Saturday, 30 September 2017

Uganda: Pressure mounts to lower cost of Bujagali Power

Uganda: Pressure mounts to lower cost of Bujagali Power
30 September 2017, Kampala — Having dropped the initial plan of buying back Bujagali hydroelectric power dam, the Ugandan government is now grappling with a myriad of demands placed by lead financiers and environmental watchdogs as a precondition to bring down costs of electricity produced at the 250MW project. The lead financiers — the World Bank […] More »
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Mozambique moves closer to LNG development, but hurdles remain

Mozambique moves closer to LNG development, but hurdles remain
30 September 2017, Maputo — Mozambique is moving closer to realizing its LNG development ambitions. Last month, the government signed contracts with Italian energy firm ENI and US oil and natural gas producer Anadarko Petroleum to build two separate LNG terminals in the country. Both terminals will be built in Cabo Delgado province near recent gas […] More »
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NPDC to raise output to 300,000 b/d by 2018

NPDC to raise output to 300,000 b/d by 2018
30 September 2017, Lagos — The main subsidiary of Nigeria’s state oil company said on Monday it planned to increase production from fields in which it owns stakes to 300,000 barrels per day by 2018 from the current level of 180,000 b/d. Nigerian Petroleum Development Company (NPDC), an upstream subsidiary of the Nigerian National Petroleum […] More »
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OPEC oil output edges higher in September as Iraq, Libya pump more

OPEC oil output edges higher in September as Iraq, Libya pump more
30 September 2017, London — OPEC oil output has risen this month by 50,000 barrels per day (b/d), a Reuters survey found, as Iraqi exports increased and production edged higher in Libya, one of the producers exempt from a supply-cutting deal. OPEC’s adherence to its pledged supply curbs slipped to 86 percent from August’s 89 […] More »
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AfDB approves $200m for IDC to support industrialisation projects in Africa.

AfDB approves $200m for IDC to support industrialisation projects in Africa.
30 September 2017, Abidjan, Côte d’Ivoire — board of Directors of the African Development Bank Group (AfDB) has approved a private sector multi-currency line of credit of US$ 100 million and 1.3 billion South African Rands to Industrial Development Corporation Plc (IDC) of South Africa. The operation will support industrialization projects in both South Africa […] More »
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National grid suffers total system collapse

National grid suffers total system collapse
Michael James 30 September 2017, Sweetcrude, Lagos —Nigeria national grid suffered a total system collapse in the hours of Thursday, September 28, 2017. Reports obtained from Stations and the sequence of events generated by the SCADA system indicated that the system collapse was triggered by the tripping of Egbin Units ST4, ST6 and ST5 at […] More »
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Two workers injured in Nigeria’s oil platform fire

Two workers injured in Nigeria’s oil platform fire
“The fire incident is an operational mishap and has nothing to do with militants. So it is within the operational levels of the company and officials are currently assessing the damage done by the fire,” the source noted. More »
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FG, States, LGs share N637.7bn in September

FG, States, LGs share N637.7bn in September
Idris said the sum indicated a rise in the revenue shared by the three tiers of government of N169 billion for September compared to about N467.8 billion shared in August – inclusive of Value Added Tax (VAT). More »
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Friday, 29 September 2017

Friday equities price list for energy companies at the Nigerian Stock Exchange

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Ogharafe oil field registered under UN CDM

Ogharafe oil field registered under UN CDM
Michael James 29 September 2017, Sweetcrude, Lagos — The gas utilisation project at the Ovade-Ogharafe oil field in Delta state has been successfully registered under the United Nations Clean Development Mechanism, CDM of the Kyoto Protocol. This is in furtherance of Nigeria’s quest to ensure effective gas utilisation. The project is designed to reduce greenhouse […] More »
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ExxonMobil increases acreage position in Permian Basin

ExxonMobil increases acreage position in Permian Basin
29 September 2017, Sweetcrude, Houston, Texas – US oil major, ExxonMobil Corporation has added 22,000 acres to its Permian Basin portfolio since May through a series of acquisitions and acreage trades. A statement by the company issued in Irving, Texas, said the new acreage, located in the highly prolific, stacked oil pay zones of the […] More »
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ConOil Plc’s facility in Niger Delta goes up in flames

