Russian pipe maker TMK recommends no dividend payment

Russian pipe maker TMK recommends no dividend payment. Russian steel pipe maker TMK said on Monday that its board recommended no dividend payments for 2018. More »

Iran says U.S. sanctions on its oil industry will damage market stability

Iran says U.S. sanctions on its oil industry will damage market stability. U.S. sanctions against Iran’s oil industry will damage More »

Anadarko to negotiate sale to Occidental ‘superior’ to Chevron deal

Anadarko to negotiate sale to Occidental 'superior' to Chevron deal. Anadarko Petroleum Corp said on Monday it would negotiate with Occidental More »

Clean Russian oil has reached Belarus via key pipeline, Moscow says

Clean Russian oil has reached Belarus via key pipeline, Moscow says. Clean Russian oil had reached the border with Belarus by midday on Monday More »

Iran produces over 3b kw of power from renewable sources

Tehran — Iran produced more than three billion kilowatts of power from renewable energy sources over the past 10 years as the country moves to cut down on its carbon emission. The country generated 3.011 billion kilowatts per hour of electricity from renewable resources since late June 2009 until April 20, 2019, according to the […] More »

IBEDC to restore electricity supply to Ilesha town

OpeOluwani Akintayo Lagos — The Ibadan Electric Distribution Company, IBEDC says it is committed to restoring power to Ilesha as soon as possible. The company said in a statement signed by the Head of Branding and Corporate Communications Mrs. Angela Olanrewaju, on Saturday. It said the decision was a sequel to the intervention meeting hosted […] More »

Lawmaker says Iran’s oil to have more customers during sanctions

Tehran — A senior member Iran’s Parliament said that the country’s oil has ‘new and more’ customers during the sanctions period. “Be sure that in sanctions period, new and more costumers will come for Iran’s oil,” Faraydoon Hassanvand, the head of Iranian Parliament’s Energy Committee, told Mehr News Agency on Saturday. The remarks came as […] More »

Novatek nears deal to sell another 10 pct stake in Arctic LNG 2

Moscow — Russia’s largest independent gas producer Novatek said on Friday the company was at a final stage of talks to sell another 10 percent stake in its new liquefied natural gas project, Arctic LNG 2. Novatek did not disclose the potential buyer. The company announced on Thursday the sale of 20 percent of the […] More »

Russia says it can fix tainted oil affecting Europe supplies soon

Moscow — Russia is confident it can soon resolve a problem of polluted Russian oil contaminating a major pipeline serving Europe and affecting supplies as far west as Germany, a senior official said on Friday at talks with importers about the issue. Russian Deputy Energy Minister Pavel Sorokin did not give a precise timeframe but […] More »

Finnish refiner Neste hit by Venezuela oil sanctions

Helsinki — Finnish biofuel producer and oil refiner Neste reported a bigger than expected fall in quarterly profit on Friday, with U.S. sanctions against Venezuela having curbed crude oil supply to its Nynas joint venture. First-quarter core operating profit fell 6 percent to 378 million euros ($421 million), at the lower end of analyst expectations […] More »

Exxon eyes Brazil’s transfer-of-rights offshore oil area -executive

Sao Paulo — Exxon Mobil Corp is studying a possible purchase of production rights in Brazil’s so-called transfer-of-rights area – one of the world’s most promising offshore oil areas – although no decision has yet been made on the matter, an executive said on Friday. Speaking at an event in Sao Paulo, Exxon’s Brazil chief […] More »

IPMAN inaugurates executive caretaker of western zone

*Appoints HRM Oba Obafemi Ogbaro as Western Zone Chairman OpeOluwani Akintayo Lagos — The Independent Petroleum Marketers Association of Nigeria, IPMAN, has inaugurated the caretaker executives that will oversee the affairs of the association in the western zone for the time being pending when the next election will be conducted. This was contained in a […] More »

Russia’s Transneft says Russian oil could be deliberately contaminated -Ifax

Moscow —Russia’s pipeline monopoly Transneft said on Friday a criminal case had been opened over a deliberate contamination of Russian oil in the Druzhba pipeline, Interfax news agency reported, citing a spokesman of the company. A source of pollution was detected at a private company, and an investigation is underway in offices of several private […] More »

Cabot Oil & Gas raises dividend after quarterly profit doubles

News Wires — U.S. natural gas producer Cabot Oil & Gas Corp on Friday raised dividend by 29 percent after its quarterly net income more than doubled on the back of better-than-expected natural gas production and higher prices. The company raised its quarterly cash dividend to $0.09 per share at a time when the industry […] More »

Customs assures speedy clearance of cargos at ports

Lagos — The Nigerian Customs Services, NCS, has assured of speedy clearance of cargos from the ports and to reduce the cost of doing business in the maritime industry in line with the presidential directives on ease of doing business. Customs Controller, Port Harcourt II Area Command, Aliyu Galadima Saidu, stated this in a statement […] More »

Saudi Aramco looking at potential gas JVs, sells first LNG cargo – CEO

Riyadh — Saudi Aramco’s chief executive said on Thursday the company was in discussions with many partners around the world regarding potential joint ventures in gas, and that it has sold its first LNG cargo. The state oil giant, the world’s top oil producer, wants to become a major player in gas and is eyeing […] More »

Steer clear of Ogoniland, MOSOP warns Sahara Energy

Mkpoikana Udoma Port Harcourt — The Movement for the Survival of Ogoni People, MOSOP, has warned Sahara Energy, a company belonging to the 2019 governorship candidate of the All Progressives Congress, APC, in Rivers State, Mr. Tonye Cole, to steer clear of the community. The group said it issued the warning in response to alleged […] More »

Court adjourns Aiteo/OML 29 communities case to May 16

Mkpoikana Udoma Port Harcourt — The Federal High Court, Yenagoa, has adjourned the suit by the OML 29 communities against the renewal of the Oil Mining Lease, OML, 29 licence to Aiteo Eastern Exploration and Production Company to May 16, 2019. Presiding judge, Justice Awogboro Abimbola, was absent as the case came up last week […] More »

Total says Ikike development will take Nigerian content to next level

Port Harcourt — Total Exploration and Production Company Nigeria Limited, TEPNG, has said its Ikike satellite field will take Nigerian content to the next level. The company is targeting to start up production in the Ikike field by 2021. Managing Director of Total, Nicolas Terraz, disclosed this while speaking on Upstream Opportunities at the Nigerian […] More »

Firm partners Enyo Retail to introduce the #FuelMyMoto initiative

*Over 1000 vehicles get free fuel Michael James Lagos — Enyo Retail, operator in Nigeria’s downstream sector of the petroleum industry in conjunction with Wazobia FM is giving back to the community through an initiative called Fuel My Moto. The initiative aims to give out listeners of Wazobia FM free fuel at a predetermined Enyo […] More »

Iran’s Zarif warns U.S. of ‘consequences’ over oil sanctions, Strait of Hormuz

New York — The United States must be prepared for consequences if it tries to stop Iran from selling oil and using the Strait of Hormuz, Iran’s Foreign Minister Mohammad Javad Zarif warned on Wednesday, while also offering to negotiate prisoner swaps with Washington. The United States on Monday demanded buyers of Iranian oil stop […] More »

Russian oil flow contamination roils Europe’s refiners

Moscow — The quality of Russian oil flowing to northern and central Europe has deteriorated significantly in recent days, traders and Russian officials said, roiling the continent’s refining industry. Oil flows via the Baltic port of Ust Luga and via the Druzhba pipeline to Belarus, Poland, Germany, Hungary and the Czech Republic have been contaminated with […] More »

Shell strikes big oil in Blacktip well of Gulf Of Mexico

News Wires — Royal Dutch Shell’s U.S. unit said on Wednesday that it had made one of its biggest oil discoveries in the Blacktip deepwater well in the U.S. Gulf of Mexico. Blacktip, operated by Shell and co-owned by U.S. oil giant Chevron Corp, Equinor ASA and Repsol, is the company’s second material discovery in the […] More »

