Sunday, 20 May 2018

Shell trains over 800 under LiveWIRE programme

Shell trains over 800 under LiveWIRE programme

20 May 2018, Sweetcrude, Lagos – The Shell Petroleum Development Company of Nigeria-operated joint venture, JV,  has trained more than 800 young men and women under the Shell LiveWIRE programme which was introduced in 2003 to help young entrepreneurs to convert their bright ideas into sustainable businesses, creating wider employment and income opportunities for communities. The …

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ILO says transition to green economy will claim 6m jobs

ILO says transition to green economy will claim 6m jobs

SAM IKEOTUONYE 20 May 2018, Sweetcrude, Lagos – The International Labour Organisation, ILO, has predicted in a report that the transition to green economy will lead to the loss of six million jobs in industries that are heavily reliant on carbon-based production. Two sectors, namely petroleum extraction and refining, are set to see job losses of …

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Shell to distribute 100mmscf of gas daily

Shell to distribute 100mmscf of gas daily

20 May 2018, Sweetcrude, Lagos – Shell Nigeria Gas (SNG) Limited says it will be distributing 100 million standard cubic feet of gas per day, MMscf/d, to businesses in its western operations area following an increase its domestic gas distribution capacity by 150% over the last six months. It said the new capacity is equivalent to …

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Flow test at Egyptian well exceeds expectations

Flow test at Egyptian well exceeds expectations

20 May 2018, News Wires – Flow testing at SDX Energy Inc’s Ibn Yunus-1X discovery, located within South Disouq in Egypt, has exceeded the company’s expectations, according to SDX president and CEO, Paul Welch. The asset flowed natural gas at a stabilized rate of 39.3 million cubic feet per day on a 32/64” choke, although this …

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UK’s Petrofac awarded more than $1.7bn new orders this year

UK’s Petrofac awarded more than $1.7bn new orders this year

20 May 2018, News Wires – Oilfield service firm Petrofac Ltd, which is being investigated by Britain’s Serious Fraud Office (SFO), said it was awarded more than $1.7 billion of new orders so far this year as tendering activity remained high. Oilfield service companies have been seeing a recovery in orders after subdued oil prices since mid-2014 forced …

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$300 bn dollar energy investment coming to India in 10 yrs: Pradhan

$300 bn dollar energy investment coming to India in 10 yrs: Pradhan

20 May 2018, News Wires – India’s Petroleum and Natural Gas Minister Dharmendra Pradhan on Saturday said about 300 billion dollars will be invested in the energy sector in next 10 years. The petroleum minister said this at the Indian Embassy while addressing over 250 Indian professionals, business leaders and community representatives working in the United Arab …

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Power sector: Fashola urges operators to brace up for challenges

Power sector: Fashola urges operators to brace up for challenges

OpeOluwani Akintayo 20 May 2018, Sweetcrude, Lagos — Minister of Power, Works and Housing, Babatunde Fashola has urged operators in the power sector to brace up for the challenges that come with the rainy season. The minister made the call in his remarks at the just concluded 27th Monthly Power Sector Operators Meeting Hosted By …

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Climate change: 60 investors commit to aggressive implementation in oil & gas sector

Climate change: 60 investors commit to aggressive implementation in oil & gas sector

OpeOluwani Akintayo with Agency reports 20 May 2018, Sweetcrude, Lagos — Sixty global investors on Friday called on the oil and gas industry to do more to tackle climate change, a report by Reuters quoting Financial Times has said. The investors want companies to be more transparent about their plans to change their operations. This …

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Saturday, 19 May 2018

Iran says oil export drop not expected if EU saves nuclear deal

Iran says oil export drop not expected if EU saves nuclear deal

19 May 2018, Tehran – Iranian Oil Minister Bijan Zanganeh said on Saturday that U.S. President Donald Trump’s decision to quit a multinational nuclear deal would not affect Tehran’s oil exports if the EU could salvage the pact. “Every new decision in OPEC needs unanimity… I believe that if the European Union helps us… the …

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Gas production & utilization in Nigeria: Problems & prospects

Gas production & utilization in Nigeria: Problems & prospects

Prof Chijioke Nwaozuzu 19 May 2018, Sweetcrude, Port Harcourt — For domestic natural gas utilization to increase significantly, the International Oil Companies (IOC’s) will have to meet their domestic gas supply obligation (DGSO) targets. The Nigerian Gas Master Plan (GMP) stipulated a revised transitional pricing structure for gas to power projects in 2010, and ultimately …