ConOil Plc’s facility in Niger Delta goes up in flames
OpeOluwani Akintayo 29 September 2017, Sweetcrude, Lagos —Con Oil’s facility in the Niger Delta has gone up in flames. According to information reaching SweetcrudeReports, the facility christened Aunty Julie, located on the high sea offshore Sangana in the Akassa clan of Brass Local Government Area of Bayelsa State, went up in flames at about 3:00 […] More »
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Bullish oil streak propels Brent to strongest third quarter in 13 years

Bullish oil streak propels Brent to strongest third quarter in 13 years
29 September 2017, Amsterdam — Oil edged higher on Friday as tensions around Iraqi Kurdistan threatened the region’s crude supplies, helping Brent prices to their strongest third-quarter performance since 2004. Global benchmark Brent crude LCOc1 was up 17 cents at $57.58 a barrel at 1225 GMT, notching up a third-quarter gain of around 20 percent. […] More »
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Siemens signs MoU with Madagascar to accelerate power generation

Siemens signs MoU with Madagascar to accelerate power generation
Increase capacity by up to 300MW by 2019 through short, medium and long-term initiatives Partner with TSK to investigate options to improve efficiency, operation and sustainability of the electricity sector Commit to local training and job opportunities to create additional benefits for society 29 September 2017, Johannesburg, South Africa — Siemens (www.Siemens.com) today signed a Memorandum […] More »
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Challenging operating environment: SA mining industry sees turnaround in financial performance

Challenging operating environment: SA mining industry sees turnaround in financial performance
29 September 2017, Sweetcrude, Johannesburg, South Africa — 2017 was another challenging year for South Africa’s mining industry in light of a decrease in dividends and market capitalisation, various retrenchments across the industry, and marginal increases in taxes paid. However, spot price increases for bulk commodities supported the industry and resulted in a return to […] More »
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Enel power plant seized in illegal waste investigation

Enel power plant seized in illegal waste investigation
29 September 2017, Sweetcrude, Lagos — An Italian judge has ordered the seizure of a power plant run by Italy’s biggest utility Enel in the south of the country as part of an investigation into illegal waste, the company has stated. The investigation, which began five years ago, revolves around allegations that dangerous waste was […] More »
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Two UK oil chiefs arraigned over $400m fraud in Nigeria

Two UK oil chiefs arraigned over $400m fraud in Nigeria
The pair and a Nigerian contact faced the charges formally on Wednesday alongside a civil damage claim in excess of $500m from Afren’s administrators. More »
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Militants’ attacks in N’Delta to reach 60% in 2018- Analysts

Militants’ attacks in N’Delta to reach 60% in 2018- Analysts
OpeOluwani Akintayo 29 September 2017, Sweetcrude, Lagos – Foreign analysts have warned that militants’ attacks on oil facilities in the Niger Delta could rise by 60 percent in 2018, plunging Nigeria into another round of low revenue as a result of low oil production. According to a political analyst at Teneo Intelligence, Manji Cheto, unrest is […] More »
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Chevron names Michael K. Wirth new Chairman/CEO

Chevron names Michael K. Wirth new Chairman/CEO
29 September 2017, Sweetcrude, Houston, Texas – Chevron Corporation announced, Wednesday, that its Board of Directors elected Michael K. Wirth chairman of the board and chief executive officer, effective February 1, 2018 . The company said in a statement obtained by SweetcrudeReports in Houston, Texas that Wirth, who is currently vice chairman of the board and […] More »
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Electricity: Over 3 million households metered as at August 2017 – NERC

Electricity: Over 3 million households metered as at August 2017 – NERC
The report noted that innovative options were being put in place by the commission to improve status of metering and customer concerns on estimated billing in the NESI. More »
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Saudi Aramco to list 5% IPO in foreign country

Saudi Aramco to list 5% IPO in foreign country
…How it affects OPEC OpeOluwani Akintayo 29 September 2017, Sweetcrude, Lagos – Saudi Arabia will be the first Organisation of the Petroleum Exporting Countries, OPEC’s state to list 5 percent of its state-owned oil company, Saudi Aramco, in an Initial Public Offering, IPO, in a foreign state. According to estimation, 5 percent offer could value the […] More »
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Thursday, 28 September 2017

