Sunday, 31 December 2017

Five oil signals to watch as 2018 pits OPEC against shale

Five oil signals to watch as 2018 pits OPEC against shale

31 December 2017, News Wires — Oil traders are going to have their work cut out for them in 2018. OPEC and its allies are heading into the second year of supply cuts to wipe out the global oil glut, while rising U.S. output is threatening those efforts. Geopolitical tensions also add a wild card …

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Indonesian oil, gas blocks attracted several bids in 2017 – Mining official

Indonesian oil, gas blocks attracted several bids in 2017 – Mining official

31 December 2017, Jarkata – Indonesia received bids from several foreign companies for exploration in five oil aand gas blocks in 2017, the deputy energy minister said on Friday, marking an uptick in interest for the resource-rich nation compared with previous years. At least four companies, including Mubadala Petroleum, Repsol SA and KrisEnergy, put in …

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US crude, natural gas output at multi-year records in October

US crude, natural gas output at multi-year records in October

31 December 2017, News wires – U.S. crude oil production in October rose to the highest in more than 46 years, while natural gas production leaped to a new record, U.S. Energy Information Administration data showed on Friday. The production increases in October compared to a year ago come on the heels of higher energy prices, …

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Reliance aims to become big clean energy provider – Ambani

Reliance aims to become big clean energy provider – Ambani

31 December 2017, Mumbai: India’s Reliance Industries Ltd will become a major provider of clean energy in the country, Chairman Mukesh Ambani, said, as the South Asian nation transitions to renewable energy sources from fossil fuels. India is one of the world’s biggest users of coal, and renewable energy such as solar power is a …

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India challenges China as world’s biggest LPG importer

India challenges China as world’s biggest LPG importer

31 December 2017, New Delhi: India is set to surpass China as the biggest importer of liquefied petroleum gas (LPG) this month as a drive to replace wood and animal dung fires for cooking boosts consumption. Shipping data in Thomson Reuters Eikon shows LPG shipments to India will reach 2.4 million tonnes in December, pushing …

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38 investors indicate interests in modular refineries – Presidency

38 investors indicate interests in modular refineries – Presidency

“The advanced stage of development means that these projects have passed the Licence to Establish stage, while some have the Authority to Construct licence or close to having it because they have met some critical requirements in the licensed stage."

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President Buhari signs NDDC Act, others into law

President Buhari signs NDDC Act, others into law

The Act includes the gas producing and gas processing companies in the list of agencies that are contributing to the Niger Delta Development Commission (NDDC) in addition to the Oil companies in a bid to increase funding of the Commission for effective discharge of its duties.

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Nigeria loses $2.27 billion to Offshore Processing Agreement – NEITI

Nigeria loses $2.27 billion to Offshore Processing Agreement – NEITI

The report also noted that 90 million dollars was lost through a practice where NNPC used a revised/lower pricing option at the point of payment instead of the higher price at the point of purchase.

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Nigeria’s trade balance increases from deficit in 2016 – Presidency

Nigeria’s trade balance increases from deficit in 2016 – Presidency

Adesina noted that on the back of a stable Naira and increased investment inflows, Nigeria’s stock market emerged one of the best-performing in the world, delivering returns in excess of 40 per cent.

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OML 11: 95 percent of Ogoni have accepted us – RoboMicheal

OML 11: 95 percent of Ogoni have accepted us – RoboMicheal

Mkpoikana Udoma  31 December 2017, Sweetcrude, Port Harcourt – The oil firm which has been in the centre of controversy over the planned resumption of oil exploration and production activity in OML 11 oilfields, RoboMicheal Limited, has announced that over 95 percent of the people of Ogoni, have accepted them to begin operation in the area. …

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Saturday, 30 December 2017

NNPC insists oil marketers were behind fuel crisis

NNPC insists oil marketers were behind fuel crisis

Ike Amos 30 December 2017, Sweetcrude, Lagos — The Nigerian National Petroleum Corporation (NNPC), Saturday, maintained its stance that the fuel crisis that ravaged the country over the last few weeks was caused by petroleum marketers to profit from the crisis. The NNPC, in a statement signed by its Group General Manager, Group Public Affairs …

