Force Majeure on Nigeria’s Forcados lifts market

Supply outage from the Shell Petroleum Development Company Limited (SPDC) joint venture in the Forcados facility has positively affected the price of crude oil in the international market, it was learnt.

Shell declared force majeure on oil liftings from the Forcados export terminal in Delta State owing to a leaking pipe, which resulted in shut-in of about 400,000 barrels of oil per day.

The 48-inch diameter export pipeline, shut last month and planned to be reopened in April, is one of Nigeria’s biggest pipelines.

Freezing crude oil supply won't rebound oil price - Experts warn Nigerians, others

Experts at the 6th African Petroleum Congress and Exhibition on Tuesday in Abuja said that freezing crude oil supply alone might not lead to rebound of global oil price.

The News Agency of Nigeria (NAN) recalls that oil producing countries have agreed to the idea that freezing crude oil supply, hoping that it would help drive the price of the commodity.

Nigeria To Sign 2030 UN Deadline Agreement on Gas Flaring

With the support of the National Assembly, Nigeria intends to sign the United Nations Agreement on Zero Routing Gas Flaring by 2030, according to the Vice President, Prof. Yemi Osinbajo.

He was speaking on Monday at the opening of the 6th African Petroleum Congress and Exhibition where he represented President Muhammadu Buhari.

Diesel Scarcity Looms as Marketers Face Import Financing Difficulties

Problems relating to obtaining local financing and letters of credit continue to constrain Diesel/Gasoil imports into Nigeria, according to sources.

The current healthy demand in the region could lead to low gasoil stocks, as is currently the case for gasoline, with resupply hampered by domestic financial difficulties.

“Import volume of gasoil [currently] is not high as it was in the past,” a source said.

China Seeks More Crude Oil Export From Nigeria

China has said it seeks more crude oil exports from Nigeria in spite of the recent changes in oil prices.

Mr Zao LingXiang, Economic and Commercial Counsellor of the Chinese Embassy in Nigeria, said this in an interview with the News Agency of Nigeria (NAN) in Abuja.

“But the total amount of export to China was only about one million barrels in 2015 that was just 1.3 per cent of Nigerian annual oil export.

“In my opinion, it really doesn’t matter whether Iran comes back or not; Chinese companies want to import more crude oil from Nigeria,” he said.

Oil Hits Three-Month High on Gasoline Demand

Oil prices surged to a three-month high Wednesday after government data showed demand for gasoline and diesel fuel was far higher than even bullish expectations.

The U.S. Energy Information Administration said gasoline stockpiles fell last week three times as much as expected and diesel stockpiles fell double what was expected. Those are positive signs for demand and have surprised traders, sparking a slate of buying despite crude stockpiles that added another 3.9 million barrels, brokers said.

Dangote to build undersea pipeline connecting Niger Delta to West Africa markets

Aliko Dangote, Africa’s richest man has began the building of an undersea pipeline that will connect oil rich Niger Delta to the West Africa markets. The pipeline will transport gas and refined products for sale to Nigeria’s West Africa’s neighbours.
“The pipeline will be able to transport 1.5 billion standard cubic feet of gas per day,” Dangote said at the Economist summit currently ongoing in Lagos. A similar West Africa surface pipeline connects the Niger Delta to Ghana going through Benin and Togo. It is not clear the country destination of Dangote’s proposed pipeline.

Bombed pipeline to halt Nigeria’s crude oil output until May

he damage caused by an attack on an underwater pipeline is set to halt flows of Nigeria’s Forcados crude oil to one of the country’s biggest export terminals until May.

Shell Petroleum Development Corporation , a Royal Dutch Shell subsidiary which operates the pipeline, declared force majeure on February 21, a week after the pipeline was hit by an explosion, causing a leak that forced it to halt loadings to the Forcados export terminal.

Nigerian Navy to establish operational base in Lake Chad

As part of efforts to rid the country of terrorists, the Nigerian Navy (NN) has commenced plans for the establishment of a Forward Operation Base (FOB) in Lake Chad.

This disclosure was made on Tuesday in Lagos, during a training seminar organised by the Naval Training Command (NAVTRAC) themed ‘the future of professional training in the Nigerian Navy’.

In his opening remark, the Chief of Naval Staff (CNS) Vice Admiral Ibok Ette-Ibas noted that conventional security challenges have forced the navy to move towards adopting new strategies.

Oil prices extend rally; Brent back above $40

Oil prices rallied further Monday, boosted by strong US jobs growth and as a cut in the country’s crude drilling activities sparked hopes of an easing supply glut, analysts said.

Recent dollar weakness helped also to lift demand for the commodity priced in the greenback, as did indications that producers were already making moves to limit output.

US benchmark West Texas Intermediate (WTI) for delivery in April jumped $1.58 to trade at $37.50 a barrel around 1715 GMT.


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