South Sudan rebel leader Machar returns to mark peace deal

01 November 2018, News Wires — South Sudan rebel leader Riek Machar returned to the capital Juba on Wednesday to celebrate a peace deal, more than two years after fierce fighting erupted in the city and forced him to flee the country. To further reinforce the peace deal, President Salva Kiir ordered the release of a … More »

NNPC subsidiary resumes international shipping of crude oil

31 October 2018, Sweetcrude, Lagos — The Nigerian National Petroleum Corporation (NNPC), says its subsidiary, NIDAS Shipping Services, has resumed the international shipment of crude oil,  petroleum products and had already gotten its first consignment. The Corporation disclosed this in a statement signed by the Group General Manager, Group Public Affairs Division of the NNPC, Mr. Ndu … More »

Nigeria, West Africa loses over $2bn annually to fish theft – GGC boss

Vincent Toritseju 31 October 2018, Sweetcrude, Lagos — The Gulf of Guinea Commission, GGC, has said that fish theft from the region has increased exponentially in the past years, as an estimated $2 billion to lost to foreign poachers annually. Disclosing in Lagos recently, Executive Secretary of the GGC, Mrs. Florentina Adenike Ukonga dropped above … More »

Nigeria advocates harmonized framework for enhanced cargo movement

Vincent Toritseju 31 October 2018, Sweetcrude, Lagos — Nigeria through the Nigerian Ports Authority, NPA has called for a harmonized legal framework that will enhance and ease the movement of cargoes within the African continent. Speaking at the second continental conference of African Women in Maritime WIMAFRICA, Managing Director of the Nigerian Ports Authority, NPA, … More »

NERC commissions 1.5MW independent power project

31 October 2018, Sweetcrude, Lagos — The Nigerian Electricity Regulatory Commission, NERC, has commissioned the 1.5 megawatts Sura independent power project in Lagos. NERC played a huge role in the facilitation of the power plant. The power project, named the Energising Economies Initiative, EEI, is a Federal Government initiative to boost Micro, Small and Medium … More »

Baker Hughes swings to profit but misses forecasts, shares slide

31 October 2018, News Wires — General Electric Co’s Baker Hughes on Tuesday said improving oil markets helped it post a third-quarter adjusted net profit versus a year-earlier adjusted loss, but earnings per share missed analysts’ forecasts by a penny and its stock slid about 3 percent. Baker Hughes also expressed optimism for 2019 and beyond … More »

China’s Sinopec Q3 profit up 60 pct on year, but down from record Q2

31 October 2018, News Wires — Chinese oil and gas major Sinopec’s net profit rose to 18.38 billion yuan ($2.64 billion) in the third quarter, up 60 percent from a year earlier, on robust refining margins and improving earnings from crude oil and gas production. The figure was down, however, from a record high of 22.83 … More »

Petrobras says in filing fertilizer units to be halted in Jan

31 October 2018, News Wires — Brazilian state-controlled oil company Petroleo Brasileiro said in a filing on Tuesday that fertilizer plants based in the states of Sergipe and Bahia will be temporarily deactivated starting on January 31. (Reporting by Bruno Federowski) Reuters More »

Investors begin receiving payment PDVSA 2020 bond: sources

31 October 2018, News Wires — Investors have started to receive payment of interest and principal on Venezuelan state oil company PDVSA’s 2020 bond, two bondholders said on Tuesday. (Reporting by Corina Pons, writing by Brian Ellsworth Editing by Chizu Nomiyama) Reuters More »

South Sudan rebel leader to return to capital to seal peace deal – spokesman

31 October 2018, News Wires — South Sudan rebel leader Riek Machar will return to the capital Juba to celebrate a peace deal on Wednesday, his group said, more than two years after he fled the country after the collapse of an earlier accord. Machar’s office said he would hold joint peace celebrations with his long-time … More »

Libyan state oil firm demands pay increases for oil workers

31 October 2018, News Wires — The chairman of Libya’s state oil firm National Oil Corp (NOC) has asked the central bank to increase salaries of oil workers by 67 percent in 2019, a statement said on Tuesday. The North African country approved in 2013 such a pay rise which was never implemented as Libya’s chaos … More »

PetroChina third quarter results rise to highest in four years

31 October 2018, News Wires — Third-quarter net profit for PetroChina, Asia’s largest oil and gas producer, surged to their highest since September 2014, boosted by higher global oil and gas prices, the company said on Tuesday. Net profit for the July to September quarter was 21.04 billion yuan ($3.02 billion), according to a company … More »