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Nigerian govt reiterates clarifies agencies domiciled in ports

Nigerian govt reiterates clarifies agencies domiciled in ports

Vincent Toritseju 19 May 2018, Sweetcrude, Lagos — The Nigerian Government yesterday clarified the number of agencies allowed in the nation’s seaports as part of efforts aimed at improving efficiency in port operations. A statement by the management of the Nigerian Ports Authority, NPA, and signed by Abdullahi Goje, General Manager Corporate and Strategic communications …

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Nigeria Customs under fire over multiple cargo examinations

Nigeria Customs under fire over multiple cargo examinations

Vincent Toritseju 19 May 2018, Sweetcrude, Lagos — THE Nigeria Customs Service, NCS, on Thursday in Lagos came under fire from maritime stakeholders over multiple examinations of cleared cargoes, a development that is impedes trade facilitation and the growth of commerce. Speaking at a stakeholders’ meeting in Lagos, Managing Director of the Nigerian Ports Authority, …

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NPA strategize to tackle increased attacks on vessels at berth

NPA strategize to tackle increased attacks on vessels at berth

Vincent Toritseju 19 May 2018, Sweetcrude, Lagos — WORRIED by the increased attacked on vessels berthed at the Lagos Ports Complex, LPC, the management of the Nigerian Ports Authority, NPA, has commenced strategies counter such attacks. Speaking at stakeholders its quarterly stakeholders in Lagos, Managing Director of the agency, Ms. Hadeeza Bala Usman said that …

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Uganda power distributor Umeme to spend $1.2bn to expand grid

Uganda power distributor Umeme to spend $1.2bn to expand grid

19 May 2018, News Wires –  Ugandan power distributor Umeme Ltd plans to spend $1.2 billion in the next seven years to revamp and expand the grid and has hired an adviser to explore options for raising the money, the company’s chief executive said. The investments will be used to prepare for an expected rise …

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Russia’s Novatek in small-scale LNG push

Russia’s Novatek in small-scale LNG push

19 May 2018, News Wires – Russia’s largest independent natural gas producer and the operator of the giant Yamal LNG export plant, Novatek is developing several small-scale projects and plans to launch its first such facility by the beginning of next year. The small-scale LNG project located on the northern part of the Gulf of …

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Firm charges Nigeria’s households to embrace solar power for effective energy supply

Firm charges Nigeria’s households to embrace solar power for effective energy supply

“Data shows that 61% of Micro SMEs in Nigeria spend between ₦500 to ₦1000 per day on fuel and as many as 85% of micro and small businesses rely on generators for the supply of electricity."

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Shareholders approve Lafarge Africa N13.01bn dividend payout

Shareholders approve Lafarge Africa N13.01bn dividend payout

He also assured shareholders that restructuring Lafarge capital structure is largely completed through the past year, and would help to significantly reduce the cost of financing and currency translation risk.

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National Economic Council asks NNPC, NCS, NPA, others to refund N8.13tr

National Economic Council asks NNPC, NCS, NPA, others to refund N8.13tr

Dankwambo, who chaired NEC ad hoc committee on remittances, said the infractions were identified by KPMG that was contracted to carry out a forensic audit of revenue remittances to the Federation Accounts.

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Seplat’s 2018 interim dividend to be based on current exchange rate

Seplat’s 2018 interim dividend to be based on current exchange rate

OpeOluwani Akintayo 19 May 2018, Sweetcrude, Lagos –  Seplat Petroleum Development Company Plc has said payment of its 2018 first quarter dividend will be based on current exchange rates. The firm made this known in a memo to the Nigerian Stock Exchange, NSE, on Friday, seen by SweetcrudeReports. According to the memo, Seplat said dividend will …

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AfDB approves $100 million loan for Indorama Eleme Fertiliser company

AfDB approves $100 million loan for Indorama Eleme Fertiliser company

Once a net importer of fertiliser, Nigerian production has grown in recent years. In 2017, it exported around 700,000 tons of urea to markets in West African as well as North and South America.

