Tuesday, 31 October 2017

Nigeria’s unmetered electricity customers to get 15% discount yearly

Nigeria’s unmetered electricity customers to get 15% discount yearly

OpeOluwani Akintayo 01 November 2017, Sweetcrude, Lagos — The Power Council of Nigeria has said unmetered customers will be entitled to 15 percent discount yearly within the period for which they remain unmetered. According to a communique issued at the end of the third National Council On Power, NACOP, obtained by SweetcrudeReports, the Council instructed …

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Equities prices of energy firms listed on the NSE

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No plan to influence Senate probe — NNPC

No plan to influence Senate probe — NNPC

Ike Amos 31 October 2017, Sweetcrude, Abuja — The Nigerian National Petroleum Corporation, NNPC, Tuesday, said its planned dinner with members of the National Assembly was not designed to influence the probe of its Group Managing Director, Mr. Maikanti Baru. The NNPC in a series of tweets on Twitter, said the dinner with members of …

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TCN replaces damage transmission tower in Asokoro

TCN replaces damage transmission tower in Asokoro

Michael James 31 October 2017, Sweetcrude, Lagos — The Transmission Company of Nigeria, TCN, has successfully completed the re-construction of a new transmission tower to replace the damaged transmission tower No 145, destroyed in September by a trailer which rammed into it in the Asokoro area of Abuja, FCT. In a statement signed by the …

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Group lament attacks on Intels, urges Buhari’s intervention  

Group lament attacks on Intels, urges Buhari’s intervention  

Vincent Toritseju 31 October 2017, Sweetcrude Lagos — The Niger Delta Youth Coalition (NDYC) has berated the Oil and Gas Free Zones Authority (OGFZA), Nigerian Ports Authority (NPA) and the Federal Inland Revenue Service, FIRS, for their incessant attacks against Intels Nigeria Limited, saying that such attacks were uncalled for, and are inimical to the …

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Nigeria grants Israeli firm $186m waterways security contract

Nigeria grants Israeli firm $186m waterways security contract

Vincent Toritseju 31 October 2017 Sweetcrude, Lagos — THE Federal Government of Nigeria has contracted the security of the nation’s waterways to an Israeli security firm at the cost of $186million Disclosing this in Lagos, at the World Maritime Day with the theme, “Connecting Ships, Ports and People,” Minister of Transport, Mr. Rotimi Amaechi said …

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We have not called-off loans to Nigeria – AfDB

We have not called-off loans to Nigeria – AfDB

*Expresses strong support for country’s economic recovery 31 October 2017, Sweetcrude, Abidjan, Ivory Coast — The African Development Bank (www.AfDB.org) wishes to categorically refute the statement that it has “called off loans to Nigeria”, as reported in Reuters and credited to AfDB Vice-President for Power, Energy, Climate and Green Growth Amadou Hott. The African Development …

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Financial market products & services update

Financial market products & services update

31 October 2017, Sweetcrude, Lagos — The local and international financial market products and services update. NIGERIA: The African Development Bank has called off a loan to Nigeria that would have helped fund the country’s budget, instead redirecting the money to specific projects, a vice president at the lender said on Monday. The African Development …

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OPEC daily basket price close at $58.27/b

OPEC daily basket price close at $58.27/b

31 October 2017, Sweetcrude, Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $58.27 a barrel on Monday, compared with $57.55 the previous Friday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), …

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Power Council approves return of CAPMI

Power Council approves return of CAPMI

OpeOluwani Akintayo 31 October 2017, Sweetcrude, Lagos – The National Council on Power, NACOP, has approved the return of the Credited Advanced Payment for Metering Implementation, CAPMI, scheme abolished last year by the Nigerian Electricity Regulatory Commission, NERC. According to a copy of a statement issued by the third National Council on Power, NACOP, at the …

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IYC condemns “internal colonialism of Niger Delta people”

IYC condemns “internal colonialism of Niger Delta people”