Oil extends bull market as U.S. supply drops amid rising demand

Oil extends bull market as U.S. supply drops amid rising demand
*Crude inventories declined by 1.85 million barrels last week *Libyan production starting to climb again after disruptions 28 September 2017, London — Oil rose in a bull market after data showed a surprise decline in U.S. crude stockpiles, taking OPEC and its allies closer to a goal of reducing a global glut. Futures added as […] More »
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Libya faces renewed calls to join OPEC cut

Libya faces renewed calls to join OPEC cut
*Producer is said to pump 950,000 b/d on Sharara field re-start *Rising Libyan supply complicates OPEC effort to drain oil glut 27 September 2017, London — Libya’s oil output is rising again after disruptions ended at its biggest field, with production reaching about 950,000 barrels a day even as OPEC and allied suppliers step up […] More »
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Nigeria plans to sell $5.5bn of Eurobonds by year-end

Nigeria plans to sell $5.5bn of Eurobonds by year-end
*Nation to issue $2.5bn in October to fund 2017 budget *Remainder to be sold to replace Naira-denominated debt 28 September 2017, Lagos — Nigeria plans to sell as much as $5.5 billion of Eurobonds in the next three months to fund capital projects and replace local-currency debt, according to the Debt Management Office. Yields on […] More »
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Sahel-Saharan Bank tower for inauguration next Saturday

Sahel-Saharan Bank tower for inauguration next Saturday
28 September 2017, Khartoum — The Minister of Finance and Economic Planning Mohamed Osman Al-Rikabi and the Minister of Finance of the Libyan National Reconciliation Government are due to inaugurated at 7 pm on Saturday the Tower of the Sahel-Saharan Bank in Sudan in the presence of the countries of the Sahel-Saharan Grouping. The opening […] More »
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U.S. crude stockpiles drop as refineries restart after Harvey – EIA

U.S. crude stockpiles drop as refineries restart after Harvey – EIA
28 September 2017, New York — U.S. crude oil inventories fell unexpectedly last week as refineries hiked output due to restarts following Hurricane Harvey and exports soared, while gasoline stockpiles posted a surprise build, the Energy Information Administration said on Wednesday. Crude inventories USOILC=ECI fell 1.8 million barrels in the week to Sept. 22, compared […] More »
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U.S. fuel exports recover after Harvey, offering buyers respite

U.S. fuel exports recover after Harvey, offering buyers respite
28 September 2017, London/Houston — Fuel exports from the U.S. Gulf Coast have surged as refineries recover from weeks of disruptions due to Hurricane Harvey, offering respite to buyers in Latin America and Europe. The gradual resumption of operations in the region that has become a major oil export hub has prompted a drop on […] More »
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Oil climbs as tension over Iraqi Kurdistan rises

Oil climbs as tension over Iraqi Kurdistan rises
28 September 2017, London — Oil prices rose on Thursday, spurred by rising tension around northern Iraq following the autonomous Kurdistan region’s vote in favour of independence in a referendum. Brent crude oil LCOc1 was up 60 cents at $58.50 a barrel by 0945 GMT. It hit a more than two-year high of $59.49 on […] More »
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Nigeria’s oil industry to get Research and Development Council – NCDMB

Nigeria’s oil industry to get Research and Development Council – NCDMB
He said that research and development (R&D) efforts by stakeholders needs to offer real value and relevance to the oil and gas industry so that companies would support and fund them. More »
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World’s crude in floating storage down by 40mb

World’s crude in floating storage down by 40mb
OpeOluwani Akintayo 28 September 2017, Sweetcrude, Lagos — World’s crude in floating storage is down by an estimated 40 million barrels since the beginning of 2017, Secretary-General, Organisation of the Petroleum Exporting Countries, OPEC, Mohammed Barkindo, has said. His statement published on OPEC’s website was in celebration of the progress made by both OPEC and […] More »
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Nigeria: MPC retains lending rate at 14% on improved macroeconomic stability

