Wednesday, 28 February 2018

Equity price: Seplat rebounds; Capoil is loser of the day

Equity price: Seplat rebounds; Capoil is loser of the day

28 February 2018, Sweetcrude, Lagos – Seplat Petroleum bounced back from decline at Wednesday’s trading for energy companies at the Nigerian Stock Exchange, rising by 2.6 per cent. Capoil was the only loser of the day. Top Gainers  Seplat: 2.6% Forte: 0.1% Japaul: 0.04% Loser Capoil: -0.02%

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USCG confirms Brownsville channel’s suitability for Texas LNG traffic

USCG confirms Brownsville channel’s suitability for Texas LNG traffic

28 February 2018, News Wires – The U.S. Coast Guard issued a letter recommending to the Federal Energy Regulatory Commission (FERC) that the Brownsville Ship Channel is suitable for Texas LNG’s marine traffic as it relates to safety and security, according to LNG World News. “After reviewing the information in the applicant’s letter of intent and Waterway Suitability …

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ExxonMobil’s PNG LNG plant remains shut after quake

ExxonMobil’s PNG LNG plant remains shut after quake

28 February 2018, News Wires – The ExxonMobil-operated PNG LNG export project remains closed following a magnitude 7.5 earthquake that struck on Monday in Papua New Guinea’s Southern Highlands. There have been at least 45 aftershocks greater than magnitude 2.5 in the past day. The largest of the aftershocks was magnitude 6.2. according to the U.S. Geological …

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Equity Price: Seplat rebound as Capoil activate, fall

Equity Price: Seplat rebound as Capoil activate, fall

28 February 2018, Sweetcrude, Lagos — Seplat Petroleum bounced back from yesterday’s drop on Wednesday trading activities on the floor of the Nigerian Stock Exchange for energy companies while Capoil’s activities was activated but ended as the only loser. Top Gainers Seplat: 2.6% Forte: 0.1% Japaul: 0.04% Top Loser Capoil: -0.02% Unchanged Oando: 0%

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Modular refinery: Integrated oil boss urges FG on support for indigenous players

Modular refinery: Integrated oil boss urges FG on support for indigenous players

OpeOluwani Akintayo 28 February 2018, Sweetcrude, Lagos — Capt. Emmanuel Iheanacho, the Chairman, Integrated Oil and Gas Ltd., has appealed to the Federal Government to provide funding and an enabling environment for indigenous entrepreneurs to establish modular refineries, to meet the nation’s refining capacity needs. Iheanacho, promoter of 20,000 Barrel Per Day (BPD) production capacity …

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ABB microgrid supports Jamaica’s transition to renewables

ABB microgrid supports Jamaica’s transition to renewables

28 February 2018, Sweetcrude, Zurich, Switzerland — ABB will supply an ABB Ability™ enabled microgrid and storage system to help integrate renewable solar and wind energy into the large tropical island’s power supply, reducing the need for fossil fuels and lowering the carbon footprint. ABB is a pioneer in microgrids, which because of their size …

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Solar success in rural Senegal: “Seize the obvious”

Solar success in rural Senegal: “Seize the obvious”

“Two limitless local resources—energy from the sun and local confidence— that’s what it takes to win,” asserts CEO of Energy Resources Senegal, Moustapha Sene 28 February 2018, Sweetcrude, Dakar, Senegal — Moustapha Sene is soft-spoken, but he is sure of what he’s doing, and has proved a rare knack for seeing the obvious. A company …

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Wärtsilä to secure uninterrupted electricity supply for Geita Gold Mine

Wärtsilä to secure uninterrupted electricity supply for Geita Gold Mine

28 February 2018, Sweetcrude, Lagos — The technology group Wärtsilä ensures the customer’s business continuity and mitigates interruptions with its recently signed operations and maintenance agreement with Geita Gold Mining Limited in Tanzania. Wärtsilä ensures fast recovery of the power plant’s commercial operations from exceptional situations and trains local employees to operate and maintain the …

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Financial market products & services update

Financial market products & services update

28 February 2018, Sweetcrude, Lagos — The local and international financial market products and services update. NIGERIA: Nigeria returned to growth in 2017 after suffering its first recession in a generation the previous year, data released from the country’s statistics office showed on Tuesday. The OPEC member’s gross domestic product (GDP) grew by 0.83% in …

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NNPC, Kogi to produce 84 million litres of bio-fuel

NNPC, Kogi to produce 84 million litres of bio-fuel

“NNPC is committed to implementing Nigeria’s Nationally Determined Contribution (NDC) under the Paris Agreement aimed at combating global Climate Change, to which President Muhammadu Buhari signed, and deposited Nigeria’s 'Instrument of Ratification' to the United Nations Framework Convention on Climate Change (UNFCCC) in May 2017.”

