone, the Chairman, Governing Council of the Oil and Gas Free Zones Authority, Chief Timipre Sylva, says investors have been engaged to build a turbine that will provide power for the free zone before the end of 2018. …
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More »01 April 2018, News Wires – India‘s oil imports from Iran rose by about 1.3 percent in February compared to last year, according to data from shipping and industry sources. India shipped in 655,500 bpd oil from Iran in February, about a third more than the previous month, the data showed. In April 2017-Feb 2018, the …
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31 March 2018, Zurich – ABB Chief Executive Ulrich Spiesshofer said the market environment had brightened in 2018 with the Swiss engineering group ready to participate in the expected upswing. The Zurich-based maker of industrial robots and power transmission systems said it saw positive signs in the solar, robotics and emobility markets, while substantial growth was …
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More »31 March 2018, London – Britain’s greenhouse gas (GHG) emissions fell by 3 percent last year from 2016 levels, largely due to a decline in coal-fired power generation and marking the fifth straight yearly drop, preliminary government data showed. Output of the heat-trapping gases in Europe’s second-largest emitter behind Germany fell to 456 million tonnes …
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31 March 2018, Moscow – Russian Energy Minister Alexander Novak said a global oil output cut deal has helped balance the oil market worldwide and boosted Russia’s foreign currency income. Speaking to President Vladimir Putin , Novak also said Russia’s oil-refining industry was hit by changes to taxation and lower investment. Now, Novak told Putin, …
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…CNG, PNG to get costlier 31 March 2018, New Delhi – The latest 6 per cent hike in domestic natural gas price in India will jack up cost of power generation by Rs 3 per unit apart from making Compressed Natural Gas (CNG) and Piped Natural Gas (PNG) costlier by 50-55 paise per kilogramme and 35-40 …
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More »31 March 2018, New Delhi – China is no threat to India in terms of securing its energy supplies even though the two compete on the world stage for energy sources, Indian Oil minister Dharmendra Pradhan has said, according to ET Energy World. “China has its own strategy, India has its own strategy. I don’t …
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31 March 2018, News Wires – The ice-breaking LNG carrier Vladimir Rusanov, jointly owned by MOL and China COSCO Shipping, loaded its first Yamal LNG cargo from March 27 to March 28. MOL said on Thursday the vessel is the first of three for the MOL and China COSCO Shipping’s fleets and will sail under a long-term …
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31 March 2018, News Wires – Australian LNG player Woodside completed the acquisition of ExxonMobil’s interest in the Scarborough gas field. Woodside has acquired an additional 50 percent interest in WA-1-R, which contains the majority of the Scarborough gas field, and now holds a 75 percent interest. With its agreement with BHP earlier this month, in which …
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31 March 2018, News Wires – Sumitomo Corporation, Uyeno Transtech and Yokohama-Kawasaki International Port Corporation (YKIP) have joined forces to study ship-to-ship LNG bunkering potential in Tokyo Bay. According to a joint statement, LNG as ship fuel is expected to serve as an alternative to heavy fuel oil, able to comply with the tighter global cap …
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More »31 March 2018, Baghdad – Iraq will exclude oil by-products from foreign oil companies’ revenues in new contracts expected to be awarded in June, an oil ministry official said, effectively reducing production fees they receive from the government. Oil producers in Iraq currently receive a fee from the government linked to production increases, which include …
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31 March 2018, Sweetcrude, Lagos – The Eko Electricity Distribution Company has assured of uninterrupted power supply within its operational territory throughout the Easter holiday. Mr. Godwin Idemudia, the General Manager, Corporate Communications, EKEDC, gave the assurance in a statement in Lagos. He said in the statement issued to the News Agency of Nigeria that the …
