Sunday August 30th, 2015
Sunday August 30th, 2015

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FG earns N14trn from crude export – NNPC

  /   in News, Sweet Crude 8:38 am   /   Comments

crude-oil-pipe-702x336-436x336

BY MICHAEL EBOH other arrangements and deductions, BarringNigeria earned $74.512 billion, about N14.902 trillion, from crude oil export in 2014, according to data released by the Nigerian National Petroleum Corporation, NNPC. The NNPC, in its 2014 Annual Statistical Bulletin, revealed that the amount was earned by NNPC and other oil and gas companies in the country,

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PTDF plans alternative energy research centre

  /   in News, Sweet Crude 2:21 pm   /   Comments

The Petroleum Technology Development Fund, PTDF, has announced plans to establish a research and development centre for biofuels and other alternative energy sources in Nigeria. Speaking at the Close Out seminar of the 2012/2013 Annual Oil and Gas Research Grant Competition in Abuja, the Executive Secretary of the PTDF, Mr. Femi Ajayi, said the centre is in response to the global drive for environment-friendly energy sources.

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‘Technological, others key to developing stranded gas’

  /   in News, Sweet Crude 5:31 pm   /   Comments

Offshore gas facility

He noted that effective gas sector development is a catalyst for growth and will have a multiplier effect on the country’s economy, while insisting on the need to pass the Petroleum Industry Bill, PIB into law. He said the PIB underpins ongoing sector reforms, adding that gas sector policies will provide Nigeria with the opportunity to harness and get maximum value from its stranded gas resources.

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Nigeria refineries low on Petrol production

  /   in News, Sweet Crude 9:00 am   /   Comments

refinery 7

Current data on refineries production in Nigeria indicate that more heavy or fuel oils (low and high fuel oil/black oil) are being produced from the four refineries than other high demand products like premium motor spirit, PMS, otherwise known as petrol. The revelation comes despite assurances by the Nigerian National Petroleum Corporation, NNPC, which said last week that two of its refineries were working between 60 and 80 percent of their installed capacities.

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Nigeria loses N72bn to gas flaring

  /   in News, Sweet Crude   /   Comments

*Gas flare

The data from the NNPC’s Monthly Petroleum Information, MPI, from January to March 2015, disclosed that oil and gas companies produced 668.247 billion standard cubic feet, SCF of gas. They however, utilised 548.58 billion SCF and flared 119.67 billion SCF, representing 17.9 per cent of the total gas produced in the period under review.

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Kaduna Refinery still on TAM-rehab – MD

  /   in News, Sweet Crude   /   Comments

Dr. Joseph T. Dawha
Group Managing Director

We are doing Turn Around Maintenance-Rehabilitation, TAM-Rehab, while the refinery is running. We try as much as possible not to shut down the entire refinery while this is going on. The whole essence is to say, Look! The TAM that you have neglected for a while will be done; at the same time, those equipment that have been troublesome, and need complete rehabilitation, we will make procurement orders for them.

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Nigeria LPG export rises by 13%

  /   in News, Sweet Crude   /   Comments

gas

In general, the report said, “In the gas sector, a total of 2.524 trillion Standard Cubic Feet (SCF) of natural gas production was reported by 28 companies. This shows an increase of 8.56 per cent when compared with 2013 production. Of the quantity produced, 2.233 trillion SCF was utilised, while 289.60 billion SCF was flared.”

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First locally fabricated pressure vessel debuts

  /   in News, Sweet Crude   /   Comments

Fabricate Pressure Vessel

PORT HARCOURT: The first locally fabricated thickest walled pressure vessel has been unveiled in Port Harcourt, Rivers State. The asset also known as a separator was designed for Shell Petroleum Development Company of Nigeria Ltd, SPDC’s, Soku Field Development plan and is internally cladded with 316L stainless steel, with internal proprietary separation devices and weighs 83 tonnes.

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Seplat clarifies pioneer tax status

  /   in News, Sweet Crude   /   Comments

The company said it had continued to fund the NPDC/Seplat JV despite being owed substantial sums in unpaid cash-calls by NPDC. More so, “The outstanding net NPDC receivable as of June 30, was $504million. On July 14, the company entered into a signed agreement with the NPDC on terms for the payment of arrears due to Seplat and for the future structure of joint venture funding to mitigate the risk of the receivable.

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PETAN refocuses on gas development

  /   in News, Sweet Crude 5:38 pm   /   Comments

gas lines

Part of the plan for the Petroleum Technology Association of Nigerian, PETAN’s participation in this year’s Offshore Technology Conference, OTC, holding at the Reliant Park, Houston Texas, in the United States, is how to attract more investments in Nigeria’s gas sector. The refocus on gas development follows the recent crash in the price of crude at the international oil market.

