Monday, 30 April 2018

Equities: Eterna, Total, Japaul record losses

Equities: Eterna, Total, Japaul record losses

    30 April 2018, Sweetcrude, Lagos – Monday’s trading by energy companies at the Nigerian Stock saw Eterna, Total, and Japaul recording losses. However, the Mobil share price gained while Oando and Seplat Petroleum were unchanged. Top Gainer Mobil: 0.4% Unchanged Seplat: 0 Oando: 0 Top Losers  Eterna: -0.33% Total: -0.4% Japaul: 0.02%

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Trelleborg gets approval for largest range of API-16C compliant sealing materials

Trelleborg gets approval for largest range of API-16C compliant sealing materials

30 April 2018, Sweetcrude, Houston, Texas — Trelleborg Sealing Solutions announces at the Offshore Technology Conference 2018 that it has received approval for 25 materials to American Petroleum Institute API-16C specification relative to oil and gas choke and kill valve requirements. This represents the largest number of materials compliant to the standard available from any …

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Audit finds Saudi Arabia’s oil reserve at 270 billion barrels

Audit finds Saudi Arabia’s oil reserve at 270 billion barrels

OpeOluwani Akintayo 30 April 2018, Sweetcrude, Lagos – An audit of Saudi Arabia’s crude oil reserve has found that the world’s largest producer has 270 billion barrels of crude oil in store, slightly higher than the 260.8 billion barrels the company reported in its 2016 annual review. A reserve total significantly above or below the 261 billion …

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Global wind industry adds over 52GW to power in 2017

Global wind industry adds over 52GW to power in 2017

OpeOluwani Akintayo 30 April 2018, Sweetcrude, Lagos – A report by the Global Wind Energy Council, GWEC, has said the wind industry added over 52 gigawatts, GW, of wind power in 2017. The amount of GW produced in 2017 fell short of the 54.6GW reported in 2016. But, GWEC said it expects production to increase …

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Rivers youths occupy NAOC over unemployment

Rivers youths occupy NAOC over unemployment

Mkpoikana Udoma 30 April 2018, Sweetcrude, Port Harcourt — Youths from Obio/Akpor Local Government Area of Rivers have occupied the entrance to the Nigerian Agip Oil Company, NAOC, in Port Harcourt, over alleged refusal of the company to give employment to youths from its host communities. Leader of the protest and Obio/Akpor youth president, Mr. …

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Congo & OPEC: A marriage of mutual need

Congo & OPEC: A marriage of mutual need

NJ Ayuk 30 April 2018, Sweetcrude, Johannesburg, South Africa — The Republic of the Congo has suffered dearly during the oil collapse; and Congolese President Denis Nguesso has pledged that the country would no longer be sitting on the side lines — suffering the effects of global decision-making in the oil industry without a voice. …

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Unique nuclear floating power unit has set sail in Russia

Unique nuclear floating power unit has set sail in Russia

30 April 2018, Sweetcrude, Saint-Petersburg – Akademik Lomonosov, the world’s, so far, only nuclear floating power unit (FPU), has set sail from the Baltic Shipyard. The unit is en route to its final destination – Pevek, Chukotka (in Russia’s Far East), where it will operate as a floating nuclear power plant. Akademik Lomonosov will first …

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OPEC daily basket price close at $71.24/b

OPEC daily basket price close at $71.24/b

30 April 2018, Sweetcrude, Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $71.24 a barrel on Friday, compared with $71.00 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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Indian govt to issue tenders for 20,000 megawatt solar power capacity

Indian govt to issue tenders for 20,000 megawatt solar power capacity

30 April 2018, News Wires – The Indian government is ready with tenders for an addition of 20 gigawatt (20,000 mega watt) solar power, with the successful bidder mandated to have production facility to manufacture nearly half the equipment requirement. The generation capacity is proposed to be added over the next three years and is one …

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Scientists find new way to produce hydrogen fuel from sunlight

Scientists find new way to produce hydrogen fuel from sunlight

30 April 2018, News Wires – The energy provided by sunlight in an hour is equivalent to mankind’s total energy consumption for one year, but the development of devices to turn this abundant natural gift into a feasible energy source for mankind had remained a challenge. A new research, led by Govinder Singh Pawar — an …

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Volvo’s new LNG-powered truck hits Finnish roads

