NNPC woos foreign investors to Nigeria’s $48bn oil sector opportunities

Ike Amos 01 March 2019, Sweetcrude, Abuja — The Nigerian National Petroleum Corporation, NNPC, yesterday, invited foreign investors to shift their focus to the Nigerian petroleum industry, noting that there are currently over $48 billion investment opportunities in the industry. According to the statement by the NNPC, Group Managing Director of the NNPC, Mr. Maikanti … More »

NEITI eyes mining’s increased contribution to Nigeria’s GDP, earnings

Ike Amos 01 March 2019, Sweetcrude, Abuja — The Nigeria Extractive Industries Transparency Initiative, NEITI, Thursday, launched a report that would boost the potential of the Nigerian mining sector to increase its contributions to country’s earnings and Gross Domestic Product, GDP. Speaking at the launch of the report titled, ‘Improving Transparency and Governance in Nigeria’s … More »

PHED reinforces bill reconciliation strategies to resolve complaints

Mkpoikana Udoma 01 March 2019, Sweetcrude, Port Harcourt — Determined to rid its system of over-billing issues, the Management of Port Harcourt Electricity Distribution Company, PHED, says it has introduced new strategies to resolve customers’ complaints. To this end, the Disco has set aside two days in a month across all its Integrated Business Centres, … More »

Nigeria flares about 22MT gas worth N153 billion yearly

*Govt commences verification for over 700 firms OpeOluwani Akintayo 01 March 2019, Sweetcrude, Lagos — Nigeria flares about 22 million tonnes of gas worth N153 billion yearly, SweetcrudeReports can report. In a statement by the Programme Manager, Nigerian Gas Flare Commercialisation Programme in the federal ministry of petroleum, Mr. Justice Derefaka, the country loses N153 … More »

Ijaw women demand restructuring, want NDDC scrapped

Mkpoikana Udoma 28 February 2019, Sweetcrude, Port Harcourt — Niger Delta women under the auspices of Kalabari-Ijaw Mothers and Daughters, have called urgent restructuring of the country to pave the way for rapid development of the region and her people. The women while briefing newsmen in Port Harcourt on Wednesday, also demanded the scrapping of … More »

Oando, Japaul lose at Thursday’s trading

28 February 2019, Sweetcrude, Lagos — Trading activities on the floor of the Nigerian Stock Exchange for energy companies saw a drop in the value of Oando and Japaul shares. Top Losers Oando: -0.65 Japaul: -0.02   More »

Oil prices ease as trade talks drag, China’s economy shows weakness

01 March 2019, New York — Benchmark Brent oil fell while U.S. crude futures steadied on Thursday as U.S.-China trade tensions persisted, the Chinese and Indian economies showed signs of slowing and news of surging U.S. production undermined OPEC-led output curbs. Brent was down 43 cents, or 0.7 percent, at $65.96 a barrel by 10:54 a.m. … More »

Nigeria makes progress, attains highest ranking in global EITI

Ike Amos 28 February 2019, Sweetcrude, Abuja — The International Board of the Extractive Industry Transparency Initiative, EITI, Wednesday, ranked Nigeria as having made ‘Satisfactory Progress’ in entrenching transparency in the country’s extractive sector through the implementing of EITI principles. In a statement issued after the 42nd meeting of the EITI Board in Kiev, Ukraine, … More »

Nigeria’s April crude oil export to hit 853,000 barrels p/d

OpeOluwani Akintayo 28 February 2019, Sweetcrude, Lagos — Nigeria’s crude oil export is slowly rising towards its target, as new loading schedule seen by SweetcrudeReports indicates plans to shoot up its market quota in April to 853, 000 barrels per day. New oil loading schedule for the country emerged on Wednesday, pushing its export higher … More »

Total Nigeria announces winners for 2018/2019 Startupper Challenge

Opeoluwani Akintayo 28 February 2019, Sweetcrude, Lagos — Total Nigeria has announced winners for its 2018/2019 Startupper of the Year Challenge after series of highly contested tasks. The three winners for this year include Ogunbanjo Olumide owner of AgroData Network, Obaoye Justus of Carido Automobiles Service Technology, and Ijir Aondosoo of My Waste My Energy. … More »