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Venezuela to back cryptocurrency launch with 5.3bn barrels worth oil

Venezuela to back cryptocurrency launch with 5.3bn barrels worth oil

OpeOluwani Akintayo with Agency Report 30 December 2017, Sweetcrude, Lagos — The government of Venezuelan has announced that its cryptocurrency to be launched in few days time, will be backed by 5.3 billion barrels of oil worth $267 billion. According to a report published by CNBC, the move is to pay off its debts caused …

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Group demands less talk, improved power generation in Nigeria

Group demands less talk, improved power generation in Nigeria

OpeOluwani Akintayo 30 December 2017, Sweetcrude, Lagos — The Independent Energy Watch Initiative of Nigeria, IWIN, has called on the Federal Government to de-emphasise rhetorics and instead focus on improved power generation in the country. In a series of reports released by the group titled ‘Nigeria’s Power Sector in a Glance#lessTalkMorePower ‘, the group said …

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We’ll prosecute Diezani, if found culpable – Obono-Obla

We’ll prosecute Diezani, if found culpable – Obono-Obla

Mkpoikana Udoma 30 December 2017, Sweetcrude, Port Harcourt — The Special Assistant to the President on Prosecution, Mr. Okoi Obono-Obla, has hinted that the Federal Government would prosecute the former Petroleum Minister, Mrs. Diezani Allison-Madueke, if found culpable of the charges against her by the Economic and Financial Crimes Commission, EFCC. Obono-Obla disclosed that the …

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Fuel scarcity as a consequence of faulty energy policies

Fuel scarcity as a consequence of faulty energy policies

30 December 2017, Sweetcrude, London — At a time when the world is moving away from fossil fuels towards renewable sources of energy in response to the challenges posed by the reduction in petroleum reserves, the perspective of supply disruptions seen within the prism of the blackmail of oil producing countries, price volatility and environmental …

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Nigeria’s oil revenues plunges by 55% to $24.8b in 2015 – NEITI

Nigeria’s oil revenues plunges by 55% to $24.8b in 2015 – NEITI

*Tasks govt on oil metering, recovery of $3.7billion outstanding revenues *Urges NNPC to give full account, status of $16.8 billion NLNG dividends OpeOluwani Akintayo 30 December 2017, Sweetcrude, Lagos — Nigeria’s oil and gas revenues plunged from $54.5 billion in 2014 to $24.8 billion in 2015, the Nigeria Extractive Industries Transparency Initiative, NEITI has disclosed. …

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Shell, Total join list of IOCs to lease out Iranian tankers

Shell, Total join list of IOCs to lease out Iranian tankers

OpeOluwani Akintayo with Agency report 30 December 2017, Sweetcrude, Lagos — Shell and Total have joined the list of international companies operating in Iran that have leased out their oil tankers. According to the National Iranian Tanker Company, NITC Managing Director, Sirous Kianersi, the list keeps increasing following the implementation of a Joint Comprehensive Plan …

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Disco urge consumers to check billing history before renting

Disco urge consumers to check billing history before renting

OpeOluwani Akintayo 30 December 2017, Sweetcrude, Lagos — Electricity consumers have been advised to investigate payment history of any building before moving into them. A statement by the Port Harcourt Electricity Distribution Company, PHED on Friday, said it was important for consumers to make such enquiries to guard against inheriting accumulated bills. “Always endeavor to …

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NNPC fails to account for N5.15 trillion in unremitted funds – NEITI Report

NNPC fails to account for N5.15 trillion in unremitted funds – NEITI Report

It also showed that $586.011 million accounted for unreconciled export sales receivables in the year under review explaining that this is as a result of previous year unexplained/unreconciled difference. "The difference may continuously be carried forward. "

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Pilotage services: NPA suspends operation of service boats to IOCs

Pilotage services: NPA suspends operation of service boats to IOCs

*May restrict Egina FPSO’s access to Nigerian waterways Vincent Toritseju 30 December 2017, Sweetcrude, Lagos — The Nigerian Ports Authority, NPA, has suspended service boat operations in all its pilotage districts until the full settlement of debts accruing from unpaid pilotage dues by international oil companies, IOCs and other beneficiaries of the services. The management …

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Labour threatens mass action if fuel scarcity enters New Year

Labour threatens mass action if fuel scarcity enters New Year

“There is a deep-seated conflict of interest in the downstream sector; regulators are operators, regulators are importers, importers are products hoarders, regulators are also saboteurs, definitely we have a sector capture in our hands, Nigeria and Nigerians need liberation,” he remarked.

