Monday, 30 September 2019

Hedge funds resume selling oil as focus turns back to economy: John Kemp

London — Hedge funds resumed selling petroleum as Saudi Arabia ramped up output following attacks on its oil installations and the focus shifted back to the poor health of the global economy and oil consumption. Hedge funds and other money managers sold 16 million barrels of futures and options in the six major petroleum contracts […]

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Thailand welcomes Chevron’s resumption of talks to resolve energy dispute

Bangkok — Thailand’s energy minister on Sunday welcomed a decision by U.S. energy company Chevron to continue negotiations rather than seek arbitration to resolve a dispute over who should pay for removing offshore oil and gas platforms. Thailand wants Chevron to pay the full decommissioning costs, estimated by a local newspaper at around $2.5 billion, […]

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Petrochina reports big shale gas additions in Sichuan basin

Singapore — Petrochina said on Sunday that certified, newly added proven shale gas geological reserves at Changning-Weiyuan and Taiyang blocks in the Sichuan basin totaled 740.97 billion cubic metres. China’s state-run energy producers are raising spending on domestic oil and gas drilling to a multi-year high this year, answering Beijing’s call to boost energy supply […]

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OPEC daily basket oil price closes at $62.51 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $62.51 a barrel on Friday, compared with $62.31 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), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi […]

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Iran oil industry must be alert to physical, cyber threats – minister

Dubai — Iran’s oil minister told the petroleum industry on Sunday to be on alert to physical and cyber attacks, amid heightened tensions with the United States in the Gulf region. U.S. media reports have said Washington was considering possible cyber attacks against Iran after the Sept. 14 attacks on Saudi Arabia’s oil sites, which […]

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Sunday, 29 September 2019

Jubilation as Sylva, Kyari re-open OML 25 in Rivers, sue for peace

Mkpoikana Udoma Port Harcourt — Oil production activities are now set to recommenced in Oil Mining Lease, OML 25, two years after the Belema Flow Station and Gas Plant was shutdown, due to a protracted dispute between Shell Petroleum Development Company, SPDC and the host communities. This is as the Federal Government through the Ministry […]

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Saturday, 28 September 2019

SPDC explains how Niger Delta can attract more investment

Mkpoikana Udoma Port Harcourt — The Shell Petroleum Development Company of Nigeria Limited, SPDC, says the Niger Delta people have the necessary ingredients to attract much more investment to the region given the region’s “fantastic basis for growth and for competitiveness.” Deputy Managing Director of SPDC, Mr. Simon Roddy said Niger Delta stakeholders need to ensure […]

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HostCom pledges to support NCDMB on local content implementation

Mkpoikana Udoma Port Harcourt — Oil Producing Host Communities of Nigeria, HostCom, have pledged its readiness to support and work closely with the Nigerian Content Development and Monitoring Board, NCDMB, to ensure the sustenance of the Board’s projects and peaceful operations. Bayelsa State Chairman of HostCom, HRH Boma Albert, made the commitment during a visit to […]

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NORDIC POWER – Front-quarter prices gain on colder weather view

News wire — Nordic front-quarter power prices rose on Friday, supported by forecasts for relatively cooler weather, while weaker carbon rates weighed on front-year prices. * Nordic front-quarter baseload power contract rose 0.26 euro to 37.60 euros per megawatt hour (MWh) as of 1142 GMT. * “Temperatures are dropping which is reducing expected inflows and […]

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Bosnia’s region to issue oil, gas exploration tender in Oct.