Turkish ship to drill for oil and gas in Mediterranean – Minister

31 October 2018, News Wires — A Turkish ship will start drilling for oil and gas in the Mediterranean on Wednesday, Energy Minister Fatih Donmez said, a move that could create tensions with neighboring Cyprus and Greece over jurisdiction. Attempts to tap gas and oil in the eastern Mediterranean, along with a dispute over Greece’s maritime … More »

Next-wave LNG race hits hurdles in U.S.-China trade war

31 October 2018, News Wires —  The delay of a U.S. Gulf Coast liquefied natural gas (LNG) export project has crystallized fears that the U.S. trade battle with China is hampering efforts to line up buyers needed to move ahead with multi-billion-dollar builds. The United States is positioning itself as the dominant provider of the supercooled … More »

Fed govt not issuing new oil licenses before elections – Kachikwu

…Zabazaba FID coming later in the year OpeOluwani Akintayo 31 October 2018, Sweetcrude, Lagos — Minister of States for Petroleum Resources, Dr. Ibe Kachikwu, has revealed that the Federal Government has no plans to issue new licenses for oil acreages before next year’s general elections in February. He revealed this during an interview with Bloomberg in … More »

Why Nigeria is still grappling with inadequate power – Sahara Group boss

OpeOluwani Akintayo 31 October 2018, Sweetcrude, Lagos — Group Managing Director, Sahara Group, Mr. Kola Adesina, has provided explanation as to why Nigeria is yet to get it right with access to 24 hours of electricity supply. Speaking with SweetcrudeReports in Lagos, Adesina stated that although electricity distribution companies or DisCos were making making progress in … More »

Blackout: PHED blames power outage in Rivers on faulty TCN breaker

Mkpoikana Udoma 31 October 2018, Sweetcrude, Port Harcourt — The Port Harcourt Electricity Distribution Company, PHED, has explained the current power outage in parts of Port Harcourt, the Rivers State capital. The power distribution company blamed the power outage on a faulty breaker of a 60MVA power transformer belonging to the Transmission Company of Nigeria, TCN. … More »

Ikeja Electric debunks allegation on sale of meters for N100,000

…Unveils undertaking office at Ikeja GRA OpeOluwani Akintayo 31 October 2018, Sweetcrude, Lagos — The management of Ikeja Electric, IE, has denied recent reports that the company charges customers N100,000 for prepaid meters. Chief Executive Officer of the company, Dr. Anthony Youdeowei, while speaking with SweetcrudeReports on the sideline of the commissioning of the firm’s … More »

Weekly SweetcrudeReports October 31, 2018

Read the Weekly SweetcrudeReports – Nigeria lost $8.6bn on imports, exports cargo freight in 2017 -NSC DOWNLOAD IT DOWNLOAD IT More »

Baker Hughes to halt buybacks, awaits GE plans

30 October 2018, News Wires — GE’s Baker Hughes has halted its share buyback programme as it awaits more clarity from parent General Electric about its plans as the U.S. conglomerate embarks on more organizational and financial changes. “We decided not to continue with our buyback in the third quarter and to wait until we have more … More »

Oil prices fall more than 1 percent on rising supply, trade war

30 October 2018, News Wires — Oil prices fell more than 1 percent in choppy trading on Tuesday on signs of rising supply and concern that global economic growth and fuel demand would be hit by a deepening of the U.S.-China trade dispute. Brent crude futures fell $1.34 to $76.00 a barrel, a 1.7 percent drop, … More »

NUPENG assures of steady fuel supply during the yuletide

Ike Amos 30 October 2018, Sweetcrude, Lagos — The National Union of Petroleum and Natural Gas Workers (NUPENG), Monday, said it would work closely with the Nigerian National Petroleum Corporation (NNPC) to ensure hitch-free products distributed across the country throughout the end of year festive period. According to a statement by the NNPC in Abuja, … More »

AfDB rolls out programme to boost climate risk financing & insurance

*Programme’s initial phase is expected to run from 2019 to 2023 30 October 2018, Sweetcrude, Abidjan, Ivory Coast — The African Development Bank has approved the Africa Disaster Risks Financing (ADRiFi) Programme, the institution’s first climate risk management programme to boost resilience and response to climate shocks in regional member countries. The comprehensive programme, open … More »

OPEC daily basket price closes at $76.07 per barrel

30 October 2018, Sweetcrude, Vienna, Austria — The price of OPEC basket of fifteen crudes stood at $76.07 a barrel on Monday, compared with $75.71 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), Djeno (Congo), Oriente (Ecuador), … More »

Trump’s sanctions on Iran tested by oil-thirsty China, India

30 October 2018, News Wires — Shortly after U.S. President Donald Trump announced in May he would reimpose sanctions on Iran, the State Department began telling countries around the world the clock was ticking for them to cut oil purchases from the Islamic Republic to zero. The strategy is meant to cripple Iran’s oil-dependent economy … More »