Bahrain talking to U.S. oil companies about tight oil deal – minister

28 February 2019, Manama — Bahrain is talking to U.S. oil companies with shale oil expertise about developing a huge oil and gas field discovered last year, and hopes to have an interested company by the end of the year, the oil minister said on Tuesday. Last April Bahrain said it had discovered its largest oil … More »

Colombia’s Ecopetrol says net profit up 74.6 percent in 2018 to $3.72 bln

28 February 2019, Bogota — Ecopetrol, Colombia’s state-run oil company, said on Tuesday its net profit in 2018 was 11.55 trillion pesos ($3.72 billion), 74.6 percent higher than in 2017. Fourth-quarter net profit fell to 2.64 trillion pesos, down 22.8 percent from the same period in 2017, the company said. Like and follow on facebook & … More »

Saudi Aramco adds Goldman Sachs as bookrunner for planned bond: sources

28 February 2019, Dubai — Saudi Aramco has added Goldman Sachs as a bookrunner for a planned bond which will help finance its purchase of a stake in Saudi Arabian Basic Industries Corp (SABIC), two sources familiar with the matter told Reuters.   The U.S. investment bank flew out a team of senior executives including partner … More »

Peru to fix oil pipeline after deal with indigenous community

28 February 2019, Lima — State-owned energy company Petroperu will start repairing its ruptured pipeline in the Peruvian Amazon on Wednesday, after the government struck a deal with an indigenous community that had blocked such work for nearly three months, the government said. Repairing the pipeline would allow Canadian oil junior Frontera Energy Corp to resume … More »

Saudi’s Falih warns of policies undermining oil, gas development

28 February 2019, London — Saudi Energy Minister Khalid al-Falih said on Wednesday that more energy investment was needed to meet future demand and warned that policies in many countries are undermining energy sector development. “Many consuming nations set unrealistic schedules for the deployment of alternative energy sources and enact measures that undermine oil and gas … More »

U.S. LNG exporter Cheniere sues former CEO Souki

28 February 2019, News Wires — Cheniere Energy Inc, the largest U.S. liquefied natural gas exporter, said on Tuesday it sued its former chairman and chief executive, Charif Souki, alleging he conspired to help finance a joint venture that led to the formation of LNG rival Tellurian Inc. Cheniere is seeking repayment of a $46 million … More »

Shell aims to boost gas output from Norway’s Ormen Lange field

28 February 2019, Oslo — Output from Shell-operated Ormen Lange, Norway’s second-largest gas field and one of the key external gas supply sources for Britain, has been gradually declining since its 2012 peak. The company postponed plans to artificially increase the field’s pressure to pump out more gas in 2014 due to high costs. With costs … More »

China plans new state pipeline company in massive energy reshuffle

28 February 2019, Singapore — China will announce a plan this year to form a national oil and gas pipeline group combining the long-distance pipeline assets of the country’s state-owned energy companies, in the sector’s largest reshuffle in two decades, said three persons with knowledge of the plan. The change is designed to open access to … More »

Congo’s former president awarded oil block in UNESCO heritage site

28 February 2019, Kinshasha — Former Democratic Republic of Congo President Joseph Kabila in December awarded an oil drilling licence that overlaps a wildlife-rich UNESCO world heritage site, according to official records, reviving concerns about environmental protections. Congo, Africa’s leading copper producer, has long aimed to boost oil output above 25,000 barrels per day but corruption … More »

ExxonMobil adds 4.5 billion barrels to reserves in 2018

28 February 2019, News Wires — Exxon Mobil Corp said on Tuesday its oil and gas reserves rose nearly 23 percent last year, driven mainly by increases from holdings in U.S. shale, offshore Guyana and Brazil. The reserve update, which is required annually by U.S. regulators, comes as the largest publicly traded U.S. oil producer has … More »

