Thursday, 31 October 2019

Oil prices dip as U.S. crude stocks and weak Chinese data weigh

London — Oil prices came under pressure on Thursday from rising U.S. crude oil stocks and weak factory activity in China, with few bullish factors on the horizon. Brent crude futures were down 13 cents at $60.48 a barrel by 1338 GMT, erasing earlier gains. They had dropped by 1.6% on Wednesday and the contract […]

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Oil prices dip as U.S. crude stocks and weak Chinese data weigh

LONDON — Oil prices came under pressure on Thursday from rising U.S. crude oil stocks and weak factory activity in China, with few bullish factors on the horizon. Brent crude futures were down 13 cents at $60.48 a barrel by 1338 GMT, erasing earlier gains. They had dropped by 1.6% on Wednesday and the contract […]

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OPEC daily basket oil price closes at $61.24 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $61.24 a barrel on Wednesday, compared with $61.44 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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Ijaw youths reject NDDC management, demand Akpabio’s sack over interference

Mkpoikana Udoma Port Harcourt — The Ijaw Youth Council, IYC worldwide has called for the immediate sack of the Minister of Niger Delta Affairs, Sen, Godswill Akpabio, over what they described as undue interference in the affairs of the Niger Delta Development Commission,NDDC. This is in reaction to the newly inaugurated three-man NDDC interim management […]

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AfDB approves $165 million for Angola’s economic diversification

*The Angolan government is implementing reforms to diversify its oil-dependent economy ABIDJAN, Ivory Coast — The Board of Directors of the African Development Bank Group on Tuesday approved a $165 million loan to finance part of Angola’s three-year economic diversification support program intended to restore the country’s macroeconomic stability. The Angolan government is implementing reforms […]

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NDDC steps up work on N6 billion 132KV power project in Ondo

Mkpoikana Udoma Port Harcourt — The Niger Delta Development Commission, NDDC, says it has stepped up work on the N6billion 132KV transmission line and 132/33KV sub station, which it is constructing at Okitipupa in Ondo State, to cover about 2,000 communities. Speaking during an inspection of the project, NDDC Acting Managing Director, Dr Akwagaga Enyia, […]

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Tuesday, 29 October 2019

Turkey’s Botas seeks 70 LNG cargoes for 2020-2023 delivery – sources

London — Turkish state energy company Botas is looking to buy 70 cargoes of liquefied natural gas (LNG) for delivery over 2020-2023, two trade sources said on Tuesday. The tender was issued on Friday, one source said, two days after the United States lifted sanctions against Turkish ministries, including the energy ministry, and senior government […]

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South Sudan to offer oil blocks for licensing by Q1 2020

Juba — South Sudan plans to offer 14 oil blocks to exploration companies in a licensing round by the first quarter 2020, its oil minister said on Tuesday, switching from its previous method of direct negotiations with explorers. The country gets almost all its revenue from oil and has boosted output, now at 180,000 barrels […]

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Saudi Aramco aims to begin planned IPO on Nov. 3 -sources

Dubai/Riyadh — Saudi Aramco aims to announce the start of its initial public offering (IPO) on Nov. 3, three people with direct knowledge of the matter told Reuters, after delaying the deal earlier this month to give advisers time to secure cornerstone investors. The people also said Aramco’s chief executive officer, Amin Nasser, was not […]

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Brazil antitrust agency clears Raizen Energia purchase of Cosan Biomassa

Brasilia — Brazil’s antitrust agency Cade on Tuesday gave utility Raizen Energia SA, a joint venture between energy and logistics group Cosan and oil giant Shell, the go-ahead to buy 81.5% of Cosan Biomassa. According to Cade’s ruling, the deal was approved without restrictions because it will not impinge on competition. Cosan Biomassa, previously owned […]

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EU should revise fiscal rules to free up spending on climate – advisers

Brussels — The European Union should revise its fiscal rules to allow governments to spend more on policies to fight climate change and infrastructure, an independent advisory body said on Tuesday. With the euro zone’s economy slowing, the rationale of fiscal rules that were hastily tightened after the EU debt crisis of 2010-12 is now […]

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Unipec resumes using COSCO tankers for oil shipments -sources

London — China’s Unipec has resumed using tankers owned by COSCO weeks after it suspended bookings due to U.S. sanctions on some of the Chinese shipping company’s subsidiaries, trade sources said on Tuesday. Refinitiv data showed one COSCO owned tanker – belonging to a subsidiary not affected by the U.S. sanctions – was sailing to […]

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Russia’s Mariysky oil refinery to resume operations to in Nov – sources