Nigeria: MPC retains lending rate at 14% on improved macroeconomic stability
“The most compelling argument for a hold was to achieve more clarity in the evolution of key macro economy indicators, including budget implementation, economic recovery, exchange rate, inflation and employment generation,” he said. More »
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Oil to reach $60 by end of decade- Shell CEO

Oil to reach $60 by end of decade- Shell CEO
OpeOluwani Akintayo 28 September 2017, Sweetcrude, Lagos — Royal Dutch Shell Chief Executive Officer, Van Beurden, has said it will not be “unreasonable” to forecast oil price at $60 per barrel at the end of the decade. Brent crude rose by 0.38 percent to trade at $58.66 a barrel inWednesday Asia trade. It hit a […] More »
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OPEC targets Asia-Pacific as crude market by 2040

OPEC targets Asia-Pacific as crude market by 2040
OpeOluwani Akintayo 28 September 2017, Sweetcrude, Lagos — The Organisation of the petroleum Exporting Countries, OPEC, has said it will rely on the Asia-Pacific as market for its crude oil export by 2040. The group’s Secretary General, Mohammed Barkindo in a statement on Wednesday, said Asia-Pacific will require more of its oil and those from […] More »
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Wednesday, 27 September 2017

Nigeria’s excess crude earnings hit $22.1m in one day

Nigeria’s excess crude earnings hit $22.1m in one day
The price increase is an additional benefit to Nigeria, which just secured the nod of OPEC for the extension of its exemption from crude oil production cap following the country’s plea to be exempted until it stabilises its production. More »
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Saraki sets December date for passage of Petroleum Industry Bill

Saraki sets December date for passage of Petroleum Industry Bill
He noted that the Petroleum Industry Administration Bill, Petroleum Industry Fiscal Bill and Petroleum Host Community Bill had all gone through second reading. More »
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Federal allocation drops 28.3% in August – NBS

Federal allocation drops 28.3% in August – NBS
The figure is N184.38 billion less than the N652.23 billion disbursed to the three tiers of government in July 2017, representing a drop of 28.3 percent. More »
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Brazilians protest against big oil and gas auction in Rio

Brazilians protest against big oil and gas auction in Rio
*Around 180 activists bring citizens’ voices to the National Oil and Gas Agency: ‘No new fossil fuels!’ 27 September 2017, Sweetcrude, Lagos — Brazilians have moved against fossil fuels as about 180 activists, indigenous and grassroots representatives mobilized by 350.org Brazil protested in front of the five-star hotel Windsor Barra, in Rio de Janeiro, where […] More »
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Stakeholders endorse SNEPCo’s Global Nigeria Forum

Stakeholders endorse SNEPCo’s Global Nigeria Forum
OpeOluwani Akintayo 27 September 2017, Sweetcrude, Lagos — Public and private sector players in the Nigerian oil and gas industry have described Shell Nigeria Exploration and Production Company, SNEPCo’s annual Global Nigeria Forum, GNF as a model worthy of emulation by the country’s local content regulator. They spoke at the fourth edition of the forum […] More »
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NNPC’s annual quiz competition gets WAEC’s approval

NNPC’s annual quiz competition gets WAEC’s approval
OpeOluwani Akintayo 27 September 2017, Sweetcrude, Abuja — The ongoing Nigerian National Petroleum Corporation, NNPC’s annual quiz has passed West African Examinations Council, WAEC’s integrity test. According to a release by the Corporation, the standardisation of questions and integrity of test administration during the completion was what attracted WAEC’s attention. Speaking in Ado Ekiti, over […] More »
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Saudi Aramco to venture into non-Saudi crude oil trading

Saudi Aramco to venture into non-Saudi crude oil trading
27 September 2017, Singapore — Saudi Aramco’s trading arm will start trading non-Saudi crude oil to mainly feed its international joint ventures as the world’s largest oil exporter seeks to optimize profits, industry sources familiar with the move said. The expansion into crude comes as Saudi Aramco is working to boost its valuation ahead of […] More »
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Brent oil eases but remains in sight of 2015 highs