Sarajevo — The government of Bosnia’s autonomous Bosniak-Croat Federation plans to issue a tender in October to award oil and gas exploration and exploitation licences, it said on Friday. The Federation, which makes up Bosnia alongside the Serb Republic, is offering investors the opportunity to search for hydrocarbon deposits in four blocks in the Dinaridi […]

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Friday, 27 September 2019

Tokyo Gas aims to renegotiate LNG contracts, raise flexibility

Tokyo — Japanese gas distributor Tokyo Gas aims to renegotiate long-term contracts with liquefied natural gas (LNG) suppliers to boost flexibility by scrapping clauses that restrict where the cargoes can be sold, its president said on Thursday. Japan’s Fair Trade Commission in 2017 ruled that destination restrictions preventing the resale of contracted LNG cargoes breached […]

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Chevron says no arbitration for now over Thai energy dispute

Bangkok — U.S. energy major Chevron Corp has opted to continue negotiations with Thailand rather than seek arbitration to resolve a dispute over who should pay for removing offshore oil and gas platforms, the company told Reuters on Wednesday. Thailand wants Chevron to pay the full decommissioning costs for infrastructure at the Erawan gas field, which […]

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OPEC daily basket oil price closes at $62.31 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $62.31 a barrel on Thursday, compared with $62.35 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), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi […]

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Thursday, 26 September 2019

NAPIMS, DPR must relocate headquarters to N/Delta – PANDEF

Mkpoikana Udoma Port Harcourt — The Pan Niger Delta Elders Forum, PANDEF, has charged the Nigerian National Petroleum Corporation, NNPC, to mandate it’s investment and regulatory arms, namely the National Petroleum Investment Management Services, NAPIMS and the Department of Petroleum Resources, DPR to relocate their corporate head offices to the Niger Delta region. PANDEF spoke exclusively […]

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COLUMN-India’s stuttering economy hits global oil demand: Kemp

London — India’s oil consumption is growing well below its long-term trend as the country struggles with a widespread economic slowdown, including a slump in new vehicle sales. The slowdown is part of a worldwide economic deceleration, which is weighing heavily on the motor industry. But because India has been so important for growth in […]

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OPEC daily basket oil price closes at $62.35 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $62.35 a barrel on Wednesday, compared with $63.93 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), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi […]

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Wednesday, 25 September 2019

Shippers’ Council recovers N215m through mediation in 116 disputes

  Vincent Toritseju Lagos — The Nigerian Shippers’ Council, NSC, has recovered N34,977,741.67, and $500,000 (about N180 million), through its mediation in 116 trade related and other complaints lodged before it between January and September last year. A breakdown of the complaints lodged and resolved by the Council during the period, indicated that 23 complaints […]

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Gazprom to lead global gas processing capacity additions by 2023

Lagos — Gazprom is expected to lead new-build gas processing capacity additions in the global gas processing industry from planned and announced (new-build) projects between 2019 and 2023, contributing around 13% to global gas processing capacity growth by 2023, according to GlobalData, a leading data and analytics company. The company’s report, ‘Global Capacity and Capital […]

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Coal India workers protest over easing foreign investment rules, output hit

New Delhi — Protests by workers at Coal India Ltd on Tuesday over implementation of reforms including allowing 100% foreign direct investment (FDI) in coal mining paralysed operations and hit production, company officials and union leaders said. The company, which accounts for over four-fifths of India’s coal output and employs about 300,000 people, registered a […]

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Poland’s PKN expects to receive almost 100,000 tonnes of U.S. oil in October

Warsaw — Poland’s biggest oil refiner PKN Orlen will receive a spot delivery of almost 100,000 tonnes of oil from the United States next month as part of its plan to diversify supply, it said on Tuesday. The group, which wants to reduce its reliance on Russian oil, said it is exploring an option to include […]

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China CNOOC to start pumping at large deepsea gas field at end-2021 – official

Sanya, China/Singapore — China’s national offshore producer CNOOC Ltd expects its major deepwater gas field Lingshui 17-2 in the South China Sea to start its first gas production at the end of 2021, a company executive said on Tuesday. Chinese state-run energy producers are raising spending on domestic oil and gas drilling to multi-year highs […]

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OPEC daily basket oil price closes at $63.93 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $63.93 a barrel on Tuesday, compared with $64.51 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), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi […]

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India turns to UAE for extra LPG imports as Saudi Arabia cuts supplies

New Delhi — India will get two additional cargoes of liquefied petroleum gas (LPG) from United Arab Emirate’s Abu Dhabi National Oil Co (ADNOC) to make up for a shortfall from Saudi Arabia, two government officials said. India’s oil minister Dharmendra Pradhan earlier in the day tweeted that ADNOC had agreed to give two additional […]