Moscow — Russian Mariysky oil refinery plans to resume processing in November after a three-month suspension, four industry sources told Reuters on Tuesday. Two sources said the refinery plans to process around 80,000 tonnes of oil it had bought from Shell. The plant halted operations several times in 2018 and 2019 due to the lack […]

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Small U.S. oil and gas companies get cold shoulder from large banks

New York — The largest banking lenders to the U.S. oil and gas sector are becoming more cautious, marking down their expectations for oil and gas prices that underpin loans in a move expected to put further financial stress on struggling producers, industry and banking sources said. Major banks including JPMorgan Chase, Wells Fargo , […]

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Sunday, 27 October 2019

NDDC to distribute waste bins, trucks to states

Mkpoikana Udoma Port Harcourt — The Niger Delta Development Commission, NDDC, says it will distribute 32 waste disposal trucks and 64 waste bins to state ministries of environment in the region, to help in the campaign for a clean and healthy environment. Speaking after inspecting NDDC warehouses in Port Harcourt, the Acting Managing Director, Dr. […]

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U.S. to strengthen troop presence near Syria oil fields – Pentagon chief

BRUSSELS — The United States will strengthen its military presence in Syria with “mechanized forces” to prevent Islamic State fighters seizing oil fields and revenue, the U.S. Defense Secretary said on Friday, the latest twist in President Donald Trump’s confusing policy on Syria. Trump has been softening his pullout plans for Syria after a backlash […]

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Oil prices clock strong weekly gains on trade hopes, crude supply

NEW YORK — Oil prices rose on Friday, registering the strongest weekly gains in more than a month as support from optimism over a U.S.-China trade deal, falling U.S. crude stocks and possible action from OPEC to extend output cuts outweighed broader economic concerns. Oil got a boost from signs of progress in talks on […]

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Saturday, 26 October 2019

Operation Crocodile Smile IV will tackle oil theft, piracy – Army

Mkpoikana Udoma Port Harcourt — The Nigerian Army, Six Division Port Harcourt, has assured that Operation Crocodile Smile IV would tackle crude oil theft, illegal oil bunkering, sea piracy, militancy and other crimes peculiar to the Niger Delta region. The military exercise was flagged off with free medical programme in Rumuokoro community and Bolo community in […]

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Friday, 25 October 2019

Oil prices ease but are on track for large weekly gain

London — Oil prices eased on Friday but were on track for strong weekly gains as support from a surprise draw in U.S. inventories and possible action from OPEC and its allies to extend output cuts outweighed broader economic concerns. Brent crude was down 29 cents at $61.38 by 1359 GMT but the benchmark was […]

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Somalia says Shell, Exxon agree to pay $1.7 mln for oil blocks lease

Mogadishu — Royal Dutch Shell and Exxon Mobil have paid $1.7 million to Somalia to lease offshore blocks for 30 years, the country’s state news agency reported on Friday. “Shell/Exxon Mobil have paid $1.7 million to Somalia as the preliminary rent for 30 years,” SONNA reported. Shell and Exxon Mobil had a joint venture on […]

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Eni’s oil output hits third-quarter record with more to come

Milan — Energy group Eni achieved its highest ever oil and gas production rate for a third quarter, softening the blow of lower quarterly earnings because of weak oil and gas prices. The Italian company generates around 90% of its operating profit from its upstream oil and gas business. Major gas discoveries in Mozambique and […]

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Historical crude oil prices – 1946-present

Lagos — The first table shows the Annual Average Crude Oil Price from 1946 to the present. Prices are adjusted for Inflation to February 2019 prices using the Consumer Price Index (CPI-U) as presented by the Bureau of Labor Statistics. Note: Since these are annual average prices they will not show the absolute peak price and will differ slightly […]

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National budget threatened, Nigeria’s December crude export continues to fall

OpeOluwani Akintayo Lagos — Nigeria has a slimmer chance of meeting up with its N8.9 trillion 2019 national budget, as preliminary crude oil loading programs showed that some of its grades are not on demand for December. Loading Schedules showed that there would be a decline for the country’s oil in the last month of […]

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DPR proposes pipeline as better transportation for petroleum products

OpeOluwani Akintayo Lagos — The Department of Petroleum Resources, DPR, has asked the federal government to look into use of pipeline as the best means of transporting petroleum products across the country. The Acting Director, DPR, Mr. Shakur Rufai gave the advice in a statement on Friday. Although plagued by vandalism, he said pipeline transportation […]

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OPEC daily basket oil price close at $61.63 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $61.63 a barrel on Thursday, compared with $60.42 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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Oil theft: NSCDC denies auctioning seized petrol tankers

