PENGASSAN demands open, competitive bids for renewal of oil licenses

Mkpoikana Udoma 01 February 2019, Sweetcrude, Port Harcourt — The Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, says the upcoming renewal of oil block licenses in the country should be made open and competitive for bidders rather than a means of reward for cronies of those in government. Recall that the Minister of … More »

Cooking gas price varied in December – NBS

01 February 2019, Sweetcrude, Lagos — The average price for the refilling of the 5-kilogramme cylinder of the Liquefied Natural Gas, LPG, also known as cooking gas, was down by 1.53 percent in December 2018, the National Bureau of Statistics, NBS, reports. But, the price of the 12-kilogramme cylinder was up 2.12 percent, NBS also said. … More »

NPA to raise awareness on need for clean waters

Vincent Toritseju 01 February 2019, Sweetcrude, Lagos — The Nigerian Ports Authority, NPA, is to embark on an awareness campaign to raise the consciousness of the people on the need for clean waters, to sustain aquatic life and navigation. NPA’s General Manager, Health Safety Environment, HSE, Engr. I.S. Abdulbaki, disclosed this as the agency commenced the … More »

USADF, All On open 2019 $100,000 off-grid energy challenge for Nigeria

OpeOluwani Akintayo 31 January 2019, Sweetcrude, Lagos — The U.S. African Development Foundation, USADF and All On have officially opened the application window for the 2019 Nigeria Off-Grid Energy Challenge, which will provide up to $100,000 in blended finance per enterprise for the successful applicants. USADF is a founding member of Power Africa and an … More »

Nigerian govt committed to developing maritime sector – Prof Etebu

Mkpoikana Udoma 31 January 2019, Sweetcrude, Port Harcourt — The Vice-Chancellor of Nigeria Maritime University, Okerenkoko, Delta State, Prof. Maureen Etebu, has commended the President Muhammadu Buhari-led Government, for what she described as the continued development of the university. Recall that the University was granted approval by the National Universities Commission, NUC, to commence undergraduate degree … More »

Ex-militants, others told to leave Prof Brambaifa alone

Lucky Omas 31 January 2019, Sweetcrude, Warri, Delta State — EX-militants and other stakeholders in the Niger Delta region have been advised not to oppose the appointment of Professor Nelson Brambaifa as acting Managing Director of the Niger Delta Development Commission, NDDC. Making the appeal in Warri, Delta state, Coordinator, Niger Delta Peace Campaign for … More »

Cost cutting: Shell records highest profit since 2014

OpeOluwani Akintayo 31 January 2019, Sweetcrude, Lagos — Royal Dutch Shell has recorded $21.4 billion profit for 2018 operating year, representing its highest since 2014. The sharp rise in profit was as a result of cost cuttings during the oil price slum of 2014, trading in natural gas and higher oil prices last year. Shell’s … More »

ABB & SUSI Partners to team up for microgrid, energy storage projects

*Alliance to leverage ABB Ability™ based microgrid and energy storage solutions and clean energy infrastructure financing expertise 31 January 2019, Sweetcrude, Lagos — ABB and SUSI Partners (SUSI), a clean infrastructure investment advisor, have signed a framework agreement to promote the deployment of microgrids and energy storage solutions. ABB will provide its ABB Ability™ based … More »

Venezuela’s PDVSA struggles to discharge some fuel imports -board member

31 January 2019, News Wires — Venezuela’s state-run PDVSA is facing problems discharging some tankers carrying imported fuel because new U.S. sanctions are making it difficult to complete payments, a member of the company’s board told Reuters on Wednesday. However, PDVSA will insist the fuel cargoes are discharged and will try to find a way to … More »

Hess production tops estimates on Bakken, Gulf of Mexico strength

31 January 2019, News Wires — Oil and gas producer Hess Corp’s fourth-quarter production beat Wall Street estimates on Wednesday, driven by higher output from the Bakken shale region and the Gulf of Mexico. Total production for the quarter ended Dec. 31, excluding its Libyan operations, was 267,000 barrels of oil equivalents per day (boe/d), while … More »

