JTF nabs vessel involved in oil theft

Sep 30, 2015

Nigeria’s special military unit in the Niger Delta, the Joint Task Force, said Wednesday it had seized an ocean-going vessel and a barge suspected of loading stolen crude oil, Platts reports. JTF spokesman Isa Ado said in a statement that the vessel, named MT ASKJA, was anchored along the Forcados estuary in the Warri South…

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Buhari to head Ministry of Petroleum Resources in new cabinet

Sep 30, 2015

Nigerian President Muhammadu Buhari will name himself as the country’s new oil minister, his aides confirmed Wednesday, as he seeks to clear the corruption web in the country’s mainstay economic sector, Platts reports. President Buhari will “appoint a junior minister in the Ministry of Petroleum Resources” when he unveils the list of his cabinet later…

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Indian buyers cautious over Nigerian crude oil

Sep 29, 2015

The head of refineries at India’s Hindustan Petroleum Corp (HPCL) has said the company will be cautious in buying Nigerian oil, as it is still scouting for a vessel to lift a cargo for early October loading after the country requested for a “letter of comfort” from shippers, Reuters reports. B.K. Namdeo said to Reuters;…

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NNPC, NLNG look to shift consumers’ focus from kerosene to cooking gas

Sep 29, 2015

Despite efforts of the Federal Government through its subsidy scheme to deliver kerosene at N50 per liter to consumers, the price remains high – in excess of N160 per litre – as artificial scarcity of the product persists in the domestic market. This has led the NNPC and NLNG to encourage consumers to explore the domestic cooking…

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Surge in fuel imports occurs as refineries under perform

Sep 29, 2015

There has been a steady surge in fuel importation to Nigeria with more inflows expected from Europe in the months to come, Daily Trust reports. Trading sources said that the main reasons for the strong demand from Nigeria is particularly due to slow domestic refinery output, as well as to increased domestic demand. The country has…

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FG looks to increase ECA to $3.95bn as external reserves decline

Sep 29, 2015

The Federal Government, in a bid to attain robust external reserves, is planning to increase the amount in the Excess Crude Account from the current balance of $2.25bn to $3.95bn next year, The Punch reports. It is also targeting fresh private sector investment of $1.5bn (N315.2bn) in infrastructure within the 2016 fiscal period. These figures are…

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NNPC should limit role in formulating policies for oil sector

Sep 29, 2015

Experts have said that the Nigerian National Petroleum Corporation (NNPC) should not spearhead the formulation of policies for the oil sector but instead should become a commercial entity, BusinessDay reports. Wumi Iledare, a professor of energy economics said he supported the removal of petroleum subsidy, but that the NNPC should not lead that policy formulation or indeed any…

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Nigeria’s gas production declines to 237bn scf in June

Sep 29, 2015

Nigeria’s gas production has declined by 5.56 per cent to 237.40 billion standard cubic feet of gas (BSCF) in the month of June this year, The Guardian reports. The country flared about 17.15 per cent of the total gas production during the month under review. The latest Nigerian National Petroleum Corporation (NNPC) monthly report released…

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Upstream cost cuts must go deeper to save projects – Wood Mackenzie

Sep 29, 2015

In a comprehensive analysis looking at the impact of cost deflation on the global upstream oil & gas sector, Wood Mackenzie concludes that while operators are seeking an average cost reduction of 20-30% on projects, supply chain savings through squeezing the service sector will only achieve around 10-15% on average. In order to ensure projects…

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NNPC contract cancellations yield $150m per month – GMD

Sep 28, 2015

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Emmanuel Ibe Kachikwu has said that the ongoing reform of the Corporation is already yielding positive results with huge savings of about $150 million monthly achieved through contract cancellations, Vanguard reports. According to him, “If you look at the contracts we have cancelled,…

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