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Friday, 29 December 2017

SHI announces new LNG carrier order

SHI announces new LNG carrier order

29 December 2017, News wires – Ship building company, Samsung Heavy Industries of South Korea, says it will sign a deal for the construction of a liquefied natural gas, LNG, carrier at the cost of $196.4 million. The deal is for construction of a liquefied natural gas carrier, capable of transporting 180,000 cubic meters of LNG, …

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India targets 24-hour power for all by March 2019

India targets 24-hour power for all by March 2019

29 December 2017, New Delhi – By March 2019, all homes in the country will be provided uninterrupted 24-hour power supply throughout the year, India’s Power Minister R. K. Singh has said. Singh said by December 2018, 1,694 villages, which are yet to be electrified, will have electricity connection and works in this regard has been going …

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Repsol starts gas production from Sagari field in Peru

Repsol starts gas production from Sagari field in Peru

29 December 2017, , News Wires – Repsol has begun gas production from the Sagari field, located in block 57 in the Cusco region of Peru, the South American only liquefied natural gas (LNG) exporter. The start of production at Sagari will lead to a 25 percent increase in the block’s total output, Repsol said, adding …

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Peru ships LNG cargoes to Spain, China

Peru ships LNG cargoes to Spain, China

29 December 2017,  News Wires – Peru’s only liquefaction facility at Pampa Melchorita shipped three cargoes over the last two weeks, two of which are headed for Spain and one will land in China, LNG World News reports. According to the shipping data provided by the state-owned Perupetro, the 136,600-cbm LNG carrier Galea departed the facility on December …

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Israel to award gas exploration license to consortium of Indian oil PSUs

Israel to award gas exploration license to consortium of Indian oil PSUs

29 December 2017, New Delhi – Israel will award an exploration license to a consortium of Indian state firms led by ONGC Videsh in an auction of its offshore gas fields that saw tepid response from global companies. The decision to award the license, coming just ahead of Israeli Prime Minister Benjamin Netanyahu’s proposed mid-January …

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Equities prices of energy firms traded on the NSE

Equities prices of energy firms traded on the NSE

  29 December 2017, Sweetcrude, Lagos — Transactions on equities of energy companies traded on the Nigerian Stock Exchange, NSE, ended on a positive note as 2017 wound to a close. Top Gainers Seplat ended the day with a volume of 41,840 traded at a value of 26,184,671.80, up by 29.82 points. Mobil trailed behind …

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NSCDC arrests 60 suspects for vandalism, other offences in 3 months

NSCDC arrests 60 suspects for vandalism, other offences in 3 months

29 December 2017, Akure – The Nigerian Security and Civil Defence Corps, NSCDC, Ondo State Command, said it arrested more than 60 suspects and secured the conviction of 10 people for various crimes within 100 days in the state. The were arrested for vandalism of petroleum products, telecommunications and power equipment, and destruction of farm …

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U.S. oil prices hit highest since mid-2015 on surprise output drop

U.S. oil prices hit highest since mid-2015 on surprise output drop

29 December 2017, Singapore/London — U.S. oil prices hit their highest since mid-2015 on the final trading day of the year as an unexpected fall in American output and a fall in commercial crude inventories stoked buying. In international markets, Brent crude oil futures also rose, supported by ongoing supply cuts by top producers OPEC …

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Kachikwu denies writing memo to Buhari on likely fuel scarcity

Kachikwu denies writing memo to Buhari on likely fuel scarcity

“This is not a time for diversionary issues as the petroleum sector is dealing with a serious national issue. We are focused on collaboratively finding an urgent solution to this crises."