NPA commences preparation of magt staff for ISO certification

Vincent Toritseju 30 October 2018, Sweetcrude, Lagos — TheManaging Director of the Nigerian Ports Authority, NPA, Ms. Hadiza Bala Usman has said that the what informed the agency’s decision to get the International Standard Organzation, ISO Certification, is to improve its efficiency and reduce the cost of cargo clearance. Speaking exclusive with Vanguard Maritime Report … More »

Total’s Q3 profit surges, LNG sales decline

30 October 2018, News Wires — French energy giant and LNG player Total saw its third-quarter adjusted net profit soar on the back of increasing oil prices and higher production. “Total’s third quarter adjusted net income increased by 48 percent from last year to $4 billion, while oil prices increased 44 percent to $75 per … More »

Ex-Afren executives sentenced in UK for Nigerian fraud, money-laundering

30 October 2018, Sweetcrude, Lagos — Two former executives of collapsed oil company Afren were sentenced to up to six years in prison in the UK on Monday after they were convicted of fraud and money laundering over a $300 million business deal. The oil chiefs are accused of reportedly receiving secret payments in connection … More »

NERC, DisCos, others to discuss technology for new metering scheme

OpeOluwani Akintayo 30 October 2018, Sweetcrude, Lagos — The Nigerian Electricity Regulatory Commission, NERC, will meet with the power distribution companies or DisCos and meter manufacturers to discuss the technology requirements for the Meter Asset Providers, MAP, scheme. The MAP scheme was introduced by NERC earlier in the year to ensure effective metering of power consumers … More »

NCDMB donates econometrics lab to Niger Delta University

Mkpoikana Udoma 30 October 2018, Sweetcrude, Port Harcourt — As part of its initiatives to build local capacities, the Nigerian Content Development and Monitoring Board, NCDMB, has donated an ultramodern Econometrics Laboratory to the Department of Economics, Niger Delta University, Wilberforce Island, Bayelsa State. The laboratory, according to the board,  is equipped with state of the … More »

ExxonMobil to release Q3 2018 financial results on Friday

30 October 2018, Sweetcrude, Houston, Texas — Exxon Mobil Corporation will release its third quarter 2018 financial results on Friday, November 2, 2018. A statement from the company’s Irving, Texas headquarters on Monday said a press release will be issued via Business Wire and available at 7 a.m. CT at www.exxonmobil.com. The statement said Jack Williams, senior … More »

Off-grid firm BBOXX targets two new African markets with EDF-CEO

30 October 2018, News Wires — UK-based off-grid power company BBOXX is looking to enter two new African markets in partnership with France’s EDF Group next year as it capitalises on growing interest in the sector from large energy companies, its chief executive said on Monday. The two companies announced last week that the French … More »

Eni’s profit, LNG sales rise

29 October 2018, News Wires — Italian energy giant Eni has said its third-quarter profit rose nearly fivefold year-on-year as oil and gas prices increased. Eni reported a net profit of 1.53 billion euros ($1.74 billion) compared with 344 million euros in the year-earlier period. Production was 1.8 million boe/d in the third quarter of … More »

US LNG exports up on week to six cargoes

29 October 2018, News Wires — Liquefied natural gas (LNG) exports from the United States rose during the week ending October 24, according to the Energy Information Administration. Six LNG cargoes with a combined LNG-carrying capacity of 22 billion cubic feet (Bcf) departed the US in the week under review. All of these cargoes were exported … More »

Italy’s Di Maio warns against party divisions after pipeline U-turn

29 October 2018, News Wires — Italian Deputy Prime Minister Luigi Di Maio called on Monday for unity within his 5-Star Movement after the anti-establishment party was forced to renege on an electoral pledge to halt a major, international gas transport project. Former party sympathisers set fire to the 5-Star flag in the southern Italian town … More »

South Korea’s Hyundai E&C cancels $521 million petrochemicals deal, cites Iran financing failure

29 October 2018, News Wires — South Korea’s Hyundai Engineering & Construction said on Monday that it scrapped a 595 billion won ($521 million) deal to build a petrochemicals complex in Iran, saying the Iranian customer’s ability to fund it had been hit by the prospect of U.S. economic sanctions against Tehran. In a regulatory filing, … More »

Malaysia’s Petronas calls for better LNG cooperation

29 October 2018, News Wires — Malaysian energy giant Petronas has urged all stakeholders in the liquefied natural gas (LNG) industry to take concrete actions to advocate natural gas, LNG and its role in the global energy mix, as a “collective effort towards a sustainable market ecosystem.” Petronas CEO Tan Sri Wan Zulkiflee Wan Ariffin said that … More »