NERC adds 6 new firms to ‘No Objection’ list

OpeOluwani Akintayo 28 February 2019, Sweetcrude, Lagos — The number of firms granted ‘No Objection’ in the Meter Access Providers, MAP, scheme by the Nigerian Electricity Regulatory Commission, NERC, has risen by six, SweetcrudeReports can authoritatively report. The draft list of companies under scheme seen by this newspaper as at Tuesday showed that the number has … More »

OPEC signals cuts continuity in response to Trump

OpeOluwani Akintayo  28 February 2019, Sweetcrude, Lagos — The Organization of the Petroleum Exporting Countries, OPEC, has indicated its unwillingness to cut products supplies despite President Donald Trump’s tweet, calling on the group to ease market supplies. Saudi Energy Minister Khalid al-Falih, said on Wednesday, that OPEC is very much interested in market balance. “We are … More »

NSE: Oando, Eterna, Japaul record losses

27 February 2019, Sweetcrude, Lagos — Trading in the energy category of the Nigerian Stock Exchange, NSE, ended on Wednesday with Oando, Eterna and Japaul recording losses. Top Losers  Eterna: -035k Oando: -0.7k Japaul: -0.01k More »

Seplat releases 2018 full financial report

OpeOluwani Akintayo  27 February 2019, Sweetcrude, Lagos — Seplat Petroleum Development Company Plc has released its full year 2018 financial results. The company listed on both the Nigerian Stock Exchange and London Stock Exchange, made the announcement at 08:30am GMT (London) and 09:30am WAT (GMT+1) (Lagos) on Wednesday after  the executive management team of the company … More »

Oil gains as OPEC defies Trump and sticks to supply cuts

27 February 2019, London — Oil rallied for a second day on Wednesday, buoyed by an unexpected decline in U.S. crude inventories and after Saudi Arabia appeared undaunted by pressure from U.S. President Donald Trump on OPEC to prevent steeper price rises. Saudi Energy Minister Khalid al-Falih said OPEC and its partners were “taking it … More »

Community threatens to shut down Chevron’s Utonana field

Lucky Omas 27 February 2019, Sweetcrude, Warri, Delta State — The Kokodiagbene community in Delta State has threatened to shut down operations at Chevron Nigeria Limited’s Utonana field should the oil company fail to provide the area with immediate electricity and potable water. The community, in a letter to the company, signed by the leaders, … More »

Weekly SweetcrudeReports February 27, 2019

Read the Weekly SweetcrudeReports – Port terminal operators, shipping firms impose new illegal levies DOWNLOAD IT DOWNLOAD IT More »

Brazil’s Petrobras Distribuidora gets profit boost from Eletrobras privatizations

petrobra27 February 2019, Rio De Janeiro — Petrobras Distribuidora SA, the distribution unit of Brazilian state-run oil firm Petroleo Brasileiro SA, posted a major boost in quarterly net profit on Tuesday thanks to the effective payment of debts it was owed. In a securities filing, the firm posted a fourth-quarter net profit of 1.605 billion reais … More »

Fitch places CITGO Petroleum, parent firm on rating watch negative

27 February 2019, News Wires — Ratings agency Fitch on Monday placed the U.S. subsidiary of Venezuela’s state-owned PDVSA, CITGO Petroleum Corp, on rating watch negative due to the impact of recent U.S. sanctions on the South American country. The agency also placed CITGO’s parent firm CITGO Holding Inc on rating watch negative. The United States … More »

Seadrill eyes brighter rig market as Q4 boosted by lower costs

27 February 2019, Oslo — Seadrill’s core earnings for the fourth quarter exceeded the company’s own guidance, boosted by lower costs and one-off items, while the market outlook for drilling rigs was improving, the Oslo and New York-listed firm said on Tuesday. The company, controlled by Norwegian-born billionaire John Fredriksen, reported $73 million in quarterly adjusted … More »

