International

OPEC maintains suspense on production cut deal

OPEC and Russia will apparently keep the oil market guessing until the last minute before deciding whether to implement an increasingly favored nine-month extension of its existing production cut deal.
 
Ministers emerged in the early evening Wednesday from a meeting of the monitoring committee overseeing the deal, telling reporters nothing had been decided and they would try to forge a consensus Thursday morning.
 

Pakistan, Nigeria agree LNG supply deal

Pakistan has turned to Nigeria to meet its domestioc gas needs as the South Asian country has commenced purchase of Liquefied Natural Gas (LNG) from Nigeria.
 
Pakistan Head of Chancery, Mr. Asim Khan, told the News Agency of Nigeria (NAN) in Abuja that the first consignment of 70,000 metric tons of gas arrived at Pakistan’s Port Qasim in Karachi.
 
Khan said the deal was part of efforts to deepen economic relationship and marked the beginning of a major business expansion between Nigeria and Pakistan in the oil and gas sector.

2018 Budget: OPEC cautions FG on oil projection

The Organisation of Petroleum Exporting Countries (OPEC) has cautioned Nigeria against increase in oil demand projection even as the Federal Government, last weekend flaunted “bullish” Return on Investment (RoIs) for international oil companies (IOCs).   
 
Speaking through its Secretary General, Mohammed Barkindo, the group also warned investors against expecting oil to hit peak demand before 2040.
 
OPEC’s predictions, Barkindo said in  a document extracted from an Abu Dhabi conference, did not see oil demand reaching high soon.

Shipping lines blamed for aiding arms importation

The Nigerian Customs Service (NCS) has accused shipping lines of aiding importation of arms into the country.
 
Comptroller General,  Col Hameed Ali (rtd), who accused the liners at stakeholders meeting  in Lagos, explained that one of the biggest problems the country was  currently facing is illegal importation of arms.
 
He called on stakeholders to join hands in identifying loopholes necessitating the proliferation of arms into the Nigerian shores.
 

ICT: SmartFlow, Energy360Africa set to redefine forecourt management

Forecourt management for petroleum products retailers in Nigeria will never be the same again with the latest cutting-edge technologies and solutions introduced by SmartFlow Technologies Limited, a leading indigenous technology and business solutions company, at the launch of her sister company and business solutions provider, Energy360Africa.

NCDMB backs downward review of free zone tariffs

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engineer Simbi Wabote has thrown his weight behind the move by the Oil and Gas Free Zones Authority (OGFZA) to reduce tariffs and cut the cost of doing business in the nation’s Oil and Gas Free Zones.
 
Speaking during the week when the managing director of OGFZA, Mr Umana Okon Umana, paid him a courtesy call in his office in Yenegoa, Wabote commended the initiative by OGFZA on the downward review of tariffs in the oil and gas free zones.
 

OPEC meeting drives oil prices to two year high

Oil traded near the highest close in more than two years before OPEC meets this week to discuss extending supply cuts.
 
Futures slid 0.4 percent in New York after rising 1.6 percent Friday to the highest since June 2015. OPEC and Russia, a partner in the deal, have crafted the outline of an agreement to extend curbs to the end of next year, according to people involved in the conversations. In the U.S., drillers targeting crude added nine rigs last week, according to Baker Hughes.
 

Nigeria emerges new Chair of GGC

Nigeria has emerged as the new Chair of the Gulf of Guinea Commission (GGC) at the 4th Assembly of Heads of State and Government of the GGC, Vice President Yemi Osinbajo called on member states to urgently address the socio-economic and security challenges facing the commission.
 
He said the members would achieve this by collectively taking measures to check violations of domestic and international treaties in the Gulf.
 

SPDC renews Afam Power Plant licence for 10 years

The Nigeria Electricity Regulatory Commission has renewed the power generation licence for Afam VI Power Plant, a 650MW-capacity facility that has delivered over 25.97 million Megawatt-hour (MWh) of electricity into the Nigerian grid since inception in 2008.
 
Afam VI is owned by The Shell Petroleum Development Company Joint Venture (SPDC JV) and located in Afam in Oyigbo Local Government area of Rivers State.
 

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