OVH Energy reiterates support for downstream operational efficiency

Michael James 31 January 2019, Sweetcrude, Lagos — As part of its effort to support the government’s ongoing agenda geared toward improving the downstream value chain, OVH Energy has reiterated its support and commitment for operational efficiency in the sector. The Company made the call at the just concluded 2019 Nigeria International Petroleum Summit (NIPS), … More »

Croatia approves tender for onshore oil and gas exploration

31 January 2019, News Wires — Croatia on Wednesday approved a tender for oil and gas exploration in mountainous areas of the country’s central and southern regions. The details of the tender will be released by the state-run Hydrocarbon Agency, which is in charge of running the process, at a later date. “There will be four … More »

OPEC daily basket oil price closes at $60.93 per barrel

31 January 2019, Sweetcrude, Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $60.93 a barrel on Wednesday, compared with $59.71 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 »

South Korea’s big buys on U.S. oil, gas to keep bilateral ties strong

31 January 2019, News Wires — South Korea’s purchases of U.S. oil and gas this year will hold to the rapid pace set in 2018, likely narrowing its trade surplus with the world’s top economy further and bolstering its ties to Washington. South Korea is expected in January and February to import at least 18 million … More »

Mexico’s Lopez Obrador says Pemex better now than in last 30 years

31 January 2019, News Wires — Mexican President Andres Manuel Lopez Obrador said on Wednesday that corruption is being eliminated from state oil company Pemex, adding that the company is better now than it has been in last 30 years. Rating agency Fitch on Tuesday downgraded the credit rating of Pemex, which holds $106 billion … More »

Global oil industry braces for turmoil from U.S. crackdown on Venezuela

31 January 2019, News Wires — More than 24 hours after the United States announced large-scale sanctions on Venezuela’s nationally owned oil company, merchant trading firms and refiners were still deciphering what the measures prohibited. The sanctions, announced on Monday, are aimed at driving President Nicolas Maduro from power, the strongest U.S. measures yet against … More »

W. Africa Crude-Sellers hold out as buyers face strong Nigerian diffs

31 January 2019, News Wires — Spot trade slowed to a crawl on Wednesday, as a stand-off between buyers and sellers intensified. * Bonny Light and Qua Iboe for March loading were once again offered near $2.50 a barrel above dated Brent, from about $2.15-2.20, but no trades were said to have taken place at … More »

Libyan outage, Algeria’s export drop drive demand for Nigerian crude

Sam Ikeotuonye, with agency reports 31 January 2019, Sweetcrude, Lagos — An unplanned outage in Libya and reduced exports from Algeria have combined to boost the potentials of Nigerian crude grades in the international market. Nigerian crude differentials remained strong last week, while the high offer levels and a number of pending buy tenders were … More »

Ogoni clean-up: MOSOP accuses HYPREP of corruption

Mkpoikana Udoma 31 January 2019, Sweetcrude, Port Harcourt — The Movement for the Survival of the Ogoni People, MOSOP, has described the Hydrocarbon Pollution Remediation Project, HYPREP, as an organisation stinking in corruption and a shameful representation of corruption in the country. Factional President of MOSOP, Mr. Fegalo Nsuke, in a message to an Ogoni … More »

Fed Govt committed to developing maritime sector – Prof Etebu

..Maritime university commends Buhari administration for development efforts Mkpoikana Udoma 31 January 2019, Sweetcrude, Port Harcourt —  The Vice Chancellor of Nigeria Maritime University, Okerenkoko, Delta State, Prof. Maureen Etebu, has commended the Federal Government for what she described as continued development of the university and making it a success story. Recall that the university … More »