Volvo’s new LNG-powered truck hits Finnish roads

30 April 2018, News Wires – Gasum, the Finnish energy gas company, said Volvo’s new LNG-powered heavy-duty truck has hit the road in the country. The vehicle was refueled at Gasum’s Turku gas filling station, the company said in a statement on Friday. Gasum added that currently, LNG-fueled vehicles can be refueled at Gasum’s LNG filling …

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Fracking may have caused rare South Korea earthquake – Study

Fracking may have caused rare South Korea earthquake – Study

30 April 2018, Seoul – Fracking may have induced a rare strong earthquake last year in South Korea, a study said, a potential “game changer” for the contentious practice of pumping water into the ground to extract energy. The 5.5 magnitude quake on November 15 injured scores in the South Korea port city of Pohang …

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ExxonMobil plans purchase of large Indonesia motorcycle lubricant manufacturer, marketer

ExxonMobil plans purchase of large Indonesia motorcycle lubricant manufacturer, marketer

30 April 2018, Sweetcrude, Houston, Texas – ExxonMobil said Monday it agreed to purchase PT Federal Karyatama (FKT), one of Indonesia’s largest manufacturers and marketers of motorcycle lubricants, to enable expansion in an important international market. The acquisition includes the Federal Oil brand and a 700,000 barrel per year blending plant in Cilegon, Indonesia. Pending …

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US LNG exports flat on week

US LNG exports flat on week

30 April 2018, News Wires – Liquefied natural gas (LNG) exports from the United States remained flat week on week, after rising previously. A total of six LNG carriers departed the two export plants during the week ending April 25, data from the United States Energy Information Administration (EIA), shows. Four vessels with a combined LNG-carrying …

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Ogoni Cleanup: Govt to commence bids evaluation as submission of documents ends today

Ogoni Cleanup: Govt to commence bids evaluation as submission of documents ends today

30 April 2018, Sweetcrude, Lagos – The federal government has disclosed that with the end of submission of documents for bids for the Ogoni clean-up on today (Monday), April 30, it will start the evaluation of the expressions of interest. The Minister of State for Environment, Ibrahim Jibril, made this known while inspecting medical outreach …

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‘OPEC disruptions could send prices above $80 a barrel’

‘OPEC disruptions could send prices above $80 a barrel’

30 April 2018, Sweetcrude, Lagos – Output interruptions among members of the Organisation of the Petroleum Exporting Countries, OPEC, could send Brent crude prices above $80 a barrel, Bank of America Merrill Lynch analysts have said. The analysts, including Francisco Blanch, head of commodities research, said in a note to clients that unintended supply disruptions …

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Second production unit starts-up at Zohr project

Second production unit starts-up at Zohr project

30 April 2018, News Wires – Eni S.p.A announced the start-up of the second production unit at its Zohr project, situated offshore Egypt within the Shorouk Block. This development will increase installed capacity by 400 million cubic feet per day (MMcfpd), with Zohr now holding a total capacity of 800 MMcfpd, which is equivalent to 150,000 …

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Sunday, 29 April 2018

Obama’s example & the obligations of international friendship

Obama’s example & the obligations of international friendship

30 April 2018, Sweetcrude, Port Harcourt — The state of Israel has enjoyed close relations with the United States since it became a state and officials of the United States have stated without equivocation that Israel is their closest ally in the Middle East. US state policy on Israeli defence is that an attack on …

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Ogoni cleanup: contract bid to end Monday

Ogoni cleanup: contract bid to end Monday

*Govt releases cleanup timetable OpeOluwani Akintayo 29 April 2018, Sweetcrude, Lagos — The federal government says submission of documents for bidding of contracts for the Ogoni clean-up would end on April 30. The Minister of State for Environment, Ibrahim Jibril, made this known on Friday while inspecting medical outreach in Terabor General Hospital, Gokana Local …

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PENGASSAN decries soot menace in Port Harcourt, environs

PENGASSAN decries soot menace in Port Harcourt, environs

Mkpoikana Udoma 29 April 2018, Sweetcrude, Port Harcourt — The Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, has called on the Federal and Rivers State Government to urgently put an end to every soot causing agents, including illegal refineries in Rivers State and its environs. According to the senior oil workers’ union, …

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OPEC Secretary General Barkindo to attend May conference in Baku

OPEC Secretary General Barkindo to attend May conference in Baku

29 April 2018, News Wires – OPEC Secretary-General Mohammad Barkindo is expected to attend annual “Caspian Oil & Gas” conference in Baku on May 30-31, Iteca, the conference organizer company said. “OPEC’s head will speak at the conference about global economic prospects in oil and gas industry,” the company said on its website. Barkindo visited Azerbaijan …