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Friday, 18 May 2018

Friday caps week of negative trading for energy companies 

Friday caps week of negative trading for energy companies 

18 May 2018, Sweetcrude, Lagos – Friday’s trading at Nigerian Stock Exchange ended negatively for energy companies. Friday’s poor result capped a week of negative results for energy companies. Friday Top Gainer Oando: 0.7% Top Losers  Total: -9.8% Mobil: -7% Eterna: -0.22% Japaul: -0.02%

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‘Foreign firms contravening directive on container holding bays’

‘Foreign firms contravening directive on container holding bays’

Vincent Toritseju 18 May 2018, Sweetcrude, Lagos — FOREIGN shipping companies operating in Nigeria have been accused of contravening Federal Government directive on holding bays for their empty containers. Maritime stakeholders yesterday in Lagos indicted foreign shipping lines of deliberately not having holding bays for their empty containers in order to defraud the nation’s economy. …

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OPEC daily basket price close at $76.75 per barrel

OPEC daily basket price close at $76.75 per barrel

18 May 2018, Sweetcrude, Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $76.75 a barrel on Thursday, compared with $75.18 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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Financial market products & services update

Financial market products & services update

18 May 2018, Sweetcrude, Houston, Texas — The local and international financial market products and services update. NIGERIA: The Federal Government has launched an up-to-date online portal, `iGuide Nigeria’, containing necessary information and relevant data for willing investors. The Minister of Trade and Investment, Mr Okechukwu Enelamah, at the launch in Abuja on Thursday, said …

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Shell, others hustle to buy Petrobras Nigerian assets

Shell, others hustle to buy Petrobras Nigerian assets

Shell, Vitol, and Glencore are reportedly in a contest to buy over oil assets belonging to Petrobras.

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Total signs Memorandum of Understanding with Rivers community

Total signs Memorandum of Understanding with Rivers community

Mkpoikana Udoma 18 May 2018, Sweetcrude, Port Harcourt — The French oil giant, Total Exploration and Production Nigeria, TEPNG, on Friday signed a Memorandum of Understanding with Amah Community in Igburu Clan, Ogba/Egbema/Ndoni Local Government Area of Rivers State. Total’s Executive General Manager, Joint Venture Field Operations, Mr. Vincent Kiehl, at the MoU signing ceremony, …

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Okowa lauds commencement of academic activities at Maritime University

*Says It Will Consolidate On Existing Peace In Niger Delta Michael James 18 May 2018, Sweetcrude, Lagos — The Delta State Governor, Senator Dr Ifeanyi Okowa has described the commencement of academic activities at the Maritime University, Okerenkoko, as good omen that will consolidate the existing peace and sustainable development of the Niger Delta. The …

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Oando, MRS, Total, 47 others to lift Nigeria’s crude in 2018/2019

Oando, MRS, Total, 47 others to lift Nigeria’s crude in 2018/2019

OpeOluwani Akintayo 18 May 2018, Sweetcrude, Lagos — Oando, MRS, Total and forty-seven others, have been awarded oil term contracts by the Nigerian National Petroleum Corporation, NNPC, to lift specified volumes of the country crude oil output in 2018/2019. Although state-owned company, the Nigerian National Petroleum Corporation, NNPC is yet to officially announce the names …

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Sale of NLNG: PENGASSAN hails Reps stance against govt

Sale of NLNG: PENGASSAN hails Reps stance against govt

Michael James 18 May 2018 Sweetcrude, Lagos — The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has commended the House of Representatives’ decision to caution the Federal Government to suspend the proposed sale of her shares in Nigerian Liquefied Natural Gas (NLNG). Reacting to the call by the House of Representatives on …

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How PHEDC staff landed in jail for ‘unlawful disconnection’

How PHEDC staff landed in jail for ‘unlawful disconnection’

Mkpoikana Udoma 18 May 2018, Sweetcrude, Port Harcourt — A staff of the Port Harcourt Electricity Distribution Company, PHEDC, who was arrested and remanded in prison custody last weekend for disconnecting power supply to the house of a renowned Human Rights Lawyer in Rivers State, Barr. Higher King, has been released. SweetCrude Reports gathered that …

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PENGASSAN, NUPENG want NASS to channel NDDC funds to PHICF