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TCN suffers setback in plan to energise 2 substations in Enugu

TCN suffers setback in plan to energise 2 substations in Enugu

28 February 2018, Sweetcrude, Abuja – The 132kV double circuit transmission line being constructed by the Niger Delta Power Holding Company, NDPHC, from New Haven in Enugu through 9th Mile to Nsukka has been vandalised by unknown persons. The act was carried out at the Eziama Nike village in Enugu East, Enugu State. According to …

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Deregulate petrol price, fuel station operators urge govt

Deregulate petrol price, fuel station operators urge govt

Mkpoikana Udoma 28 February 2018, Sweetcrude, Port Harcourt – Fuel station operators in Port Harcourt, the Rivers State capital, have urged the Federal Government to fully deregulate the price of Premium Motor Spirit or petrol so as to end the incessant scarcity and hike in prices of the product by operators. Deregulation, according to the station …

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Fuel scarcity: Nigeria needs 75 modular refineries by 2020 – Varsity don

Fuel scarcity: Nigeria needs 75 modular refineries by 2020 – Varsity don

Oscarline Onwuemenyi 28 February 2018, Sweetcrude, Abuja – A lecturer at the Federal University of Petroleum Resources, Effurun, Prof. Ogbarode N. Ogbon, has indicated that Nigeria would require about 75 modular refineries of 10,000 litres capacity each, along with the four state-owned refineries and yet-to-be-commissioned Dangote refinery to be all operational, if it must meet …

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Template for solar-powered mini-grids emerges in Nigeria

Template for solar-powered mini-grids emerges in Nigeria

Julie McPherson 28 February 2018, Sweetcrude, Lagos — In a developing country with a population of 186 million people, only a lucky few who live in central locations throughout Nigeria have access to power. Most of the population live in small rural communities that have no access to power in any way. However, that all …

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NPA harps on regional cooperation and integration for African ports

NPA harps on regional cooperation and integration for African ports

Vincent Toritseju 28 February 2018, Sweetcrude, Lagos — The Nigerian Ports Authority, NPA, yesterday harped on the cooperation and integration of ports across the African continent so as to serve as a vehicle for the actualisation of the dreams of the African Union (AU) new Partnership for African’s Development (NEPAD). Speaking at the ongoing Port …

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Weekly SweetcrudeReports/Guardian collaboration Feb 28 2018

Weekly SweetcrudeReports/Guardian collaboration Feb 28 2018

Read the Weekly SweetcrudeReports/Guardian collaboration

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Nigerian maritime industry to grow 5% in 2018/2019, says NIMASA

Nigerian maritime industry to grow 5% in 2018/2019, says NIMASA

Michael James 28 February 2018, Sweetcrude, Lagos – The Nigerian maritime industry is projected to grow by 2.5 – 5 % in 2018-2019. Also, demand for maritime services in the country is expected to increase during the period. The projections are contained in the Nigerian maritime industry forecast for 2018/2019 unveiled in Lagos by the Director …

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Abuja Disco, TCN disagree over power outage in Lokoja

Abuja Disco, TCN disagree over power outage in Lokoja

“It is rather unfortunate that the TCN will also turn round to blame the lingering outage in Lokoja on AEDC, when the actual reason for the outage was quite obvious.”

