Monthly Archives: January 2019

Vessels carrying Nigerian crude are tracked by the EFCC —Kachikwu

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has said that the Federal Government through the Economic and Financial Crimes Commission (EFCC) has started racking every barrel of crude oil produced and exported out of Nigeria.   Kachikwu disclosed this on Tuesday at the ongoing Nigeria International Petroleum Summit in Abuja while responding […]

Crude Oil Not Sold for $100 in 16 Years of PDP – Atiku

The presidential candidate of the Peoples Democratic Party (PDP) on Wednesday punctured the claim by the President Muhammadu Buhari-led federal government that oil price hovered at $100 per barrel in the 16 years of PDP’s rule, saying it was only sold for that price in two years of former President Goodluck Jonathan’s administration.   Besides, […]

Nigerian govt to reclaim dormant oil fields from multinationals

  The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has hinted on moves by the Federal Government to reclaim dormant oil feilds from multinational oil companies operating in the country.   The minister stated this while fielding questions from journalists at the Nigeria International Petroleum Summit in Abuja on Wednesday.   Kachikwu also […]

Egina to boost oil production by 200,000bpd –Total CEO

The Managing Director Total E&P, Nicolas Terraz, has assured that the Egina Floating Production Storage and Offloading (FPSO) vessel will add 200, 000 barrels of oil per day (bpd) to Nigeria’s current production of two million  bpd.   He also urged oil sector stakeholders to internalise the culture of efficiency and innovation as they remain […]

Crude theft: FG begins tracking of crude oil production, PMS

In what appears to be like respite for the oil industry, the Minister of State for Petroleum Resources, Dr Ibe Kachikwu, on Tuesday, revealed that the Federal Government has begun tracking of Nigeria’s crude oil production to ensure the challenge of product theft was addressed.   He said the tracking project, which involves electronically monitoring […]

Nigeria, Morocco gas pipeline study ready

The Group Managing Director (GMD), Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, yesterday said Nigeria and Morocco have completed the feasibility study for the construction of the 5,660km Nigeria-Morocco Gas Pipeline.   He said the pre-Final Investment Decision (FID) for the pipeline was currently ongoing, adding that the facility would boost the region’s industries […]

With Egina, Total eyes 23 percent of Nigeria’s production

Upon completion of Total’s Egina project targeted to add 200,000 barrel per day to Nigeria’s oil production, the company would be boasting of contributing 23 percent of the country’s national production.   Its Deputy Managing Director, Deepwater District, Musa Kida, made this known at the second Nigeria International Petroleum Summit in Abuja yesterday.     […]

Crude oil production from Nigeria increased the most last month among its peers in the 14-member Organisation of Petroleum Exporting Countries. OPEC, in its latest Monthly Oil Market Report for January, put Nigeria’s output at 1.797 million barrels per day for December, up from 1.579 million bpd in the previous month, according to direct communication. The oil group uses secondary sources to monitor its oil output, but also publishes a table of figures submitted by its member countries. The report said Nigeria’s output rose to 1.750 million bpd in December from 1.739 million bpd in November, according to secondary sources. Kuwait’s output increased by 72,000 barrels to 2.803 million bpd in December, while that of Venezuela rose by 47,000 barrels to 1.511 million bpd. Angola, Africa’s second biggest producer after Nigeria, saw its production rise by 28,000 barrels to 1.445 million bpd in December, while Iraq’s output increased by 10,000 barrels to 4.465 million bpd. Total OPEC preliminary crude oil production averaged 31.58 million barrels in December, a decrease of 751,000 bpd over the previous month. Crude oil output decreased mostly in Saudi Arabia, Libya, Iran and the United Arab Emirates, according to the report. In a related development, oil prices dropped by three per cent on Tuesday on signs of the spread of an economic slowdown in China, stoking concerns about global growth and fuel demand. The gloomy news from the world’s second-largest economy and top oil importer pulled down financial markets across Asia, the CNBC reported. International Brent crude futures were down $1.97, or 3.1 per cent, at $60.77 per barrel at 10:08 a.m. ET (1508 GMT), down 88 cents or 1.4 per cent. the United States West Texas Intermediate crude futures fell by $1.78, or 3.3 per cent, to $52.02 per barrel. China reported the lowest annual economic growth in nearly 30 years on Monday and its state planner warned on Tuesday that falling factory orders pointed to a further drop in activity and more job losses. While China’s oil imports have so far defied the economic slowdown, hitting a record above 10 million bpd in late 2018, many analysts believe that the country has reached peak energy growth, with its thirst set to wane. The International Monetary Fund on Monday trimmed its 2019 global growth forecast slightly to 3.5 per cent from 3.7 per cent in last October’s outlook. “Does that mean a global recession is around the corner? No,” IMF Managing Director, Christine Lagarde, told reporters at the World Economic Forum in Davos, Switzerland. “But the risk of a sharper decline in global growth has certainly increased.” Despite the darkening outlook, oil prices have gained some support from supply cuts by the OPEC since the beginning of this month. Source: The Punch

The federal government has given International Oil Companies (IOCs) operating in Nigeria’s deep offshore and inland basin a 14-day ultimatum to pay all outstanding revenues on Production Sharing Contracts (PSCs).   The government said the revenues are in compliance with the Supreme Court judgment last October.   The judgement noted that the IOCs are in […]

Nigeria posts biggest oil production rise in OPEC for December

Crude oil production from Nigeria increased the most last month among its peers in the 14-member Organisation of Petroleum Exporting Countries.   OPEC, in its latest Monthly Oil Market Report for January, put Nigeria’s output at 1.797 million barrels per day for December, up from 1.579 million bpd in the previous month, according to direct […]

FSDH Merchant Bank sees ‘bumpy ride’ for reserves, rates

With a gloomy outlook for the global economy in the short-term, leading to uncertainty in the crude oil price, Nigeria’s quest for increased foreign exchange reserves is sure to get some setbacks. Besides, the indications of severe weather events in 2019 has raised the possibility of large swings in international food prices, a development that […]