PENGASSAN, NUPENG want NASS to channel NDDC funds to PHICF

Mkpoikana Udoma 18 May 2018, Sweetcrude, Port Harcourt — The Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN and its sister union, the Nigerian Union of Petroleum and Natural Gas Workers, NUPENG, have faulted the 2.5percent operating cost imposed in the Petroleum Host and Impacted Communities Bill, PHICB, to be remitted by oil …

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Trump-Iran sanction: TOTAL backs down from $1b gas project

Trump-Iran sanction: TOTAL backs down from $1b gas project

OpeOluwani Akintayo 18 May 2018, Sweetcrude, Lagos — Following renewed sanctions on Iran by President of the United States, Donald Trump, Total says it will back down a $1 billion gas project with Iran. In a statement by the company published by BBC, said it will unwind operations by November unless sanctions are waived. President …

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$1.1bn Malabu scam: Court adjourns trial till June

$1.1bn Malabu scam: Court adjourns trial till June

OpeOluwani Akintayo, with agency reports 18 May 2018, Sweetcrude, Lagos – An Italian court has adjourned trial of Eni and Shell officials involved in the $1.1 billion Malabu scandal till June. The trial which started in Italy on Monday was adjourned to June 20, allowing the court to assess requests from third parties, including suits filed by …

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Thursday, 17 May 2018

Rising oil prices: Nigeria increases oil benchmark by $6pb

Rising oil prices: Nigeria increases oil benchmark by $6pb

OpeOluwani Akintayo 17 May 2018, Sweetcrude, Lagos – Following rising oil prices at the international market, the Nigeria’s National Assembly has increased the crude oil benchmark price in the country’s 2018 budget from $45 per barrel to $51 per barrel. The increase was made while passing the Appropriation Bill into law. According to the Senate Appropriation Committee …

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Polish LNG terminal boasts highest utilization rate in Europe

Polish LNG terminal boasts highest utilization rate in Europe

17 May 2018, News Wires – Polish LNG terminal operator, Polskie LNG claims it currently has the highest utilization rate among all large LNG import terminals in Europe. The utilization of the first and only Polish LNG terminal in Swinoujscie is currently about 60 percent, chief executive Pawel Jakubowski told LNG World News on Wednesday …

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Chevron pitches shared development of Australia’s Carnarvon basin

Chevron pitches shared development of Australia’s Carnarvon basin

17 May 2018, News Wires – Chevron, the US-based energy company and the operator of the giant Gorgon and Wheatstone LNG projects in Australia, called for a shared development of the Carnarvon basin.  The company’s Australian unit believes the greater industry collaboration and government support, will most efficiently unlock the resources in the ground and extend the benefits. Industry collaboration will ensure …

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Statoil completes name change to Equinor

Statoil completes name change to Equinor

17 May 2018, News Wires – Norway’s state oil company Statoil has completed a change of name to Equinor. The company became Equinor after receiving the approval at the annual general meeting on Monday, and its shares from May 16 are being quoted on Oslo Børs with the new name and the new ticker EQNR, a statement …

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OPEC daily basket price close at $75.18 per barrel

OPEC daily basket price close at $75.18 per barrel

17 May 2018, Sweetcrude, Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $75.18 a barrel on Wednesday, compared with $75.47 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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Wednesday, 16 May 2018

National Assembly adds over N500bn to 2018 budget; brings total to N9.12tr

National Assembly adds over N500bn to 2018 budget; brings total to N9.12tr

According to the committee report, the National Assembly has jerked up the 2018 budget to N9.120 trillion, saying that the details of the budget were listed on the order paper.

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NSE: More losers, no gainers among energy firms

NSE: More losers, no gainers among energy firms

16 May 2018, Sweetcrude, Lagos – Wednesday’s trading activities on the floor of Nigerian Stock Exchange for energy companies ended on a negative note. There were more losers from Tuesday’s trading and there were also no gainers. Top Losers  Forte: -1.25% Oando: -0.2% Japaul: -0.02% Unchanged  Eterna: 0%

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U.S. players need new model to secure $100bn LNG investment – Souki

U.S. players need new model to secure $100bn LNG investment – Souki

16 May 2018, News Wires – The United States liquefied natural gas market players will have to find a new model enabling them to finance the transition into a true commodity market, as long-term contracts won’t be needed in the future. Speaking to the delegates attending the Flame conference in Amsterdam on Tuesday, LNG guru …