Energy companies post positive trading results on the NSE

Michael James 30 January 2019, Sweetcrude, Lagos — Wednesday trading activities on the floor of Nigerian Stock Exchange for energy companies ended in a positive note. Seplat Petroleum top the gainers’ category with 15% gain in 15 deals valued at 65,302,684.60. Eterna and Oando traded 13 and 58 deals respectively gaining 0.5% each. Top Gainers … More »

Two killed in Lagos fuel tanker fire

30 January 2019, Sweetcrude, Lagos — Two persons were reportedly killed and five vehicles burnt on Wednesday morning at Barracks Bus Stop, along Mile 2-Badagry Expressway in Lagos, after a 33,000 litre fuel tanker fell and exploded. Several motorists were lucky to escape the inferno. The two dead persons were burnt beyond recognition. The Director … More »

Lack of commitment responsible for unending gas flaring – Owan, others

Ike Amos 30 January 2019, Sweetcrude, Lagos — Former Chairman of the Nigerian Electricity Regulatory Commission, NERC, Mr. Ransome Owan, and other experts have blamed lack of commitment for the inability of the country to tackle the issue of gas flaring. The pioneer NERC chairman and the experts made this assertion in Abuja at the … More »

NIMASA projects 10 percent increase in ship tonnage for 2019

Vincent Toritseju 30 January 2019, Sweetcrude, Lagos — The Federal Government through the Nigerian Maritime Administration and Safety Agency, NIMASA has said that a ten percent increase in ship tonnage is expected in the nation’s shipping sub-sector for 2019. Speaking yesterday at the agency’s maritime industry forecast held in Lagos, Director General of NIMASA, Dr. … More »

Amnesty vendors grumble over delayed payment, appeals to Dokubo

Lucky Omas 30 January 2019, Sweetcrude, Warri, Delta State — Special Adviser to the federal government on Niger Delta and Coordinator of the Presidential Amnesty program Professor Dokubo Charles has been urged to redress delay in payment to vendors for jobs done. A leader in the region and one of the Vendors, Evangelist Samson Fetimi … More »

Saudi Aramco in deal with Axens, TechnipFMC on crude to chemicals technology

30 January 2019, News Wires — Saudi Aramco’s unit Saudi Aramco Technologies on Tuesday signed a joint agreement with Axens and TechnipFMC to accelerate development and commercialisation of its catalytic crude to chemicals technology, the Saudi oil company said in a statement on its website. Reuters More »

Oil major Total makes gas discovery at North Sea Glengorm prospect

30 January 2019, News Wires — Total and partners including China’s CNOOC have made a significant new gas discovery off the coast of Britain at the North Sea Glengorm prospect, with recoverable resources estimated at around 250 million barrels of oil equivalent (boe). Total said further drilling and testing would be carried out to appraise … More »

Aiteo founder bags FIN 2018 African Icon of the Year award

30 January 2019, Sweetcrude, Abuja, Nigeria — International business leader and founder of Aiteo Group, Benedict Peters has been awarded African Icon of the Year at the Foreign Investment Network, FIN, and Federal Ministry of Petroleum Resources Honorary Patrons Dinner and Awards Night. The award held at the Nigeria International Petroleum Summit, Abuja on January … More »

Libya’s El Sharara oilfield won’t reopen until occupiers leave – NOC

30 January 2019, News Wires — Libya’s biggest oilfield, El Sharara, will remain shut until an armed group occupying the site leaves, the head of National Oil Corp (NOC) said on Tuesday, more than a month after the field closed because of a protest. “The armed group attempting to hold NOC and Libya’s economic recovery to … More »

Sanctions on Venezuela’s oil sends U.S. refiners scrambling

30 January 2019, News Wires — Venezuela’s revenues from oil sales to the United States have come under severe threat as sweeping sanctions on Venezuelan state-owned oil firm has sent U.S. buyers scrambling for replacements. The United States on Monday imposed sanctions on Petróleos de Venezuela, S.A., known as PDVSA, to cripple the OPEC member’s oil … More »

