Oil and Gas

Nigeria's crude swap contract in disarray

The cumulative production of Nigeria’s refineries again fell to zero at a time daily fuel consumption rose to 55 million litres, putting the Direct Sale and Direct Purchase (DSDP) contracts between Nigerian National Petroleum Corporation (NNPC) and refiners abroad under pressure. 
The consumption of premium motor spirit (PMS) also known as petrol has risen from 35 million to a record 55 million litres daily, subjecting the DSDP also known as crude swap contracts, into 20 million litres deficit.

Group faults NNPC’s retention of $16.8bn NLNG dividend

The Publish What You Pay (PWYP) Nigeria, has faulted the Nigerian National Petroleum Corporation (NNPC) for its continued withholding of dividends, amounting to $16.88 billion, paid by the Nigeria Liquefied Natural Gas Limited (NLNG) to it for the Federation Account.
The monies, which have reportedly not been remitted to the Federation Account is being held by the NNPC. The NNPC said it was holding on to the money on the orders of the President.

Production of Nigeria’s largest crude oil grade drops – Data

Production of Qua Iboe Crude, Nigeria’s largest crude oil stream, has dropped to its lowest level for the first time since 2010.

Latest crude/condensate production by streams data obtained from the Department of Petroleum Resources (DPR) shows that output of the crude collapsed by about 41 per cent from 135 million barrels in 2010 to 79 million barrels in 2016, the year militant attacks cut Nigeria’s production to its lowest in decades.

India ups demand for Nigerian crude

More cargoes of Nigerian crude oil are now heading for India on a daily basis after loadings to China witnessed decline in recent times.

Reuters reported citing a survey of vessel fixtures and traders that Indian refineries booked the largest amount of West African oil per day in February since April 2015.

The purchases helped to offset a steep drop in bpd-loadings of Nigeria, including Angolan crude for China, which fell to 1.22 million bpd from a record of 1.59 million bpd the previous month.

Aviation fuel: Nigeria's loses to regional neighbours hit N110bn annually

...CITA, Puma sign new pact to boost supplu 
Except fuel marketers improve on their aviation fuel supply chain, the aviation industry would continue to fail to meet up with over one billion litres of Jet A1 needed for the sector annually. 
At N220 per litre cost, 500 million litres demands could not be met last year. Consequently, the sector loses over N110 billion to neighbouring Lome, Benin and Accra, Ghana as Nigeria can only supply 500 million litres of fuel to airlines.

Chinese firm loses bid to stop trial on $12b missing crude oil

Justice Rilwan Aikawa Aikawa of a Federal High Court, Lagos has struck out the preliminary objection filed by China National Offshore Oil Corp (CNOOC) Exploration and Production Nigeria Limited against the Federal Government in a $12b missing crude oil suit.
In the suit, the Federal Government of Nigeria, through its counsel, Prof. Fabian Ajogwu,  is seeking to recover lost revenues from some International Oil Companies (IOCs) arising from undeclared and under-declared crude oil shipments from Nigeria to different parts of the world between 2011 and 2014.

Seplat lists additional 25m shares on NSE

Seplat lists additional 25m shares on NSE
Leading indigenous Nigerian oil and gas exploration and production company, Seplat Petroleum Development Company (Seplat) Plc, has announced listing additional shares on the floor of the Nigerian Stock Exchange (NSE).
A statement issued on Friday by the firm with a strategic focus on Nigeria disclosed that it’s listing an additional 25,000,000 ordinary shares on the NSE.