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Tuesday, 24 September 2019

Oil falls 2% after Trump ratchets up U.S.-China trade war

Houston — Oil prices fell 2% on Tuesday as U.S. President Donald Trump fanned market fears that Sino-American trade tensions are far from settled amid ongoing negotiations, a grim sign for oil demand growth. Trump sharply criticized what he called China’s unfair trade practices in a speech at the United Nations General Assembly, saying he […]

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UN, AfDB high-level meeting calls for speed and action on SDGs

United Nations, New York – With an estimated 390 million people living in extreme poverty, hunger and food insecurity, Africa is in a race against time to deliver on its regional and global development goals. On the sidelines of the UN General Assembly on Sunday, African heads of states and governments met to emphasize urgent […]

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German coal closure auctions could be costly, insufficient – study

Frankfurt — German climate protection plans involving the closure of some coal plants might cost 1.2 billion euros ($1.32 billion) by 2030 without achieving the desired reductions in carbon emissions, an independent study said on Monday. A draft law detailing the plan to shut hard coal fired power plants by offering operators fiscal incentives in […]

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Kosmos touts 2nd LNG plant in Senegal after drilling results

London — Kosmos Energy, a U.S.-listed oil and gas exploration company, said on Monday the results of its appraisal drilling offshore Senegal were good enough to consider a second liquefied natural gas (LNG) export plant in the West African country. Kosmos discovered the Greater Tortue accumulation of gas offshore Senegal and Mauritania in 2015 and […]

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OPEC daily basket oil price closes at $64.51 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $64.51 a barrel on Monday, compared with $65.30 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), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi […]

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Sunday, 22 September 2019

Nigeria to earn fresh $6.35 billion in taxes and royalties

*As NNPC Concludes $875.75m Alternative Financing Package for OML 65 Expansion Abuja — The push by the Management of the Nigerian National Petroleum Corporation, NNPC, to increase crude oil production and grow the nation’s revenue profile gained momentum with the closure of $875.75m alternative financing deal for the Nigerian Petroleum Development Company, NPDC, operated OML […]

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NNPC/Seplat JV supports SDGs with community interventions

OpeOluwani Akintayo Lagos — Seplat Petroleum Development Company Plc, SEPLAT, operator of the NNPC/SEPLAT Joint Venture, says its intentions in host communities and other communities in the areas of health, education and economic empowerment, among others, are in line with its mandate to support the Sustainable Development Goals, SDGs of the United Nations. To this […]

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Nigeria to earn fresh $6.35 billion in taxes and royalties

*As NNPC Concludes $875.75m Alternative Financing Package for OML 65 Expansion Abuja — The push by the Management of the Nigerian National Petroleum Corporation, NNPC, to increase crude oil production and grow the nation’s revenue profile gained momentum with the closure of $875.75m alternative financing deal for the Nigerian Petroleum Development Company, NPDC, operated OML […]

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Saturday, 21 September 2019

China has enough oil inventories to last about 80 days – NEA

Beijing — China has around 80 days of oil in storage, including those in its strategic petroleum reserve (SPR), oil storage at oil firms and commercial stocks, a National Energy Administration (NEA) official said on Friday. China, the world’s biggest importer of crude oil, will complete building the second phase of its strategic oil storages […]

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Friday, 20 September 2019

Central Bank of Nigeria keeps benchmark interest rate at 13.5%

LAGOS — Nigeria’s central bank held its benchmark interest rate at 13.5%, its governor Godwin Emefiele said on Friday. Most analysts previously polled by Reuters had predicted the central bank would probably ease in September.