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Saudi Aramco appoints first woman to board

Saudi Aramco appoints first woman to board

OpeOluwani Akintayo 29 April 2018, Sweetcrude, Lagos — Saudi Arabia has appointed the first woman, Lynn Laverty Elsenhans to its board. Elsenhans is one of the newly appointed board members, according to a statement by SA on Sunday. She is the former chairwoman, president and chief executive officer of U.S. oil refiner Sunoco Inc. from …

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Kachikwu performs ground-breaking of Bayelsa Oil & Gas Park

Kachikwu performs ground-breaking of Bayelsa Oil & Gas Park

*Govt to extend project beyond N/Delta OpeOluwani Akintayo 29 April 2018, Sweetcrude, Lagos — The Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu on Friday performed the ground-breaking of the Nigerian Oil and Gas Park being developed by the Nigerian Content Development and Monitoring Board, NCDMB at Emeyal-1, Ogbia Local Government Area of …

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Anadarko lines up enough LNG buyers for Mozambique project

Anadarko lines up enough LNG buyers for Mozambique project

*Company must convert ‘in principle’ agreements into contracts *Exxon’s entry is positive for Mozambique as a global supplier 29 April 2018, London — Anadarko Petroleum Corp. said that “in principle” it has enough customers to proceed with its liquefied natural gas project in Mozambique, eight years after making a major deepwater discovery there. The development …

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OPEC cuts may go deeper as another member sees output slump

OPEC cuts may go deeper as another member sees output slump

*Angola’s crude exports fall to lowest since at least 2008 *OPEC disruptions could send prices above $80 a barrel 29 April 2018, Luanda — While plunging output in Venezuela captures the oil world’s attention, problems are quietly festering in another OPEC nation. Angola, once Africa’s biggest crude producer, is suffering sharp declines at under-invested offshore …

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U.S. oil rig count rises five this week, 28 this month – Baker Hughes

U.S. oil rig count rises five this week, 28 this month – Baker Hughes

29 April 2018 Houston — The U.S. oil drilling rig count rose for the fourth week in a row and ended the month sharply higher as producers plan to boost output as they reap profits from crude trading near three-year highs. Drillers added five oil rigs in the week to April 27, bringing the total …

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Russia gives tentative nod to Schlumberger’s acquisition of EDC stake

Russia gives tentative nod to Schlumberger’s acquisition of EDC stake

29 April 2018, Moscow — Russia has given preliminary approval to a bid by U.S. oilfield services giant Schlumberger to acquire up to 49 percent of Russia’s Eurasia Drilling Co (EDC), an unexpected decision given a chilling in U.S.-Russian relations. Washington has introduced a number of sanctions, including restrictions on financing for Russian companies over …

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Total output hits record high as prices buoy profits

Total output hits record high as prices buoy profits

29 April 2018, News Wires – French energy company Total reported record high quarterly oil and gas output while beating profit forecasts helped by higher prices. New projects and recent acquisitions powered an increase in output of more than 5 percent to 2.703 million barrels of oil equivalent per day (boe/d), topping the 2.663 million boe/d …

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Russia’s Gazprom says 2017 net profit falls 25 pct y/y

Russia’s Gazprom says 2017 net profit falls 25 pct y/y

29 April 2018, News Wires – Russian gas giant Gazprom said on Thursday its earnings fell 25 percent year-on-year in 2017, partly due to higher debt and costs of a legal dispute with Ukraine. Net profit for the year totaled 714.3 billion roubles ($11.41 billion), the company said, down from 951.6 billion roubles a year earlier. Analysts …

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Saturday, 28 April 2018

BP names former Statoil boss Lund as next chairman

BP names former Statoil boss Lund as next chairman

28 April 2018, News Wires – BP named Helge Lund, a former head of Norway’s Statoil, as its next chairman on Thursday, as the British oil major looks to extend a period of rapid growth after recovering from a deadly oil spill in 2010. Lund, who also led BG Group during its acquisition by rival Royal …

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Rosneft-owned Essar Oil to be called Nayara Energy

Rosneft-owned Essar Oil to be called Nayara Energy

28 April 2018, News Wires – Russian oil major Rosneft-owned Essar Oil Ltd. plans to change its corporate identity to Nayara Energy Ltd, the company said today. Rosneft and its partners completed the $12.9-billion acquisition of Essar Oil last August to enter the world’s fastest-growing energy market. “Essar Oil Ltd. (EOL) is seeking approval to change …