JTF confirms six dead in Aiteo’s NCTL fire

Mkpoikana Udoma Port Harcourt — Six vandals suspected to be responsible for last Sunday’s fire outbreak on the Nembe Creek Trunkline, operated by Aiteo Eastern Exploration and Production Company, were burnt to death on the spot, the Joint Task Force, Operation Delta Safe, OPDS, has said. Recall that on Sunday, April 21, 2019, Aiteo reported a […] More »

Med crude-Urals crude firms in Baltic after Surgut tender

Moscow — Urals differentials rose in northwest Europe on Tuesday after Surgutneftegaz sold 340,000 tonnes of the grade at firmer levels via a tender loading from ports in the Baltic and Novorossiisk on the Black Sea, traders said. * Surgutneftegaz sold two cargoes of 100,000 tonnes each loading from Primorsk on May 8-9 and from […] More »

Mexico president says plan to counter fuel theft saves 12 bln pesos

Mexico City — Mexican President Andres Manuel Lopez Obrador said on Tuesday that a government drive to stamp out fuel theft launched days after his administration took office had generated savings of 12 billion pesos ($635 million). Lopez Obrador closed six major pipelines where thieves and criminal gangs were siphoning off fuel worth billions of […] More »

Commodity firm Trafigura jumps into chemical trading with new JV

London — Global commodities house Trafigura Group said on Wednesday it is entering petrochemicals trading by teaming up with Houston-based Altis Group International to take advantage of an expanding sector. Geneva-based Trafigura estimates the value of the global petrochemical market at $729 billion and growing. Oil majors have been beefing up their presence in the […] More »

South Africa brings forward Eskom bailout to avert default

Johannesburg — South Africa’s government has had to bring forward the bailout of state power firm Eskom, after it rushed 5 billion rand ($355 million) to the struggling utility earlier this month to avert a default and said more cash could be needed soon. Eskom supplies more than 90 percent of electricity in Africa’s most […] More »

Navy declares four persons wanted over oil theft

Mkpoikana Udoma Port Harcourt — The Nigerian Navy has declared four persons wanted over alleged complicity in illegal acquisition of 90 metric tonnes of petroleum products, within the country’s maritime environment. The four suspects, according to the Navy are; Enikanologbon Happy, Arumona Daniel, Egbujie Kingsley Chinonso and Ogori Kenneth. Chief of Naval Staff, Vice Admiral Ibok-Ete […] More »

Russia has been cutting oil output in line with OPEC deal – Novak

Moscow — Russia has been cutting its oil production in line with the global output deal between OPEC and its allies, Russian Energy Minister Alexander Novak told reporters in Moscow on Friday. *Vladimir Soldatkin & Olesya Astakhova; Tom Balmforth; Editing: Maria Kiselyova – Reuters More »

Kaduna Electric restructures, creates 3 new area offices

Lagos — In a renewed effort to re-position for more efficiency in both service delivery and revenue generation, the board of Kaduna Electric has approved the restructuring of the company and the creation of three new area offices. A press statement signed by the Head, Corporate Communication of the company, Abdulazeez Abdullahi, said the Managing […] More »

DPR tasks LPG stakeholders on gas penetration in rural communities

*Put an immediate stop to decanting of gas in shops Mkpoikana Udoma Port Harcourt — The Department of Petroleum Resources, DPR, has tasked Liquefied Petroleum Gas, LPG, stakeholders to key into the aspirations of the Federal Government to make the LPG accessible to users at all nooks and crannies of the country. DPR has also announced an […] More »

Atlas Energy, Dubri Oil, others on DPR’s list of low production companies

OpeOluwani Akintayo Lagos — Atlas Energy, Dubri Oil, Express Petroleum, Frontier Oil, and Excel Exploration & Production Company Ltd have been listed by the Department of Petroleum Resources, DPR, as part of sole risk oil companies located offshore Nigeria doing badly in terms of crude oil production. The department’s most recent Nigerian Oil and Gas […] More »

‘N30,000 minimum wage meaningless unless inflation is addressed’

Mkpoikana Udoma Port Harcourt — The Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, has said that the N30,000 minimum wage signed into law by the President yesterday, would be meaningless to average Nigerian due to inflation and lack of basic amenities in the country. PENGASSAN explained that the issue of inflation and […] More »

HYPREP sues for peace in Ogoniland over cleanup effort

Mkpoikana Udoma Port Harcourt — The Hydrocarbon Pollution Remediation Project, HYPREP, has expressed worry over the spate of insecurity in Ogoniland, lamenting that some clean-up contractors have been unable to commence work due to insecurity. To this end, HYPREP which is the agency saddled with the responsibility of remediating crude oil polluted sites in Ogoniland […] More »

Nigerian Senate passes Power Sector Reform Act Amendment bill

OpeOluwani Akintayo Lagos — The Nigerian Senate on Tuesday passed the Power Sector Reform Act Amendment bill 2019. The bill was passed following consideration of the report of the Senate Committee on Power, Steel Development, and Metallurgy during a plenary on Tuesday. The report was presented by the committee chairman and lawmaker representing Abia-South senatorial […] More »

Engie wants to quadruple its Africa business -Figaro

News Wires — French gas and power group Engie, which operates about 3,000 megawatts (MW) of power in Africa, wants to quadruple its capacity there over the next decade, newspaper Le Figaro reported. ** The paper quotes Engie’s new Africa chief Yoven Moorooven as saying that the group is aiming to acquire an additional 10,000 […] More »

Italy’s Eni signs exploration and production deal with Ras Al Khaimah emirate

Milan — Eni has signed an exploration and production sharing agreement with the emirate of Ras Al Khaimah, the Italian oil company’s latest expansion in the Middle East. The agreement covers Block A offshore Ras Al Khaimah, one of the seven United Arab Emirates (UAE). It was signed between Eni and the emirate’s RAK Petroleum […] More »

Angola’s Sonangol plans to downsize to focus on core business

Paris — Angola’s state oil company Sonangol plans to divest 52 joint ventures, reduce staff and focus on its core business, part of an ongoing reorganisation and package of reforms designed to lure back investors, its chairman said on Friday. “We are going to sell, close or put out of our group a lot companies,” […] More »

Petrol price averages N145 per litre in March – NBS

…Kerosene at N303; Diesel, N229 OpeOluwani Akintayo Lagos — The average price paid by consumers for premium motor spirit, popularly known as petrol, was N145.30 in March, same figure for February 2019. Newly-released data by the National Bureau of Statistics, NBS, said while states with the highest average price per litre were Oyo (N146.50), Plateau […] More »

Navy declares four persons wanted over oil theft

Mkpoikana Udoma Port Harcourt — The Nigerian Navy has declared four persons wanted over alleged complicity in illegal acquisition of 90 metric tonnes of petroleum products, within the country’s maritime environment. The four suspects, according to the Navy are; Enikanologbon Happy, Arumona Daniel, Egbujie Kingsley Chinonso and Ogori Kenneth. Chief of Naval Staff, Vice Admiral Ibok-Ete […] More »

Easter holiday: PHED assures customers of improved power supply

Mkpoikana Udoma Port Harcourt — The Port Harcourt Electricity Distribution Company, PHED, says it has made adequate plans to ensure that her customers in Akwa Ibom, Bayelsa, Cross River and Rivers states enjoy Easter holidays  with improved power supply. The Chief Executive Officer of PHED, Mr Naveen Kapoor, announced this during a strategic meeting held with […] More »

Cabotage waiver has been retrogressive – Maritime stakeholders

*Lament lack of data to monitor waiver applications Vincent Toritseju Lagos — Maritime stakeholders have said that the Coastal and Shipping Act otherwise known as Cabotage law has been more retrogressive than progressive. Speaking at the just concluded two conferences on the strategic plan for the cessation of the grant of Cabotage waivers, Mr. Mike […] More »