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Mkpoikana Udoma 31 March 2018, Sweetcrude, Port Harcourt – The Nigerian Security and Civil Defence Corps, NSCDC, has charged members of the public to synergise with the organisation in the fight against oil theft, illegal bunkering and sale of adulterated petroleum products in the country. NSCDC, which is the only paramilitary agency with the responsibility of …
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OpeOluwani Akintayo 30 March 2018, Sweetcrude, Lagos — The Nigerian Electricity Regulatory Commission, NERC, has set December 2018 as deadline for electricity distribution companies, DisCos, to wind up existing metering contracts and begin alignment with its newly released Meter Asset Provider, MAP regulation. In a statement, the Commission disclosed that the MAP regulation will not …
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OpeOluwani Akintayo with Agency reports 30 March 2018, Sweetcrude, Lagos — Chevron Corporation on Thursday named David Payne as corporate vice president of Health, Environment, and Safety, effective May 1, 2018. Payne is currently vice president of Chevron’s Drilling and Completions organisation. He succeeds Wes Lohec who has been elected to retire from Chevron after …
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OpeOluwani Akintayo 30 March 2018, Sweetcrude, Lagos — Oil services firm, Nestoil Energy Limited, NEL, plans to sell part of its shares in controversial Oil Mining License, OML 42, being managed by Neconde, SweetcrudeReports has learned. According to information at our disposal, the firm plans to sell some of its stake in the Special Purpose …
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More »*Imports fall 17% from January; machinery shipments drop 25% *Exports climb 12%, with vehicles, transport more than doubling 30 March 2018, Johannesburg — South Africa’s trade balance swung to a surplus in February after recording the biggest deficit in at least 28 years a month earlier as exports of vehicles and transport equipment more than …
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30 March 2018, Oran, Algeria — When the U.S.-educated CEO of Algeria’s state energy company Sonatrach ended a speech to staff by seeking questions, an executive sitting next to him quickly picked up the microphone. “There are no questions,” he said, and some 1,000 employees filed straight out. The scene revealed the scale of the …
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30 March 2018, Beijing/Singapore — Shanghai crude oil futures fell further on Thursday and were at parity with the U.S. market, as state oil majors and local traders piled on more bearish bets amid concerns about domestic refinery demand. The latest drop takes the fall since the contract’s launch on Monday to 10 percent, underperforming …
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*Targets N200bn revenue Vincent Toritseju 30 March 2018, Sweetcrude, Lagos — THE Federal Government has approved N90 billion for special economic zones across the country in line with its economic and growth plans, just as it is targeting N200 billion at the end of the concession period. The government has also disclosed that the concession …
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30 March 2018, Sweetcrude, Lagos — Analysis of hydrotreater capacities for global refineries shows that China has the highest capacity globally with 1,591.8 thousand barrels per day (mbd) to be added between 2018 and 2021. Nigeria and Iran follow with 919.6 mbd and 789.7 mbd added respectively by 2021, according to GlobalData, a leading data, …
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Mkpokana Udoma 30 March 2018, Sweetcrude, Port Harcourt – The Nigerian Ports Authority, NPA, has announced that a total of 350,000 metric tonnes of fertiliser will arrive the Onne seaport in Rivers State by April 2018. The Port Manager, Onne Port Complex, Mr. Alhassan Abubakar, who disclosed this in Onne at a stakeholders meeting with the …
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OpeOluwani Akintayo 30 March 2018, Sweetcrude, Lagos – Oando Plc’s board of directors has postponed the review meeting over the company’s disputed audited financial results. In a statement by Chief Compliance Officer and Company Secretary, Ayotola Jagun, made available to SweetcrudeReports on Thursday, the company said the board meeting has been adjourned to April 10, 2018. According to …
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More »OpeOluwani Akintayo, with agency reports 30 March 2018, Sweetcrude, Lagos – China has commenced plans to pay for crude oil imports using its own currency, Yuan, instead of the U.S. dollar, according to Reuters report. According to the report, the move is part of Beijing’s efforts to establish its currency internationally. Oil is the world’s most …
