Articles

Nigerian waters remain high-risk, as piracy incidents dip to 22-year low- IMB

The combined efforts of international navies and anti-piracy strategies adopted by governments of coastal countries have begun to yeild positive results as maritime piracy and armed robbery against ships in 2017 dipped to their lowest annual number since 1995. 
 
However, it is disconcerting that While the number of attacks on vessels dropped significantly in 2017, the Gulf of Guinea and the waters around Nigeria remain a threat to seafarers.
 

IGR: OGFZA suspends recurrent expenditure funding from FG

Managing Director of the Oil and Gas Free Zone Authority (OGFZA), Umana Okon Umana has formally informed the Federal Ministry of Finance that the Authority can  meet its staff salaries and overheads from internally generated revenue, and requested the Federal Government to suspend the funding its recurrent expenditure from treasury funds.
 
Umana revealed this at OGFZA’s 2018 budget session with the Senate Committee on Trade and Investment headed by Senator Sabo Mohammed. 
 

Hope for Nigeria's budget as crude oil hits highest since 2014

Oil prices hit their highest levels since 2014 on Wednesday, due to ongoing production cuts led by OPEC as well as healthy demand, although analysts cautioned that markets may be overheating.
 
With the crude oil price crossing $69 per barrel, the federal government has recorded $22 per barrel extra above its 2018 budget benchmark.
 
President Muhammadu Buhari presented $45/barrel as crude price benchmark in his appropriation bill but senate jerked it up to $47/barrel.
 

Seplat Petroleum announces closed period for shares trading

Leading indigenous Nigerian oil and gas exploration and production firm, Seplat Petroleum Development Company Plc, has announced a closed period for trading of its shares on the Nigerian Stock Exchange, NSE.
 
This is coming as the company prepares to release of its financial statements for the period ended December 31, 2017.
 
The oil company, in a statement on Monday, said its closed period commenced on Sunday, December 31, 2017.
 

Oil leaps to two year high, hits $67.87/barrel

Oil soared further above $68 a barrel briefly on Tuesday, touching its highest since May 2015, supported by OPEC-led production cuts and expectations U.S. crude inventories fell for an eighth week.
 
The Organization of the Petroleum Exporting Countries and allies including Russia are keeping supply limits in place in 2018, a second year of restraint, to reduce a price-denting glut of oil held in inventories.
 

Kachikwu, DAPPMA Blow Hot and Cold in Petrol Politics

You would probably be forgiven for thinking Dr. Ibe Kachikwu, Nigeria’s Minister of State for Petroleum Resources, is confused. He may not be, but his words and actions certainly suggest he is. In one breath last week while trying to defend government actions on the issue of fuel pricing and availability, he stated that the PPPRA template will be reviewed but that the price will remain N145/litre.

Fix Nigeria’s refineries now, NUPENG urges NNPC

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) on Monday called for the rehabilitation of the nation’s refineries to end the recurring scarcity of petrol in the country.
 
Mr Tayo Aboyeji, the South-West Chairman of the union made the call in an interview with the News Agency of Nigeria (NAN) in Lagos.
 
“It is disheartening to know that despite the fact that the nation is a major producer of crude oil, it cannot refine the product for its local consumption.
 

NNPC restores Escravos-Lagos Pipeline, resumes gas supply

The Escravos-Lagos Pipeline (ELP) which came down last week as a result of a fire incident has been restored and gas supply to customers on the line including power generating companies resumed.
 
The Nigerian National Petroleum Corporation (NNPC) which disclosed this Monday said the repair work on the pipeline followed the directive by the Group Managing Director, Dr. Maikanti Baru, to carry out an assessment of the damage with a view to getting a prompt solution.
 

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