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Total Port Arthur, Texas refinery cuts coker production

Dallas — Total SA cut production on the coker at its 225,500 barrel-per-day (bpd) Port Arthur, Texas, refinery because of heavy lightning, sources familiar with plant operations said on Thursday. Total cannot operate the crane that clears coke dumped from the 60,000 bpd coker during heavy lightning, the sources said. Running one train instead of […]

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Shell loads first LSFO cargo from Singapore refinery ahead of IMO

London — Royal Dutch Shell (RDSa.L) has loaded the first cargo of low-sulfur fuel oil (LSFO) from its Pulau Bukom refining site in Singapore, it said. Demand for stable low-sulfur marine fuel supplies is rising as the shipping sector prepares for the International Maritime Organization’s (IMO) lowering of the cap on sulfur in marine fuels […]

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Thursday, 19 September 2019

Weekly SweetcrudeReports September 18, 2019

Read the Weekly SweetcrudeReports: Piracy attacks decline in Nigerian waters – Naval Chief. DOWNLOAD IT DOWNLOAD IT

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India’s Modi to meet BP, Exxon executives to discuss investment opportunities

New Delhi — Indian Prime Minister Narendra Modi will meet executives from energy majors BP PLC and Exxon Mobil Corp in the United States next week to discuss investment opportunities, the foreign ministry said on Thursday. The energy hungry nation, which has been increasing imports of crude from the United States, is looking at raising […]

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Exxon Mobil seeks to sell Australian Bass Strait oil, gas assets

Melbourne — Oil major Exxon Mobil Corp said on Wednesday it was looking to sell its 50% stake in the Gippsland Basin oil and gas development in Australia’s Bass Strait as part of a broader review of its portfolio of assets around the world. The Gippsland Basin joint venture, off the state of Victoria, has […]

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Wednesday, 18 September 2019

Saudi Arabia draws down oil stocks to maintain supply after attack

London — Saudi Arabia will try to maintain oil supplies to its major customers by drawing down crude stored at tank farms in the kingdom and in its global network while repairing and replacing installations damaged in the recent attacks. Saudi Arabia reported domestic crude stocks of 180 million barrels at the end of July, […]

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ExxonMobil, Gov Udom brainstorm on sustainable development

Mkpoikana Udoma Port Harcourt — American oil giant, ExxonMobil Nigeria Unlimited and Akwa Ibom State Governor, Udom Emmanuel, Wednesday, met to brainstorm on investment in oil and gas sector in the state. Akwa Ibom State Governor, Udom Emmanuel, on his social media handle, disclosed that other issues discussed during the meeting include job creation, wealth […]

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OPEC daily basket oil price closes at $67.89 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $67.89 a barrel on Tuesday, compared with $66.43 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), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi […]

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Tuesday, 17 September 2019

South African rand hurt by oil price spike

Johannesburg — South Africa’s rand extended its losses on Tuesday to a one-week low as heightened tensions in the Middle East after the weekend attack on Saudi Arabia’s crude oil facilities soured risk demand globally. At 1530 GMT the rand was 0.46% weaker at 14.7325 per dollar, having slipped to 14.8425 earlier, its weakest level […]

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Trump administration approves biofuel quota boost

Houston — U.S. President Donald Trump has tentatively approved a plan to increase the amount of biofuels that oil refiners are required to blend each year to compensate for exemptions handed out to small refiners by the Environmental Protection Agency, two sources familiar with the matter said. The plan is intended to address a major […]

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MPs grill RBZ deputy governor over cash black market

News Wire — MPs on Monday took Reserve Bank of Zimbabwe (RBZ) deputy governor Kupukile Mlambo to task over continued cash shortages on the formal market when groups of individuals are seen everyday trading in crispy bank notes on the black market. Mlambo was giving oral evidence before parliament’s Public Accounts Committee which is chaired […]

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Saudi Arabia to restore oil output fully by end of September -energy minister

Jeddah, Saudi Arabia — Oil prices dropped sharply on Tuesday after Saudi Arabia’s energy minister said the kingdom has fully restored its oil supply following an attack over the weekend that shut 5% of global oil output. Stocks edged higher and U.S. Treasury yields slipped ahead of an expected interest rate cut by the Federal […]

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NBS says Nigerians paid more for kerosene in July

OpeOluwani Akintayo Lagos — Petroleum product data released by the Nigerian Bureau of Statistics, NBS for the month of August says average price per litre paid by Nigerian consumers for National Household Kerosene, NHK increased by 1.24% month-on-month and by 10.80% year-on-year to N319.94 in August 2019 from N316.03 in July 2019. States with the […]