Vitol says to deliver first US LNG cargo to UK’s South Hook terminal

29 October 2018, News Wires — Commodity trading company Vitol said on Friday it will soon be importing a liquefied natural gas (LNG) cargo from the United States into the UK’s South Hook terminal. The 159,983-cbm Yari LNG, loaded a cargo at Cheniere’s Sabine Pass liquefaction terminal in Louisiana and is expected to deliver its cargo to … More »

Far-right Bolsonaro rides anti-corruption rage to Brazil presidency

29 October 2018, News Wires — Far-right lawmaker Jair Bolsonaro won Brazil’s presidential election on Sunday, promising to clean up politics, shrink the state and crack down on crime, in a dramatic swing away from the left in the world’s fourth-largest democracy. The former army captain has alarmed many with vows to sweep political opponents off … More »

Oil dips as Russia signals output will stay high

29 October 2018, News Wires — Oil prices edged lower on Monday as Russia signaled output will remain high, but losses were limited ahead of U.S. sanctions on Iranian exports that are expected to reduce supplies when they come into effect in just under a week. Brent crude futures fell 12 cents to $77.50 a … More »

Italy’s Eni strikes deal with Total to boost Algeria operations

29 October 2018, News Wires — Italian oil major Eni said on Monday it had struck a deal to team up with French peer Total to look for oil and gas in Algeria and strengthen its position in the north African country. The two oil companies signed a deal with state-owned Algerian energy giant Sonatrach … More »

Ecopetrol seeks license to starts fracking tests in Colombia

29 October 2018, News Wires — Colombia’s state oil company Ecopetrol has requested an environmental license to launch a pilot plan to explore for crude oil from unconventional deposits using fracking technology, its chief executive said. Felipe Bayon told Reuters late on Friday the plan, which could triple Colombia’s proven reserves, would be supervised by … More »

FDI into Africa rises with Morocco & South Africa as leading destinations

*2017 data shows that Africa attracted 718 Foreign Domestic Investment projects *Up 6% from the previous year 29 October 2018, Sweetcrude, Johannesburg, South Africa — South Africa shares the title of largest African FDI hub with Morocco; Southern, West, East and North Africa all receive more or less equal FDI (measured in project numbers); The … More »

OPEC daily basket crude price closes at $75.71 per barrel

29 October 2018, Sweetcrude, Vienna, Austria — The price of OPEC basket of fifteen crudes stood at $75.71 a barrel on Friday, compared with $75.33 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), Djeno (Congo), Oriente (Ecuador), … More »

Italy PM Conte gives green light to contested TAP gas pipeline

28 October 2018, News Wires — Prime Minister Giuseppe Conte has given Italy’s final approval to the Trans Adriatic Pipeline (TAP), a project which had been strongly contested by the 5-Star Movement, one of the two parties in the ruling coalition. “It’s no longer possible to intervene in this project, which was planned by previous governments … More »

Argentina’s YPF to spend billions to boost oil and gas output

28 October 2018, News Wires — Argentina’s state-controlled oil company, YPF, will significantly boost oil and gas production, investing between $4 billion and $5 billion per year through 2022, Chief Executive Daniel Gonzalez told Reuters. It plans to raise production by between 5 percent and 7 percent per year, with the largest increase in the Vaca … More »

Tribesmen stage protest at Libyan El Sharara oilfield

28 October 2018, Benghazi, Libya — A small group of Libyan tribesmen have staged a protest at the southern El Sharara oilfield, threatening to close down facilities unless their living conditions improved, a videotape showed and oilfield staff said on Sunday. The protesters demanded better state services such as water and bank liquidity for the … More »

Iran starts oil sales to private exporters to beat U.S. sanctions

28 October 2018, Dubai — Iran began selling crude oil to private companies for export on Sunday, part of a strategy to counter U.S. sanctions which come into effect on Nov. 4 and aim to stop the country’s key crude exports, the oil ministry’s news website SHANA reported. Crude oil trade is state-controlled in Iran. … More »

Oil looks vulnerable from short term perspective

28 October 2018, London — From a short-term and technical perspective, oil looks vulnerable, according to oil and gas analysts at Fitch Solutions Macro Research. “Downside momentum is building and the front-month contract has broken back below its 50-day moving average. Time spreads have collapsed, with the front-to-second month spread flipping into contango. As of … More »

Saudi’s SABIC looking for Africa investment opportunities

28 October 2018, Riyadh — Saudi Basic Industries Corp., SABIC, the world’s fourth-biggest petrochemicals company is looking for future investment opportunities in Africa, which is a promising market to maintain sales growth, its chief executive said on Sunday. The outlook for business in the United States, Asia, and China remain positive despite some challenges due to … More »