Mkpoikana Udoma 31 October 2017, Sweetcrude, Port Harcourt – The Ijaw Youth Council, IYC, has called on President Muhammadu Buhari, Minister of State Petroleum, Dr. Ibe Kachikwu; the Nigerian National Petroleum Corporation, NNPC, and the Nigerian Content Development and Monitoring Board, NCDMB, to stop what it termed “the internal colonialism and marginalisation of Niger Delta communities …

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Fashola commissions mobile transformers in Kaduna, Katsina substations

Fashola commissions mobile transformers in Kaduna, Katsina substations

He explained that the installation and commissioning of the 40MVA Mobile transformer was part of the effort by the present government to ameliorate the challenges encountered in generation and distribution of power across the country.

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PHCCIMA wants govt to encourage entrepreneurship, made-in-Nigeria goods

PHCCIMA wants govt to encourage entrepreneurship, made-in-Nigeria goods

… Wants community content in oil & gas industry Mkpoikana Udoma 31 October 2017, Sweetcrude, Port Harcourt – The Port Harcourt Chamber of Commerce, PHCCIMA,  has urged the federal and state governments to intensify efforts towards encouraging entrepreneurship development and Made-in-Nigeria goods for economic stimulation, wealth creation and employment generation. President of PHCCIMA, Dr. Emi Membere-Otaji, …

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Ministry says Qua Iboe Power Plant will add 540MW to national grid

Ministry says Qua Iboe Power Plant will add 540MW to national grid

OpeOluwani Akintayo 31 October 2017, Sweetcrude, Lagos – The Federal Ministry of Power has announced that 540 megawatts of power will be added to the national grid soon. A statement by the ministry on Monday said the 540MW will be achieved through an agreement signed between the Nigerian Bulk Electricity Trading Plc, NBET, and Qua Iboe Independent …

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Nigeria to embrace transparency in extractive sector – Osinbajo

Nigeria to embrace transparency in extractive sector – Osinbajo

He said, “Transparency in this sector is very important for Nigeria. It is in our enlightened self-interest to do so because of the strategic nature of this sector to our economy. So we are doing this more for ourselves."

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Monday, 30 October 2017

Prices of energy company equities at the Nigerian Stock Exchange

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Russia & Nigeria sign nuclear project development agreements

Russia & Nigeria sign nuclear project development agreements

30 October 2017, Sweetcrude, Abu-Dhabi – Russia and Nigeria signed agreements on construction and operation of a Nuclear Power Plant and a Research Center housing a multi-purpose nuclear research reactor on the territory of Federal Republic of Nigeria. The parties also signed a roadmap for cooperation in the field of peaceful usage of nuclear technologies. …

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AEDC blames inadequate metering on non-reflective tariff cost of electricity

AEDC blames inadequate metering on non-reflective tariff cost of electricity

“The reason the metering is not moving as fast as it should is because the time which it should have been cost-effective has been eroded because there is no cost recovery in terms of tariff.”

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Intels threatens to sue OGFZA over false, malicious allegations

Intels threatens to sue OGFZA over false, malicious allegations

*We only issued Intels a query – OGFZA Vincent Toritseju 30 October 2017, Sweetcrude, Lagos — THE Management of Nigeria’s oil and gas logistics giant and port concessionaire, Intels Nigeria Limited (INL) has threatened legal action against the Managing Director of the Oil and Gas Export Free Zone Authority (OGFZA), Umana Okon Umana, for levelling …

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Power: Transmission company has most abandoned projects in Nigeria – Mohammed

Power: Transmission company has most abandoned projects in Nigeria – Mohammed

The TCN boss noted that these abandoned power transmission projects were scattered across the country and that a lot of them had largely been paid for by the government.

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Fuel Distribution: NNPC moves to secure downstream assets

Fuel Distribution: NNPC moves to secure downstream assets

The MD stated that the NPSC was desirous of engaging reputable and competent security firms to safeguard its critical assets to ensure unimpeded operations and efficient service delivery.