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Oil falls as supply worries fade; stocks edge higher

New York — Oil prices dropped sharply on Tuesday after Saudi Arabia’s energy minister said the kingdom has fully restored its oil supply following an attack over the weekend that shut 5% of global oil output. Stocks edged higher and U.S. Treasury yields slipped ahead of an expected interest rate cut by the Federal Reserve […]

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Why it’s difficult to enforce local content laws — Board Secretary

Port Harcourt — Before he took charge of the reigns of leadership at the Nigerian Content Development Monitoring Board as Executive Secretary, Simbi Kesiye Wabote was the General Manager in-charge of Government Relations and prior to date, General manager in charge of Nigerian Content at the Shell Petroleum Development Company Nigeria Limited, a company which […]

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Monday, 16 September 2019

OPEC daily basket oil price closes at $60.02 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $60.02 a barrel on Friday, compared with $60.51 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), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi […]

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Sunday, 15 September 2019

Fortress Investment Group to lead global small-scale LNG liquefaction capacity

Lagos — Fortress Investment Group is expected to lead capacity additions from planned and announced (new-build) projects in the global small-scale liquefied natural gas (LNG) liquefaction industry between 2019 and 2023, contributing around 25% of global small-scale LNG liquefaction capacity growth by 2023, according to GlobalData, a leading data and analytics company. The company’s report, […]

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G5 Sahel heads of state support Desert to Power Initiative

*The goal of Desert to Power is to propel the Sahelian economies to higher growth and prosperity OUAGADOUGOU, Burkina Faso — G5 Sahel heads of state at a Summit on Friday in Ouagadougou, Burkina Faso, gave strong support to Desert to Power, an Africa Development Bank -led initiative. The summit, “Harnessing solar energy for the […]

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Saturday, 14 September 2019

MAP: NERC concerned over low performance, load rejection by DisCos

OpeOluwani Akintayo Lagos — The Nigerian Electricity Regulatory Commission, NERC, has raised concern over low performances by electricity distribution companies, DisCos in the ongoing Meter Assets Providers, MAPs scheme. The commission raised its objection in a communique issued at the end of its 6th meeting with the Nigerian Electricity Supply Industry Stakeholders held in Lagos […]

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A major oil producing state deserves major federal projects’ – Wike

Mkpoikana Udoma Port Harcourt — Rivers State Governor, Nyesom Ezenwo Wike, has expressed displeasure that prominent people from the state have key links to President Muhammadu Buhari, yet the East West Road, the seaports and other federal projects have been completely neglected since 2015. Governor Wike said Rivers State is a major oil producing State […]

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CSR: NLNG awards overseas postgraduate scholarships to 12 Nigerians

Mkpoikana Udoma Port Harcourt — The Nigeria Liquefied Natural Gas Limited, NLNG on Monday awarded post-graduate scholarships to 12 Nigerians to pursue Master’s degrees in high-ranking universities in the United Kingdom. The scholarships was awarded at the second edition of NLNG Scholars Day, in commemoration of the Company’s interventions in education. Speaking at the event, […]

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Namibia Stock Exchange lists first energy company

Windhoek — THE Namibian Stock Exchange has listed an energy company for the first time, a good sign of deepening and diversifying Namibian capital markets. This was the view of NSX chief executive officer Tiaan Bazuin at the official announcement of Alpha Namibia Industries Renewable Power Limited (Anirep)’s listing on the NSX’s development capital board. […]

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Friday, 13 September 2019

OPEC+ cohesion could be eroding

London — That’s what analysts at investment bank Jefferies stated in a new research note sent to Rigzone on Friday. In the note, the analysts highlighted that a statement from the September 12 OPEC+ joint ministerial monitoring committee (JMMC) meeting “essentially called out the cheaters” and urged all countries to conform with their targets. “The […]

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Meridian Energy completes water supply and wastewater agreements for Davis Refinery