Mkpoikana Udoma Port Harcourt — The Nigerian Security and Civil Defence Corps, NSCDC, has denied placing advertisement for the auctioning of petrol tankers and other vehicles seized from suspected oil thieves and illegal bunkerers. Public Relations Officer of NSCDC, Rivers State Command, Oguntuase Michael, warned that the advertisements are fraudulent and untrue, thus should be […]

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Gov Udom presents N597Bn budget proposal for 2020

Mkpoikana Udoma – Port Harcourt — Akwa Ibom State Governor, Udom Emmanuel, has presented a total budgetary outlay of N597.800billion for the 2020 financial year, to the State House of Assembly for consideration and approval. The budget indicated that capital expenditure has N369.642billion, recurrent expenditure is estimated to take N111.225billion, while N116.933billion has been estimated for […]

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Thursday, 24 October 2019

NNPC signs memorandum to work with Russia’s Lukoil

Lagos — The Nigerian National Petroleum Corporation, NNPC, has signed a memorandum of understanding with Russian oil company Lukoil for potential cooperation in oil production, trading and refining, Lukoil said on Thursday. Mele Kyari, head of the Nigeria’s state oil firm, signed the memorandum during a visit to the Russian city of Sochi during a Russia-Africa Summit, […]

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Forte Oil sale: Ignite Investments takes over shares Friday

OpeOluwani Akintayo Lagos — Ignite Investments & Commodities Limited will officially take over Forte Oil Plc’s shares on Friday, documents sighted by SweetcrudeReports have shown. An official notification document by Forte Oil to the Nigerian Stock Exchange, NSE, on Wednesday, said the move by Ignite to finally take over the shares has already been endorsed […]

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Oil steadies above $61, weak demand outlook weighs

London — Oil steadied above $61 a barrel on Thursday as concern over the demand outlook offset a surprise drop in U.S. crude inventories and the prospect of further action by OPEC and its allies to support the market. In the latest sign of economic weakness that has prompted lower oil demand projections, employment in […]

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BP to test technology to recycle plastic bottles again and again

London — BP plans to build a $25 million (£19 million) pilot plant to test new technology the energy company says will allow plastic bottles and food packaging to be recycled again and again. Polyethylene terephthalate, or PET, is one of the most widely recycled plastics. About 27 million tonnes of PET is used annually […]

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China’s CNOOC says COSCO sanctions have impact but oil and gas output unaffected

Beijing — CNOOC, China’s largest offshore oil and gas producer, on Thursday said it would be affected by U.S. sanctions on its COSCO shipping firm but there would be no impact on its oil and gas production. “(The sanctions) will have some impact on our business when shipping oil and gas from overseas oilfields back […]

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Husky Energy profit halves as U.S. margins fall, output slips

News wire – Husky Energy Inc reported a 50% drop in quarterly profit on Thursday, as the integrated oil and gas company was hurt a drop in U.S. refining margins and lower crude oil prices. The company has struggled as a shortage of heavy crude has prevented U.S.-based refiners from taking advantage of stronger margins, while […]

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Rosneft’s Sechin: Saudi oil site attacks hit kingdom’s status as a reliable supplier

Verona, Italy — September attacks on Saudi oil assets have created doubts about Saudi Arabia’s status as a reliable oil supplier, Igor Sechin, Chief Executive of Russia’s Rosneft, said. The attacks, which temporarily shut down around half of the kingdom’s oil output, gave “grounds to rethink Saudi Arabia’s role as an undoubtedly reliable oil supplier”, […]

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Mexico taps banks, oil major as it nears end of 2020 oil hedge – sources

New York/Mexico City — Mexico’s finance ministry has completed a majority of its annual oil hedging program, working with at least four top investment banks and oil major Royal Dutch Shell, sources said, after challenges slowed the world’s largest oil financial deal this year. JPMorgan Chase & Co, Citigroup Inc, Goldman Sachs Group Inc, BNP […]

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Monday, 21 October 2019

China Sept crude runs hit record high as new refineries ramp up

Beijing — China’s crude oil throughput rose 9.4% in September from a year earlier to its highest level on record, official data showed, led by increases from new refineries and as some independent plants returned from maintenance. Refinery runs hit 56.49 million tonnes, or about 13.75 million barrels per day (bpd), according to figures from […]

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Global oil market loses 2mb/d to insecurity, political issues

OpeOluwani Akintayo Lagos — The global oil market has lost 2 million barrels per day of crude supply due to security and political issues. According to Total’s president of trading and shipping, Thomas Waymel, the issues that led to the loss in supply include U.S. sanctions on Venezuela and Iran, and disruptions in Saudi Arabia […]

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Asia set to contribute 56% of global new-build LNG regasification capacity growth