Nigerian govt commences tracking of crude oil output, lifting

Ike Amos 30 January 2019, Sweetcrude, Lagos — The Federal Government, Tuesday, said it has commenced the tracking of Nigeria’s crude oil output and lifting. Speaking at the ongoing Nigeria International Petroleum Summit, NIPS, in Abuja, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, also stated that the government was currently working with … More »

Maritime sector to experience 10% growth in 2019, says FG

Michael James 30 January 2019, Sweetcrude, Lagos — The Federal Government on Tuesday projected a 10 per cent growth in the Nigerian maritime industry. This was contained in the 2019/2020 maritime forecast unveiled by the Nigerian Maritime Administration and Safety Agency (NIMASA) in Lagos. The forecast, the second in the series, is tagged “Harnessing the Maritime … More »

NLNG: Fed Govt deliberately withholding fund for Bonny-Bodo road – Gov Wike

Mkpoikana Udoma 30 January 2019, Sweetcrude, Port Harcourt — Rivers State Governor, Nyesom Wike has accused the Federal Government of deliberately refusing to provide the counterpart funding of N60 billion for the construction of the Bonny-Bodo road project in the state. Addressing thousands of supporters during the PDP Campaign Rally in Bonny Island, Governor Wike said … More »

Aiteo founder, Benedict Peters, awarded 2018 FIN African Icon of the Year

30 January 2019, Sweetcrude, Lagos — International business leader and founder of Aiteo Group, Benedict Peters, was awarded African Icon of the Year at the Foreign Investment Network (FIN) and Federal Ministry of Petroleum Resources  Honorary Patrons Dinner and Awards Night which held at the Nigeria International Petroleum Summit, Abuja on January 28, 2019. The award is … More »

Weekly SweetcrudeReports January 30, 2019

Read the Weekly SweetcrudeReports – Libyan outage, Algeria’s export drop drive demand for Nigerian crude DOWNLOAD IT DOWNLOAD IT More »

Oil prices rally as U.S. sanctions on Venezuela ease supply worries

29 January 2019, News Wires — Oil prices rallied above 2 percent on Tuesday after the United States put sanctions on state-owned Venezuelan oil company PDVSA, a move likely to curtail the OPEC member’s crude exports and chip away at global oversupply worries. International Brent crude oil futures were up $1.42 to $61.35 a barrel, or … More »

Total plans biggest exploration focusing on commercial oil & gas

29 January 2019, Paris/Cape Town — Total is launching its biggest exploration campaign for years in 2019 as part of a turnaround plan that is ditching the company’s focus on risky long-shots in favor of areas known to contain commercial levels of oil or gas. The French major aims to drill 23 wells this year, … More »

Dangote’s investment in refinery, petrochemicals driven by innovation

*Dangote is also constructing the largest fertiliser Plant in West Africa with the capacity to produce 3.0 million tonnes of Urea per year as part of the gigantic economic transformation project 29 January 2019, Sweetcrude, Lagos, Nigeria — The ongoing investment in refining, petrochemicals, fertilizer, and gas is driven by the desire to bring innovation … More »

OPEC daily basket oil price closes at $59.57 per barrel

29 January 2019, Sweetcrude, Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $59.57 a barrel on Monday, compared with $60.90 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 »

Germany’s coal phase-out plan a boost for Norwegian gas -lobby group

29 January 2019, News Wires — German plans to phase out coal by 2038 will boost demand for Norwegian gas, the Nordic country’s oil and gas lobby said on Monday. Germany should shut all its coal-fired power plants by 2038 at the latest to help to meet carbon emissions targets, a government-appointed commission said on Saturday, … More »

