Crude Swap: AITEO Settles $202m Outstanding Obligations to NNPC

The Nigerian National Petroleum Corporation (NNPC) says it is pleased to confirm that it has now reached a final settlement with AITEO Group on its recovery efforts for crude swap under deliveries.

The NNPC in a statement said following extensive reconciliation between both parties across their business transactions and subsequent agreement by the parties therefrom, the Corporation wishes to state that AITEO Group has paid in full all its outstanding indebtedness to our downstream entities amounting to $202,344,838.62.

Recovery of $184m Crude Swap Under-Deliveries from Companies

The Nigerian National Petroleum Corporation (NNPC) is set to recover over $184 million in product under-deliveries recorded against three oil companies in the course of reconciliation of transactions executed during the defunct crude for product swap regime.

Group Managing Director of the Corporation, Dr. Maikanti Baru, told journalists in Abuja that the exercise is a product of ongoing extensive reconciliation process with the companies involved namely: AITEO Energy Resource Limited, Ontario Oil and Gas Limited, and Televaras Group of Companies.

Oil Production: Russia Topples Saudi as World’s Largest Producer

For the second month in a row, Russia has maintained its status as  the world’s largest oil producer, ousting Saudi Arabia, official figures  in December 2016 and January 2017 have confirmed.

Russia’s daily oil output averaged about 10.8 million barrels in January, slightly more than 10.5 million barrels in December, according to data released by the Russian Federal State Statistics Service (Rosstat).

Saudi Arabia trailed behind in these two months, with its daily output averaging 9.95 million barrels in January, the data showed.

Unpaid Wages, Sackings Stir New Tension in Nigeria's Oil Hub

The moment a group of Nigerian contractors met executives from Italian oil major Eni to discuss unpaid wages they started shouting, calling them fraudsters and liars until a police commander restored calm.

Wenenda Mpi, local manager of Eni unit Agip, blamed the payment delays on debts owed by the Nigerian National Petroleum Corporation (NNPC), a view shared by an Eni spokesman in Rome, and said the government had promised to sort the problem out.

NNPC’s $15.8b not in government coffers, says NEITI

The Nigeria Extractive Industries Transparency Initiative (NEITI) says Nigerian National Petroleum Corporation (NNPC) is yet to remit 15.8 billion dollars collected from Nigeria Liquefied Natural Gas (LNG) to the Federation account, in spite of the report submitted to the Federal Government.

Mr Peter Ogbobine, Director Legal, NEITI, told the News Agency of Nigeria in Abuja on Tuesday that the figure was the accumulation from 2000 to 2014.

Nigeria Could Triple Gas Reserves if NLNG Expansion Goes Ahead –CEO

Nigeria Liquefied Natural Gas Company (NLNG) could unlock three times as much gas as the country's proven reserves and create hundreds of thousands of jobs if it goes ahead with a proposed expansion plan, it said on Wednesday.

NLNG, often cited as a successful public private partnership, is a venture between state-owned Nigerian National Petroleum Corporation (NNPC), Royal Dutch Shell, Total and Eni to produce liquefied natural gas (LNG) for export.

FG Approves New Business Model for Refineries

The Buhari Government has approved the implementation of a new commercial model targeted at attracting investors in the restoration of the nation’s three refineries.

Mr Anibor Kragha, Chief Operating Officer (COO) Refineries, Nigerian National Petroleum Corporation, NNPC, said this on Wednesday in Abuja at a plenary at the ongoing 2017 Nigeria Oil and Gas Conference and Exhibition (NOG).

The plenary was on ‘Harnessing the Opportunities in Nigeria’s Downstream Sector’.

FEC Approves ₦701b Payment Guarantee for GENCOs

The Federal Executive Council (FEC) on Wednesday approved a payment guarantee assurance by the CBN for power generating companies (GENCOS) to solve liquidity problems in the energy sector.

The Minister of Works, Power and Housing, Mr Babatunde Fashola, who announced this to State House Correspondents, said the CBN would hold N701 billion for regular payment for power generated onto the national grid.

'Nigeria will attract $10b Oil and Gas Investment'

Nigeria will attract more than 10 billion dollars investments to the oil and gas industry in the next five years, the Petroleum minister Ibe Kachikwu, has said.

Kachikwu said this on Tuesday in Abuja at the ongoing Nigerian Oil and Gas (NOG) Conference tagged: “Reforming and Repositioning the Oil and Gas Industry in Nigeria’’.

He said that the investments would address challenges facing the oil and gas industry, covering pipelines, refineries, gas and power, facility refurbishment and upstream financing.

Osinbajo meets investors on Niger Delta Gas Park

Photo: All for Niger Delta Gas Park : Acting President Yemi Osinbajo (4th, L); Minister of State for Petroleum, Dr Ibe Kachikwu (3rd, L); Managing Director of NNPC, Dr Maikanti Baru (4th, R); members of the Alpha Grip Management Team and officials of the NNPC, after their meeting at the Presidential Villa in Abuja on Monday Photo: NAN

The Federal Government opened talks with a consortium of investors to build a $20 billion gas industrial park in Niger Delta.