Saudi Arabia to boost oil exports to China with strategy shift

27 February 2019, London — Saudi Arabia is set to boost crude exports to China in 2019 as demand there grows and after Saudi Aramco shifted strategy to boost its market share in the world’s second biggest oil consumer. Saudi crude exports to China are expected to rise to about 1.5 million barrels per day (bpd) … More »

Gazprom grabs record share of Europe gas market despite challenges

27 February 2019, Moscow — Russia’s Gazprom increased its share of the European gas market last year despite a rising challenge from imports of U.S. liquefied natural gas (LNG), company officials told investors in Hong Kong on Tuesday. The meeting came a day after the surprise departure of deputy chief executive Alexander Medvedev who has spearheaded … More »

Brazil oil regulator to investigate Petrobras oil spill

27 February 2019, Sao Paulo — Brazil’s oil regulator said on Monday that is has started an investigation into an oil spill at an offshore platform owned by Petroleo Brasileiro SA. On Saturday, about 188 cubic meters of oil leaked from the offshore P-58 platform, which is located in the Campos basin, some 80 kilometers of … More »

Aramco CEO says oil industry facing ‘a crisis of perception’

27 February 2019, London — Saudi Aramco’s chief executive said on Tuesday the oil industry is facing “a crisis of perception” and the views of some observers that the end of oil is near with the rise of electric vehicles are illogical and not based on fact. Amin Nasser, CEO of the national oil company of … More »

Libya’s recognised govt agrees with state oil firm to reopen El Sharara oilfield

27 February 2019, News Wires — Libya’s internationally recognised government has agreed with state oil firm NOC on steps to reopen the El Sharara oilfield and lift force majeure, a contractual waiver, a government statement said on Tuesday. But it was unclear how this will happen as the Tripoli-based government this month lost effective control of … More »

44 eligible customers demand for 600 megawatts of electricity

*GenCos urged to sell stranded 2000MW to eligible customers *Discos urged to embrace regulation OpeOluwani Akintayo 26 February 2019, Sweetcrude, Lagos — Forty-four customers have shown interest to purchase a total of 600MW from underserved and unserved consumers desirous of becoming Eligible Customers, according to a statement by the Ministry of Power, Works and Housing. … More »

Iran Oil Minister Zanganeh not resigning – spokesman

27 February 2019, Geneva — Iran’s Oil Minister Bijan Zanganeh is not resigning, a spokesman for his ministry said on Tuesday, according to the Iranian Students’ News Agency (ISNA). The comments from the spokesman, Kasra Nouri, came after an Iranian parliamentarian said Zanganeh had submitted his resignation, one day after Foreign Minister Mohammad Javad Zarif announced … More »

CISLAC, stakeholders task HYPREP on best standard for Ogoni cleanup

Mkpoikana Udoma 27 February 2019, Sweetcrude, Port Harcourt — The Civil Society Legislative Advocacy Centre, CISLAC, has tasked the Hydrocarbon Pollution Remediation Project, HYPREP, to adopt international best standard practice in the implementation of the United Nations Environment Programme, UNEP, Report, on the clean-up of oil-impacted communities in Ogoniland. CISLAC Programme Manager, Kolawole Bano, said an … More »

Elections: Buyers abandon Nigerian crude for Angola’s

OpeOluwani Akintao 27 February 2019, Sweetcrude, Lagos — Uncertainty caused by Nigeria’s elections delay has cost the nation lower crude oil sales at the international oil market, as SweetcrudeReports gathered that buyers were shifting focus from the country’s grades to Angolan crude. Already, Angola’s crude grades for April were almost sold out as at the weekend … More »

Ogoni demand revocation of Shell’s OML11 license

Mkpoikana Udoma 27 February 2019, Sweetcrude, Port Harcourt — The Movement for the Survival of Ogoni People, MOSOP, has described the conduct of Shell Petroleum Development Company of Nigeria, SPDC, a subsidiary of Royal Dutch Shell, while it was operating in Ogoniland, as a national shame and crime against humanity. The group called for the revocation … More »