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Glencore’s Congo mining businesses face $3 billion freezing orders

Glencore’s Congo mining businesses face $3 billion freezing orders

28 April 2018, London — Glencore’s mining subsidiaries in the Democratic Republic of Congo have been served freezing orders for alleged unpaid royalties of nearly $3 billion by a company affiliated with Israeli billionaire Dan Gertler, Glencore said on Friday. Gertler, who is the subject of U.S. sanctions, is owed some royalties by Glencore, but …

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Oil inches down but Brent ends week firmer on Iran concerns

Oil inches down but Brent ends week firmer on Iran concerns

28 April 2018, New York — Oil prices edged lower on Friday, although Brent still gained for a third straight week amid supply concerns should the United States reimpose sanctions on Iran. Brent crude futures LCOc1 fell 10 cents, or 0.1 percent, to settle at $74.64 a barrel. This month, the global benchmark hit highs …

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Nigeria touts one-stop approval desk for oil projects

Nigeria touts one-stop approval desk for oil projects

OpeOluwani Akintayo 28 April 2018, Sweetcrude, Lagos — The Nigerian Content Development and Monitoring Board, NCDMB and the Nigerian National Petroleum Corporation, NNPC will before the end of 2018 start using a one-stop shop arrangement for reviewing and approving oil industry projects and contracts in a bid to shorten the industry contracting cycle. The Minister …

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Postponements lead to fall in planned global upstream oil & gas projects

Postponements lead to fall in planned global upstream oil & gas projects

28 April 2018, Sweetcrude, Houston, Texas — Analysis of the global upstream in March 2018 revealed that oil and gas production is expected to increase by 2.3 percent between 2018 and 2022. Globally, total production outlook is expected to increase to 60,997 million barrels of oil equivalent (mmboe) by 2022. The total production outlook in …

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Wike wants separate minimum wages for states

Wike wants separate minimum wages for states

Mkpoikana Udoma 28 April 2018, Sweetcrude, Port Harcourt — The Rivers State Governor, Nyesom Ezenwo Wike has said that Nigerian workers will be better off when states are allowed to fix their separate minimum wages in line with their financial capacity to pay. Wike explained that majority of the states are on the fringes of financial …

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Oil price to rise 20% in 2018 – World Bank

Oil price to rise 20% in 2018 – World Bank

OpeOluwani Akintayo 27 April 2018, Sweetcrude, Lagos – The World Bank in its latest forecast said global prices of crude oil, gas, and coal will rise by 20 percent this year. According to the its April commodity markets outlook, oil prices will average $65 a barrel through 2018, 22% higher than the average price of …

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Friday, 27 April 2018

ExxonMobil earnings increase 16% to $4.7bn in first quarter 2018

ExxonMobil earnings increase 16% to $4.7bn in first quarter 2018

27 April 2018, Sweetcrude, Houston, Texas – Exxon Mobil Corporation Friday announced estimated first quarter 2018 earnings of $4.7 billion, or $1.09 per share assuming dilution, compared with $4 billion a year earlier. Cash flow from operations and asset sales was $10 billion, including proceeds associated with asset sales of $1.4 billion, the company said in a statement issued …

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Equities: Mobil, Japaul lift Friday energy companies trading 

Equities: Mobil, Japaul lift Friday energy companies trading 

27 April 2018, Sweetcrude, Lagos – Friday trading on the floor of Nigerian Stock Exchange for energy companies was lifted by Mobil also known as Double 1 (11) and Japaul, which posted gains. Forte Oil recorded a negative result. Top Gainers Mobil: 4.4% Japual: 0.02% Top Losers  Forte: -2.35%

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Higher oil prices could be a game changer for Asia’s trade-gap trio

Higher oil prices could be a game changer for Asia’s trade-gap trio

27 April 2018, Singapore/Hong Kong — Asia’s most externally vulnerable economies – India, Indonesia and the Philippines – have just taken a one-two punch. U.S. 10-year Treasury bond yields US10YT=RR hit 3 percent this week, a level long touted as one to watch for potential portfolio outflows from the region, where interest rates have barely …

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Oil prices to rise 20% in 2018 – World Bank