Lagos — Asia is expected to lead the global new-build Liquefied Natural Gas (LNG) regasification capacity additions from the planned and announced (new-build) projects. These additions are expected to contribute around 56% of the global new-build regasification terminals’ capacity during the outlook period 2019 to 2023, says GlobalData, a leading data and analytics company. The […]

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OML 25: Sylva, Kyari get chieftaincy titles in Rivers State

Mkpoikana Udoma Port Harcourt — As OML25 oil and gas facilities get reopened, the Minister of State for Petroleum Resources, Chief Timipre Sylva, and the Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mr Melee Kyari, have been awarded with Chieftaincy titles in Rivers State. The award is in appreciation to their roles in […]

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PANDEF tasks oil firms to respect GMoU with host communities

Mkpoikana Udoma Port Harcourt — The Pan Niger Delta Forum, PANDEF, has charged all oil companies, multinationals and indigenous, operating in the region to respect and honour all Memorandum of Understanding entered with their host communities in the interest of peace in the region. PANDEF at its national leadership retreat in Uyo, Akwa Ibom State […]

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Commonwealth finance ministers urge progress on taxing digital commerce

…to tackle debt Lagos — Commonwealth finance ministers have recognised the potential of technology to improve debt transparency while urging closer collaboration to resolve tax challenges arising from growing digital commerce. Revenues from tax collection are important for maintaining debt at sustainable levels, yet can often be impaired by the digitalisation of trade in services, […]

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Sunday, 20 October 2019

Nigeria government reiterates commitment to Ogoni cleanup

Mkpoikana Udoma Port Harcourt — The Nigeria Government has assured that it will leave no stone unturned in the cleanup of oil impacted areas in Ogoniland, Rivers State. The Minister of Environment, Dr. Mohammad Abubakar, who gave the assurance while inspecting Ogoni cleanup sites, in company with the Project Coordinator of HYPREP, Dr. Marvin Dekil, […]

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Oil spill from Nigeria Agip Oil Company facility rocks Rivers community

Mkpoikana Udoma Port Harcourt — Massive oil spill from a facility operated by the Nigerian Agip Oil Company, NAOC, has rocked Aggah community in Ogba/Egbema/Ndoni Local Government Area of Rivers State. This is coming barely a month after a massive fire broke out from an oil facility belonging to the same NAOC, in Ubeta community, […]

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Power: Nigeria govt sets aside $1.6bn for 20,000 Megawatts by 2020

OpeOluwani Akintayo Lagos — The Nigeria government is set to meet a 20,000 megawatts power generation target by 2020, setting aside some $1.61 billion to ensure generation towards a stable power supply in the country. The Managing Director, Transmission Company of Nigeria, TCN, Alhaji Usman Gur on Sunday, said the project execution will be carried […]

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Saturday, 19 October 2019

NNPC, NISS partner on safety of oil assets

Lagos — The Nigerian National Petroleum Corporation (NNPC) and the National Institute for Security Studies (NISS) have stepped up inter-agency collaboration to ensure safety of oil assets in the country. The Group Managing Director of the NNPC, Malam Mele Kyari, disclosed this in a statement signed by Mr Samson Makoji, the Acting spokesman for the […]

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NSE moves 310.56m shares worth N4.99bn

Lagos – The Nigerian Stock Exchange (NSE) on Friday moved 310.56 million shares worth N4.99 billion in 2,825 deals. News Agency of Nigeria (NAN) reports that this was against 147.09 million shares valued at N2.89 billion traded in 2,347 deals on Thursday. Guaranty Trust Bank dominated trading activities with 75.22 million shares worth N1.98 billion. […]

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NCDMB urges oil & gas sector on gender balance

*As Board debuts Women in the Oil and Gas Industry workshop OpeOluwani Akintayo Lagos — The Nigeria Content Development and Monitoring Board, NCDMB has called on stakeholders to make way for gender balance in the oil and gas sector. While delivering the Keynote address at the maiden edition of the one-day Women in the Oil […]

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Friday, 18 October 2019

NAPE to talk digitilisation, innovation, new technologies at November conference

OpeOluwani Akintayo Lagos — Digitalisation, innovation and emerging new technologies will be on the table at the upcoming Nigerian Association of Petroleum Explorationists, NAPE conference in November. During a press conference held in Lagos on Thursday, the outgoing President and host, FNAPE Ajibola Oyebanji said this year’s theme ‘Expanding Nigeria’s Petroleum Landscape: Digitalisation, Innovation, and Emerging […]

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3000 benefit from SPDC free medicals in Bayelsa State