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Tuesday, 27 February 2018

U.S. to become world’s No.1 oil producer in 2019 – IEA

U.S. to become world’s No.1 oil producer in 2019 – IEA

28 February 2018, Sweetcrude, Lagos – The International Energy Agency, IEA, has said the United States will beat Russia to become the world’s largest producer of oil in 2019. This is coming as US shale oil boom continues to upend global markets. IEA Executive Director Fatih Birol made the statement at an event in Tokyo …

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Equity trading: Total leads, Seplat plunges

Equity trading: Total leads, Seplat plunges

27 February 2018, Sweetcrude, Lagos – Tuesday’s trading at the Nigerian Stock Exchange for energy companies saw Total leading the market with a wide margin as price of Japaul equities continued to rise. Seplat witnessed a big fall. Top Gainers Total: 15% Conoil: 3.15% Mobil: 3.4% Japaul: 0.04% Top Loser Seplat: -13.5% Unchanged  Oando: 0%

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86 percent of Nigerians buy petrol at N199 per litre, survey shows

86 percent of Nigerians buy petrol at N199 per litre, survey shows

“The prevailing price of petrol was also ascertained and results revealed that an overwhelming proportion, 86 per cent, of Nigerians disclosed that they buy petrol above the official price of N145."

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Hyundai Heavy develops SMR re-liquefaction test facility

Hyundai Heavy develops SMR re-liquefaction test facility

27 February 2018, News Wires – South Korean shipbuilder Hyundai Heavy Industries said it has recently completed the single mixed refrigerant (SMR) LNG re-liquefaction testing facility at its headquarters in Ulsan. The company said it has acquired all the safety approvals from the South Korean Gas Safety Corporation, for its SMR technology that enables 100 …

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TUC warns against proposed increase in electricity tariff

TUC warns against proposed increase in electricity tariff

“TUC recalls with dismay that several billions of naira have been expended in the sector to no avail. The call for tariff hike cannot be a solution and it shall be resisted,” the communique stated.

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ExxonMobil shuts LNG plant over Papua New Guinea quake

ExxonMobil shuts LNG plant over Papua New Guinea quake

…At least 14 die in quake 27 February 2018, Melbourne – At least 14 people were reported killed in landslides and by collapsed buildings during a powerful earthquake in the remote Papua New Guinea highlands, police and a hospital worker said on Tuesday, with unconfirmed reports of up to 30 dead. The magnitude 7.5 earthquake that …

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New national wage implementation to commence by 3rd quarter of 2018 – Ngige

New national wage implementation to commence by 3rd quarter of 2018 – Ngige

Akabueze explained that when an agreement had been reached on the new minimum wage, the financial implications would be worked out and a supplementary budget would be prepared for its implementation.

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Shell foresees LNG supply shortage by mid-2020s

Shell foresees LNG supply shortage by mid-2020s

27 February 2018, Sweetcrude, Lagos – The Royal Dutch Shell says the world could face a shortage of liquefied natural gas, LNG, within a decade due to underinvestment in new projects. Shell, in its recently-released LNG Outlook 2018, said the demand for LNG is growing faster than expected, forecasting a supply shortage by the mid-2020s. The …

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Niger Delta: $40bn investments wasted over 20 years — Kachikwu

Niger Delta: $40bn investments wasted over 20 years — Kachikwu

Ike Amos 27 February 2018, Sweetcrude, Lagos — Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, has described as a waste and invisible, all the investments in the Niger Delta, put at about $40 billion, over the last 15 to 20 years. Speaking at an energy forum in Abuja, Kachikwu also lamented the lack …

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OPEC daily basket price close at $65.18/b

OPEC daily basket price close at $65.18/b

27 February 2018, Sweetcrude, Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $65.18 a barrel on Monday, compared with $64.15 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 …

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Total & Aston Martin renew their global partnership

Total & Aston Martin renew their global partnership

*Total extends lubricant & technical partnership with Aston Martin Racing *Aston Martin recommends TOTAL QUARTZ INEO DYNAMICS 0W-20 for DB11’s V12 5.2ltr twin-turbo engine *Aston Martin recommends TOTAL EXCELLIUM fuel 27 February 2018, Sweetcrude, Paris – Total, the world’s fourth-largest international energy company and sports car manufacturer Aston Martin and its racing team, Aston Martin …

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Revive eastern ports, IYC charges Ameachi

Revive eastern ports, IYC charges Ameachi

Mkpoikana Udoma 27 February 2018, Sweetcrude, Port Harcourt – The Ijaw Youth Council, IYC, worldwide, has said the Minister of Transportation and former governor of Rivers State, Mr. Chibuike Amaechi, will go down in history as a failure if he fails to revived the moribund seaports in the Niger Delta to pave the way for economic …

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Shell wins Nigeria Oil and Gas Industry games for record third time