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N5trn energy sector loans unsettle Nigerian banks

  /   in News, Sweet Crude 12:30 am   /   Comments

naira

“The Central Bank of Nigeria, CBN, becomes the last fully-functioning public institution. It is forced into a severe devaluation of 70-80 per cent as the majority of planned Foreign Direct Investment, FDI, projects are cancelled and capital outflows accelerate as some foreign multinationals start to wind down local operations.” Many of these predictions are now a reality and weighing down heavily on Nigeria’s economy, even as it is reputed as the fasted growing in Africa.

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Dollar dividend: Seplat currently pays in naira, interim pending

  /   in Investors Forum, Sweet Crude   /   Comments

gbadeboo

The Chairman, Seplat Petroleum Development Company, Dr. Ambrose Orjiako has come out to say that shareholders who bought shares in naira or foreign currency would be paid dividend as such., except otherwise which is applicable to exchange rate of the Central Bank of Nigeria (CBN) as at the time the register of the company closes. Shareholders in this interview argue that the company is paying the current dividend in naira while the initial dividend paid in dollar is still pending.

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Seven Energy begins gas supply to Calabar power

  /   in News, Sweet Crude 11:25 pm   /   Comments

gas

Seven Energy International Limited, an indigenous Nigerian integrated gas Company has commenced the supply of gas to the 560 megawatts, MW, Calabar National Integrated Power Project, NIPP. The commercial delivery of gas to Calabar NIPP commenced in March 2015, and is being executed through Accugas, a wholly-owned subsidiary of Seven Energy. When operating at full capacity Calabar NIPP will increase national power generation by over 10 per cent.

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Economic growth constrained by declining fortunes

  /   in Business, News, Sweet Crude   /   Comments

The Nigerian economy is in dire straits engendered by the low crude oil price in the international market and the significant decline in the country’s oil production. Analysts describe the situation as a double jeopardy, as the twin problem of low oil price and declining volume worsened the country’s dwindling revenue profile. In the last few months, Nigeria’s oil production had been hovering around 1.9 million barrels per day, mbpd, against a projected figure of about 2.3mbpd. This declining volume has put immense pressure on the country’s revenue profile.

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‘Deep Offshore is the future’

  /   in News, Sweet Crude   /   Comments

Sea-port

Sub-sea engineering is an area of engineering that deals with how to solve the problems of getting the oil out from the earth that is under the water. You put a lot of equipment and there is a way the equipment work. The water depth is very deep, about 1,500 meters and normally speaking human beings don’t have access to the equipment on the sea-bed. Sub-sea engineering deals with how we can control these equipment and still get our oil and gas out of the reservoir up to the host facilities.

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Why indigenous oil, gas companies don’t attract equity

  /   in News, Sweet Crude   /   Comments

crude-oil-pipe-702x336-436x336

“Interestingly, foreign markets want corporate governance. They want to see equity as well. In Canada’s oil and gas industry, the average debt to equity ratio is $1 of debt per equity. In the US, the average is 97 cents of debt per dollar of equity. But in Nigeria, it is slightly above $2 of debt per equity. This makes the banking industry vulnerable to the oil and gas industry.

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Oil firms risk losing equities over indebtedness

  /   in News, Sweet Crude   /   Comments

Oil and gas firms that borrowed huge amount of money at high interest rates from financial institutions in the country would be forced to relinquish some of their stakes to the banks if they hope to continue in business, Vice President, FBN Capital, Ms. Rolake Akinkugbe, has declared. Akinkugbe, in an article in: The Oil and Gas Year, warned that marginal fields’ operators that are yet to commence production on their fields will be the worst affected.

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Maintain status quo, Court orders Arco, NAOC

  /   in News, Sweet Crude   /   Comments

court-law

A Federal High Court sitting in Port Harcourt, Rivers State, has directed parties in the suit filed by an indigenous oil service company, Arco Group Plc against Nigerian Agip Oil Company Limited, NAOC, to maintain status quo pending the determination of the applications before it. Justice Lambo Akanbi’s order was sequel to an oral application by the lead counsel to Arco, Chief Wole Olanipekun, SAN, asking the court to prevail on parties from doing anything that would jeopardise the case.

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Petroleum: Stakeholders identify 13 areas for intervention

  /   in News, Sweet Crude   /   Comments

crude-oil-pipe-702x336-436x336

As many as 13 operational challenges have been identified as requiring urgent attention by the new President Mohammadu Buhari’s administration, if it is to reverse the current downturn bedeviling Nigeria’s petroleum sector Among them are incoherent joint venture, JV, and production sharing contract, PSC, arrangements; crude oil theft; pipeline vandalism; low level crude oil exploration; mismanagement of crude swap arrangement; and absence of a coherent policy guiding allocation and transfer of oil blocks.

