Energy

Nigeria earns $640.35m from Crude export in Oct –NNPC

The Nigerian National Petroleum Corporation (NNPC) says the country earned 640.35 million dollars from the export of crude oil and gas for the month of October, 2018.

The corporation disclosed this in its monthly Financial and Operation report for October 2018, released in Abuja.

It said that the total export receipt of 640.35 million dollars recorded in October 2018 was higher than the 527.70 million dollars logged in September 2018.

40bn Barrels Unlikely, Investors Skeptical over Petroleum Industry Bill

The Department of Petroleum Resources (DPR) gave a report that Nigeria’s oil reserves remain low at 37 billion barrels, despite efforts made by the government and others to achieve 40 billion barrel by 2020.

Minister of State for Petroleum, Ibe Kachikwu In an interview said: “If you take into account Nigeria’s condensates production, the daily average production is over 2 million barrels.

Nigeria files $1.1b London Lawsuit against Shell, Eni over Oil Deal

The Nigerian government said it had filed a $1.1 billion lawsuit against Royal Dutch Shell and Eni in a commercial court in London on Thursday in relation to a 2011 oilfield deal.

The OPL 245 oilfield is also at the heart of an ongoing corruption trial in Milan in which former and current Shell and Eni officials are on the bench, Reuters reports.

Milan prosecutors allege bribes totalling around $1.1 billion were paid to win the licence to explore the field which, because of disputes, has never entered into production.

USA now World’s Biggest Crude Oil Producer

The United States is now the world’s biggest crude oil producer, pushing Russia and Saudi Arabia to the back seat.

In the week ending November, the U.S. crude production hit a whopping 11.6 million bpd, according to Energy Information Administration (EIA) data released on Wednesday.

That’s a threefold increase from the U.S. low reached a decade ago, and a 22.2 percent rise just this year. It makes the United States the world’s biggest producer of crude.

Russia pumps an average of 10.8million bpd and Saudi Arabia, about 10.5million bpd.

OPEC Urges Return to Oil Production Cuts in 2019

A return to oil production cuts by OPEC and its allies in 2017 cannot be ruled out, a senior OPEC source said on Wednesday to avert a possible supply glut that could weigh on prices.

The source was responding to a report by Russia’s TASS news agency that Russia and Saudi Arabia had started bilateral discussions over possible curbs to output in 2019.

Saudi-led OPEC and its allies including Russia decided in June to relax output curbs in place since 2017, after pressure from U.S. President Donald Trump to reduce oil prices and make up for supply losses from Iran.

Shell, ExxonMobil looking at Crude Swaps – NNPC

Nigeria’s state oil firm NNPC could sign crude-for-product deals with Shell and ExxonMobil, similar to one signed with BP last week, a senior NNPC official said on Monday, according to Reuters report.

Nigerian National Petroleum Corporation (NNPC) announced last Wednesday that it had signed such a deal with BP and would provide more details later.

Fuel Supply: NNPC, BP Sign 6-month Deal

The Nigerian National Petroleum Corporation (NNPC) has signed a six-month Direct Sale-Direct Purchase (DSDP) agreement with the British BP for the supply of Premium Motor Spirit (PMS), also known as petrol.

The corporation disclosed this in a statement signed by its spokesman, Mr Ndu Ughamadu in Abuja on Thursday.

British Petroleum is the trading arm of BP Oil International Ltd.

He said the latest agreement would represent 20 per cent of NNPC’s total PMS supply under the DSDP arrangement.

Gas Production: Nigeria Projects 3.4b Standard Cubic Feet Daily

The Federal Government would deliver about 3.4 billion standard cubic feet of gas per day to bridge the medium-term supply gap by year 2020.

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, gave the assurance at the 2018 Graduation of Petroleum Training Institute (PTI), Effurun, Delta, state, Southern Nigeria.

The Minister, who was represented at the event by Mr Idang Alibi, Media Officer of the ministry, said that the Federal Government had decided to invest in the Seven Critical Gas Development Projects to achieve the feat in 2020.

Oredo: Baru Commends NPDC on 100% Local Content on Gas Facility

The Nigerian National Petroleum Corporation (NNPC) has commended the Nigerian Petroleum Development Company (NPDC), for achieving 100 per cent local content input in  the development of Oredo Integrated Gas Handling Facility (IGHF).

Dr Maikanti Baru, the Group Managing Director made the commendation when he visited NPDC, its upstream subsidiary on Wednesday, a statement released by the Corporation, on Thursday in Abuja said.

UK's SFO says ex-Afren executives convicted of fraud, money laundering

Two former executives of collapsed oil firm Afren were convicted on Wednesday of fraud and money laundering offences relating to a $300 million business deal, the UK’s Serious Fraud Office (SFO) said.

Former Afren Chief Executive Osman Shahenshah and former Chief Operating Officer Shahid Ullah received more than $17 million and laundered $45 million, some of which was used to buy luxury properties in Mustique and the British Virgin Islands, it said.

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