'NPDC Remits over $608m as Royalty, Petroleum Profit Tax in 2016'

The Nigerian Petroleum Development Company (NPDC), the upstream subsidiary Company of the Nigerian National Petroleum Corporation (NNPC) has provided clarification on the reported non-remittance of some crude oil revenue to the Federation Account.

In a presentation to the Senate Ad hoc Committee on the recovery of unremitted revenue, Mr. Yusuf Matashi, Managing Director of the Company faulted some of the figures quoted as revenue derived by the company from crude sales.

NNPC Refineries Resume Production of Kerosene, Diesel

The Nigerian National Petroleum Corporation’s (NNPC’s) three refineries in Kaduna, Port Harcourt and Warri have resumed production of Automotive Gas Oil (AGO) and Dual Purpose Kerosene (DPK), otherwise known as diesel and kerosene respectively.

The resumption of refining of AGO and DPK is expected to balance the disequilibrium in demand and supply of the white products being experienced in recent times in parts of the Country.

Oil Prices Rebound, Glut Persists

Oil markets edged higher on Tuesday on expectations that at least some planned production cuts would be implemented, making a slight recovery from big losses the previous day over doubts the agreed reductions would rebalance an oversupplied market.

According to Reuters, Brent crude futures, the international benchmark for oil prices, were trading at $55.14 per barrel at 0426 GMT, up 20 cents from their last close.

U.S. West Texas Intermediate (WTI) crude oil futures were trading at $52.12 per barrel, up 16 cents.

Jonathan, Diezani Shared $466m Bribe –Prosecutors

Nigeria’s former president Goodluck Jonathan and his oil minister, Diezani Alison-Madueke received kickbacks as part of a $1.3 billion deal involving oil giants ENI and Shell, Italian prosecutors have said.

According to a report by the AFP, Court documents filed late last month in the city of Milan  outline a case against 11 people, including senior executives from the two oil majors and the companies themselves.

Power Sector Loses ₦534b

Nigerian Electricity Supply Industry (NESI) operational report for Jan. 3, has disclosed that over N534 billion of revenue was lost by the power sector in 2016.

Meanwhile, the report also noted that the power sector hit a peak generation of 4,959 megawatts as against 3,321 megawatts recorded on Dec. 2.

On Wednesday, Transmission Company of Nigeria (TCN) wheeled out about 3,959 megawatts of  electricity to the 11 distribution companies as the country’s power supply gradually stabilised.

NNPC Announces Winners of 2017/2018 Crude Term Contract

The Nigerian National Petroleum Corporation (NNPC) has announced the list of successful bidders for the 2017/2018 crude oil term contract.

The NNPC, in a statement, said the announcement was “in furtherance of its drive to remain an open, transparent and accountable organisation.”

Announcing the results, the Group General Manager, Crude Oil Marketing Division (COMD) of the Corporation, Mr. Mele Kyari said the contract will run for one year effective 1st January 2017 for consecutive twelve circles of crude oil allocation.

FG loses $198.7m to Oil Swap, Offshore Processing Arrangements

The Nigeria Extractive Industries Transparency Initiative (NEITI) said the country lost $198.7 million in 2014 to the crude oil-for-product swap and the Offshore Processing Arrangements (OPA).

NEITI disclosed this in its Audit Report for 2014 released in Abuja on Friday.

It said the release of the reports was in accordance with the global Extractive Industries Transparency Initiative (EITI) standards which encouraged implementing countries to release their independent industry audit reports at most two years in arrears.

Oil Prices on Track for Gain since 2009

Oil prices are on track for their biggest annual gain since 2009 after the OPEC grouping and other major producers agreed to cut crude output to reduce a global supply overhang that has depressed prices for two years.

U.S. benchmark West Texas Intermediate (WTI) crude futures were up at 53.83 dollars a barrel on Friday, while Brent front-month March crude was at 56.85 dollars.

Brent has risen about 50 per cent this year and WTI has climbed around 43 per cent, the largest annual gains since 2009, when Brent and WTI rose 78 per cent and 71 percent respectively.

Delays dampen Nigerian Crude Oil demand

Oil futures were on track for their biggest annual gains since 2009 despite intraday losses, aided by OPEC's agreement to cut production from early next year.

Still, demand for West African crude in spot trading was limited by holidays across Europe and uncertain demand in Asia. Gains in U.S. crude stocks showed by the U.S. Energy Information Administration this week also raised doubts over western demand for African oil in the near term.


‘Stop Tariff on Energy Equipment’

Power for All, an international agency canvassing for access to electricity in Nigeria, has advocated the removal of payment of tariff on assured renewable energy  technologies’ equipment  imported into the country.

The Campaign Director of the agency in Nigeria, Ify Malo, made the call in an interview with the News Agency of Nigeria in Abuja recently.

Malo said that free tariff on the renewable equipment imported would facilitate the process of accelerating electricity access in the country via renewable energy.