Urals diffs unchanged in muted trade

Moscow — Urals crude differentials to dated Brent in northwest Europe and the Mediterranean were stable again on Tuesday in a quiet market, while paper contracts for the grade, Urals CFDs, showed their strength will continue in May, trading sources said. Urals CFDs in northwest Europe were seen between dated flat and plus $0.20 a […] More »

Russian oil company Gazprom Neft looks to Arctic for growth

Salekhard, Russia — Russian energy major Gazprom Neft expects the Arctic to account for more than half its oil and gas production by 2020, the company said on Tuesday, reflecting Moscow’s drive to develop the resource-rich region. Russian President Vladimir Putin has promised tax incentives and other benefits to encourage companies to develop the Arctic […] More »

Portugal’s fuel supply running out as truck drivers strike

Lisbon — Portugal’s fuel supplies are running out as a strike by truck drivers hit the country just before the busy Easter tourist period, forcing the government to order workers to get back on the road immediately as airports resorted to emergency reserves. Demanding better workers’ rights, fuel truck drivers started a strike on Monday […] More »

Saudi Aramco increases gasoline prices starting April 14

Cairo — Saudi Arabia raised the local price for Octane 95 gasoline to 2.10 Riyals from 2.02 Riyals last quarter and Octane 91 to 1.44 Riyals from 1.37 Riyals per liter, state oil firm Saudi Aramco said on Saturday. The change goes into effect on April 14, the company said in a statement, adding that […] More »

Under Trump, U.S. drilling permits on federal lands soar

Los Angeles/Washington — The United States approved nearly 40 percent more oil and gas drilling permits on public lands in 2018 than it did the previous year thanks to an automated online system introduced in the waning days of the Obama administration, helping reduce a big backlog of applications. President Donald Trump has made it […] More »

Trump to fight states delaying energy projects

Washington — President Donald Trump will issue two executive orders in the heart of the Texas energy hub on Wednesday seeking to speed gas, coal and oil projects delayed by coastal states as he looks to build support ahead of next year’s election. Trump’s orders will direct his Environmental Protection Agency to change a part […] More »

Algerian army chief says judiciary will reopen Sonatrach investigation-state tv

Algiers — Algeria’s army chief said on Wednesday the judiciary will reopen old corruption investigations including a case related to state energy firm Sonatrach. Army Chief of Staff Lieutenant General Gaid Salah was giving a speech to military officers broadcast on the state TV channel. Reuters More »

NIMASA create road map for the cessation of Cabotage waivers in 5yrs

Vincent Toritseju Lagos — The Nigerian Maritime Administration and Safety Agency, NIMASA, has commenced moves for the cessation of Cabotage waivers in the next five years to build capacity and grow the Nigerian maritime industry. Speaking on the ongoing five years strategic plan for cessation of the grant of Cabotage waiver, NIMASA’s Director General, Dr. […] More »

Shell exits Gazprom-led LNG project in Russia

St. Petersburg — Royal Dutch Shell has decided to exit a Baltic liquefied natural gas (LNG) project led by Russian state gas major Gazprom on the Russian Baltic coast. The development comes as Western firms struggle to expand in Russia because of pressure from sanctions imposed by the United States, while for Gazprom it could […] More »

Nigerian government revokes licenses belonging to Pan Ocean, six others

OpeOluwani Akintayo Lagos — The Nigeria government has revoked Oil Mining Licenses belonging to Pan Ocean and six others, SweetcrudeReports has learned. Sources close to the matter hinted that the decision to withdraw the licenses of the affected Nigerian companies came following complaints by the Minister of State for Petroleum Resources, Ibe Kachukwu over the […] More »

W. Africa Crude-India’s IOC mops up some slow-selling cargoes

London — An Indian refiner mopped up some crude on Wednesday, though spot sales has been slow for May barrels because of high offer levels. * Less than 10 cargoes remained from the May Angolan programme, mostly held by Equinor. * Chevron was still offering a cargo of Cabinda at dated Brent plus $1.70 and […] More »

Absa sees Nigeria expansion plan ready for second half

Johannesburg — South African lender Absa is aiming to make a start on its investment bank-focused expansion into Nigeria in the second half of this year, chief executive of the division, Charles Russon, told Reuters. Absa, trying to make its name as a stand-alone bank after separating from Britain’s Barclays, has been touting Nigeria as […] More »

U.S. crude stockpiles surge to 17-month high; steep gasoline drawdown – EIA

New York — U.S. crude oil stocks rose more than expected last week to the highest in nearly 17 months as imports climbed, while gasoline inventories posted their steepest drawdown since September 2017, the Energy Information Administration said on Wednesday. Crude inventories rose 7 million barrels to 456.6 million barrels in the last week, their […] More »

IMB says piracy records drop in Nigeria in Q1 2019

Vincent Toritseju Lagos — The International Chamber of Commerce, ICC, International Maritime Bureau, IMB, has released its first quarter 2019 report in which it acknowledged that, in the first quarter of 2019, Nigeria experienced a decrease in reported piracy incidents. According to the IMB, Nigeria reported 14 incidents of piracy for Q1 2019, in comparison […] More »

Oil rallies as steep U.S. gasoline stock draw overshadows crude build

New York — Oil prices rose on Wednesday after U.S. data showing a hefty drawdown in gasoline stocks overshadowed crude inventories rising to their highest levels in more than a year, and as sanctions and blackouts in Venezuela helped tighten global supply. International benchmark Brent futures rose 44 cents to $71.05 a barrels barrel by […] More »

Prof Nwaozuzu appointed Director at the Emerald Energy Institute

Port Harcourt — Prof Chijioke Nwaozuzu has been appointed the new director at the Emerald Energy Institute, Federal University of Port Harcourt. Until then, he was the deputy director at the EEI. Chijioke Nwaozuzu is a native of Mbieri in Imo-State, Nigeria. He attended Government Secondary School, Owerri, Imo-State, (1973-78) with a First Division; Federal […] More »

Seplat wins NCDMB’s award for impactful local content initiatives

Yenagoa — Seplat Petroleum Development Company Plc has emerged as the Nigerian Content Development and Monitoring Board, NCDMB’s most impactful independent upstream operating company for its local content initiatives at the Nigeria Oil and Gas Opportunity Fair, NOGOF. The NOGOF which took place at the new NCDMB headquarters in Yenagoa, Bayelsa State.is an initiative of […] More »

Harvey Gulf selects Wärtsilä solution for first PSV hybrid retrofit

Lagos — A hybrid retrofit installation, featuring an energy storage solution from the technology group Wärtsilä, will significantly enhance the efficiency and environmental performance of the ‘Harvey Energy’, a platform supply vessel (PSV). The vessel, which is owned by Louisiana, the USA based Harvey Gulf International Marine, is the first LNG fuelled – and will […] More »

Africa’s proven crude oil reserves hit 130 billion barrels

*15 trillion standard cubic metres of natural gas reserves OpeOluwani Akintayo Lagos — In terms of oil, Africa has around 130 billion barrels of proven crude oil reserves, Secretary General of the Orgnaisation of Petroleum Exporting Countries, OPEC, Mohammad Barkindo has revealed. Barkindo made the disclosure at the APPO CAPE VII Congress and Exhibition, in […] More »

NNPC records export sale of $265 million in December

OpeOluwani Akintayo Lagos — A total export sale of $265.15 million was recorded in December by the Nigerian National Petroleum Corporation. The corporation’s 2018 financial report said the revenue is 60.34% lower than the previous month. Crude oil export sales contributed $145.50 million (54.87%) of the dollar transactions compared with $574.95 million contributions in the […] More »

Weekly SweetcrudeReports April 10, 2019

Abuja - The Pipelines and Products marketing downstream subsidiary of the Nigerian national petroleum Corporation NNPC, earned N2.648 trillion from the sale of petroleum products in 2018. More »