HOUSTON, Texas, BELFIELD, North Dakota & IRVINE, California -— Meridian Energy Group, Inc., the leading innovator in the petroleum refining industry, announced that it has executed long-term water supply and wastewater agreements with the City of Dickinson, North Dakota. Under these agreements the City will provide all of the industrial water needs for the Davis […]

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Oil slips toward $60 on demand worries, despite trade hopes

LONDON — Oil slipped to around $60 a barrel on Friday as concern about a slowdown in the global economy and oil demand outweighed hints of progress in the U.S.-China trade dispute. OPEC and the International Energy Agency (IEA) both issued reports this week pointing to an oil surplus next year, despite a pact by […]

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BP CEO says he’ll sell oil projects to meet climate targets

LONDON — BP’s CEO plans to sell some oil projects and curb the development of others to align its business with the Paris accord, the latest sign climate concerns are starting to impact the investment decisions of the world’s largest fossil fuel producers. Senior BP executives met within the last few days to discuss how […]

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OPEC+ faces ‘daunting’ market surplus in 2020 – IEA

LONDON — As OPEC and its allies meet in Abu Dhabi, the IEA said it faces a significant challenge in managing the market into 2020. Demand for the group’s crude in the first half of 2020 will be 1.4 MMbpd below its August output as production surges from their competitors, including the U.S. Though an […]

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AFC closes debut Dual Currency Samurai Term Loan Facility

*Largest ever debut Samurai Loan for an African Issuer *The facility raised US$ 233 million and JPY 1 billion *Advances AFC’s objective of building a broad coalition of international investors TOKYO, Japan — Africa Finance Corporation, AFC, Africa’s leading investment-grade infrastructure solutions provider, announces the successful closure of general syndication which raised US$ 233 million […]

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OPEC daily basket oil price closes at $60.51 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $60.51 a barrel on Thursday, compared with $62.08 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), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi […]

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Piracy attacks decline in Nigerian water – Naval Chief

Mkpoikana Udoma Port Harcourt — Against the background of declining piracy incidence in Nigerian waters in recent times, the Chief of Naval Staff, Vice Admiral Ibok-Ete Ibas, has prescribed pragmatic measures for ship owners and seafarers to adopt in order to improve their safety and security at sea. Admiral Ibas speaking at the West African […]

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Petroleum Ministry: It’s unfair to rate Kachikwu low – TUC

Mkpoikana Udoma Port Harcourt — The Trade Union Congress, TUC, has said that it is unfair for people to say that the immediate past Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, did not achieve anything while in office, despite being an expert in the industry. This comes as some stakeholders have expressed doubt, […]

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U.S surpasses Saudi Arabia, Russia as world’s top oil exporter in June -IEA

*Says OPEC+ will soon witness fresh surging non-OPEC production OpeOluwani Akintayo Lagos — As tension in the Middle East Gulf eases and oil operations appears to be normal in recent weeks, the International Energy Agency, IEA, has said in June, the US briefly overtook Saudi Arabia and Russia as the world’s number one gross oil […]

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Wednesday, 11 September 2019

NCDMB to partner NFIU to reduce in-country capital flight

Michael James Lagos — The Nigerian Content Development and Monitoring Board, NCDMB, will collaborate with the Nigerian Financial Intelligence Unit, NFIU, to reduce capital flight in the oil and gas industry, retain spend in the local economy and create value. This agreement was sealed on Wednesday when the Executive Secretary NCDMB, Engr. Simbi Wabote received […]

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Nigerian National Petroleum Corporation reports fire at Ibadan depot

Abuja — The Nigerian National Petroleum Corporation, NNPC, Wednesday, announced a minor fire incident involving some fuel trucks at the loading bay of the Ibadan Depot operated by the corporation’s downstream subsidiary, Nigerian Pipelines and Storage Company, NPSC. In a statement in Abuja, Managing Director of the NPSC, Luke Anele stated that the fire which […]

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CSR: NLNG awards overseas postgraduate scholarships to 12 Nigerians

