Energy

Shell Starts Production from Bonga Phase 3 Project in Nigeria

Shell has commenced production from Bonga phase 3 project in Nigeria, Reuters reports.

Bonga phase 3 is an expansion of bonga main development, with peak production expected to be some 50,000 barrels of oil equivalent.

Bonga phase has capacity to produce more than 200,000 barrels of oil and 150 million standard cubic feet of gas a day.

UK Crime Agency Authorised to Seize Cash from Ex-Oil Minister –Court

Britain's National Crime Agency obtained court permission on Monday to temporarily seize 27,000 pounds ($41,000) from a former Nigerian oil minister embroiled in a financial scandal, a court official in London said.

Nigerian authorities confirmed the arrest in London of Diezani Alison-Madueke, who served as oil minister from 2010 until May 2015 under former president Goodluck Jonathan. Nigerian media said she had been granted bail.

Illegal Refineries: Navy Destroys Camps, Seizes Stolen Crude

The Central Naval Command in Yenagoa has raided six illegal refineries, operated by suspected oil thieves at Bilabiri Community in the Ekeremor Local Government Area of Bayelsa.

The News Agency of Nigeria reports that some two million liters of illegally refined diesel and over one million substances suspected to be crude were seized during the raid.

Speaking shortly after the seizure, the Flag Officer Commanding (FOC), Rear Adm. Apochi Suleiman, said the illegal camps were discovered on Wednesday through intelligence gathering.

CORRUPTION: Diezani Alison-Madueke Arrested, Granted Bail in London; EFCC Seals Abuja Home

The immediate past Minister of Petroleum Resources, Diezani Alison-Madueke, was on Friday arrested in London, Premium Times authoritatively reported. She was later granted bail.

The former minister, who was one of the most powerful officials of the President Goodluck Jonathan administration, was arrested Friday morning by the UK National Crimes Agency, alongside four other people.

The identities of the four other people arrested along with her could not be immediately ascertained.

OPEC Oil Output Rises in September –Survey

OPEC oil output has risen in September from the month before, a Reuters survey found on Wednesday, as Iraq's northern exports recovered from disruption that had halted supply growth from the group's second-largest producer.

Saudi Arabia and other Gulf members of the Organization of the Petroleum Exporting Countries have kept output mostly steady, a further sign they are sticking to their focus on defending market share instead of prices.

‘Shell will Focus Future Investment in Nigeria on Gas’

Shell will focus its future investments in Nigeria on natural gas for domestic consumption and export, the managing director of the oil major's joint venture in the country said on Wednesday.

"Our strategy is to invest a lot more in gas, for domestic consumption and export. We want to grow our deep water and constrain our onshore oil production," Osagie Okunbor told reporters in Port Harcourt, the country's oil hub.

Shell has been divesting onshore oil-producing assets for the last few years and completed another set near the end of March.

Environmentalist Urges Prosecution of Importers of Substandard Solar Panels

An Environmentalist, Atayi Babs, has called on the Federal Government to prosecute importers of substandard solar panels and renewable energy materials into Nigeria.

Mr. Babs said that such incident would discourage Nigerians from embracing substandard renewable energy. He added that the problem of importing substandard panels should be urgently tackled by the Standard Organisation of Nigeria (SON) and other relevant agencies by arresting and prosecuting culprits.

'Those Who Mismanaged NNPC Will Soon be Prosecuted'

The people who misappropriated billions of naira of funds belonging to Nigeria’s state oil company NNPC, will soon be prosecuted, President Muhammadu Buhari has said, according to his spokesman, Femi Adesina.

Premium Times reports that Mr. Buhari, who said this on Sunday in New York at a meeting with President Xi Jinping of China, said his administration was determined to fully sanitize Nigeria’s oil industry and make it totally free of corruption and shady deals.

African Development Bank Head Pushes for Energy Access

Africa should push to achieve universal access to electricity within a decade while accelerating its transformation to a continent exporting finished goods, rather than raw materials, the new head of the African Development Bank said on Friday.

Akinwumi Adesina, who took over as president of the 50-year-old institution earlier this month, has set an ambitious series of goals to guide it through Africa's increasingly complex financial environment.

Nigeria's Crude Oil Exports Expected to Slide in November

Total exports of Nigerian crude were expected to fall by roughly 10 percent in November from the annual high hit the previous month.

According to Reuters, Nigeria plans to export a total of 56.66 million barrels of oil, or 1.89 million barrels (bpd) of crude oil in November, according to provisional loading programmes.

This is a decline from the 63.1 million barrels, or 2.04 million bpd, planned initially for October loading. On a per-day basis, the November programme is on track to be the lowest since July.

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