Mkpoikana Udoma Port Harcourt — Not less than 3000 patients have been projected to benefit from the ongoing free healthcare programme, organised by the Shell Petroleum Development Company of Nigeria Limited, SPDC, in Opolo community, Yenagoa Local Government Area of Bayelsa State. The free health outreach include medical consultation from a medical team comprising general physicians, […]

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Oil rises, supported by U.S. fuel stock draws but weighed by crude build

New York — Oil prices rose about 1% on Thursday after draws in U.S. fuel inventories, but gains were capped by a larger-than-expected rise in crude stockpiles and a series of weak economic figures. Global benchmark Brent crude rose 49 cents, or 0.8%, to settle at $59.91 a barrel. U.S. WTI crude gained 57 cents, […]

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Total sets up bunker fuel JV with China’s Zhejiang Energy – execs

Zhoushan, China — French oil major Total has agreed to form a joint venture (JV) with China’s Zhejiang Energy to supply bonded marine bunker fuel in the free trade zone of Zhoushan, company executives said on Friday * Provincial government-backed Zhejiang Energy will hold 51% in the JV and Total 49%, Gu Qiang, general manager of […]

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Eni CEO sees no future for companies working in just oil and gas – paper

Milan — There is no future for companies that work only in oil and gas in the medium- to long-term, the head of Italian major Eni said on Friday. “Diversification into renewable energy and the circular economy is crucial,” Claudio Descalzi told financial daily Il Sole 24 Ore in an interview. Asked about interest in […]

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Nigerians paid less for 5kg cooking gas in September

…N145 per litre of petrol OpeOluwani Akintayo Lagos — Average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) decreased by -1.21% month-on-month and -6.23% year-on-year to N1,976.11 in September 2019 from N2,000.34 in August 2019. Newly released statistics by the Nigerian Bureau of Statistics, NBS, stated that states with […]

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Thursday, 17 October 2019

Oil falls but losses limited by new Brexit deal

London — Oil prices fell on Thursday as industry data showed a larger-than-expected increase in U.S. inventories but losses were limited after Britain and the European Union announced they had reached a deal on Brexit. Global benchmark Brent crude was down 37 cents at $59.05 a barrel by 1330 GMT. U.S. WTI crude was also down […]

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Shell aims to operate Egypt concessions in second half, 2020

Alexandria, Egypt — Royal Dutch Shell is aiming to start operating in its concession areas in Egypt in the second half of 2020, a senior executive said. Shell won three oil and two gas concessions in Egypt in February. Eni, BP and Exxon Mobil also won some of a total of 12 tenders as Egypt […]

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Gunvor must pay $95 mln for Congo oil corruption – Swiss prosecutors

London — Swiss federal prosecutors have found oil trader Gunvor Group criminally liable for corruption in Congo Republic and Ivory Coast, ordering it to pay almost 94 million Swiss francs ($94.8 million), the Swiss Attorney General’s Office said on Thursday. The settlement includes a fine of 4 million Swiss francs, out of a maximum of […]

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U.S. oil and gas jobs fall as drilling declines: Kemp

London — U.S. oil and gas employment has started to fall as the sector contracts in response to lower prices over the last year – and further job losses are likely in the next few months as the rate of well drilling declines further. In 2017/18, the second shale-oil boom created almost 100,000 new high-paying […]

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Mexico’s president threatens to name oil firms whose investments are delayed

Mexico City — Mexico’s President Andres Manuel Lopez Obrador said on Thursday he will publicly name oil companies whose planned investments are delayed, following a landmark energy opening in the prior administration that he has called a failure. “The majority of these companies are asking for extensions,” Lopez Obrador said, adding he would give a […]

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Big U.S. liquefied natgas players move fast, the small race to keep up

New York/London — A gap is emerging in the U.S. liquefied natural gas (LNG) industry as big players such as Exxon Mobil Corp and Cheniere Energy Inc race ahead to build export terminals without new long-term contracts, while smaller developers struggle to find financing for their first plants. LNG trade has traditionally been underpinned by long-term […]

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Oil & gas investment in Bonny Island hits $30bn

Mkpoikana Udoma Port Harcourt — Combined scale of oil and gas investment in the coastal island of Bonny, Rivers State currently stands at over $30,000, the Nigerian Liquefied Natural Gas Limited, NLNG, has said. Bonny is host to the Shell Petroleum Development Company of Nigeria Limited, SPDC, ExxonMobil Nigeria Unlimited, and NLNG including its six […]

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French power output down 4.7 GW as EDF workers protest restructuring

Paris — Around a quarter of employees at French utility EDF downed tools on Thursday in protest at a plan to restructure the state-controlled company, reducing power generation at several nuclear, hydro and gas-fired plants. EDF said the production cut was likely to continue until the end of the national strike later on Thursday evening. […]