Kachukwu denies reports government would sell refineries, NNPC

*Hints on signing PGIB in June OpeOluwani Akintayo Lagos — The Minister of States for Petroleum Resources, Ibe Kachikwu, has dispelled reports that the federal government is willing to sell off its stake in the refineries, including the Nigerian National Petroleum Corporation, NNPC. He revealed this during the ongoing African Petroleum Producers Organisation, APPO in […] More »

China Sinopec’s Jinling refinery delivers first IMO-spec fuel oil

Singapore — Sinopec Corp’s Jinling refinery in the eastern province of Jiangsu produced its first cargo of low-sulphur marine fuel of 4,200 tonnes, the state oil and gas group said on Tuesday * The Sinopec statement did not give further details, but a refinery executive told Reuters the fuel meets the new International Maritime Organization (IMO) […] More »

Russia’s Novatek says Arctic LNG 2 talks ongoing, investment decision expected in third quarter

St Petersburg — The CEO of Russia’s Novatek, Leonid Mikhelson, expects an investment decision on the company’s Arctic LNG 2 project with Saudi Arabia and others in the third quarter of this year, he said on Tuesday. Reuters More »

Aramco sells $12 billion bonds out of record $100 billion demand

Dubai — Saudi Aramco is set to raise $12 billion with its first international bond issue after receiving more than $100 billion in orders, a record breaking vote of market confidence for the oil giant which has faced investor concerns about government influence over the company. State-owned Aramco’s bond issue, split into maturities ranging from […] More »

Libya’s NOC discusses with oil firms security at oil facilities -statement

Tripoli — The Libyan state oil firm NOC met with oil operating firms to discuss security at oil fields and allow production to continue, a company statement said on Tuesday. It was issued after a meeting between NOC chairman Mustafa Sanalla and other companies working in the oil sector in Libya. The meeting discussed necessary measures […] More »

W. Africa Crude-Nigerian crude nearly clear for April, Angolan for May

London — Angolan cargoes for May loading dwindled to less than after a strong month of sales to Eastern markets. Nigerian cargoes for April were also almost sold out, paving the way for compromises on elevated differentials for May. NIGERIA * Cargoes for April sold roughly on schedule as Asian demand held and Western refiners […] More »

OML 29: Nigeria won’t halt oil production because of disagreement with communities – Kachikwu

Mkpoikana Udoma Port Harcourt — The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said that the country cannot afford to halt crude oil production as a result of disagreements between host communities and oil operators. Kachikwu warned that disrupting oil production as a result of disagreement between the operator of an oil bloc […] More »

Nigeria’s power sector loses N2.1bn on Sunday

…Generating capacity drops to 3000MW   OpeOluwani Akintayo  Lagos — Statistics released by Electricity Generation Companies, GenCos, said Nigeria lost an estimated N2.1 billion on Sunday due to insufficient gas supply, distribution, and transmission infrastructure. The data released on Monday said the huge financial loss was as a result of the inability to generate enough electricity […] More »

Norway’s Aasta Hansteen gas field remains shut as Equinor investigates leak

Oslo — Production at Equinor’s Aasta Hansteen gas field remained shut on Tuesday after a gas leak the previous day. “We are focusing on finding the cause of the leakage and prepare for repairing. We are still working on that,” Equinor spokesman Morten Eek said. The Equinor-operated field in the Norwegian Sea has capacity of […] More »

Oil Search, Total, Exxon sign long-awaited gas deal with PNG

News Wires — Australia’s Oil Search, France’s Total SA and Exxon Mobil on Tuesday signed a deal with Papua New Guinea that will allow work to start on a long-awaited project which could help double the nation’s liquefied natural gas exports. Oil Search said in a statement that the agreement would allow the parties to […] More »

Russia could boost oil output by 228,000 bpd or more in June – RDIF

Moscow — Russia could boost its oil output by 228,000 barrels a day or more in June, Kirill Dmitriev, the head of Russian sovereign wealth fund RDIF and one of the key officials to foster a supply pact with OPEC, told reporters on Monday. Dmitriev signalled on Monday that Russia wanted to raise oil production […] More »

Nigeria Customs generate N25.5bn from Onne Seaport in Q1 2019

Mkpoikana Udoma Port Harcourt — The Nigerian Customs Services, NCS, says it has generated over N25.5billion in the first quarter of 2019, at the Port Harcourt II Area Command, Onne seaport, in Rivers State. Customs Controller, Port Harcourt II Area Command, Aliyu Galadima Saidu, stated that the command also seized nine containers loaded with items […] More »

Med Crude-Urals diffs steady despite top-ups to April loading schedule

Moscow — Urals crude differentials to dated Brent in northwest Europe and the Mediterranean held steady on Monday despite top-ups to Russia’s export schedule for April, trading sources said. Oil loadings from Russia’s Baltic Sea ports will rise to 6.8 million tonnes in April after Rosneft increased it planned exports of Urals crude from Primorsk […] More »

OML 29: ‘We won’t halt oil production over disagreements’ – Kachikwu

Mkpoikana Udoma Port Harcourt — The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has said that the country cannot afford to halt crude oil production as a result of disagreements between host communities and oil operators. Kachikwu warned that disrupting oil production as a result of disagreements between the operator of an oil […] More »

Shell pushes green credentials with “carbon neutral” driving scheme

London — Dutch drivers seeking to offset their impact on the environment will soon be able to do so at Shell petrol stations with credits to support initiatives such as tree-planting projects. The scheme is due to launch in the Netherlands this month before being expanded to other countries, the oil major said on Monday […] More »

Wärtsilä equipment package the key for LNG vessel fuel efficiency

Lagos — The technology group Wärtsilä’s integrated propulsion and cargo handling solution will deliver high efficiency for a new 30,000 cbm LNG vessel. The ship is being built at the Hyundai Mipo Dockyard (HMD) in South Korea on behalf of Norway based Knutsen OAS Shipping. The Wärtsilä solutions will ensure effective interfacing between the vessel’s […] More »

Squeezed by U.S. shale, Nigerian oil propped up by Asian demand

London — The rising tide of light U.S. shale oil has largely swept away comparable grades of Nigerian oil from American shores and is putting them under pressure in Europe. But steady Indian and Indonesian demand has helped lift price indications for two of Nigeria’s top grades to near five-year highs, according to traders and […] More »

W. Africa Crude-Angolan clearing for May as Nigerian still struggles

London — Angolan cargoes for May loading were close to being sold out on the back of strong Asian demand for medium-heavy grades, while Nigerian crude being offered at high prices continues to encounter scepticism from buyers. NIGERIA * April loading cargoes were clearing as buyers have picked up bargains compared to offers for the […] More »

Chaos at Samsung Yard, security guard shot dead, Korean injured

Lagos — Chaos was let loose at the Samsung Heavy Industries Nigeria operated fabrication Yard on Snake Island today when an altercation between two security personnel resulted in one of them being shot dead and a Korean expatriate staff sustaining bullet wounds. SweetcrudeReports gathered from an eye witness that two personnel of the Nigeria Security […] More »

NigerStar 7 announces acquisition of a pipelay vessel

Lagos — NigerStar 7 today announced the acquisition of the pipelay vessel Seven Antares. The vessel will provide both NigerStar 7 and Nigeria a fully owned versatile pipelay vessel ideal for conventional, heavy-lifting and hook-up projects. The Seven Antares was built in 2009, has a 300t main crane capacity and is a 120t S-lay vessel […] More »

Nigeria: Shell to invest $15bn on 24 projects in five years

Mkpoikana Udoma Port Harcourt — The Royal Dutch Shell operating in Nigeria has announced that it has an investment portfolio of over $15 billion spread across 24 projects, over the next five years in the country. The timeline for this project, according to the company is between 2018 and 2023. Country Chair of Shell Companies […] More »