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Fuel scarcity: Saraki directs Senate committee on petroleum to cut short recess

Fuel scarcity: Saraki directs Senate committee on petroleum to cut short recess

The Committee chaired by Senator Kabiru Marafa, has been meeting with relevant stakeholders to find a lasting solution to the fuel scarcity.

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Miners oppose removal of mining from exclusive list

Miners oppose removal of mining from exclusive list

“It is our belief that state concerns can be addressed by the instrumentality of the recently inaugurated Mining Council and the MIREMCO provisions in the Mining Act in order to avert any constitutional crisis that may likely arise as a result of any suggestion or proposal to remove mining from the exclusive legislative list.”

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42 firms bid for rehabilitation of NNPC ITD Centres  

42 firms bid for rehabilitation of NNPC ITD Centres  

The GGM noted that the bid opening was conducted openly in the full glare of representatives of the bidding companies to demonstrate NNPC’s commitment to transparency and due process in all its operations.

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IKEDC rewards 25 customers in Energy4Life 4th anniversary draw

IKEDC rewards 25 customers in Energy4Life 4th anniversary draw

OpeOluwani Akintayo 29 December 2017, Sweetcrude, Lagos — In a bid to give back to its customers, Ikeja Electric Plc has rewarded 24 customers on its network with free 4,000 monthly worth of energy for a period of one year and a star prize reward of 4,000 monthly for a period of 4 years. Speaking …

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N10bn ‘universities solar project’ comes under intense scrutiny

N10bn ‘universities solar project’ comes under intense scrutiny

She added that, unfortunately, this proposal comes at a time when the power sector is facing critical and strangulating financial challenges in building the capacity for the sustainable electricity supply that will drive the growth of our economy.

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DPR gets N3b federal allocation in November 2017

DPR gets N3b federal allocation in November 2017

*N40b shared among oil-producing states OpeOluwani Akintayo 29 December 2017, Sweetcrude, Lagos — The Federation Account Allocation Committee, FAAC, has disclosed that the Department of Petroleum Resources, DPR, received N3 billion allocation for the month of November 2017. According to statistics sourced from the Nigerian Bureau of Statistics, NBS on how the total sum N532.76bn …

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Fuel scarcity will end by weekend –  NNPC, DPR assures

Fuel scarcity will end by weekend –  NNPC, DPR assures

According to him, NNPC is winning the war and putting in place adequate measures to ensure the product is easily accessible to the people in all parts of the country.

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Thursday, 28 December 2017

We paid NNPC N90bn for fuel but received nothing – Oil marketers

We paid NNPC N90bn for fuel but received nothing – Oil marketers

“It is an undisputable fact that DAPPMA members have paid for petrol supply (with bank funds) for over one month, the value of which is in excess of N90bn, yet PPMC/NNPC had no cargo to allocate to them."

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MOSOP condemns RoboMicheal over alleged military seizure of secretariat

MOSOP condemns RoboMicheal over alleged military seizure of secretariat

Mkpoikana Udoma 28 December 2017, Sweetcrude, Port Harcourt — The Movement for the Survival of the Ogoni People, MOSOP, has condemned RoboMicheal Limited and the Nigerian Army over an alleged forceful occupation of its secretariat in Bori, Khana Local Government Area of the Rivers State. The Publicity Secretary of MOSOP, Mr. Fegalo Nsuke said heavily …

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Fuel scarcity: Senate summons Kachikwu, Baru

Fuel scarcity: Senate summons Kachikwu, Baru

Michael James 28 December 2017, Sweetcrude, Lagos — The Senate President, Bukola Saraki has directed the committee on petroleum resources to cut short its recess and conduct a stakeholders’ meeting in a bid to end the lingering fuel scarcity in the country. Saraki also directed the committee chaired by Kabir Marafa to summon the Minister of …

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Ministry of Power to execute eight power plant projects 2018

Ministry of Power to execute eight power plant projects 2018

OpeOluwani Akintayo 28 December 2017, Sweetcrude, Lagos — The Federal Ministry of Power, Works, and Housing headed by the Minister Babatunde Fashola, has listed eight power plant projects it will embark upon, come 2018. In a statement eleased today, the ministry listed the projects as Azura (450 MW), Katsina Wind Farm (10 MW), Gbarain (115 …