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Controversial Mexican oil union boss resigns amid graft charges

Mexico City — The longtime head of Mexico’s powerful oil workers union, Carlos Romero Deschamps resigned on Wednesday, a day after the president hinted he should step down to face allegations of wrongdoing. The departure of Romero Deschamps could allow President Andres Manuel Lopez Obrador to take a firmer grip of the future of national […]

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VW gets more time from U.S., auditor to comply with diesel settlement terms

Frankfurt — Volkswagen will get 90 more days to test its compliance programmes required under a criminal plea agreement with the U.S. government after an emissions cheating scandal, the German carmaker said on Thursday. Volkswagen said it had made the request for the extension to the U.S. Department of Justice and its independent compliance auditor, […]

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Tuesday, 15 October 2019

Nigeria instructs producers to slash output in line with OPEC quota

OpeOluwani Akintayo Lagos — Contrary to recent reports that Nigeria’s production quota has been increased by OPEC, findings by SweetcrudeReports show otherwise- oil companies will have to cut down on their outputs henceforth. According to the report first published by Reuters, Nigeria’s quota has been increased to 1.774 million barrels per day (b/d) from 1.685 […]

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Recalibrating maritime governance for improved revenue, efficiency and security

Olugbenga Leke Oyewole Lagos — We definitely cannot continue to do the same things in the same way and expect a different outcome. Oil theft, revenue leakage and insecurity in our maritime domain now looks like insurmountable giants because our approach is wrong and the change, we crave is presently bereft of political will. Three […]

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OML 1: Acquisition of Ogoni oilfields without consultation cannot stand – MOSOP

Mkpoikana Udoma Port Harcourt — The Movement for the Survival of Ogoni People, MOSOP, has said that the planned acquisition of Ogoni oilfields in OML11 by the Rivers State Government, without broad consultation and agreement with the Ogoni people is null, void and cannot stand. Recall that the Rivers State Governor, Nyesom Ezenwo Wike, recently […]

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Help us combat flood in Bayelsa, Police begs NDDC

Mkpoikana Udoma Port Harcourt — The Nigerian Police Force has appealed to the Niger Delta Development Commission, NDDC, to assist the force in combating the flood ravaging the Police headquarters and other police stations in Yenagoa, Bayelsa State. Bayelsa State Commissioner of Police, Uche Anozia, made the appeal when he paid a courtesy visit to […]

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OPEC daily basket oil price closes at $59.95 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $59.95 a barrel on Monday, compared with $60.97 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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Mohammed Barkindo says road transportation to drive oil demand

*As OPEC to launch World Oil Outlook in November OpeOluwani Akintayo Lagos — Road transportation will remain one of the main drivers of oil demand, according to Secretary-General of the Organization for the Petroleum Exporting Countries, OPEC, Mohammad Barkindo at the Kuwait Oil & Gas show and conference on Sunday. According to him, worldwide oil […]

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Saturday, 12 October 2019

Monthly SweetcrudeReports October, 2019

Read the Monthly SweetcrudeReports: Foreign investment in Nigeria’s oil industry up 105% to $47m Abuja –  Foreign capital inflow into the Nigerian oil and gas industry appreciated by 105.2 per cent to $47.27 million in the first half of … DOWNLOAD IT DOWNLOAD IT

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NORDIC POWER-Forward prices rise as water levels seen falling below normal

News Wire — Nordic forward power prices rose on Friday, with the front-year contract hitting a two-week peak, as water reserves were seen declining below normal levels amid drier weather forecasts in the region. * Nordic front-quarter baseload power contract rose 1.05 euros to 41.10 euros per megawatt hour (MWh) as of 1034 GMT. The contract […]

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Experts say 90 million people lack access to reliable electricity in Nigeria

*2.3 billion people globally OpeOluwani Akintayo Lagos — Experts in technological innovations, automation, and energy management have said 90 million people either lack access or reliable access to electricity in Nigeria. This was revealed at the 2019 Schneider Electric’s Innovation Day held in Lagos on Thursday where deliberations and exchange of ideas as regards contextual […]

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Naphtha Jan-Aug demand down 85,000 bpd yr/yr -IEA

London — A global manufacturing slowdown has reduced naphtha demand in recent months, the International Energy Agency said on Friday, as consumption in the January-August period fell by 85,000 barrels per day from a year earlier. Naphtha faces growing competition from propane and ethane linked to the U.S. shale boom. In Europe, several crackers were […]

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Denmark weighs ending North Sea oil and gas hunt

Copenhagen — Denmark is assessing whether to go ahead with an already announced tender for new oil and gas exploration in the Danish North Sea after setting itself one of the most ambitious climate targets in the world. The new Social Democratic government has come under pressure from its left-leaning allies in parliament to ban […]