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LOCAL CONTENT: Creating enabling environment for Nigerian companies

  /   in News, Sweet Crude 12:19 am   /   Comments

gas

Five years ago, the Nigerian Oil and Gas Industry Content, NOGIC Act, came into force with the sole objectives to not only encouraging the participation of more Nigerians in the petroleum industry, but also increasing the c ontribution of the industry to the nation’s gross domestic product, GDP. Sebastine Obasi sought to find out how well these lofty objective have been realised and how the law can be strengthened to achieve better results for the benefit of all.

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PETAN tasks Buhari on good policies

  /   in Sweet Crude 1:47 am   /   Comments

Buhari-oil

Part of the ways the petroleum industry can overcome current crises facing it is through government’s favourable policies and greater collaboration between government and operators, Chairman, Petroleum Technology Association of Nigeria, PETAN, Mr. Emeka Ene, tells Sweetcrude Editor, Clara Nwachukwu in this interview

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FMC Technologies, UniPort collaborate on masters’programme

  /   in Sweet Crude   /   Comments

As part of its commitment to developing the Nigerian technical workforce, FMC Technologies Inc. has announced a partnership programme with the University of Port Harcourt, UniPort, to create the first Master of Science degree in Subsea Engineering in Nigeria.

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Oil, gas, power, prices: Big themes from energy meeting

  /   in Sweet Crude   /   Comments

In the year since the energy industry last gathered for its big annual confab in Houston, prices for oil and natural gas took a dive that few, if anyone, saw coming.

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Energy firms borrow N504bn from Diamond Bank

  /   in Sweet Crude   /   Comments

Nigerian energy firms have borrowed about N503.674 billion from Diamond Bank Plc over the last two years between 2013 and 2014 to finance their operations.

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Seven Energy begins gas supply to Calabar power

  /   in Sweet Crude   /   Comments

Seven Energy International Limited, an indigenous Nigerian integrated gas Company has commenced the supply of gas to the 560 megawatts, MW, Calabar National Integrated Power Project, NIPP.

Read More →
Latest

Oil firms risk losing equities over indebtedness

  /   in Sweet Crude   /   Comments

Oil and gas firms that borrowed huge amount of money at high interest rates from financial institutions in the country would be forced to relinquish some of their stakes to the banks if they hope to continue in business, Vice President, FBN Capital, Ms. Rolake Akinkugbe, has declared.

Read More →
Latest

PETAN refocuses on gass development…as OTC 2015 kicks off

  /   in Sweet Crude 11:09 pm   /   Comments

Part of the plan for the Petroleum Technology Association of Nigerian, PETAN’s participation in this year’s Offshore Technology Conference, OTC, holding at the Reliant Park, Houston Texas, in the United States, is how to attract more investments in Nigeria’s gas sector.
The refocus on gas development follows the recent crash in the price of crude at the international oil market.

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US proposes higher onshore oil, gas royalty rates

  /   in Sweet Crude   /   Comments

The United States, US Bureau of Land Management is proposing changes to federal onshore oil and gas royalty rates, rental payments, lease sale minimum bids, civil penalty caps, and financial assurances, US Interior Secretary, Sally Jewell announced.

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Oil crash, dwindling revenue threaten Nigeria’s 2015 budget

  /   in News, Sweet Crude   /   Comments

Budget

One of the first major tasks the administration of Gen. Muhammadu Buhari will have to contend with will be how to finance the 2015 budget in the wake of low oil price and rising threats from declining revenue.

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Marginal fields have met cardinal objectives -Thomas

  /   in Sweet Crude 12:47 am   /   Comments

Dada Thomas

First of all, the marginal field award started 14 years ago, in 2001 and finally in February 2003, 24 marginal fields were awarded to 30 companies. My understanding of the reason for initiating that programme, under the presidency of Olusegun Obansajo, was to increase Nigeria content in the upstream exploration and production, E&P sector. Two, is to provide the platform for competent Nigerian professionals from the industry to participate in the upstream E&P, rather than be employees of IOCs.

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Marginal fields: 18 licences under revocation threats

  /   in Sweet Crude   /   Comments

Bonga oil field ...alleged source of the massive spill

About 18 of the oil fields under 30 oil mining leases, OMLs awarded to indigenous companies as marginal fields are now at the risk of being revoked, as the deadline for the development of the fields expired March end.

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Governance challenges in petroleum: Task before Buhari

  /   in Sweet Crude 7:39 pm   /   Comments

President-elect Muhammadu Buhari reviews a document in Abuja on April 1, 2015. Nigeria's new president-elect Muhammadu Buhari hailed polls that will lead to the first democratic change of power in Africa's most populous nation as "historic" hours after he secured a decisive victory. AFP PHOTO

Just as the discovery of shale became a game changer in the global petroleum economy, the election of Gen. Muhammadu Buhari, as the president-elect also became a game changer in Nigeria’s political clime.

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