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Training vessel stolen at Institute of Oceanography, found in Cameroun    

Training vessel stolen at Institute of Oceanography, found in Cameroun    

Vincent Toritseju 30 October 2017, Sweetcrude, Lagos — A fishing and research vessel belonging to the Nigerian Institute of Oceanography and Marine Research, Lagos which was reportedly stolen by pirates has been found in neighbouring Cameroun. The Nigerian Maritime Administration and Safety Agency, NIMASA, said last week that it has been able to trace the …

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Total increases lubricant production capacity in Nigeria

Total increases lubricant production capacity in Nigeria

OpeOluwani Akintayo 30 October 2017, Sweetcrude, Lagos — In a bid towards fulfilling its goal of boosting lubricant production capacity in Nigeria, Total Nigeria Plc has commissioned its second High Speed Filling, HSF machine. The lubricant blending plant in Koko, Delta State was commissioned this month. The second machine followed the first commissioned at its …

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Financial market products & services update

Financial market products & services update

30 October 2017, Sweetcrude, Houston, Texas — The local and international financial market products and services update. NIGERIA: Nigeria’s Central Bank Governor Godwin Emefiele said on Friday he expected inflation rates to fall at a faster pace and hit high single-digit rates mid-next year. “We are very optimistic that food prices will come down, and …

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OPEC daily basket price close at $57.54 

OPEC daily basket price close at $57.54 

30 October 2017, Sweetcrude, Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $57.54 a barrel on Friday, compared with $56.45 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 Guinea), Rabi Light …

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Moody’s sees South African risks rising without credible debt plan

Moody’s sees South African risks rising without credible debt plan

*Medium-term budget policy statement is credit-negative *Moody’s and S&P to make ratings announcement on Nov. 24 30 October 2017, Johannesburg — South Africa’s debt sustainability will be at risk unless the government presents a credible fiscal-consolidation plan in 2018, Moody’s Investors Service said. Finance Minister Malusi Gigaba tabled a bleak picture of the nation’s finances …

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US to encourage more investments in Nigeria after Kachikwu meets Perry

US to encourage more investments in Nigeria after Kachikwu meets Perry

He further stated that the United States Government has a high level of respect for the people of Nigeria and pledged willingness to continue to encourage US companies to invest in Nigeria’s oil sector.

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NNPC, First E&P, BGP commence seismic data acquisition in OMLs 83, 85

NNPC, First E&P, BGP commence seismic data acquisition in OMLs 83, 85

Ike Amos 30 October 2017, Sweetcrude, Abuja — The Nigerian National Petroleum Corporation (NNPC) Sunday, said it has commenced the acquisition of marine seismic data in Oil Mining Leases (OMLs) 83 and 85. The oil well is jointly owned by the NNPC, owning 60 percent stake and First Exploration and Production, owning 40 percent and …

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Sunday, 29 October 2017

AFC & Harith merge assets to bring power to Africa

AFC & Harith merge assets to bring power to Africa

October 2017, Sweetcrude, London — Harith General Partners (Harith) and Africa Finance Corporation (AFC), two preeminent institutional investors based in Africa, have merged their power sector assets, expertise and experience to create a new energy entity combining both renewable and non-renewable power generating assets in Africa. On a continent where more than 620 million people …

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Zimbabwe: CBZ Bank hit with U.S.$385m penalty

Zimbabwe: CBZ Bank hit with U.S.$385m penalty

29 October 2017, Harare — Zimbabwe’s biggest bank by asset base, CBZ Bank, has been slapped with a staggering US$3,8 billion fine by the United States Treasury’s Office of Foreign Assets Control (Ofac) for thousands of financial transactions done on behalf of ZB Bank then under economic sanctions imposed by the world’s largest economy, the …

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Tanzania: Energy Minister fumes as country goes without power for 10 hours

Tanzania: Energy Minister fumes as country goes without power for 10 hours

29 October 2017, Dar es Salaam — Minister for Energy, Dr. Medrad Kalemani, has directed Tanesco deputy director general, Mr. Abdallah Ikwasa, to shift Kidatu power plant operation manager for alleged reckless which led to the power outage for about 10 hours in the country. Dr. Kalemani made the directives on Thursday October 26 following …