Vietnam’s Ca Tam oil field starts production

29 January 2019, News Wires — Vietsovpetro, a Vietnam-Russia oil joint venture, has started crude oil production at the Ca Tam field offshore southern Vietnam, Vietnamese state oil firm PetroVietnam said on Monday. Initial production from Ca Tam, jointly developed by Vietsovpetro, PetroVietnam Exploration Production Corp (PVEP) and Bitexco Group, is 1,630 tonnes per day, PetroVietnam … More »

Algeria plans solar energy tenders to tackle rising electricity needs

29 January 2019, News Wires — Algeria plans to issue several tenders for renewable energy projects this year as it seeks to meet growing demand for electricity and save gas for export, an official said on Monday. The OPEC oil producing member hopes to build solar plants to produce 22,000 megawatts (MW), or 27 percent of … More »

Venezuela’s Guaido orders new boards for PDVSA, Citgo

29 January 2019, News Wires — Venezuelan opposition leader and self-proclaimed president Juan Guaido said on Monday that he has ordered congress to begin the process of naming new boards of directors to state oil company PDVSA and U.S. refining subsidiary Citgo. His advisers are rushing to take control of Citgo, the country’s main foreign asset, … More »

Oil market: Nigerian crude differentials soften as overhang persists

29 January 2019, Lagos — Sky-high prices for Nigerian crude cargoes ensured muted spot activity on Monday, though an overhang of unsold barrels brought differentials down from last week’s 2014 peaks, traders said. Bonny Light and Escravos for March loading were indicated at $2.15-$2.20 above dated Brent, traders said, compared with offers around $2.50 on Friday, … More »

Fed Govt has begun refunding N1.3tn owed NDDC – Brambaifa

Mkpoikana Udoma 29 January 2019, Sweetcrude, Port Harcourt — The Acting Managing Director of the Niger Delta Development Commission, NDDC, Professor Nelson Brambaifa, says the Federal Government has begun refunding over N1.3 trillion owed the Commission since inception. The new Chief Executive Officer of the interventionist agency, who spoke during the inaugural meeting of the new management, … More »

Ensure HYPREP has every resources, UNEP tasks Fed Govt

Mkpoikana Udoma 29 January 2019, Sweetcrude, Port Harcourt — The United Nations Environment Programme, UNEP, has urged the Federal Government to ensure that the Hydrocarbon Pollution Remediation Project, HYPREP, has all the tools and resources to clean up Ogoniland. Recall that UNEP was in 2007 invited by the Nigerian government to carry out an environmental impact assessment … More »

U.S. imposes sanctions on Venezuelan state oil firm PDVSA

29 January 2019, News Wires — The United States has imposed sanctions on Venezuelan state-owned oil firm PDVSA, White House national security adviser John Bolton said on Monday. “We have continued to expose the corruption of (Venezuelan President Nicolas) Maduro and his cronies and today’s action ensures they can no longer loot the assets of the … More »

RoyalGate Energy extends license in Equatorial Guinea

*Equatorial Guinea’s block Z holds an estimated 3.6 tcf of gas 28 January 2019, Sweetcrude, Houston, USA — African independent RoyalGate Energy has been granted an extension on its Block Z license in Equatorial Guinea, with plans to commence drilling as the oil price stabilizes and the market recovers. African independent, RoyalGate Energy plans to drill … More »

Kokodiagbene community ask Chevron to provide electricity, water

Lucky Omas 28 January 2019, Sweetcrude, Warri, Delta State — Chevron has been urged to provide electricity and potable water for Kokodiagbene community, Gbaramatu kingdom, Warri south local government area from its power plant at its Utonana flow station. The community in a letter signed by its Chairman, Mr. Uyadoghan Powede and the General Secretary, Mr. … More »

Hedge funds return to oil as OPEC removes some downside risk

28 January 2019, London — Hedge fund managers stepped up their purchases of oil and refined products last week on growing hopes of a U.S.-China trade truce and that the global economy will avoid a severe slowdown in 2019. But fund buying has been concentrated in crude rather than fuels, which is consistent with producer … More »