Manufacturer faults NERC’s directive on rollout of new meters

OpeOluwani Akintayo Lagos — Momas Electricity Meter Manufacturing Company Limited says Nigerian Electricity Regulatory Commission, NERC’s directives to begin the rollout of new meters by May 1 is neither feasible nor realistic. Kola Balogun, Chairman of the company, said in Lagos on Monday that rolling out meters by May 1 as directed by the NERC […] More »

OPEC daily basket oil price closes at $69.02 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $69.02 a barrel on Friday, compared with $68.76 the previous day, according to the calculations of the OPEC Secretariat. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro […] More »

Trinidad & Tobago tasks Nigeria on gas utilization, development

Mkpoikana Udoma Yenagoa — The High Commissioner of Trinidad and Tobago in Nigeria, William Wallace has urged Nigeria to key into the development and utilization of her numerous gas resources for the benefit of her citizens. Wallace, while speaking as a panelist at the Nigeria Oil and Gas Opportunity Fair, NOGOF, organised by the Nigerian […] More »

NCDMB tasks indigenous firms on $100bn new projects

Mkpoikana Udoma Port Harcourt — The Nigeria Content Development and Monitoring Board, NCDMB, has urged indigenous oil companies in the country to position themselves to take advantage of new projects in the oil and gas sector, which is valued at over $100 billion. Executive Secretary of NCDMB, Engr Simbi Wabote, explained that the rebound of […] More »

Oil exploration threatening wildlife in Rivers communities – Stakeholders

Mkpoikana Udoma Port Harcourt — Stakeholders in Rivers State have raised the alarm that activities of oil exploration firms operating in Andoni Local Government Area of the state, was threatening wildlife in the area. Andoni is one of the Local Government Areas in Rivers State playing host to controversial OML11 oil bloc, and oil fields […] More »

ERA tasks Niger Delta youths, govt on renewable energy

Mkpoikana Udoma Port Harcourt — The Environmental Rights Action//Friends of the Earth Nigeria, ERA/FoEN, has tasked youths and government in the Niger Delta region to embrace renewable energy technologies. Executive Director, ERA/FoEN, Dr. Godwin Ojo, speaking in Port Harcourt at the 2019 Environmental camp meeting organised for 120 youths drawn from the core Niger Delta […] More »

Court affirms Elano authority to manage Indorama communities’ dividend

Mkpoikana Udoma Port Harcourt — The Federal High Court sitting in Port Harcourt has affirmed Elano Investments Limited’s authority to manage the 7.5 percent equity shares of the host communities of Indorama Eleme Petrochemicals Limited, IEPL. Elano Investment Limited is the firm that manages the 7.5 percent equity dividends accruable to the host communities from […] More »

Nigeria flares about 400m tonnes of gas yearly

*DPR, Ministry of Petroleum give counter gas flare figures OpeOluwani Akintayo Lagos — Estimation obtained from the Department of Petroleum Resources has revealed that Nigeria releases between 350 and 400 million tonnes of CO2 yearly into the atmosphere. Statistics sourced by SweetcrudeReports says the huge amount of gas flare has adverse effect on the climate, […] More »

Total targets production on IKIKE satellite field by 2020

*Delivers three FPSOs in ten years Mkpoikana Udoma Port Harcourt — French oil giant, Total Exploration and Production Company Nigeria Limited, TEPNG, has hinted that the company is targeting to start up production in its IKIKE satellite field by next year 2020. Managing Director of Total, Nicolas Terraz, while speaking on Upstream Opportunities at the […] More »

Shell emerges Nigeria’s most impactful local content company

Lagos — Shell Companies in Nigeria have emerged the International Oil Company with the most impactful Local Content Initiatives in the upstream category at the 2019 edition of the Nigerian Oil and Gas Opportunity Fair, NOGOF, held in Yenagoa, Bayelsa State on April 4, 2019. Shell beat other competitors, Total and Exxon Mobil to the […] More »

Africa eyes $1 trillion in private equity deals

Dar es Salaam — The African continent is set for a major shift in Private Equity investment trends after a major announcement was made in Nairobi this week. During the 16th annual African Private Equity and Venture Capital Association (AVCA) conference, fund managers from around the globe, mainly the US and European markets said they […] More »

NERC issues permit to MAPs, begins meter rollout by May 1

OpeOluwani Akintayo Lagos — The Nigerian Electricity Regulatory Commission, NERC, has issued permits to Meter Asset Providers, MAPs. In a statement by the Commission on Saturday, the permits were issued on the 5th of April. According to NERC, the move was in accordance with section 4(3) of the MAP Regulations 2018, to MAPs that were […] More »

Saudi energy minister discusses oil market stability with Nigerian president

Cairo — Saudi Energy Minister Khalid Al-Falih met with the Nigerian president and discussed cooperation between the two OPEC member countries in the energy sector, the minister said in a tweet on Saturday. Al-Falih said that he met with president Muhammadu Buhari on the margins of the World Economic Forum on the Middle East and […] More »

Iran, Iraq agree deal to develop two oilfields

Geneva — Iran and Iraq have come to an agreement about developing two oilfields on their mutual border, Iran’s Oil Minister Bijan Zanganeh was quoted saying on Sunday. The agreement is for the development of the Naft Shahr and Khorramshahr oilfields, Zanganeh said, according to a report on Iran’s oil ministry website. The report gave […] More »

Shell pays Nigerian govt $6.397bn, pledges greater transparency

Lagos — Over $6.397 billion was paid to the Nigerian government and its agencies in 2018 by Shell exploration and production companies in Nigeria comprising; The Shell Petroleum Development Company of Nigeria Limited, SPDC, and Shell Nigeria Exploration and Production Company Limited, SNEPCo. The payment represents a 48 percent increase overpayments by the companies to […] More »

Oando Plc announces divestment of 25% interest in Axxela Limited

OpeOluwani Akintayo Lagos — Oando Plc on Thursday announced divestment of its residual 25% interest in Axxela Limited held through Glover Gas & Power B.V., to Helios Investment Partners a private equity firm with a focus on investments in Africa. In a statement, the company said the total purchase price for the transaction was USD […] More »

OPEC’s reference basket grows by nine percent in February

OpeOluwani Akintayo Lagos — The OPEC Reference Basket, ORB, rose firmly in February for the second consecutive month, improving by about 9%, or $5.09, m-o-m to average $63.83/b, according to data from the group’s March Monthly Oil Market Report, MOMR. The growth, OPEC said was a result of strong crude oil demand for March loading […] More »

Oil price benchmarks are defying the laws of supply and demand

*Dubai oil’s discount to Brent rises to highest since December *That’s even though output cuts, sanctions target sour crudes London — The diverging fortunes of fuel products derived from crude are influencing two oil benchmarks more than the state of supplies in the market. U.S. sanctions on Venezuelan and Iranian oil as well as output […] More »

NCDMB launches 130-pages Nigerian content opportunities

OpeOluwani Akintayo Lagos — The Nigerian Content Development and Monitoring Board, NCDMB has launched a 130-page of Nigerian Content Opportunities in the oil and gas industry. Presenting the compendium, the NCDMB Executive Secretary, Engr Simbi Wabote said the book is geared towards providing indigenous companies and Nigerian businesses adequate information on existing opportunities. According to […] More »

U.S. crude output growth could slow as shale revolution loses momentum

New York — After Texas pushed the United States over the last decade to become the world’s biggest oil producer last year, the heart of the shale revolution is starting to show fatigue. The volume of crude being pumped out of Texas recently saw its first monthly dip in a year. Oil well productivity in […] More »

Petrobras agrees to sell pipeline unit to Engie for $8.6bn

Sao Paulo/Rio De Janeiro — A consortium led by France’s Engie SA submitted the highest offer for a major gas pipeline unit owned by Brazil’s Petroleo Brasileiro SA, the state-run oil firm said on Friday, as the company’s biggest divestment draws to a close. In a filing, Petrobras, as the company is known, said the […] More »