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Tullow to build Kenya’s 865 KM oil pipeline

Tullow to build Kenya’s 865 KM oil pipeline

29 October 2017, Nairobi — Kenya’s plans to build an oil pipeline for its Turkana deposits got a major boost Tuesday after the government signed an agreement with British oil explorer Tullow that allows initial works to begin. Tuesday’s pact, which also includes Africa Oil and AP Moller-Maersk, paves the way for commencement of early …

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Crude oil output from Mexico’s Pemex falls 18 percent in September

Crude oil output from Mexico’s Pemex falls 18 percent in September

29 October 2017, Mexico City — Mexican national oil company Pemex reported on Friday that September crude production fell 18 percent from the same month last year, marking three consecutive months with oil output coming in below 2 million barrels per day. September output averaged 1.73 million b/d, down from 1.93 million b/d in August. …

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IKEDC commences customer data capture exercise

IKEDC commences customer data capture exercise

*Customers to get real-time alerts on completion of exercise OpeOluwani Akintayo 29 October 2017, Sweetcrude, Lagos — Ikeja Electric Plc, IKEDC, has commenced a data capture exercise of customers across its network. The exercise, which entails capturing the phone numbers, contact details and e-mails of customers within her network, seeks to ensure that customers begin …

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Barkindo says Saudi Arabia backs further oil cut

Barkindo says Saudi Arabia backs further oil cut

OpeOluwani Akintayo 29 October 2017, Sweetcrude, Lagos — The Secretary-General for the Organisation of the Petroleum Exporting Countries, OPEC, Mohammed Barkindo has said Saudi Arabia, the group’s largest producer and exporter, has given consent for further oil cuts to shore up prices. Saudi Arabia’s nod for cut extension, comes on the heels of the OPEC/Non-OPEC …

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SEC, NSE ignore court order over suspension of Oando

SEC, NSE ignore court order over suspension of Oando

OpeOluwani Akintayo 29 October 2017, Sweetcrude, Lagos — Despite Oando Plc obtaining a Federal High Court order, asking the Security and Exchange Commission, SEC, and the Nigerian Stock Exchange, NSE, to reverse suspension of its shares, both SEC and NSE are yet to comply. Last check by SweetcrudeReports on NSE and SEC’s official websites, revealed …

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Saturday, 28 October 2017

Africa50 reaches financial close for solar plants in Egypt

Africa50 reaches financial close for solar plants in Egypt

28 October 2017, Sweetcrude, Cairo — Africa50, the infrastructure fund for Africa, Scatec Solar and Norfund have signed the long-term financing documentation for the 400 MWDC utility scale photovoltaic (PV) power plants in Egypt for which they had previously entered into a Joint Development Agreement (JDA). The project, which was developed under the second round …

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AfDB approves $100m line of credit to Kenya Commercial Bank

AfDB approves $100m line of credit to Kenya Commercial Bank

28 October 2017, Sweetcrude, Nairobi — The Board of Directors of the African Development Bank (AfDB) has approved a US$ 100 million Line of Credit (LOC) to Kenya Commercial Bank Limited (KCB). The line of credit resources will provide much-needed liquidity support for the development of infrastructure and energy projects as well as support value-addition …

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Ghana extends energy bond sale as demand falls short

Ghana extends energy bond sale as demand falls short

*Country to continue 10-year debt sale, 7-year bonds closed *Securities sold to settle legacy debts of energy utilities 28 October 2017, Accra — Ghana is extending the issuance of non-sovereign bonds that the country needs for settling the legacy debts of state-owned energy utilities after demand for the securities fell short of the 6 billion …

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Shell bets big on Brazil as oil majors snap up offshore blocks

Shell bets big on Brazil as oil majors snap up offshore blocks

28 October 2017, Rio De Janeiro — Oil major Royal Dutch Shell Plc RDSA.L won half the blocks awarded in Brazil’s deepwater oil auction on Friday, while rival BP (BP.L) took two blocks and Exxon Mobil Corp (XOM.N) one in a historic opening of the pre-salt play to foreign operators. Brazil awarded six of the …