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Wednesday, 9 October 2019

Petrobras removes 133 tonnes of oil from Brazil’s beaches, CEO says

Brasilia — State-run oil company Petroleo Brasileiro has collected 133 tonnes of oil along Brazil’s northeastern shoreline, Chief Executive Roberto Castello Branco said on Tuesday, in an unexplained mystery he said was worrying. Speaking with lawmakers, he said the company had not identified any of its own oil in its analyses. He also said that, […]

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Unrealized oil pomise of the DRC in the era of “Billions at Play”

Johannesburg, South Africa — It is no secret that the DRC’s mining industry is of vital importance in answering the country’s and the world’s mineral needs. Today, copper, cobalt and other byproducts represent the backbone of the DRC’s economic structure at about 85% of its exports. That has been the case for many years, through […]

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Libyan oil firm unable to pay salaries at eastern unit with parallel board

Cairo — Libyan state oil firm NOC said on Tuesday it had been unable to pay salaries in September at a fuel distribution unit in the east where authorities have set up a parallel board. The comments highlight the risk that NOC might break up after eastern authorities allied to Khalifa Haftar, whose troops have been […]

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Mozambique says US gas giant Exxon to finalise LNG investment next week

Maputo — U.S. energy giant Exxon Mobil will finalise its investment in Mozambique’s lucrative liquefied natural gas fields in a signing ceremony on Tuesday, the African country’s government said via state television. Exxon’s Rovuma LNG project, jointly operated with Italian firm Eni, will produce, liquefy and sell natural gas from three reservoirs located in the […]

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Tuesday, 8 October 2019

Buhari presents 2020 N10.33trn Appropriation Bill to NASS

…2020 budget based on 2.18mbd crude production, $57/b oil price Abuja — President Muhammadu Buhari accompanied by members of the Federal Executive Council (FEC) on Tuesday presented the 2020 budget proposal to a joint session of the National Assembly (NASS). Buhari, who addressed the joint session of NASS at about, 2.03p.m., unveiled a budget of […]

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Oil eases on concerns over U.S.-China talks, weak economic data

New York — Oil prices slid on Tuesday as Washington’s blacklisting of more Chinese companies dampened hopes for a trade deal between the two countries, though unrest in Iraq and Ecuador lent some support to crude prices. Both Brent crude and West Texas Intermediate (WTI) crude had risen by more than 1% earlier in the […]

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IMO, ECOWAS and GGC to tackle insecurity in the GOG

Vincent Toritseju Abuja — The International Maritime Organization, IMO, the Economic Community of West African States, ECOWAS and The Gulf of Guinea Commission , GGC are currently mulling plans to tackle the menace of pirates and other maritime crime in the Gulf of Guinea. Disclosing this at the ongoing Global Maritime Security Conference taking place […]

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Polish coal region wants its say on new mines

Warsaw — Local authorities in Poland’s Silesia coal-mining region urged the nationalist Law and Justice (PiS) government on Monday to drop proposed legislation that would give it the option to open new mines without their consent. Facing an election on Sunday, PiS has maintained its strong support for coal mining as a key energy source […]

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Merkel defends climate plan as activists block Berlin squares

Berlin — German Chancellor Angela Merkel on Monday defended climate protection measures condemned by critics as unambitious, while activists blocked traffic in Berlin to demand drastic action to cut carbon emissions responsible for global warming. Speaking at the launch of a centre for education on climate, Merkel said the measures her government is due to […]

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OPEC daily basket oil price closes at $59.09 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $59.09 a barrel on Monday, compared with $58.59 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, 6 October 2019

Russia will find ways to help Cuba get oil, says Medvedev

MOSCOW — Russia will find ways to help Cuba secure supplies of oil and petroleum products, Russian Prime Minister Dmitry Medvedev said in an interview broadcast on Saturday. Medvedev pledged to help develop Cuba’s energy sector during a visit to the island this week, but did not announce any short-term measures to provide relief for […]

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Saturday, 5 October 2019

US rig count declines by five

Houston — The U.S. shed three oil rigs and two gas rigs to total a net loss of five rigs this week, according to data from Baker Hughes, a GE Company. All losses were land rigs. This follows last week’s loss of eight rigs and continues the downward trend of the nation’s rig demand. Currently, […]

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Chevron buys 40% stake in three Mexico deepwater blocks from Shell

MEXICO CITY — U.S.-based Chevron Corp (CVX.N) said on Friday it signed an agreement with a unit of Royal Dutch Shell (RDSa.L) to buy a 40% stake in three deepwater blocks in the Mexican Gulf that the Anglo-Dutch firm won in auctions under the nation’s energy reform. The deal was approved earlier this week by […]