Venezuela blackouts cut oil output by half during March

*Production fell to below 600,000 barrels a day during outages *Power has cut production at Orinoco Belt, key to Venezuela London — Power failures that plunged Venezuela into darkness for much of March also briefly slashed the country’s crude production by half, according to people familiar with the situation. Rolling blackouts across much of the […] More »

Oil-rich sovereign funds look to renewables alongside fossil fuels

London — Sovereign wealth funds from oil-rich countries in the Middle East are moving to diversify into renewable energy, pushed by regulators and pledges on climate change, but are stopping short of following Norway in shedding some oil and gas investments. Total sovereign wealth fund investments within the oil and gas industry have dwarfed those […] More »

Flooding, refinery outages push gasoline prices higher in U.S. West

News Wires — Severe flooding in the U.S. Midwest this season has had ripple effects for drivers further west, as washed-out rail lines disrupted ethanol supply, causing spikes in gasoline prices and even forcing some retail stations to shut down. Ethanol producers in flood-ravaged states have had trouble getting their product to markets over the […] More »

Oil set for longest run of weekly gains since 2017

*Venezuelan output is said to plunge by half during blackouts *OPEC production has dropped for a fourth straight month in March London — Crude is set for the longest weekly winning streak since November 2017 amid concerns over supply shortfalls from countries like Venezuela and optimism over U.S.-China trade talks. Futures in New York rose […] More »

Oil prices edge lower on economic concerns; geopolitics support

London — Oil prices declined on Friday, with Brent slipping from the $70 mark reached the previous day, but both main contracts were set for weekly gains on mounting geopolitical risks. Brent crude futures dropped 25 cents to $69.15 a barrel by 1204 GMT, having touched $70.03 in the previous session, its highest since Nov. […] More »

Irate freight forwarders move against Customs’ anti-smuggling unit

*To instigate social media war. Vincent Toritseju Lagos — Irate freight forwarders plying their trade in Lagos ports have decided to move against the Federal Operations Unit (FOU) of the Nigeria Customs Service to curb what they described as the excesses of the anti-smuggling outfit. Ventilating the anger of the freight forwarders was Godfrey Nwosu, […] More »

Oando Plc announces divestment of 25% interest in Axxela Limited

OpeOluwani Akintayo Lagos — Oando Plc on Thursday announced divestment of its residual 25% interest in Axxela Limited held through Glover Gas & Power B.V., to Helios Investment Partners a private equity firm with a focus on investments in Africa. In a statement, the company said the total purchase price for the transaction was USD […] More »

Eni audits in Nigeria case could prompt management changes

Milan — Italy’s Eni has carried out internal audits in a case revolving around a Nigeria corruption scandal, and a source with knowledge of the matter said the review could prompt some management changes at the oil major. Eni and its Anglo-Dutch peer Royal Dutch Shell are on trial for allegedly paying $1.1 billion in […] More »

OPEC daily basket oil price closes at $68.76 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $68.76 a barrel on Thursday, compared with $69.12 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), Zafiro (Equatorial Guinea), Rabi […] More »

Zero gas flare to determine approval for new projects — NNPC

Ike Amos Abuja — The Nigerian National Petroleum Corporation, NNPC, has disclosed that henceforth, granting approval for new gas projects by the Federal Government, would be based on the capacity of the projects to abide by the country’s zero gas flare policy. In a statement in Abuja, the NNPC declared that this represented the Federal […] More »

Oando aims to raise fresh capital, cut debt: CEO

Lagos — Nigerian oil company Oando aims to raise fresh capital over the next two years and repay debt used to acquire Conoco Phillips’ Nigerian assets, its chief executive Adewale Tinubu told Reuters. Oando has transformed itself in the past few years from a fuel retailer to oil producer and now competes with multinationals such […] More »

Brent oil resumes climb, nears $70 as supply tightens

New York – Brent oil prices rose on Thursday, resuming their climb toward $70 per barrel as expectations of tight global supply outweighed pressure from rising U.S. production and less robust global demand indicators. International benchmark Brent futures rose 34 cents to $69.65 by 11:28 a.m. EDT (1528 GMT). Brent touched $69.96 on Wednesday, the […] More »

Equatorial Guinea, oil & gas companies to monetize Alen unit gas

*Sonagas GE, NGC of Equatorial Guinea stake to increase from 25% to 30% *Establishes first gas hub of the envisioned EG Gas Mega Hub; *Sonagas increases stake at EGLNG Plant Malabo, Equatorial Guinea — The Equatorial Guinea Ministry of Mines and Hydrocarbons has executed the Definitive Agreements with the Alen Unit and respective Punta Europa […] More »

ABB and Rolls-Royce announce global microgrids cooperation

*Partnership on microgrid solutions that integrates digital technology and efficient hybrid power systems Lagos — ABB and Rolls-Royce have announced a global partnership on microgrid technology and advanced automation. Together the two companies will offer an innovative, energy-efficient microgrid solution for utilities, commercial and industrial entities. A microgrid is a small scale electric grid that […] More »

Shipowners want govt to revive bunkering activities in Nigeria

Vincent Toritseju Lagos — There are indications that Nigerian shipowners in the maritime industry and dealers in bunker fuels are losing out as far as the operations are concerned, even as they lamented that the regulations put in place by the regulatory authorities have edged indigenous practitioners out of the business, leaving room for foreign […] More »

Zero gas flare to determine approval for new projects — NNPC

Ike Amos Abuja — The Nigerian National Petroleum Corporation, NNPC, has disclosed that henceforth, granting approval for new gas projects by the Federal Government, would be based on the capacity of the projects to abide by the country’s zero gas flare policy. In a statement in Abuja, the NNPC declared that this represented the Federal […] More »

GE reinforces commitment to improve energy access in West Africa

*In Benin, GE will supply the nation’s first Advanced Distribution Management System (ADMS), this grid solution is expected to increase energy reliability and efficiency ABIDJAN, Ivory Coast — GE (www.GE.com) to provide energy solutions to help foster economic development and growth in Benin and Cote d’Ivoire; In Benin, GE will supply the nation’s first Advanced […] More »

Shell pays Nigerian govt $6.397bn, pledges greater transparency

Lagos — Over $6.397 billion was paid to the Nigerian government and its agencies in 2018 by Shell exploration and production companies in Nigeria comprising; The Shell Petroleum Development Company of Nigeria Limited, SPDC, and Shell Nigeria Exploration and Production Company Limited, SNEPCo. The payment represents a 48 percent increase overpayments by the companies to […] More »

OPEC daily basket oil price closes at $69.12 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $69.12 a barrel on Wednesday, compared with $68.83 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), Zafiro (Equatorial Guinea), Rabi […] More »

We’ve reduced oil production cost to $23 per barrel – Govt

Mkpoikana Udoma Yenagoa — The Federal Government on Thursday announced that the cost price of producing crude oil in the country has been reduced from $32 per barrel to $23 in the last four years. The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, stated this while speaking at the ongoing Nigeria Oil and […] More »

Chevron, Woodside apply to nearly double size of Canadian LNG project

Calgary, Alberta — Chevron Canada Ltd and Woodside Energy Ltd have applied for a new license for their Kitimat LNG plant in northern British Columbia that could see it nearly double in size to produce 18 million tonnes per annum (mtpa), Chevron said on Wednesday. The companies submitted the application to Canada’s National Energy Board […] More »

Flooding, refinery outages push gasoline prices higher in U.S. West

News Wires — Severe flooding in the U.S. Midwest this season has had ripple effects for drivers further west, as washed-out rail lines disrupted ethanol supply, causing spikes in gasoline prices and even forcing some retail stations to shut down. Ethanol producers in flood-ravaged states have had trouble getting their product to markets over the […] More »

Exxon, Repsol and Ecopetrol sign deals for Colombia offshore oil exploration blocks

Bogota — Exxon Mobil Corp and Colombia’s state-run oil company Ecopetrol SA have each signed joint contracts with Spain’s Repsol SA to explore for oil in offshore blocks in the Caribbean, the Colombian government said on Wednesday. The Andean country recently modified contractual terms for offshore exploration and launched a permanent bidding process in an […] More »

