Subsidy removal saves Nigeria N16.4bn monthly: Kachikwu

The Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, has said the federal government would have had to shop for N16.4 billion every month to offset subsidy claims of petrol marketers if it had not taken the decision to remove subsidy on fuel consumption.

Kachikwu explained in a tweet on his twitter handle @ibekachikwu that as at the time the government made the decision to end subsidy on petrol and subsequently hiked the pump price, it was incurring about N13.7k as subsidy on each litre of petrol bought by Nigerians.

Petrocam Commends FG on Deregulation, Urges Support

Petrocam Trading Pty., a leading supplier of petroleum products to key African regions has applauded the Federal Government’s decision to deregulate the gasoline market in the country. In response to questions on the new policy yesterday, its CEO Mr. Shiraz Gany commended President Buhari’s “bold decision” which he said is a “welcome development in an effort to revive an economy negatively impacted by the fall in global prices.”

The Fallacy of Local Refining

It’s almost a sing-song – if only we had enough refineries in Nigeria, all the fuel problems will disappear. Almost without exception, every expert has articulated local refining of petroleum products as the be all and end all solution for fuel shortage in Nigeria. Unfortunately, that is not exactly correct.

Low prices cost Nigeria, others $200billion deepwater CAPEX - Wood Mackenzie

THE rampaging global low oil prices may have cost Nigeria, West African countries, the Gulf of Mexico and Brazil about $200 billion in capital expenditure due to deferred investments in the deepwater projects, Julie Wilson, Analyst with Wood Mackenzie, a global energy research and consulting Group, said. Wilson stated this at a technical session of the just concluded Offshore Technology Conference, OTC, held in Houston, Texas.

Chevron Loses 35,000 Per Day After Facility Attack in N/Delta

America oil major Chevron is counting significant loses following attacks on its offshore platform in the Niger Delta in a renewed violence that could distort Nigeria's oil export potentials.

"Approximately 35,000 barrels per day, b/d, of Chevron's net crude oil production in Nigeria are impacted," company spokeswoman, Isabel Ordonez said in a statement at the weekend.

Suspected militants Wednesday night used explosives to blow up the Okan platform, a collection facility for offshore oil and gas that feeds the Escravos terminal in southern Nigeria.

Maritime is the soul of the Nigerian economy – NIMASA DG

The Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, has said that the maritime sector in Nigeria is the soul of the country’s economy.

The DG said this at a workshop on “Local Content Implementation in the Nigerian Oil and Gas Industry: A Cost Reduction Strategy” organised by the Petroleum Technology Association of Nigeria (PETAN) on the sidelines of the 2016 Offshore Technology Conference (OTC) in Houston, Texas.

Shell profit tumbles by 83% over low oil price

Royal Dutch Shell, yesterday, announced a $4billion or 83 percent drop in its earnings for the first three months of 2016.

The results were the first Shell has posted since its acquisition of BG Group in February 2016 but it said the impact of the acquisition on the result was immaterial.

Shell’s earnings on a current cost of supplies (CCS) dropped by $4 billion to $800 million down from $4.8 billion in the first quarter of 2015.

CCS is a number similar to the net income that U.S. oil companies report.

Oil Companies Angling for Repair Contracts Responsible for Pipeline Attacks - Tompolo

A former Niger Delta militant leader, Chief Government Ekpemupolo (aka Tompolo), has urged security agencies to investigate activities of oil companies in Niger Delta for the spate of attacks on pipelines and oil facilities in the region.

Reacting to insinuations that he was behind the Niger Delta Avengers, a group which claimed responsibility for the attacks on key oil facilities, including the Forcados Crude Export line in Burutu, Delta State, Tompolo said oil servicing companies angling for the repair contracts, and not him, were responsible for the attacks.