Shell wins Nigeria Oil and Gas Industry games for record third time

27 February 2018, Sweetcrude, Lagos — For the third time running, Shell has won the Nigeria Oil and Gas Industry Games (NOGIG), posting a commanding victory streak in the history of the 30-year old triennial competition. At the end of the week-long NOGIG 2018 in Lagos, Team Shell topped the medal table with 11 gold, …

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Monday, 26 February 2018

Equity: Japual maintains last week lead, Seplat fall

Equity: Japual maintains last week lead, Seplat fall

26 February 2018, Sweetcrude, Lagos – Monday’s trading activities on the floor of the Nigerian Stock Exchange for energy companies saw Japaul Oil maintaining last week’s lead as Seplat, Total and Mobil dropped. Top Gainer Japaul: 0.04% Top Losers  Seplat: -13.7% Total: -11% Mobil: -9.5% Unchanged  Oando: 0% Forte: 0%

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Chinese January LNG imports hit record high

Chinese January LNG imports hit record high

26 February 2018, News Wires – China’s imports of liquefied natural gas (LNG) surged in January as the country continued its switch from coal to natural gas as fuel for heating and to meet the expected demand spike due to a cold snap this month. China imported 5.18 million tonnes of LNG, up 51.2 percent …

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South Korea’s SK Group may join LNG forces with Malaysia’s Petronas

South Korea’s SK Group may join LNG forces with Malaysia’s Petronas

26 February 2018, News Wires – South Korean conglomerate SK Group and Malaysia’s energy giant Petronas could partner on liquefied natural gas (LNG) projects. The two companies are already in talks for potential joint ventures in petrochemical and renewable energy projects, Reuters cited Yu Jeong Joon, chief executive of the conglomerate’s energy arm SK E&S …

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Trans-border trade: Nigeria Customs vacates Benin Republic over disagreements

Trans-border trade: Nigeria Customs vacates Benin Republic over disagreements

*Alleged molestation of officers Vincent Toritseju 26 February 2018, Sweetcrude, Lagos — The Nigeria Customs Service has said that it is moving out its operatives and all operations away from Benin Republic due to constant molestation of its officers and violation of trans-border agreements by that country’s government. Customs Area Controller, Seme Command; Mohammed Aliyu …

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SPE renews call for investment in renewable energy

SPE renews call for investment in renewable energy

OpeOluwani Akintayo 26 February 2018, Sweetcrude, Lagos – Nigeria has been advised to increase its investment in renewable energy as an alternative to a dwindling oil. Chairman, Society of Petroleum Engineers (SPE), Nigeria Council, Mr. Chikezie Nwosu, made the call in a statement heralding the SPE Annual Oloibiri Lecture series. The theme of this year’s …

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Novatek seeks Saudi Aramco as partner in Arctic LNG-2

Novatek seeks Saudi Aramco as partner in Arctic LNG-2

26 February 2018, News Wires – Russian LNG export player Novatek is looking to bring Saudi Aramco onboard its second liquefied natural gas export project proposed for the Arctic. Novatek’s chief executive, Leonid Mikhelson, said the company is looking to bring Saudi Aramco onboard the Arctic LNG-2 project proposed for the Gydan peninsula, Reuters reports. Comments came …

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US LNG exports drop for second week running

US LNG exports drop for second week running

26 February 2018, News Wires – Houston-based liquefied natural gas export player, Cheniere, saw a decrease in the number of cargoes of LNG exported from its Sabine Pass facility in Louisiana over the past week, LNG World News reports. Currently, the only such a facility to export US shale gas overseas, loaded three LNG carriers with a …

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Dangote Cement gives multi-million Naira scholarship to 115

Dangote Cement gives multi-million Naira scholarship to 115

26 February 2018, Sweetcrude, Lagos — In a major boost to its Corporate Social Responsibility profile, Dangote Cement Plc (www.DangoteCement.com), Ibese Plant has announced a multi-million Naira educational scholarship award for 115 students from its 15 host communities for the 2017/2018 academic session. The Company said the scholarship has become an annual event meant to …

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Saudi to supply 12m barrels crude to China’s Huajin in 2018 deal