Africa growth at 7-year high, no thanks to its major economies

*Continent’s economy to expand average 4% in 2019, AfDB says *Nigeria and South Africa among the worst-performing economies London — Growth in Africa’s two largest economies may be sputtering along but that won’t stop the continent’s gross domestic product from expanding at the fastest pace since at least 2012. GDP growth for the continent is […] More »

Three importers cut Iran oil shipments to zero – U.S envoy

Washington — Three of eight importers granted waivers by Washington to buy oil from Iran have now cut their shipments to zero, a U.S. official said on Tuesday, adding that improved global oil market conditions would help reduce Iranian crude exports further. The United States reimposed sanctions on Iran after President Donald Trump last May […] More »

Oil prices steady despite U.S. crude inventory build, Brent near $70/b

New York/London — Oil prices were little changed on Wednesday even after U.S. government data showed a surprise increase in crude inventories, as OPEC-led output cuts and U.S. sanctions kept the supply outlook tight enough to hold futures near five-month highs. Brent futures were unchanged at $69.37 a barrel by 11:00 a.m. EST (1500 GMT). […] More »

Exxon Mobil to sell $3b Nigerian assets for U.S shale investment

Lagos — The United States owned company, Exxon Mobil, is planning on selling some of its oil and gas assets worth $3 billion in Nigeria, to focus on investing in the U.S shale and Guyana, a new report by Reuters has said. “Exxon is actively divesting in Nigeria,” Reuters quoted one source who was briefed […] More »

Shell to quit U.S. refining lobby over climate disagreement

London — Royal Dutch Shell on Tuesday became the first major oil and gas company to announce plans to leave a leading U.S. refining lobby due to disagreement on climate policies. In its first review of its association with 19 key industry groups, the company said it had found “material misalignment” over climate policy with […] More »

Seplat advocates public, private sectors investments in safety

*Wins ASSP safety award OpeOluwani Akintayo Lagos — Seplat Petroleum Development Company Plc, an independent oil and gas exploration and production company incorporated and operating in Nigeria, has urged the public and private sectors to invest more in research and development aimed at promoting safety. The oil company noted that such investments should cut across […] More »

Major oil marketers reiterate support for govt’s petroleum policy 2017

OpeOluwani Akintayo Lagos — The Major Oil Marketers Association of Nigeria, MOMAN, has reiterated its support to government policy on the petroleum industry including the policy on deregulation which remains the only way in achieving a robust and sustainable downstream petroleum industry. Its Chairman, Mr. Adetunji Oyebanji, disclosed this in a communique issued on Tuesday […] More »

ENGIE inaugurates first mini-grid in Zambia, accelerates electrification

*With the installation of this first PowerCorner, ENGIE confirms its progress in off-grid renewable energy solutions to improve electricity access in Africa LUSAKA, Zambia — ENGIE inaugurated today its first PowerCorner in the Zambian village of Chitandika in presence of Matthew Nkhuwa, the Zambian Minister of Energy, ENGIE’s leadership team as well as local stakeholders. […] More »

OPEC daily basket oil price closes at $68.83 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $68.83 a barrel on Tuesday, compared with $68.31 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), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi […] More »

Russia expects 1.2 pct yearly increase in electricity demand until 2024 – minister

Krasnoyarsk, Russia, — Russian Energy Minister Alexander Novak said on Saturday the country was expecting domestic demand for electricity to increase by 1.2 percent on average every year until 2024. Reuters More »

U.S. drillers cut most oil rigs in a quarter in three years -Baker Hughes

News Wires — U.S. energy firms this week reduced the number of oil rigs operating to their lowest in nearly a year, cutting the most rigs in a quarter in three years despite a 30 percent hike in crude prices so far in 2019. Drillers cut eight oil rigs in the week to March 29, […] More »

Mexico’s sovereign debt credit rating still at risk – financial stability council

Mexico City — Mexico still faces risks to its sovereign debt credit rating, primarily due to state oil firm Pemex’s liabilities and the dependence of public finances on oil revenues, the country’s financial stability council wrote in a report issued on Friday. Delays in the ratification and implementation of the new North American free trade […] More »

Greece’s DEPA to become first gas supplier to Bulgaria outside Gazprom

Sofia — Bulgaria’s Bulgargaz has struck a deal to buy 1.5 million megawatt hours of natural gas from Greece’s DEPA, the first time the state provider has bought gas outside its long-term contract with Russia’s Gazprom. Bulgargaz will complete the purchase in the second quarter, pumping the gas into its Chiren underground storage facility, the … More »

Shell to quit U.S. refining lobby over climate disagreement

London — Royal Dutch Shell on Tuesday became the first major oil and gas company to announce plans to leave a leading U.S. refining lobby due to disagreement on climate policies. In its first review of its association with 19 key industry groups, the company said it had found “material misalignment” over climate policy with … More »

Global markets – Shares dip after 6-month peak, oil nears $70 a barrel

New York — World stock markets were little changed on Tuesday after grazing a six-month high as investors took a breather following a three-day run of gains. Oil prices, meanwhile, continued to ascend amid the prospect of tightening supply due to further possible sanctions against Iran and other disruptions. MSCI’s key gauge of global equities … More »

ExxonMobil to sell Nigerian oil and gas fields for up to $3bn

OpeOluwani Akintayo, with agency reports Lagos — US oil giant Exxon Mobil is planning on selling some of its oil and gas assets worth $3 billion in Nigeria, to focus on investing in the U.S shale and Guyana, a report by Reuters has said. “Exxon is actively divesting in Nigeria,” Reuters quoted one source who … More »

Court affirms Elano’s authority to manage Indorama/EPL host communities dividends

Mkpoikana Udoma Port Harcourt — The Federal High Court sitting in Port Harcourt has affirmed Elano Investments Limited’s authority to manage the 7.5 percent equity shares of the host communities of Indorama Eleme Petrochemicals Limited, IEPL. Elano Investment Limited is the firm that manages the 7.5 percent equity dividends accruable to the host communities from their … More »

Mum drags son to court over threat to life, assault

Lagos – A 79-year-old woman, Mrs Caroline Olowojebutu, on Monday dragged her son, Adeyemi Olowojebutu to an Ogudu Magistrates’ Court in Lagos, accusing him of assaulting her and threatening her life. According to the Prosecutor, Sgt. Lucky Ihiehie, the complainant, residing at Plot 215A Ajao St., Ajao Estate, Lagos, told the police that the defendant […] More »

Nigeria’s logistics value chain hits N250bn – Report

*N3.4tn lost to poor infrastructure Vincent Toritseju Lagos — The 2018 Logistics and Supply Chain Industry report has revealed that the value of the logistics sub-sector of the economy currently stands at N250 billion, The report presented by the Director General of the African Centre for Supply Chain, Dr. Obiora Madu, said that the value of […] More »

Oil hits 2019 high on signs of tighter supply; Brent eyes $70/bbl

New York — Oil prices hit their highest of 2019 on Tuesday, with Brent crude approaching $70 a barrel, on the prospect that more sanctions against Iran and further Venezuelan disruptions could deepen an OPEC-led supply cut. Brent futures reached a session peak at $69.50 a barrel, the highest since Nov. 13. The global benchmark … More »

Noble Energy JV to build pipeline from Equatorial Guinea’s offshore gas fields

Dakar — Noble Energy and partners will build a pipeline linking Equatorial Guinea’s offshore gas fields to an onshore liquefied natural gas (LNG) plant to boost exports, the African nation’s government said on Monday. Under a deal with the government the 70 km (44 miles) pipe will have capacity for 950 million cubic feet of … More »