Mkpoikana Udoma Port Harcourt — The Nigeria Liquefied Natural Gas Limited, NLNG on Monday awarded post-graduate scholarships to 12 Nigerians to pursue Master’s degrees in high-ranking universities in the United Kingdom. The scholarships was awarded at the second edition of NLNG Scholars Day, in commemoration of the Company’s interventions in education. Speaking at the event, […]

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CSOs demand Wike’s resignation over position on OML 25

Mkpoikana Udoma Port HarcourtA coalition of civil society organisations in Nigeria, on Monday demanded the resignation of Rivers State Governor, Nyesom Ezenwo Wike, accusing him of taking sides with the Shell Petroleum Development Company of Nigeria Limited, SPDC, on issues surrounding OML 25 in Akuku-Toru Local Government Area of the state. The CSOs represented by […]

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Power plant tenders down 25 percent in Q2 2019 – Globaldata

Lagos — Power plant tenders in Q2 2019 saw 363 tenders announced, marking a drop of 25% over the last four-quarter average of 484, according to GlobalData, a leading data and analytics company. The proportion of tenders by category tracked by GlobalData in the quarter was as follows: – Project Implementation: 263 tenders and a […]

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OPEC+ to discuss deeper oil cuts on Thursday – Iraq minister

ABU DHABI — OPEC and its allies will discuss whether there is a need for deeper cuts in oil production when they hold a ministerial meeting on Thursday, Iraq’s oil minister said. The Organization of the Petroleum Exporting Countries and allied producers led by Russia, a grouping known as OPEC+, agreed last year to cut […]

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MOSOP wants federal government to expel SPDC from Nigeria

Mkpoikana Udoma Port Harcourt — The Movement for the Survival of the Ogoni People, MOSOP, has called on the Federal Government to expel the Shell Petroleum Development Company of Nigeria Limited, SPDC, from Nigeria, over alleged irresponsible ways the company has conducted its business in the country. The apex Ogoni socio-cultural group also alleged that the […]

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Tuesday, 10 September 2019

Oil rises over 1% on expectations of extended output cuts

London — Oil futures rose on Tuesday to their highest levels in almost six weeks on optimism that OPEC and other producing countries will agree to extend output cuts to support prices. Brent was up 67 cents or 1.07% at $63.26 a barrel by 1305 GMT, while U.S. West Texas Intermediate (WTI) futures were up 63 […]

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Asian oil refiners’ light, sweet tooth drives changes in purchases

Singapore — Asian refiners are buying more light crude and trimming purchases of heavy oil, as they tweak production to meet rising demand for low-sulphur fuels in the shipping sector. Asia’s demand for light, low sulphur crude grades, known as sweet crude, produced by countries such as the United States, the United Arab Emirates, Brazil and […]

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Croatia receives one bid for gas, oil on-shore exploration in Dinarides

Zagreb — Croatia has received one bid for gas and oil exploration in the country’s mountainous central and southern areas, state hydrocarbon agency AZU said on Tuesday, as part of the country’s drive to reduce its reliance on imports. The tender in the Dinarides region included four blocks that stretch over an area of 12,134 square […]

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Monday, 9 September 2019

Shell decries crude oil theft, vandalism in Niger Delta

*Loses 10,000 barrels of oil daily Lagos — With a daily loss of about 10,000 barrels of oil from its pipelines to crude oil theft, The Shell Petroleum Development Company of Nigeria Limited, SPDC, has cried out for help from government, communities and other stakeholders to stem the incessant attack on oil assets in the […]

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Thursday, 5 September 2019

Exxon, Shell cannot restore $1.8bn Nigerian arbitration award – U.S. judge

NEW YORK — A U.S. judge on Wednesday rejected Exxon Mobil Corp’s (XOM.N) and Royal Dutch Shell Plc’s (RDSa.L) effort to revive a $1.8 billion arbitration award against Nigeria’s state-run oil company, which stemmed from a dispute over a 1993 contract to extract oil near the African country’s coastline. U.S. District Judge William Pauley in […]

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NNPC records 45, 374 pipeline breaks in 18 years – Kyari

