Long term petroleum supply threatened by NNPC debt owed to traders

Apr 16, 2015

The inability of the Nigerian National Petroleum Corporation (NNPC) to liquidate an over $1.5 billion debt owed local and international oil traders involved in the importation of petroleum products on behalf of the corporation has raised concern over the long-term sustainability of supply of products in the country, This Day reports. This Day gathered that the…

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PIB essential for growth of Nigeria’s crude oil output – BMI

Apr 16, 2015

The passage of the Petroleum Industry Bill is required to significantly ramp up the nation’s crude oil production, which has been driven down in recent times, The Punch reports. Business Monitor International expects oil production to increase only slightly from 2.38 million barrels per day to 2.48 million bpd between 2014 and 2020. According to…

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CBN Governor proposes sale of JVs with IOCs

Apr 16, 2015

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has proposed that the incoming government to be led by Major-General Muhammadu Buhari (rtd) consider selling down its majority stakes in joint ventures with multinational oil companies to shore up state finances and raise funding for infrastructure development. According to the UK-based Financial…

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Buhari’s oil policy likely to focus on structural reforms first, taxes last – APC sources

Apr 15, 2015

Nigeria’s president elect Muhammadu Buhari’s priorities for the oil sector may be focused on ending corruption and reforming the opaque national oil company as opposed to fiscal related issues, All Progressives Congress (APC) sources have confirmed to Reuters. Senator Bukola Saraki, whose APC party controls both houses of parliament after a landslide win, told Reuters; “We need…

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Oil production from local firms hits 300,000bpd

Apr 14, 2015

Indigenous players in the exploration and production (E&P) value chain of the oil and gas industry account for 300,000 out of  the about 2.2 million barrels (bbls) of oil produced daily in the country, The Nation reports. The Chairman/Chief Executive Officer of Waltersmith Petroman Oil Limited, an indigenous E&P firm, Mr. Abdulrazaq Isa, who spoke…

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Fuel importation drops post elections, as scarcity bites harder

Apr 13, 2015

The rate of importation of Premium Motor Spirit (PMS), otherwise called petrol, to West Africa from Europe has slowed down as demand dropped after Nigeria’s presidential election. The effect has been mostly felt in the Nigeria’s capital, Abuja, and its environs as fuel supply distribution dropped, hence, leaving many filling stations dry. Oil traders booked…

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Mart Resources Inc. provides Umusadege production update

Apr 13, 2015

Mart Resources, Inc. (MMT) (“Mart” or the “Company”) and its co-venturers, Midwestern Oil and Gas Company Limited (“Midwestern”, Operator of the Umusadege field) and SunTrust Oil Company Limited are providing the following updates on Umusadege field production for February 2015 and other operations. February 2015 Aggregate Production Update Umusadege field production during February 2015 averaged…

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Shell keen on Nigerian onshore gas projects

Apr 11, 2015

According to the VP, Nigeria and Gabon, Shell Upstream International, Markus Droll, there are indications that Shell Petroleum Development Company (SPDC) has begun the processes of reviewing some large gas projects onshore Nigeria, The Guardian reports. Droll, said this at a recent event in a paper titled: “The Journey Towards Transformation”. He said this move…

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Nigeria’s importation of US LPG increases exponentially

Apr 9, 2015

Despite being Africa’s top oil producer and largest holder of natural gas reserves on the continent, Nigeria imported 764,000 barrels of Liquefied Petroleum Gas, otherwise known as cooking gas, from the United States in 2014, the first time since 2010, according to the Energy Information Administration, The Punch reports. Data obtained from the EIA, the…

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Nigerian crude glut present as Asian demand falls, expected to flow to Europe

Apr 9, 2015

Weak buying from Asia for Nigerian and West African light sweet crudes over the past month has left a large overhang of March, April and May cargoes, Platts reports. Demand from Asian buyers especially India, the biggest buyer of Nigerian crude, has been on the wane for May cargoes, and traders expect more Nigerian crude…

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