OPEC oil output hits four-year low on Saudi cuts, Venezuela blackouts

London — OPEC oil supply sank to a four-year low in March, a Reuters survey found, as top exporter Saudi Arabia over-delivered on the group’s supply-cutting pact while Venezuelan output fell further due to sanctions and power outages. The 14-member Organization of the Petroleum Exporting Countries pumped 30.40 million barrels per day (bpd) last month, … More »

Oil-rich sovereign funds look to renewables alongside fossil fuels

London — Sovereign wealth funds from oil-rich countries in the Middle East are moving to diversify into renewable energy, pushed by regulators and pledges on climate change, but are stopping short of following Norway in shedding some oil and gas investments. Total sovereign wealth fund investments within the oil and gas industry have dwarfed those … More »

ABB and Rolls-Royce announce global microgrids cooperation

*Partnership on microgrid solutions that integrates digital technology and efficient hybrid power systems Lagos — ABB and Rolls-Royce have announced a global partnership on microgrid technology and advanced automation. Together the two companies will offer an innovative, energy-efficient microgrid solution for utilities, commercial and industrial entities. A microgrid is a small scale electric grid that … More »

General Electric appoints Sulemana Abubakar as Ghana CEO

*Mr. Abubakar is also GE Africa’s Chief Information Office Accra, Ghana — General Electric has announced the appointment of Sulemana Abubakar (Abu) as the Chief Executive Officer for GE Ghana. In this position, Abu will play a pivotal role in steering the next phase of strategy and growth for GE in Ghana. Based in Accra, … More »

Shipowners want govt to revive bunkering activities in Nigeria

Vincent Toritseju Lagos — There are indications that Nigerian shipowners in the maritime industry and dealers in bunker fuels are losing out as far as the operations are concerned, even as they lamented that the regulations put in place by the regulatory authorities have edged indigenous practitioners out of the business, leaving room for foreign … More »

Hedge funds bullish on slowing oil output growth: Kemp

London — Hedge funds are becoming increasingly bullish on oil prices amid signs of slowing production growth as a result of output cuts by Saudi Arabia and a reduction in U.S. shale drilling. Hedge funds and other money managers bought 37 million barrels of futures and options in the six most important contracts linked to … More »

South Africa to get almost $1 bln in loans from BRICS bank

Cape Town — A development bank set up by the BRICS group of emerging economies has approved around $790 million of loans for three projects in South Africa, the bank’s president said on Monday, with over half that amount going to power company Eskom. Separately, the New Development Bank (NDB) and Eskom also signed an … More »

Aramco’s $10 bln-plus bond plan shows profits put top earner Apple in shade

Dubai — Saudi Aramco, the world’s biggest oil producer, made core earnings of $224 billion last year, almost three times as much as Apple, figures from the state-owned company showed on Monday ahead of its debut international bond issue. Previously reluctant to disclose its financials, Aramco had to reveal them in order to obtain a … More »

Equatorial Guinea, oil & gas companies to monetize Alen unit gas

*Sonagas GE, NGC of Equatorial Guinea stake to increase from 25% to 30% *Establishes first gas hub of the envisioned EG Gas Mega Hub; *Sonagas increases stake at EGLNG Plant Malabo, Equatorial Guinea — The Equatorial Guinea Ministry of Mines and Hydrocarbons has executed the Definitive Agreements with the Alen Unit and respective Punta Europa … More »

General Electric appoints Eric Amoussouga as GE Francophone Africa CEO

*Eric is also Sales Director for GE’s Grid Solutions Business across Sub-Saharan Africa Abidjan, Ivory Coast — General Electric, GE, has announced the appointment of Eric Amoussouga as the Chief Executive Officer for Francophone Africa. In this position, Eric will play a pivotal role in steering the next phase of strategy and growth for GE … More »

Labour lauds NNPC on plan to revamp Port Harcourt refinery

Mkpoikana Udoma Port Harcourt — The Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, has commended the Nigerian National Petroleum Corporation, NNPC, on its award of contract to an Italian firm, to revamp the Port Harcourt refinery. The senior oil workers’ union said the Port Harcourt refinery when rehabilitated to operate optimally, would reduce … More »

South Sudan targets 70,000 bpd oil production boost by June – minister

Juba — South Sudan is hoping to boost oil production by 70,000 barrels per day (bpd) by June, the minister for petroleum said on Monday, a month before the government and rebels are due to form a government of national unity. Production in the landlocked East African nation is currently about 160,000 bpd. “With 3.5 billion … More »

Oil prices climb as supplies tighten, demand outlook improves

New York — Oil climbed more than 1 percent with U.S. crude futures hitting a 2019 high on Monday after tight supply and positive signs for the global economy drove both benchmarks’ largest first-quarter gains in nearly a decade. U.S. West Texas Intermediate (WTI) futures were up 85 cents, or 1.4 percent, at $60.99 by … More »

Equatorial Guinea’s gas project approval attracts Atlas Oranto Petroleum

*Atlas Oranto Petroleum earmarks $350 million to pool supply from stranded gas fields London, United Kingdom — Following the signing of Definitive Agreements for the monetization of gas from Equatorial Guinea’s Alen Unit, pan-African oil and gas exploration, and production company, Atlas Oranto Petroleum is planning to make a significant investment into the country’s backfill … More »

South African fuel prices to jump almost 9 percent in April

Johannesburg — The retail price of petrol in South Africa will rise by nearly 9 percent from April 3, while the price of wholesale diesel will increase by close to 6 percent, the energy department said. The price of petrol will rise by 131 cents to 16.13 rand ($1.11) per litre in the commercial hub … More »

Tesla boom lifts Norway’s electric car sales to record market share

Oslo — Almost 60 percent of all new cars sold in Norway in March were fully electric, the Norwegian Road Federation (NRF) said on Monday, a global record as the country seeks to end fossil-fueled vehicles sales by 2025. Exempting battery engines from taxes imposed on diesel and petrol cars has upended Norway’s auto market, … More »

NCDMB, stakeholders finalise Nigerian Content ministerial regulations

OpeOluwani Akintayo Lagos — The Nigerian Content Development and Monitoring Board, NCDMB has held the final phase of engagements with oil and gas industry stakeholders on the draft Nigerian Content ministerial regulations. The Ministerial Regulations covers Research & Development, R & D; Training, Capacity Development; Growth of Indigenous Capacity; Nigerian Oil and Gas Industry Enforcement … More »

OPEC daily basket oil price closes at $67.23 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $67.23 a barrel on Friday, compared with $66.38 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), Zafiro (Equatorial Guinea), Rabi … More »

Italy will contribute 35% of Europe’s underground gas storage by 2023

Lagos — Italy is expected to add around 249 billion cubic feet (bcf) of underground gas storage capacity between 2019 and 2023, from 14 planned and announced underground gas storage sites, according to GlobalData a leading data and analytics company. The company’s latest report: ‘Underground Gas Storage Industry Outlook in Europe to 2023 – Capacity … More »

China will spearhead global planned liquids storage capacity in 2023

Lagos — China is expected to be the major contributor to the growth of the global planned liquids storage industry between 2019 and 2023, according to GlobalData, a leading data, and analytics company. The company’s report, ‘Global Planned Liquids Storage Industry Outlook to 2023 – Capacity and Capital Expenditure Outlook with Details of All Planned … More »

Ogoni demands state creation as precondition for oil exploration

Mkpoikana Udoma Port Harcourt — The people of Ogoni under the aegis of the Movement for the Survival of the Ogoni People, MOSOP, have called for the creation of Bori State as the primary demand for the negotiation of oil resumption in Ogoniland. This was the resolution reached at its 2019 general congress held at the … More »

Lekoil will take action to preserve 23% interest in OPL 310 – CEO

Lagos — The Chief Executive Officer of Lekoil, Lekan Akinyanmi, has said the company “will take all necessary actions” to preserve its right to 23 percent interest in Oil Prospecting Licence, OPL, 310. He disclosed this in reaction to the recent Federal High Court ruling that the company’s acquisition of additional interest in OPL 310 … More »