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ConocoPhillips ‘not close’ to recouping $2 bln from PDVSA- CEO

ConocoPhillips ‘not close’ to recouping $2 bln from PDVSA- CEO

16 May 2018, News Wires – U.S. oil producer ConocoPhillips is nowhere close to recouping the value of a $2 billion arbitration award against Venezuelan state oil company PDVSA, its chief executive said on Tuesday. Conoco has won court orders allowing it to begin seizing PDVSA assets in efforts to collect on the award by …

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Over 300,000 workers to be employed in solar, wind energy sectors in India – Report

Over 300,000 workers to be employed in solar, wind energy sectors in India – Report

16 May 2018, News Wires –  Over 300,000 workers will be employed in the solar and wind energy sectors in India to meet the country’s target of generating 175 gigawatts of electricity from renewable sources by 2022, the International Labour Organisation (ILO) has estimated in a report. The ILO said in its annual flagship report on …

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Kenya’s Amu Power signs clean coal technology agreement with GE

Kenya’s Amu Power signs clean coal technology agreement with GE

16 May 2018, Sweetcrude, Nairobi, Kenya — Gulf Energy, the developer of the 1050Mw Lamu Coal Power Plant (Amu Power), the largest private sector-led infrastructure project in East and Central Africa, has entered into a Clean Coal Technology agreement with General Electric (GE) to use Ultra-Supercritical Clean Coal Technology. This would make the plant one …

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Shell Nigeria Gas boosts domestic gas distribution capacity by 150%

Shell Nigeria Gas boosts domestic gas distribution capacity by 150%

16 May 2018, Sweetcrude, Lagos — Shell Nigeria Gas (SNG) Limited has increased its domestic gas distribution capacity by 150% over the last six months. The increase in capacity will enable the company to distribute more than 100 million standard cubic feet of gas per day (MMscf/d) to businesses in its western operations. The new …

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Shell shuts down Trans Forcados pipeline over leak

Shell shuts down Trans Forcados pipeline over leak

*Shut-in clocks 9-days, 240,000 b/d affected OpeOluwani Akintayo 16 May 2018, Sweetcrude, Lagos — Shell Petroleum Development Company, SPDC, has shut down the Trans Forcados crude oil export pipeline due to leak, shutting in 240,000 barrels of crude oil per day, b/d. According to information reaching SweetcrudeReports, the leak occurred on May 7, clocking nine …

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IEA describes Venezuela, Iran as ‘major challenge’ to rising oil price

IEA describes Venezuela, Iran as ‘major challenge’ to rising oil price

OpeOluwani Akintayo with Agency report 16 May 2018, Sweetcrude, Lagos — The International Energy Agency, IEA, in its latest monthly report Wednesday, warned that any supply cuts could cause prices to rise due to oil supply disruptions in Iran and Venezuela, describing both as ‘major challenge’. The uncertainty in Iran and drop in Venezuela have …

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Okowa lauds commencement of academic activities at Maritime University

Okowa lauds commencement of academic activities at Maritime University

*Says it will consolidate on existing peace in Niger Delta 16 May 2018, Sweetcrude, Warri — The Delta State Governor, Senator Dr Ifeanyi Okowa has described the commencement of academic activities at the Maritime University, Okerenkoko, as a good omen that will consolidate the existing peace and sustainable development of the Niger Delta. The Governor …

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OPEC daily basket price for Wednesday closes at $75.47/b

OPEC daily basket price for Wednesday closes at $75.47/b

16 May 2018, Sweetcrude, Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $75.47 a barrel on Tuesday, compared with $74.20 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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Reveal identities of firms with modular refineries licenses – NDYC

Reveal identities of firms with modular refineries licenses – NDYC

Mkpoikana Udoma 16 May 2018, Sweetcrude, Port Harcourt — An activist group, the Niger Delta Youth Coalition, NDYC, has urged the Federal Government to make public the names of firms and individuals in possession of licenses to operate modular refineries in the country. It would be recalled that the Nigerian National Petroleum Corporation, NNPC, had …

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Weekly SweetcrudeReports/Guardian collaboration May 16 2018

Weekly SweetcrudeReports/Guardian collaboration May 16 2018

Read the Weekly SweetcrudeReports/Guardian collaboration

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