OPEC, allies to maintain output cuts despite Trump’s criticism – source

27 February 2019, London — OPEC and its allies will continue with their agreement to cut oil supply, pushing for more adherence despite a demand by U.S. President Donald Trump that the producer group ease its efforts to boost crude prices, a Gulf OPEC source told Reuters. Based on current market data, the so-called OPEC+ group … More »

Shell says Nigeria tax claims may delay major offshore field

27 February 2019, Lagos — Royal Dutch Shell said on Tuesday that Nigeria’s claims that it was owed billions in taxes could delay the development of a major oil field off the coast of the West African nation. Nigeria ordered several major foreign oil and gas companies to pay nearly $20 billion in taxes it says … More »

Oil edges up to $65 as OPEC seen rebuffing Trump pressure

26 February 2019, London — Oil edged up to $65 a barrel on Tuesday as OPEC was expected to stick to its production cuts despite pressure from U.S. President Donald Trump, although the prospect of higher Libyan output capped gains. Prices slid on Monday, when many traders were out of the office attending IP Week, an … More »

OPEC daily basket price close at $65.36 per barrel

26 February 2019, Sweetcrude, Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $65.36 a barrel on Monday, compared with $66.56 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 »

Dutch gas company NAM to close Grijpskerk storage facility in Q4 2021

26 February 2019, News Wires — Dutch gas company NAM intends to close its Grijpskerk gas storage facility in the fourth quarter of 2021, which is one of the last remaining large seasonal storage sites in Europe. Grijpskerk, operated by NAM, is an underground seasonal gas storage site in the Netherlands. With a capacity of around … More »

Gazprom exports chief Medvedev and another deputy CEO to leave

26 February 2019, Moscow — Alexander Medvedev, Gazprom’s long-standing deputy chief executive, who oversaw an increase in gas exports to Europe, has been relieved of his post, Gazprom said on Monday. The company did not provide further details. Medvedev was a key figure in Gazprom’s often hard negotiations with European countries over gas supplies, which became … More »

Azerbaijan wants stable oil price before any further output cut

26 February 2019, Baku — Azerbaijan, the third-biggest former Soviet oil producer, wants to see stability in oil prices before deciding whether to support any extension of global cuts in crude output, the country’s energy minister said. The Organization of the Petroleum Exporting Countries and several other exporters, including Azerbaijan, are cutting oil production jointly by … More »

ConocoPhillips shuts down Suban gas field for planned maintenance

26 February 2019, Jakarta — ConocoPhillips Grissik Ltd, a unit of U.S. oil and gas company ConocoPhillips, shut down the Suban gas field in Indonesia on Feb. 23 until March 1 for a planned maintenance, Indonesia’s upstream oil and gas regulator SKK Migas said on Monday * ConocoPhillips is making adjustments to its gas distribution during … More »

China CNOOC says offshore gas discovery has over 100 bcm proven reserve

26 February 2019, News Wires — China’s offshore oil and gas driller CNOOC Ltd said on Monday an offshore natural gas discovery, Bozhong 19-6, has verified proven geological reserve exceeding 100 billion cubic metres * The state-controlled company said the reserve figure was certified by China’s Ministry of Land and Resources * CNOOC first announced the … More »

Maersk Drilling eyes listing in recovering drilling market

26 February 2019, Copenhagen — Drilling rig contractor Maersk Drilling, which will soon list on the Copenhagen stock exchange, said the offshore drilling market is improving as oil firms generate more cash and look to boost reserves. A fall in oil prices in 2014 prompted a severe downturn in the industry as oil companies cancelled or … More »

Chevron’s Gorgon LNG export plant train 3 in Australia back online -sources

26 February 2019, News Wires — Chevron Corp’s Gorgon liquefied natural gas (LNG) export plant in Australia brought its train 3 back online over the weekend after an unplanned outage, two industry sources said on Monday. The train had been shut since mid-January to address a mechanical issue, the company had said earlier. The three-train Gorgon … More »