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Exxon, Chevron results linked to oil price, not cost cuts

Exxon, Chevron results linked to oil price, not cost cuts

28 October 2017, Houston — Rising oil and natural gas prices boosted third-quarter profits at Exxon Mobil Corp and Chevron Corp by about 50 percent, underscoring how reliant they remain on commodity markets for their financial futures than better technology or cost cuts. Despite deep capital spending cuts and a refocusing on projects that can …

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WAV condemns alleged fraudulent moves by Sea Truck Group

WAV condemns alleged fraudulent moves by Sea Truck Group

28 October 2017, Sweetcrude, Lagos – Leading provider of offshore engineering, procurement, fabrication, installation and vessel charter services in Nigeria, West African Ventures Limited, WAV, has raised alarm over what it termed “the dishonest moves by former expatriate employees in Sea Trucks Group, STG, to illegally take over some assets of WAV and steal the …

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Nigeria targets 20,000 megawatts – Shehuri

Nigeria targets 20,000 megawatts – Shehuri

He said that the government was replacing faulty transformers nationwide and installing new ones in order to ensure steady power supply to Nigerians.

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PENGASSAN insists on passage of Petroleum Industry Bill

PENGASSAN insists on passage of Petroleum Industry Bill

“The stakeholders (oil workers) will ensure that the lacunas, particularly the adverse labour clauses identified in the Bill are addressed before its passage," it stated.

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Ex-militants demand pipeline surveillance contracts in Niger Delta

Ex-militants demand pipeline surveillance contracts in Niger Delta

"We appeal to the Presidency to consider giving the pipeline surveillance contracts to the youths in the region who know the terrain better."

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NPA to partner Women in ANLCA on port operations

NPA to partner Women in ANLCA on port operations

iew Larger Image Sam Ikeotuonye 28 October 2017, Sweetcrude, Lagos – The Nigerian Ports Authority, NPA, says it will partner Women in ANLCA (Association of Nigeria Licensed Customs Agents) to guide the agency in making policy decisions on ports operations. NPA’s Managing Director, Hadiza Bala Usman, made the pledge when she received a delegation of …

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Nigeria govt approves $1.1 billion PPA for Qua Iboe Power Project

Nigeria govt approves $1.1 billion PPA for Qua Iboe Power Project

They stated that the plant would commence commercial operations in 2021, in addition to unlocking investments in power transmission infrastructure.

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Nigeria: FEC approves 14km transmission line, Road Trust Fund

Nigeria: FEC approves 14km transmission line, Road Trust Fund

Fashola said the council approved the construction of 14 kilometres transmission line for the Transmission Company of Nigeria (TCN) to evacuate the Azura Power Plant in Edo at the cost of N796.6 million.

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Friday, 27 October 2017

Aiteo’s Benedict Peters appoints US/UK legal teams to address allegations

Aiteo’s Benedict Peters appoints US/UK legal teams to address allegations

27 October 2017, Sweetcrude, London, United Kingdom — Benedict Peters, Executive Vice Chairman of Aiteo Group (www.AiteoGroup.com), has instructed London law firm Mishcon de Reya and Washington’s Covington & Burling to lead ongoing efforts to address politically-motivated issues. Aiteo Group, founded in 1999, is a leading indigenous Nigerian oil producer headquartered in Lagos. UK-based Mishcon …

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Chevron’s Shares drop by 1.2% on output decline

Chevron’s Shares drop by 1.2% on output decline

*As ExxonMobil’s shares rise nearly 1% OpeOluwani Akintayo 27 October 2017, Sweetcrude, Lagos — Chevron’s shares fell by 1.2 percent to $117 at the premarket trading on Friday due to output decline. According to stock market’s data, the company’s stock grew less than 1 percent this year. The International Oil Company, IOC, declared an unexpectedly …

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