Nigeria-Sao Tome & Principe Agreement Excites Oil Industry Stakeholders

Nigeria-Sao Tome & Principe Agreement Excites Oil Industry Stakeholders

International Oil Companies (IOCs) to relocate their administrative and operational headquarters to the Niger Delta. Hopes have been reignited that a 40-year treaty signed 17 years ago for a Joint Development Zone (JDZ) between Nigeria, and Sao Tome & Principe, may become economically viable going by the level of renewed efforts by the countries. Such efforts will lead to further review of the commercial viability of over 500 million barrels of crude oil reserves stranded in the region.Although most of the International Oil Companies (IOCs) that pushed for drilling rights in…

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NNPC Records N18.12bn Fiscal Surplus

NNPC Records N18.12bn Fiscal Surplus

The Nigerian National Petroleum Corporation on Monday announced a trading surplus of N18.12bn for May 2018, a performance that was relatively higher than the N17.16bn recorded in the preceding month. It disclosed this in the May edition of its monthly financial and operations report, adding that the rise in its trading surplus was due to increased performance of some of its subsidiaries. It outlined the subsidiaries as the Nigerian Petroleum Development Company, Petroleum Products Marketing Company, Nigerian Pipelines and Storage Company and Marine Logistics. The report stated that the increase…

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Crude Oil Spikes on OPEC Algeria Meeting

Crude Oil Spikes on OPEC Algeria Meeting

OPEC and its allies are scheduled to gather in Algeria on Sunday to discuss how to allocate higher supply to offset the shortage of Iranian supplies. Brent crude oil was up 75 cents at $79.45 a barrel by 0955 GMT. U.S. light crude was up 45 cents at $70.77. Brent is close to four-year highs, trading just below $80 a barrel, as investors bet that the Organization of the Petroleum Exporting Countries will be unable to compensate fully for the loss of oil from Iran, OPEC’s third-biggest producer. But the…

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Crude Oil Spikes On Account Of US sanctions On Iran

Crude Oil Spikes On Account Of US sanctions On Iran

OPEC must stick together for the good of the global economy as founding member Iran faces renewed U.S. sanctions, the head of the cartel said Tuesday — though he did not address how an already-tight market will make up for the loss of Iranian supply. Mohammed Sanusi Barkindo also said an agreement between OPEC and non-members that cut production and helped bring prices back up from lows of $30 a barrel in January 2016 was now “a permanent feature.” Cementing that arrangement would be one of the topics of discussion…

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FG To Penalise Multinationals On New Gas Flaring Law

FG To Penalise Multinationals On New Gas Flaring Law

The federal government is set to stiffly penalise offenders of gas flaring in the country, after several years of leaving it at a meagre fine of N10 per thousand standard cubic feet of gas flared by oil companies in the country. This was contained in a newly gazetted Flare Gas Prevention of Waste and Pollution Regulations 2018 which was recently approved by President Muhammadu Buhari. It would provide a legal framework to support the government’s plan to reduce Green House Gas (GHG) emissions through flaring and venting of natural gas. Under…

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UK Envoy, Others Visit NLNG Train 7

UK Envoy, Others Visit NLNG Train 7

the British High Commissioner, Paul Arkwright, the Ambassador of Turkey, Melih Ulueren, and his counterpart from Portugal, António Da Silva, are excited about the prospects of constructing an additional gas production train called Train 7 by the Nigeria LNG Limited. In July this year, the NLNG announced that it was shopping for $7bn from the global financial markets to expand its operations and increase its production capacity from 22 million tonnes per annum to 30MTPA, as well as to support the construction of Train 7. The NLNG is owned by…

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Crude Oil Prices Drop Amid OPEC’s Committee Call

Crude Oil  Prices Drop Amid OPEC’s Committee Call

Oil prices fell on Monday on concerns the U.S.-China trade dispute will erode global economic growth, and ahead of a conference call between members of a committee monitoring an OPEC and non-OPEC deal on output cut. Oil prices fell on Monday on concerns the U.S.-China trade dispute will erode global economic growth, and ahead of a conference call between members of a committee monitoring an OPEC and non-OPEC deal on output cuts. International Brent crude oil futures LCOc1 were at $75.49 per barrel at 0956 GMT, down 33 cents from their…

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Oversupply Threatens Nigeria’s Crude Oil Sales

Oversupply Threatens Nigeria’s Crude Oil Sales

The number of unsold Nigerian crude oil cargoes has reduced as buying interest picked up on Wednesday. Reuters quoted traders as saying that several more Nigerian cargoes had cleared so that fewer than half a dozen were available from the August programme and around 12-15 from the September programme. This is down from close to 30 cargoes at the start of the week. Differentials for Nigerian crude edged up on Wednesday after a flurry of unsold cargoes traded on the spot market, although traders said the market was still oversupplied…

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NNPC To Establish 100,000Bpd Refinery In Niger Delta

NNPC To Establish 100,000Bpd Refinery In Niger Delta

The Nigerian National Petroleum Corporation on Tuesday announced plans to establish a 100,000-barrels-per-day brownfield refinery each in Port Harcourt, Rivers State and in Warri, Delta State. It said the plan was part of its refinery collocation initiative designed to boost local refining capacity to end the era of petroleum products importation, adding that a group of investors had commenced the process of relocating a refinery that used to be owned by BP from Turkey to Nigeria. The Group Managing Director, NNPC, Maikanti Baru, disclosed this while speaking on efforts being…

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NNPC, Seplat sign gas delivery agreements

NNPC, Seplat sign gas delivery agreements

The Nigerian National Petroleum Corporation and Seplat Petroleum Development Company have signed five agreements to expedite the development of a project aimed at delivering about 3.4 billion standard cubic feet of gas per day by 2020. The NNPC said the project, Assa North and Ohaji South gas development scheme, was one of the seven critical gas development projects that would boost gas production and infrastructure development. The oil firm’s Group Managing Director, Maikanti Baru, said a special purpose vehicle known as ANOH Gas Processing Company was being promoted by the…

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