Nigeria loses N260b to crude for product swap

The Nigeria Extractive Industries Transparency Initiative (NEITI) 2015 Oil and Gas Industry Audit Report, showed that the country recorded a net loss of $723 million (N260 billion) from getting refined products through Offshore Processing Arrangement (OPA) in 2015.
Besides, the agency said that sum of N317 billion which is the value of crude allocated for domestic consumption by the Nigerian National Petroleum Corporation (NNPC), was yet to be reconciled.

Nigerian emerges Africa LPG Association Sec-Gen

A Nigerian professional Engineer, Zayyan Tambari Yabo ‎of the Department of Petroleum Resources(DPR) has emerged as the pioneer Secretary General of the African Liquefied Petroleum Gas Association.

The association which was founded in February 2017 in Cape Town, South Africa at the sidelines of ARGUS Media Africa LGP Conference, also elected Mr. Samson Muamba as its pioneer President following amicable consultations among the delegates. Muamba, is the Managing Director and CEO of Fire Corp Energy, Zambia.

Oil resurrection sets stage for OPEC-Shale clash in 2018

...WTI, Brent up more than 11% this year; set for 2nd annual gain
...OPEC curbs drive price gain as threat of U.S. output persists
Oil’s revival from the biggest crash in a generation persisted, with prices set for a second annual gain after weathering everything from hurricanes and Middle East conflict to the tussle between OPEC and U.S. shale.

Crude oil price inches towards $70

Crude oil price has risen by $20 per barrel above Nigeria’s benchmark of N45 a barrel in the 2018 proposed yearly budget. In the proposed N8.6 trillion ‘Budget of Consolidation’ presented by President Muhammadu Buhari to the National Assembly for approval, crude oil benchmark price was put at an average of N45 per barrel, based on low benchmark price of $35, medium ($45) and high ($55) scenarios, while production was set at 2.3 million barrels per day.

Shell and Eni to stand trial in Italy over Malabu deal

A judge in Milan has ordered Eni, Shell and current and former Eni directors to stand trial on accusations of corruption in the 2011 purchase of the OPL245 oil block in Nigeria estimated to hold 9 billion barrels of crude.
The CEO of Italian energy concern Eni since 2014 Claudio Descalzi, and his predecessor Paolo Scaroni are among 11 individuals indicted over the alleged bribes paid to secure the oil license for $1.3 billion (€1.09 billion).

Sinopec's offshore engineering unit wins Nigeria contract

An offshore engineering unit of oil major Sinopec Group has won a two-year contract to drill an offshore block in Nigeria, the state firm said on Thursday.
Shengli Petroleum Engineering will deploy its ‘Shengli-4’ rig to drill the block, located in shallow water off Nigeria’s Rivers State. The block has a designed daily output of 35,000 barrels of oil.
The Chinese rig, which previously drilled for oil for Shell in Nigeria, is slated to be moved to the new project in early 2018, Sinopec said.

OPEC, China form strategic partnership on energy security

The Organisation of Petroleum Exporting Countries (OPEC) and the world’s most populous country, China, have agreed to the necessity of intensifying cooperation between both parties and in the interest of the global economy.

At the Second High-level Meeting of the OPEC-China Energy Dialogue which was held on recently in Beijing, both parties agreed to explore methods to implement and operationalize the constructive intent for enhanced relations.

NIMASA flags-off seatime training for 239 cadets

·         Rewards outstanding cadets with automatic employment

·         To commence Phase 2 in 2018

At long last, some young Nigerian can heave a sigh of relief and rekindle their hopes of career development and a better life as a total of 239 cadets who are beneficiaries of the Nigerian Seafarers Development Programmes are set to embark on their mandatory seatime training in line with global best practices.

Sirius Petroleum ready to transit into operating company

Investment company Sirius Petroleum will complete its transformation into an operating company focused on developing proven oil and gas assets in Nigeria later this week.

The company also named an interim chief operating officer. Sirius Petroleum’s transition from an investing to an operating company started in August with the signing of a joint operating agreement with Ororo field partners. To complete the process, Sirius needed shareholder approval and re-admission of its ordinary shares to trading on AIM.

COPL: Financing delays to put off drilling offshore Nigeria

Canada’s COPL will have to put off drilling of a well in its Nigerian offshore block amid the delays in completing the financing for the project.
The company in 2016 agreed to buy  80% of the share capital of Essar Nigeria through its 50% owned affiliate, Shoreline Canadian Overseas Petroleum Limited (ShoreCan), accessing Essar’s block OPL 226. The OPL 226 sits 50 km offshore the central delta region of Nigeria in water depths ranging from 40 to 180 meters and has a one well drilling commitment linked to it.


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