Indonesia eyes more Nigerian crude oil

…Seeks Govt-to-Govt partnership, oil sector investments

Nigerian crude oil has again proved its enormous prospects as the beautiful bride of the global oil market with Indonesia expressing the desire to buy more crude oil from Nigeria.

DPR urges NNPC to increase fuel supply to northern states

• Imposes N6 million fine on marketers for diversion
• Group asks Buhari to sack Kachikwu, Baru over scarcity

Officials of the Department of Petroleum Resources (DPR) in Kaduna Zone have appealed to the Nigerian National Petroleum Corporation (NNPC) to increase fuel supply to seven states under the zone.

"Default on Local Content Act, face legal action"- NCDMB

… Justices must refer to the NC Act in oil & gas cases- CJN

Oil and Gas companies that fail to comply with the provisions of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act will henceforth be dragged before the law courts by the Nigerian Content Development and Monitoring Board (NCDMB), the Executive Secretary, Engr. Simbi Kesiye Wabote said in Abuja on Tuesday.

Starzs boosts indigenous shipping with MV OSANYAMO

A few weeks after Nigeria took delivery of the Egina Floating Production Storage and Offloading facility (FPSO), Port Harcourt-based Starzs Investments Company Limited (SICL) has boosted indigenous shipping with its acquisition of Damen Azimuth Stern Drive Tug 5114, named MV OSANYAMO.

The boat, which has already departed China en route Nigeria on her maiden voyage, is basically expected to assist in tanker lifting operations alongside FPSOs in the Gulf of Guinea, under contract with Total Exploration & Production Nigeria Limited.

IMO sulphur cap to affect 60% of HSFO demand: IEA

The IEA expects 60 per cent of bunker demand to move from high-sulphur fuel oil (HSFO) to 0.5 per cent blends and marine gasoil (MGO) in 2020.

The International Maritime Organisation’s (IMO) 0.5 per cent cap on bunker fuel sulphur emissions content from 2020 means around 200mn t/yr (3.1mn b/d) of HSFO bunker fuel consumption will need to move to low-sulphur alternatives, the IEA said in its Oil 2018 report — its outlook to 2023.

NNPC records $476.25m crude oil, gas export receipts

…Delivers gas equivalent of 3,342MW for power generation

The Nigerian National Petroleum Corporation (NNPC) recorded total export receipts of $476.25m in December, 2017, from sale of crude oil and gas as against $201.11m in November, 2017.

This is contained in the monthly NNPC Financial and Operations Report for December, 2017, which was released Wednesday.

According to the report, while receipts from crude oil amounted to $342.16m, gas and miscellaneous receipts accounted for $ 94.85m and $39.24m respectively.

Kachikwu advocates dialogue with shale producers

Nigeria’s Minister of State for Petroleum Resources, Emmanuel Ibe Kachikwu has said that the time has come to reach out to shale drillers in the United States of America in a bid to widen global involvement in the effort to stabilize the oil market.

Kachikwu said that it was not OPEC’s responsibility to keep stabilizing oil prices alone and called for a uniform front to examine the dynamics of the market and how they can work on keeping the numbers down.

Oil market lull bites indigenous operations harder – PETAN

There are indications that the persistence of low oil prices has further destabilized operations in Nigeria’s oil and gas industry.

Investigations show that the situation was fueled especially by significant drop in projects, contracts and bank lending.

Nigeria has lost US export market

Nigeria has forever lost the United States as a significant crude export market, Nigeria's oil minister said Monday.

"That's gone," Emmanuel Kachikwu said during a news conference at CERAWeek by IHS Markit.

Light sweet Nigerian crude is very similar to the light oil produced in US shale.

As US shale production has grown, the appetite for Nigerian crude in the US has dropped dramatically.

NNPC drives down crude oil producing cost to $20 per barrel

The Nigerian National Petroleum Corporation (NNPC) has brought down the cost of producing a barrel of crude oil to $20, even as it now targets producing the black gold at $15 per barrel.

NNPC Group Managing Director, Dr. Maikanti Baru, who disclosed this Monday in Abuja during the NNPC Day at the ongoing Technology and Innovation Expo 2018, attributed the feat to the impact of science, technology and efficient work processes, saying the mileage would enable more revenue generation to the Federal Government.


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