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More »30 March 2018, Sweetcrude, Houston, Texas – ExxonMobil has increased its holdings in Brazil’s pre-salt basins after winning eight additional exploration blocks during Brazil’s 15th bid round. The blocks awarded add about 640,000 net acres to the ExxonMobil portfolio. Six of the eight newly awarded blocks will be operated by ExxonMobil. The additional blocks expand …
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29 March 2018, Sweetcrude, Lagos — Despite the public holiday declared by the Lagos State Government for its workers, trading activities on the floor of Nigerian Stock Exchange for energy companies recorded some positive results as Total topped the gainer’s chat. Thursday trading activities on the floor of Nigerian Stock Exchange ends the week activities …
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More »29 March 2018, News Wires – Exports of liquefied natural gas (LNG) from the United States quadrupled from 2016 to 2017, U.S. Energy Information Administration said. U.S. exports of liquefied natural gas (LNG) reached 1.94 billion cubic feet per day (Bcf/d) in 2017, up from 0.5 Bcf/d in 2016, EIA said, adding that shipments went to …
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29 March 2018, News Wires – The United Kingdom is expected to receive two liquefied natural gas (LNG) cargoes from Trinidad and Tobago’s Point Fortin plant next week, port and shipping data showed, according to LNG World News. Teekay’s 135,243-cbm LNG carrier Madrid Spirit is scheduled to arrive at the Dragon LNG terminal located in the …
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29 March 2018, Baghdad — A number of oil exporting countries have suggested a six-month extension to the oil supply cut deal agreed by OPEC countries and non-OPEC crude producers, Iraqi oil minister Jabar al-Luaibi said on Wednesday. OPEC and non-OPEC producers led by Russia agreed in November to extend oil output cuts until the …
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29 March 2018, Beijing — Shanghai crude oil futures slumped on Wednesday, the third day of trading since their launch, after heavy selling overnight, as traders scrambled to follow cues from the main international markets. The big volumes done in the late evening in China underscore the complexity of trading the new contract when London’s …
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29 March 2018, Sweetcrude, Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $66.05 a barrel on Wednesday, compared with $66.80 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 …
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Vincent TorTheeju 29 March 2018, Sweetcrude, Lagos — The Federal Government through the Nigeria Customs Service, NCS, has granted the Lagos Deep Offshore Logistics LADOL base, a full port status with as part of efforts to generate more revenue. This was disclosed during a visit to the base by Patience Iferi, the Deputy Comptroller of …
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29 March 2018, Sweetcrude, Lagos — Over $811bn will be spent on 615 upcoming oil and gas fields between 2018 and 2025. Globally, capital expenditure (CapEx) into conventional oil, heavy oil, oil sands and unconventional oil projects would add up to $352bn, $44bn, $43.4bn and $30bn respectively over the eight-year period, according to GlobalData, a …
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29 March 2018, Sweetcrude, Lagos — Close to $194bn will be spent between 2018 and 2025 on 93 upcoming oil and gas fields in Africa. Capital expenditure (CapEx) into conventional, unconventional, and heavy oil projects would form $88.9bn; $3bn and $1.9bn of the region’s capital spend respectively over the eight-year period, according to GlobalData, a …
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More »“Nigeria is the biggest market in Africa, we have the population but it is not only Nigeria, all over Africa we have what it takes. Nigeria has everything to produce what we need; still, Nigeria has Limestone, coal and gas yet we import 3 billion worth of steel yearly."
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The regulation, which is slated to commence on April 3, 2018, is projected to close the metering gap and eliminate estimated billing in the Nigerian Electricity Supply Industry (NESI) within three years of coming into effect.
