Nigeria

$950m royalty funds: DPR refutes allegations of diversion

The Department of Petroleum Resources (DPR) has denied reports by some section of the media alleging that the agency failed to remit and diverted the sum of $950 million royalty payment to the Federation Account between 2011 and 2014. 
 
According to a statement by the DPR made available to M&P, the reports claimed to draw information from the outcome of the meeting of an Ad Hoc Committee on $17 Billion Stolen from Undeclared Crude Oil and Liquified Natural Gas of the House of Representatives.
 

Nigeria rallies to secure re-election into IMO Council

In a bid to ensure that Nigeria wins the re-election into one of the highest decision making body of the International Maritime Organization (IMO), an arm of the United Nation (UN) responsible for global maritime regulation, the Minister of Transportation Rt. Hon. Rotimi Amaechi and the Minister of Foreign Affairs, Mr. Geofrey Onyema has called on all Heads of Foreign Missions to support the country’s quest as it seeks election into the Category C of the IMO Council.
 

Trafigura wins IOC tender

More Nigerian export plans for January surfaced, while trader Trafigura won the right to sell Nigerian oil to Indian Oil Corp.
 
More January loading plans emerged, with just over a handful outstanding including Abo, Brass, EA, Ebok, Okono, Okwori, Okwuibome, Oyo and Pennington.
 
January exports already included 54 cargoes for a total of 1.574 million barrels per day (bpd). While Forcados exports were expected to rise, Bonny Light, Agbami, Bonga, Qua Iboe and Yoho all had smaller export plans compared with December.
 

Chevron, NNPC seal $1.7b oil production deal

Nigeria National Petroleum Corporation (NNPC) and Chevron Nigeria Limited (CNL) have executed the second and final phase of an Alternative Financing Agreement that would increase crude oil production in the country by about 39,000 barrels per day.
 
The agreement, which was signed in London at the weekend, is also expected to achieve an incremental peak production of about 283mmscfd of gas.
 

Crude-for-product arrangement on course- NNPC

The Nigerian National Petroleum Corporation (NNPC) has said it will go ahead with its crude-for-product plans.
 
Its Group Public Affairs Manager, Ndu Ugbamadu, in an interview at the weekend, said Federal Government has never contemplated dropping the idea or substituting it with another as of efforts to make fuel available in the country.
 
He said the delay in fast-tracking the growth of the initiative does not mean that the government has abandoned the idea.
 

NPA takes new measures to ease Apapa gridlock

The Nigerian Ports Authority (NPA) after consultations with major stakeholders, hereby issues the following directives critical to the effective management of the traffic situation around the Apapa Area of Lagos.
 
According to the statement credited to Abdullahi Goje, General Manager, Corporate and Strategic Communications of the NPA, with effect from November 23, 2017, all shipping companies MUST house their empty trucks at their holding bays outside of the port location pending the time for vessel loading.
 

Indigenous producers pledge compliance to Nigerian Content Act

Members of the Indigenous Petroleum Producers Group (IPPG) have pledged to henceforth support and comply with the provisions of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.
 
To cement their commitment, the local operating companies will sign a Service Level Agreement (SLA) with the Nigerian Content Development and Monitoring Board (NCDMB) and this will guide the submission and management of statutory reports between both parties.
 

Nigeria's Akpo to load three 1-million barrel cargoes in Jan

Nigeria's naphtha-rich Akpo crude is set to load three cargoes of 1 million barrels each in January, the same volume that will load in December, according to a copy of the program seen by S&P Global Platts on Friday.
 
Total loadings of the grade will total 3 million barrels. Average daily loadings are set to remain the same as December at 96,774 b/d. 
 

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