Lagos — The Nigerian National Petroleum Corporation (NNPC) on Wednesday said that it had recorded a total of 45,347 pipeline breaks on its downstream network between 2001 and mid-2019. The Group Managing Director (GMD), Malam Mele Kyari, stated this at the Nigeria International Pipeline Technology and Security Conference, in Abuja. Kyari spoke as a guest […]

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India and Russia target $30 bln in trade by 2025, announce new energy deals

Vladivostok — India and Russia are targeting $30 billion of annual trade by 2025, India’s foreign secretary said on Wednesday as a string of energy deals deepened economic ties between the nations. Seeking to boost bilateral trade from its current $11 billion, the two countries announced deals in sectors including energy, defence and shipping after […]

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Tuesday, 3 September 2019

Weekly SweetcrudeReports September 03, 2019

Read the Weekly SweetcrudeReports: Oil-producing states receive N78bn from FAAC in two months DOWNLOAD IT DOWNLOAD IT

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NNPC spokesman Ndu Ughamadu bags NAEC Excellence Award

OpeOluwani Akintayo Lagos — Group General Manager, Group Public Affairs Division, GPAD of the Nigerian National Petroleum Corporation, NNPC, Mr. Ndu Ughamadu, MFR, has bagged the Excellence Award of the Association of Energy Correspondents of Nigeria, NAEC. The award, which is in recognition of Ughamadu’s immense contribution to energy reporting and the journalism profession was […]

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NNPC signs performance bond to grow oil reserve & production

*As Mele Kyari tasks team on delivery of key priorities OpeOluwani Akintayo Lagos — Keen on delivering on his mandate, the Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mallam Mele Kyari has charged members of his management team to work assiduously to deliver on the key priority areas. These include growing the […]

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Again, Gov Wike indicts security agencies in illegal oil bunkering

*Seeks Federal Government’s collaboration against oil theft Mkpoikana Udoma Port Harcourt — Rivers State Governor, Nyesom Ezenwo Wike, has reiterated that oil theft and illegal oil bunkering has continued to worsen in the country, because of the participation of security agencies. Recall that in May 2019, Governor Wike had accused the General Officer Commanding, GOC […]

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Sylva in Petroleum Ministry: Boom time for Nigeria Content development

Idowu Bankole Yenagoa — When the list of the Ministers and their portfolios in President Muhammadu Buhari’s second cabinet was released in August 2019, one of the names that was greeted with wild jubilation in the Niger Delta in general and Ijaw land in particular was that of former Governor of Bayelsa State and the […]

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Energy ministers of Russia, Iran discuss investment projects

Moscow — Russian Energy Minister Alexander Novak and his Iranian counterpart, Reza Ardakanian have discussed the development of joint energy investment projects during their meeting in Moscow on Monday, the Russian ministry said in a statement. Novak and Ardakanian also touched on cooperation on global oil markets, the ministry added in the statement. Reuters

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OPEC daily basket oil price closes at $58.76 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $58.76 a barrel on Monday, compared with $60.11 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), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi […]

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Brazil increases quota for tariff-free ethanol imports, but for only one year

Sao Paulo — Brazil has renewed and increased the size of its tariff-free quota for ethanol imports, but the new allotment will last only one year instead of the two years allocated to the former quota that expired on Saturday, according to the country’s official gazette. The Brazilian government will allow tariff-free ethanol imports up […]

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Monday, 2 September 2019

China lodges tariff case at WTO against the U.S.

Hong Kong/Geneva — China has lodged a complaint against the United States at the World Trade Organization over U.S. import duties, the Chinese Commerce Ministry said on Monday. The United States began imposing 15% tariffs on a variety of Chinese goods on Sunday and China began imposing new duties on U.S. crude oil, the latest […]

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Saudi Arabia names head of PIF as Aramco chairman – Bloomberg

Dubai — Saudi Arabia has named Yasir al-Rumayyan, head of the kingdom’s sovereign wealth fund, known as the PIF, as chairman of state oil giant Aramco, replacing Energy Minister Khalid al-Falih, Bloomberg reported on Monday, citing an unnamed Saudi official. Rumayyan, a former investment banker, was appointed managing director of the Public Investment Fund in […]

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