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…Says development may derail govt’s renewable energy plans OpeOluwani Akintayo 29 March 2019, Sweetcrude, Lagos – The Renewable Energy Association of Nigeria, REAN, has protested the recent increase of between five to ten percent on the import duty on solar panels by the Nigerian Customs Service. According to the group, the increased duty negates the CET …
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More »…Company files criminal complaints against him with Dutch authorities OpeOluwani Akintayo, with agency reports 29 March 2018, Sweetcrude, Lagos – A former vice president for Shell sub-Saharan Africa, Peter Robinson, has been accused of involvement in the sale of Nigeria’s oil block, Oil Mining Lease, OML, 42. OML 42, located in the Niger Delta, was sold by Shell …
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According to the lawmakers, the levy will be used to fund the Petroleum Equalisation Fund (PEF) as reflected in the new bill.
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Obasanjo said, “That President Buhari didn’t sign the free trade agreement in Kigali is disappointing; I hope he signs it before it is too late."
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The meeting had ended in a deadlock on Tuesday following disagreement about the revenue figures remitted into the federation account by the Nigerian National Petroleum Corporation (NNPC) for sharing by the three tiers of government.
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“Wherever mining operation is going on, the community should have some benefits from the projects, this will impact positively on the lives of host communities and improve their relationship with better interaction."
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OpeOluwani Akintayo 29 March 2018, Sweetcruude, Lagos – Secretary-General of the Organisation of the Petroleum Exporting Countries, OPEC, Dr. Mohammad Barkindo, has said the group is working on a “very long-term” deal in trying to extend its alliance with other oil producers. He disclosed this at an energy conference in Baghdad, Iraq on Wednesday, according to …
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More »28 March 2018, Sweetcrude, Abuja – Organised labour has expressed hope that the current Federal Government probe of the N62.3 billion mismanagement at the Nigeria Social Insurance Trust Fund, NSITF, will put the Fund in proper shape to deliver on its mandate. According to the United Labour Congress of Nigeria, ULC, the probe will go …
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More »Vincent Toritseju, with agency reports 28 March 2018, Sweetcrude, Lagos – The chief executive officer of Antwerp Port Authority in Belgium, Jacques Vandermeiren, says ports all over the world were aiming for a future built around sustainable economic models. He spoke as nearly 1,000 ports and port-related companies gathered for two days in Antwerp and committed …
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More »…Company files criminal complaints against him with Dutch authorities OpeOluwani Akintayo, with agency reports 28 March 2018, Sweetcrude, Lagos – A former vice president for Shell sub-Saharan Africa, Peter Robinson, has been accused of involvement in the sale of Nigeria’s oil block, Oil Mining Lease, OML, 42. OML 42, located in the Niger Delta, was sold by Shell …
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28 March 2018, Sweetcrude, Lagos — Eterna topped the gainer’s chart in Wednesday trading activities on the floor of Nigerian Stock Exchange for energy companies. Top turnover was led by Forte Oil with 93 trades, 1,311,712 volume valued at 54,737,631.10 Top Gainers Eterna: 0.35% Forte: 0% Oando: 0% Seplat: 0% Top Losers Total: -1.7% Japaul: …
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More »OpeOluwani Akintayo 28 March 2018, Sweetcrude, Lagos — Nigeria’s crude oil production grew to a total of 1.732 million barrels per day in February, data obtained from the Organisation of the Petroleum Exporting Countries, OPEC’s Monthly Oil Market Report, MOMR for March disclosed. The country’s output grew to 1.732 million bpd in February, compared to …
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Mkpoikana Udoma 28 March 2018, Sweetcrude, Port Harcourt — The Oil and Gas Free Zone Authority, OGFZA, has said that it was targeting to increase new investments into the oil and gas free zones by 50percent by next year 2019. Managing Director of OGFZA, Mr. Umana Okon Umana, disclosed this at a one day workshop for …
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*Issues 120 days ultimatum to DisCos to begin regulation implementation OpeOluwani Akintayo 28 March 2018, Sweetcrude, Lagos — The Nigerian Electricity Regulatory Commission, NERC said it has approved a regulation that provides for the supply, installation, and maintenance of end-user meters by other parties. A statement by the Commission disclosed that the regulation is a …
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