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Gulf energy firms issue record $28.7bn debt in 2017

Gulf energy firms issue record $28.7bn debt in 2017

28 December 2017, London — Oil and gas producers, pipeline operators and refiners in Kuwait, the United Arab Emirates, Saudi Arabia, Oman, Bahrain, and Qatar borrowed a record $28.7 billion through bonds and syndicated loans in 2017, eclipsing the previous high set two years earlier, according to data compiled by Bloomberg. Those companies borrowed about …

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Equities prices of energy firms traded on the NSE

Equities prices of energy firms traded on the NSE

28 December 2017, Sweetcrude, Lagos — Market activities on the Nigerian Stock Exchange for energy companies on Thursday December 28, 2017 ended on a positive note despite the holidays. Top Gainers Total topped the chart of gainers with 10.95 points change, 118,238 volume of equities valued at 27,169,940.03 was traded. Mobil trailed behind Total with …

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Russia to sustain grip on Europe’s gas market

Russia to sustain grip on Europe’s gas market

28 December 2017, Moscow — Russia is working to keep natural gas exports to Europe near record levels in 2018 after the continent’s biggest supplier, Gazprom PJSC, said its deliveries this year signal it is achieving on its ambitions to expand. The state-controlled gas giant plans to ship a minimum of 180 billion cubic meters …

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Sinopec starts trial run at China’s first shale gas fed LNG plant

Sinopec start trial run at China’s first shale gas fed LNG plant

28 December 2017, Beijing – Sinopec says it started trial operations at its Fuling LNG plant in south-western Chongqing on Dec. 20 The Fuling plant is China’s first LNG plant that compressed shale gas into LNG The plant has a designated production capacity of 680,000 tonnes per year. (Reporting by Meng Meng and Ryan Woo; …

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Nigeria earns N362bn from oil, gas tax in 3rd quarter

Nigeria earns N362bn from oil, gas tax in 3rd quarter

Ike Amos 28 December 2017, Sweetcrude, Abuja — Nigeria earned N362.24 billion from Petroleum Profit Tax (PPT) and Gas tax in three months, between July and September 2017. According to data obtained from the Central Bank of Nigeria’s (CBN) Statistical Bulletin for the Third Quarter of 2017, revealed that PPT and Gas tax accounted for …

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AfDB achieves 100% investment in green energy projects in 2017

AfDB achieves 100% investment in green energy projects in 2017

•Commits to 100% climate screening for all Bank-financed projects 28 December 2017, Sweetcrude, Abidjan, Côte d’Ivoire –− The African Development Bank achieved a 100% investment in renewable energy in 2017, a major landmark in its commitment to clean energy and efficiency. Power generation projects with a cumulative 1,400 megawatts exclusively from renewables were approved during …

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Rivers: Abe demands national health emergency on black soot

Rivers: Abe demands national health emergency on black soot

Mkpoikana Udoma 28 December 2017, Sweetcrude, Port Harcourt – Worried by the hydrocarbon soot ravaging Rivers State and its environs, the senator representing Rivers South-East Senatorial District in the National Assembly, Sen. Magnus Abe, has demanded that national health emergency be declared in the state over the soot. Speaking in Kpite, Tai Local Government Area …

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We want oil production to commence in Ogoni -Monarchs

We want oil production to commence in Ogoni -Monarchs

Mkpoikana Udoma 28 December 2017, Sweetcrude, Port Harcourt – Monarchs in Ogoniland under the auspices of Supreme Council of Ogoni Traditional Rulers, have said that they are ready to accept any company that wants to explore oil in the area. The decision comes contrary to the earlier decision by the socio-cultural Ogoni group, MOSOP and …

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Nigeria: Fashola’s 7000 MW power production claim untrue

Nigeria: Fashola’s 7000 MW power production claim untrue

OpeOluwani Akintayo 24 January 2017, Sweetcrude, Lagos — At the last monthly power sector operators’ meeting held on Monday, December 11 in Lokoja, Kogi State, Minister of Power, Works and Housing, Babatunde Fashola had claimed power generation had increased from below 5000 megawatts, MW, to 7000MW. “By collective action of Government and all of you, …

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