International

NNPC embarks on a massive import as Port Harcourt and Kaduna refineries remain shut

To close the gap created by the shutdown of Port Harcourt and Kaduna refineries, the Nigerian National Petroleum Corporation (NNPC) has embarked on a massive importation of Premium Motor Spirit (PMS). Also, major and independent petroleum marketers have continued to import PMS into the country despite the absence of subsidy in the 2016 budget.

Gard Alert on Revised Nigerian "Letter of Comfort"

 Norwegian maritime insurer Assuranceforeningen Gard (Gard) Tuesday released an alert over a revised "Letter of Comfort" regarding the banning of tankers in Nigerian waters, which has been issued by the Nigerian National Petroleum Corporation (NNPC).

Gard says the revised letter "addresses some earlier concerns" but suggests "problems remain."

Issues cited by Gard include confusion over who is required to sign a Letter of Comfort and what activity would be considered a breach of a Letter of Comfort.

Nigerian Navy foils ship hijack, rescues 25 foreigners

Nigerian Navy

About twenty five foreigners including Britons, South Africans, Indians, Filipinos and Thais were rescued as the Nigerian Navy foiled an attempt by suspected sea pirates to hijack and abduct them aboard a Maersk merchant ship.

The ship was carrying general cargo to Nigeria at the time of the attack.

Executive Officer of the Nigerian Navy Ship (NNS) Pathfinder Navy Capt. Olusegun Soyemi, stated that the vessel arrived safely with the rescued crew members yesterday at Onne Port in Rivers State.

3 Russians on trial in Nigeria for ‘illegal crude oil trade’ skip bail

Illegal Crude Oil Trade

Three Russians who are among 14 foreigners accused of dealing in crude oil without licence have jumped bail, the Federal High Court in Lagos heard on Monday.

Justice Ibrahim Buba issued a bench warrant for their arrest.

He also revoked the bail granted to other accused persons.

The judge ordered Zenith Bank Plc, which provided a bank guarantee for the bail granted the accused persons for N50million each, to appear and explain why the sum will not be forfeited.

Oil Price Crash: Nigeria Independent and Marginal fields Producing at $5/barrel loss

As oil prices continue on the downward slide, Nigerian oil firms may be producing at up to $5/barrel loss, as average production costs for independent and marginal field producers is between $30 and $35/barrel.

Oil prices, recently, resumed their free fall, with Brent crude, similar to Nigeria’s sweet crude grade, falling 2.6 per cent to $31.34 a barrel following a 10 per cent rise on Friday, while U.S. oil shed 95 cents to $31.24.

Shell in Trouble As Nigeria Moves to Withdraw Opl 245

The Nigerian government is set to retrieve one of Africa's richest oil blocs from oil giants, Shell and Eni, PREMIUM TIMES has learnt. Not only will the two oil giants lose OPL 245, should President Muhammadu Buhari approve the recommendations, they will also be fined billions of dollars for illegal activities, including paying money to fraudulent public officials and private citizens in order to secure the bloc.

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