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Presidential Amnesty empowers 100 beneficiaries in Rivers State

Mkpoikana Udoma Port Harcourt — A total of 100 already trained beneficiaries of the Presidential Amnesty Programme in Rivers State, have been given starter packs to set up businesses in their various trade areas as part of efforts to reintegrate them into the society. Items distributed to the beneficiaries who were mainly from Ateke Tom’s camp […]

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Nigeria in talks with Aramco, UAE over potential investments

OpeOluwani Akintayo Lagos — Group Managing Director, NNPC, Mele Kolo Kyari has said Nigeria is currently in talks with Saudi Arabia’s Aramco and United Arab Emirates’ Abu Dhabi National Oil Company, ADNOC over potential investment opportunities. Kyari who made the revelation at an industry conference in Fujairah, UnAE on Tuesday, added that the country is […]

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Thordon Systems reduce maintenance schedules for offshore vessel operator

Lagos — Canadian company Thordon Bearings has notched up another success story for a customer in the demanding offshore sector, with a bearing and seal installation in “perfect condition” after over three years of operation. Global Tiger, operated by UAE-based Global Marine Co is a 42m (138ft) crew/supply vessel currently in service in the Middle […]

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Nigeria maritime security experts call for national ocean policy

Vincent Toritseju Lagos — IN a bid to further enhance the security of Nigeria’s coastal and territorial waters, the Maritime Security Providers Association of Nigeria, MASPAN, has called for a National Ocean Policy with a view to proactively plan and manage the nation’s maritime space. Speaking at the just concluded Annual General Meeting of the […]

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Thursday, 3 October 2019

OPEC daily basket oil price closes at $58.72 per barrel

Vienna, Austria — The price of OPEC basket of fourteen crudes stood at $58.72 a barrel on Wednesday, compared with $59.65 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, 2 October 2019

Presidential Amnesty empowers 100 beneficiaries in Rivers State

Mkpoikana Udoma Port Harcourt — A total of 100 already trained beneficiaries of the Presidential Amnesty Programme in Rivers State, have been given starter packs to set up businesses in their various trade areas as part of efforts to reintegrate them into the society. Items distributed to the beneficiaries who were mainly from Ateke Tom’s camp […]

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Nigeria maritime security experts call for national ocean policy

Vincent Toritseju Lagos — IN a bid to further enhance the security of Nigeria’s coastal and territorial waters, the Maritime Security Providers Association of Nigeria, MASPAN, has called for a National Ocean Policy with a view to proactively plan and manage the nation’s maritime space. Speaking at the just concluded Annual General Meeting of the […]

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Marine Insurance: African Ship owners consider Continental P&I Club

Vincent Toritseju Lagos — IN line with the African Union Maritime Agenda, 2063, the African Ship-owners Association is considering the formation of a Continental P&I club with a view to strengthening the African shipping industry. Protection and Indemnity or P&I club is a non-governmental, non-profit mutual or cooperative association of marine insurance providers with members […]

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Tuesday, 1 October 2019

Europe Power – Day-ahead prices rise sharply as wind supply halves, demand goes up

Frankfurt — European spot power prices for the day-ahead rose sharply on Monday as previously ample German wind power supply was forecast to contract by nearly half by Tuesday while demand increased. * German over-the-counter baseload power for Tuesday traded at 40.5 euros ($44.23) a megawatt hour (MWh) by 1050 GMT, a rise of 78% […]

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Brazil’s Petrobras says refinery fire occurred during scheduled stoppage

Sao Paulo — A major refinery owned by Brazilian state-run oil firm Petrobras was already undergoing a scheduled stoppage when a fire broke out over the weekend, the company told Reuters on Monday, likely limiting the effects on production. Petroleo Brasileiro SA, as the firm is formally known, did not respond to a request for […]

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India’s August infrastructure output down 0.5% y/y -govt

New Delhi — India’s infrastructure output fell 0.5% in August from a year earlier, government data showed on Monday. During April-August, output grew 2.4% from the year-ago period, according to the data. Infrastructure output, which comprises eight sectors such as coal, crude oil and electricity, accounts for nearly 40% of India’s industrial output. – Reuters

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U.S. sanctions on COSCO hit LNG tankers in Russia’s Arctic

London — U.S. sanctions on two units of Chinese shipper COSCO hit the liquefied natural gas (LNG) tanker industry on Monday as U.S.-listed Teekay LNG said its shipping joint venture in Russia had been “blocked” because of its ties to COSCO. The United States imposed sanctions on COSCO Shipping Tanker (Dalian) Co and subsidiary COSCO […]

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