Energy

Oil Market Heading Towards Balance –OPEC

OPEC Secretary-General Mohammad Barkindo said on Thursday that an overhang in global oil inventories was declining but stockpiles still needed to fall closer to the five-year industry average.

“While it is evident that the market rebalancing is now moving forward and investment specifically in short-cycle projects is returning, it is essential we do not take our eyes off our desired goals.

“We need to see the global stock overhang move closer to its five-year average. We need to see the return of more long-cycle investments,” he told a conference in Paris.

We Need ₦100b to Resolve Electricity Hiccups –Distribution Companies

The Association of Electricity Distribution Companies (ANED) has appealed to the Federal Government to provide the N100 billion subsidy it promised after private investors took over the power sector utilities on November 1, 2013.

ANED, in a statement issued by its Executive Director Sunny Oduntan, also appealed to the government to inject funds into the transmission section of the sector.

It said that the inadequate funding of the TCN was responsible for the huge loss and rejection of electricity load.

Petroleum Corporation Commences Diversification into Health Sector

The Nigerian National Petroleum Corporation (NNPC) has raised the stake in its commitment to diversify into the health sector in line with the Corporation’s stand to stay afloat as a commercially viable entity.

The Group Managing Director of the Corporation, Dr. Maikanti Baru, made this known today in Abuja while inaugurating the Boards of the NNPC Medical Services Ltd. (NMSL) and the NNPC Health Maintenance Organisation (HMO) Ltd.

No Hike in Cooking Gas Prices, Says NLNG

The Chief Executive Officer of Nigerian Liquefied Natural Gas (NLNG), Mr Tony Attah, on Wednesday said the company has not increased the price of cooking gas, also called Liquefied Petroleum Gas (LPG).

Attah stated this during the company’s presentation of “2017 Facts and Figures on NLNG’’ in Lagos.

Attah, however, attributed the price hike by retailers to acute infrastructural challenges for discharging cooking gas nationwide.

We Paid no Intermediary, Bribes to Acquire Nigeria Oilfield –Eni

Italian oil and gas group Eni reiterated on Thursday it had not paid any intermediary or any bribes to acquire the OPL-245 oilfield in Nigeria.

Speaking at the group's annual shareholder meeting chairwoman Emma Marcegaglia said Eni had only ever dealt with the Nigerian government, Reuters reports.

Courts in Nigeria and Italy are investigating the purchase of OPL 245. Eni and major Royal Dutch Shell paid $1.3 billion for the rights to the block in 2011.

Nigeria Refining Capacity Increases by 29% –Report

The combined installed capacity utilisation of the Nigerian National Petroleum Corporation’s (NNPC’s) refineries located in Port Harcourt, Warri and Kaduna increased by about 29 percentage points in January 2017 compared with their performance in December 2016.

In the latest of the Corporation’s Monthly Financial and Operations Report for January released in Abuja on Monday, NNPC said the capacity utilization of the refineries rose to 36.73 per cent in January, 2017, as against 7.55 percent in the previous month of December, 2016. 

Loading Resumes at Mosimi Depot after 12 Months

Products supply and distribution have received a major boost following the resumption of loading activities by the Nigerian National Petroleum Corporation (NNPC) at its Mosimi Area depot in Ogun State, over the weekend.

Group Managing Director of the Corporation, Dr. Maikanti Baru, who supervised the recommencement of loading operations at the area, said the development marked a major milestone in NNPC’s quest to ensure steady supply and distribution of white petroleum products across the entire nation.

UK Supreme Court Grants NNPC $100m Reprieve

The Supreme Court of the United Kingdom in a unanimous judgment has granted a reprieve to Nigerian National Petroleum Corporation, NNPC, over a $100million Bank guarantee in a case involving the Corporation and a service company, IPCO (Nigeria) Limited.

The reprieve was the latest in the protracted dispute arising from the contract between NNPC and IPCO for the construction of the Bonny Export Terminal (BET) Project in Port Harcourt, Nigeria. 

Gas Flaring: Nigeria Achieves 26% Reduction

As part of efforts to preserve the environment, the Nigerian National Petroleum Corporation (NNPC) says it has succeeded in reducing gas flaring in the Country by 26 percentage points in the last ten years from 36 per cent to 10 per cent, pushing Nigeria down from the second highest gas flaring nation in 2006 to the seventh position in 2016. 

NNPC to Transform into Integrated Energy Company

The ongoing reform of the Nigerian National Petroleum Corporation (NNPC) is geared towards transforming it from an oil and gas company into an integrated energy outfit with interest in power generation and transmission.

This was disclosed by the Group Managing Director of NNPC, Dr Maikanti Baru, at the 53rd International Conference and Exhibition of the Nigerian Mining and Geosciences Society (NMGS) in Abuja.

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