Saudi to supply 12m barrels crude to China’s Huajin in 2018 deal

26 February 2018, Beijing — State-run Saudi Aramco has agreed to supply China’s Huajin Chemical Industries Group Corp 12 million barrels of crude oil under an annual deal for 2018, up sharply from last year, three sources with knowledge of the deal said on Monday. Although it’s a fraction of Aramco’s total supplies to China, …

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Trelleborg launches next generation Firestop™ material

Trelleborg launches next generation Firestop™ material

26 February 2018, Sweetcrude, Lagos — Trelleborg’s offshore operation launches its next-generation Firestop™ material. The newly developed fire-resistant material is thinner and lighter than any current passive fire protection materials available to the market. Ben Erik Jansen, Business Development Director with Trelleborg’s offshore operation based in Norway states: “For decades Trelleborg has supplied the oil …

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Financial market products & services update

Financial market products & services update

26 February 2018, Sweetcrude, Lagos — The local and international financial market products and services update. NIGERIA: The four-day rally that saw investors in the Nigerian Stock Exchange, NSE, garner N234 billion last week will continue this week as investors continue to take a position ahead of the release of full-year 2017 financials by the …

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OPEC daily basket price close at $64.16/b

OPEC daily basket price close at $64.16/b

26 February 2018, Sweetcrude, Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $64.16 a barrel on Friday, compared with $63.08 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 …

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Group accuses Shell of re-laying pipelines in Ogoni

Group accuses Shell of re-laying pipelines in Ogoni

Mkpoikana Udoma 25 February 2018, Sweetcrude, Port Harcourt — The Ken Saro Wiwa Associates, KSWA, have accused the Shell Petroleum Development Company, SPDC, of renewing efforts to lay pipelines in Ogoniland with attempts to return to the area through the back door. KSWA also accused the current leadership of the Movement for the Survival of …

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Group accuses Shell of re-laying pipelines in Ogoni 

Group accuses Shell of re-laying pipelines in Ogoni 

Mkpoikana Udoma 26 February 2018, Sweetcrude, Port Harcourt – The Ken Saro Wiwa Associates, KSWA, has accused the Shell Petroleum Development Company, SPDC, of renewing efforts to lay pipelines in Ogoniland with attempts to return to the area through the backdoor. KSWA also accused the current leadership of the Movement for the Survival of Ogoni People, …

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Sunday, 25 February 2018

Nigeria govt, maritime stakeholders set to automate all processes

Nigeria govt, maritime stakeholders set to automate all processes

Vincent Toritseju 25 February 2018, Sweetcrude, Lagos — In a bid to grow the maritime sector in line with the Presidential order on the Ease of Doing Business in Nigeria, the Federal Government is set to automate all shipping related administrative processes in order to reduce subjectivity and corruption, thereby promoting transparency in the Nigerian …

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$14bn order book shows investors still crave African bonds

$14bn order book shows investors still crave African bonds

25 February 2018, London — The timing could scarcely have been worse. When Kenya started a series of meetings with some of the world’s biggest bond investors in the U.S. and London last week, it was in the midst of a political crisis. On the day the roadshow started, Moody’s Investors Service downgraded the nation’s …

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Libya oil field halt slows exports, sending crude prices rising

Libya oil field halt slows exports, sending crude prices rising

*El-Feel protests disrupt output for first time in two months *Oilfield has output capacity of about 90,000 barrels a day 25 February 2018, London — Crude loadings at Mellitah, the export terminal for El-Feel, will be “modified” after force majeure was declared on deliveries from the deposit on Feb. 23, the state-run National Oil Corp. said …

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Total records 1% revenue shortfall in 2017

Total records 1% revenue shortfall in 2017

*Declares N14 per 50 kobo ordinary share dividend OpeOluwani Akintayo 25 February 2018, Sweetcrude, Lagos — TOTAL Nigeria PLC has recorded a one percent decrease in revenue for the 2017 accounting year and has set the agenda for its upcoming 40th Annual General Meeting to hold on Thursday 21st of June. In the agenda seen …

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MRS Oil approves new director

MRS Oil approves new director

OpeOluwani Akintayo 25 February 2018, Sweetcrude, Lagos — The management of MRS Oil Nigeria Plc has announced approval of Mr. John Ugochukwu Chibueze as a Director. In a statement to the Nigerian Stock Exchange, the company said the appointment followed after its Board’s meeting on Thursday, February 22. “Mr. Chibueze is a highly respected business …

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