Category: Oil & Gas
NNPC records trading surplus of N9.85bn
The Nigerian National Petroleum Corporation (NNPC) has announced a trading surplus of ₦9.85billion for the month of September 2018, a figure which is higher than the previous month’s deficit of ₦3.90 billion. Details of the report which is contained in the newly released September 2018 edition of the NNPC Monthly Financial and Operations Report indicated…
World’s largest floating LNG platform begins production in Australia
Royal Dutch Shell said on Wednesday it has begun output at its Prelude Floating Liquefied Natural Gas facility in Australia, the world’s largest floating production structure. It is also the last of a wave of eight LNG projects built in the country over the last decade. The project started up later and cost more than…
NNPC reserves three billion litres of PMS for Yuletide
Damilola Shittu – Abuja Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, on Monday assured of uninterrupted supply of fuel during the Christmas and New Year celebrations and beyond, saying it has 60-day fuel in stock. He said the corporation imports about 60 million litres of fuel daily, while it…
Oil magnate Otedola to sell Forte Oil shares, exit fuel business
The Chairman of Forte Oil Plc, Mr Femi Otedola, has announced his decision to sell all his shares in the firm’s downstream business. The Punch newspaper has reported. This is coming more than three years after the firm sold 17 per cent of its equity to a Swiss oil trading firm. Forte Oil disclosed on…
Gas production: Shell announces FID on project
Shell Petroleum Development Company of Nigeria Limited (SPDC) has announced the Final Investment Decision (FID) on the Assa North Gas Development Project in Imo State, the News Agency of Nigeria (NAN) has reported. At peak production, the project is expected to deliver 300 million standard cubic feet of gas per day and will be treated…
Swiss close to revealing Nigerian beneficiaries of $1.1bn Malabu oil bribes
Materials in a suitcase seized nearly three years ago by Swiss authorities may unlock the identities of the Nigerian recipients of the $1.1 billion in corrupt payments by Shell and ENI over the purchase of OPL 245 from Malabu Oil. A Geneva prosecutor is now reviewing the materials and will decide what can be shared…
Financial flow from oil, gas sector drops to $17.05bn in 2016 –NEITI
The Nigeria Extractive Industries Transparency Initiative (NEITI) says that total financial flows from Nigeria’s oil and gas sector reduced to $17.05 billion in 2016, indicating a 31 per cent decline on the $24.79 billion generated in 2015. The News Agency of Nigeria (NAN) has reported. NEITI disclosed this in its 2016 Oil and Gas Audit…
Total to launch oil exports from new Nigerian field February
By Tsvetana Paraskova Just as the Organisation of Petroleum Exporting Countries (OPEC) and partners will have started the new round of production cuts to reduce oversupply, France’s Total is set to begin exports from the new ultra-deep Egina oil field offshore Nigeria in February 2019, at an initial rate of just over 100,000 bpd, Bloomberg…
FAAC: Shocker as $1.68bn is withdrawn from ECA in 3 weeks
Oke Peter with Agency Report The Federal Account Allocation Committee (FAAC) rose from its last meeting in 2018 with a startling disclosure that the Excess Crude Account (ECA) crashed from $2.319 billion to $631 million between November 25 and December 19, meaning $1.68 billion (72.7%) was withdrawn from the account within three weeks. This is…
Shell Bonga attains 800m barrels oil production
Esther Abiola – Lagos In 13 years of deep-water exploration, the Bonga vessel of the Shell Nigeria Exploration and Production Company (SNEPCo) has produced over 800 million barrels of crude oil. In its review of the performance of the Bonga Floating Production, Storage, and Offloading (FPSO) vessel for 2018, Managing Director, SNEPCo, Bayo Ojulari, expressed…