Brent oil eases but remains in sight of 2015 highs
27 September 2017, London — Brent oil eased on Wednesday following a report of a possible increase in Nigerian exports, but an unexpected drop in U.S. crude inventories helped keep the price within sight of this week’s 26-month highs. Turkey’s repeated threat to cut oil exports from the Kurdistan region in northern Iraq pushed the […] More »
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Siemens predicts a bright future for Ugandan oil & gas sector

Siemens predicts bright future for Ugandan oil & gas sector
27 September 2017, Sweetcrude, Kampala, Uganda — Oil and gas projects are increasingly complex and the need for an integrated solution is important. Uganda has the opportunity to kickstart pipeline project with leading digitalization technology and solutions that will have long-term cost and efficiency benefits. The International Monetary Fund recently stated that the oil reserves […] More »
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OPEC daily basket price stood at $56.43/b

OPEC daily basket price stood at $56.43/b
27 September 2017, Sweetcrude, Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $56.43 a barrel on Tuesday, compared with $55.62 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial […] More »
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Strong growth in fuel demand accelerates oil market rebalancing

Strong growth in fuel demand accelerates oil market rebalancing
27 September 2017, Singapore — Strong oil demand growth in emerging economies led by China and India, but also from Europe, is drawing down oil stockpiles faster than expected, putting the global market firmly on track to rebalance, senior industry executives said on Tuesday. A surge in demand for diesel and fuel stock draws after […] More »
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Revenue from solid minerals sector below 20%, says RMAFC

Revenue from solid minerals sector below 20%, says RMAFC
27 September 2017, Sweetcrude, Abuja – The Revenue Mobilisation Allocation and Fiscal Commission, RMAFC, says revenue from the solid minerals sector was still below 20 percent and that this was due to the activities of illegal miners who constitute more than 70 percent of mining activities and do not pay tax. Acting chairman of the […] More »
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Petrobras in $6.22b debt mess, creditors agree to swap

Petrobras in $6.22b debt mess, creditors agree to swap
OpeOluwani Akintayo 27 September 2017, Sweetcrude, Lagos — Brazil’s national oil company, Petrobras is currently in a $6.22 debt mess, SweetcrudeReports has learnt. According to information at our disposal, the company currently is unable to pay back the loan due to low oil prices, prompting its creditors to agree on crude swap to reduce the […] More »
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Chevron’s 2018 investment in Shale oil to gulp $4b

Chevron’s 2018 investment in Shale oil to gulp $4b
OpeOluwani Akintayo with Agency report 26 September 2017, Sweetcrude, Lagos — Chevron will invest $4 billion in shale oil in 2018, Ryan Krogmeier, Chevron’s vice president of crude supply and trading has said. In a statement on Monday, Krogmeier said the company will “be investing roughly $4 billion, next year, of capital in the Permian […] More »
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OPEC predicts ‘slight increase’ in oil sector investments in 2018

OPEC predicts ‘slight increase’ in oil sector investments in 2018
…Reports ‘highest ever’ level of compliance with production cuts OpeOluwani Akintayo 27 September 2017, Sweetcrude, Lagos – The Organisation of the Petroleum Exporting Countries, OPEC, says investments in the oil and gas sector would rise slightly this year and in 2018. The organisation made the prediction as it reported highest ever level of conformity with […] More »
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Infrastructure challenges prevent Nigeria from achieving 1.8mb/d production – Kachikwu

Infrastructure challenges prevent Nigeria from achieving 1.8mb/d production – Kachikwu
Oscarline Onwuemenyi 27 September 2017, Sweetcrude, Abuja – Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, says Nigeria’ crude oil production was being hampered by infrastructural problems. He said no oil export streams in Nigeria remained under force majeure but infrastructure problems were preventing production exceeding 1.8 million barrels per day, mb/d. Nigeria is […] More »
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Power: Four years not enough to resolve 60-year rot – Fashola

Power: Four years not enough to resolve 60-year rot – Fashola
Oscarline Onwuemenyi 27 September 2017, Sweetcrude, Abuja – Minister of Power, Works and Housing, Mr. Babatunde Fashola, has spoken of the serious problems in the nation’s power sector and the inability of the private investors in the sector to turn things around, saying four years was not enough to change what could not be done […] More »
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