Oil prices to rise 20% in 2018 – World Bank

OpeOluwani Akintayo 27 April 2018, Sweetcrude, Lagos — The World Bank in its forecast said global prices of crude oil, gas, and coal will rise by 20 percent this year. According to the its April commodity markets outlook, oil prices will average $65 a barrel through 2018, 22% higher than the average price of $53 …

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Addax-PENGASSAN strike: NUPENG distances self

Addax-PENGASSAN strike: NUPENG distances self

*Strike enters day-12 OpeOluwani Akintayo 27 April 2018, Sweetcrude, Lagos — The National Union of Petroleum and Natural Gas Workers, NUPENG, has distanced itself from the ongoing strike embarked upon by the workers of Addax Petroleum Development Nigeria Limited under the umbrella of Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN. The strike …

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OPEC daily basket price close $71.00/b

OPEC daily basket price close $71.00/b

27 April 2018, Sweetcrude, Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $71.00 a barrel on Thursday, compared with $70.50 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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Nigeria’s controversial ECA account climbs to $1.8bn

Nigeria’s controversial ECA account climbs to $1.8bn

*Stabilisation account hits N14 billion OpeOluwani Akintayo 27 April 2018, Sweetcrude, Lagos — Nigeria’s controversial Excess Crude Account, ECA, has climbed to $1.8 billion. In a statement signed by Laolu Akande, Senior Special Assistant to the President on Media & Publicity on Thursday, the Accountant-General of the Federation, Ahmed Idris, at April’s National Economic Council, …

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Nigeria losing 30,000bpd crude as Addax workers’ strike enters day 11

OpeOluwani Akintayo 27 April 2018, Sweetcrude, Lagos – The ongoing indefinite strike by workers of Addax Petroleum Development Nigeria Limited under the umbrella of the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, has entered the 12th day with Nigeria losing 30,000 barrels daily crude oil product as a result of the development. …

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Rivers State govt shuts NDDC headquarters “for evading N600m tax” 

Rivers State govt shuts NDDC headquarters “for evading N600m tax” 

Mkpoikana Udoma 27 April 2018, Sweetcrude, Port Harcourt – The Rivers State Internal Revenue Service, RIRS – an agency of the Rivers State government – on Thursday shut the head-office of the Niger Delta Development Commission, NDDC, in Port Harcourt, for allegedly evading tax of over N600 million. But, the RIRS officials who were at the …

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Thursday, 26 April 2018

Francis Johnson, PENGASSAN President, mum over Addax strike

Francis Johnson, PENGASSAN President, mum over Addax strike

OpeOluwani Akintayo 26 April 2018, Sweetcrude, Lagos — The President of the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, Mr. Francis Johnson, has refused to comment on the crisis between its members working with Addax Petroleum and the company’s management. Adaxx senior workers began a strike last week over some “unresolved issues” which …

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Financial market products & services update

Financial market products & services update

26 April 2018, Sweetcrude, Lagos — The local and international financial market products and services update. NIGERIA: Some members of the Senate have asked that the process to impeach President Muhammadu Buhari be started, for failing to get the approval for the withdrawal of $496m from the Excess Crude Account to purchase military aircraft. Senator …

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Nigerian govt identifies 11 sources of soot in Rivers

Nigerian govt identifies 11 sources of soot in Rivers

Mkpoikana Udoma 26 April 2018, Sweetcrude, Port Harcourt — The Federal Government says it has identified 11 sources of hydrocarbon soot plaguing Rivers State and its environs. This comes as the Rivers State Governor, Chief Nyesom Wike, has consistently accused the Federal Government of refusing to cooperate in ending soot in the state. Speaking while …

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Qatar-focused operators to spend $9.9bn CapEx on gas projects by 2021

Qatar-focused operators to spend $9.9bn CapEx on gas projects by 2021

26 April 2018, Sweetcrude, Lagos — Over $9.9bn in capital expenditure, CapEx, will be spent by Qatar-focused operators on gas projects between 2018 and 2021 to ensure that country’s production will remain around 18.1 billion cubic feet per day (bcfd) in 2021, according to GlobalData, a leading data and analytics company. Qatar Petroleum will drive …

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Shell reports 42% rise in profits Q1 2018

Shell reports 42% rise in profits Q1 2018

OpeOluwani Akintayo 26 April 2018, Sweetcrude, Lagos — International oil company, Shell, has reported a 42 percent boost in profits in the first quarter of 2018. Analysts say the gains were as a result of a rise in prices of oil and gas, including net income from shareholders on a current cost of supplies, CCS …

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