Oil and Gas

Hungary Eyes Nigerian Crude Oil, LNG

At a time that international crude oil market is getting more competitive, the Hungarian Government has indicated interest to purchase crude oil and Liquefied Natural Gas (LNG) from Nigeria.
The Hungarian Ambassador to Nigeria, Professor Gabor Ternak, who disclosed this during a courtesy call on the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru in Abuja, said the decision to import crude oil and LNG from Nigeria was informed by the need to bridge the current supply gap being experienced in Hungary.

OPEC maintains suspense on production cut deal

OPEC and Russia will apparently keep the oil market guessing until the last minute before deciding whether to implement an increasingly favored nine-month extension of its existing production cut deal.
Ministers emerged in the early evening Wednesday from a meeting of the monitoring committee overseeing the deal, telling reporters nothing had been decided and they would try to forge a consensus Thursday morning.

Pakistan, Nigeria agree LNG supply deal

Pakistan has turned to Nigeria to meet its domestioc gas needs as the South Asian country has commenced purchase of Liquefied Natural Gas (LNG) from Nigeria.
Pakistan Head of Chancery, Mr. Asim Khan, told the News Agency of Nigeria (NAN) in Abuja that the first consignment of 70,000 metric tons of gas arrived at Pakistan’s Port Qasim in Karachi.
Khan said the deal was part of efforts to deepen economic relationship and marked the beginning of a major business expansion between Nigeria and Pakistan in the oil and gas sector.

2018 Budget: OPEC cautions FG on oil projection

The Organisation of Petroleum Exporting Countries (OPEC) has cautioned Nigeria against increase in oil demand projection even as the Federal Government, last weekend flaunted “bullish” Return on Investment (RoIs) for international oil companies (IOCs).   
Speaking through its Secretary General, Mohammed Barkindo, the group also warned investors against expecting oil to hit peak demand before 2040.
OPEC’s predictions, Barkindo said in  a document extracted from an Abu Dhabi conference, did not see oil demand reaching high soon.

ICT: SmartFlow, Energy360Africa set to redefine forecourt management

Forecourt management for petroleum products retailers in Nigeria will never be the same again with the latest cutting-edge technologies and solutions introduced by SmartFlow Technologies Limited, a leading indigenous technology and business solutions company, at the launch of her sister company and business solutions provider, Energy360Africa.

NNPC defends 2.3mbpd for 2018 Budget

The Nigerian National Petroleum Corporation (NNPC) has said the Federal Government’s 2.3 million barrels per day crude oil projection for the 2018 Budget is achievable and realistic.

Group General Manager, Corporate Planning and Strategy, Mr. Bala Wunti, made this submission on Monday during a presentation to the House of Representatives Joint Committee on 2018-2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) at the National Assembly Complex in Abuja.

NCDMB backs downward review of free zone tariffs

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engineer Simbi Wabote has thrown his weight behind the move by the Oil and Gas Free Zones Authority (OGFZA) to reduce tariffs and cut the cost of doing business in the nation’s Oil and Gas Free Zones.
Speaking during the week when the managing director of OGFZA, Mr Umana Okon Umana, paid him a courtesy call in his office in Yenegoa, Wabote commended the initiative by OGFZA on the downward review of tariffs in the oil and gas free zones.

OPEC meeting drives oil prices to two year high

Oil traded near the highest close in more than two years before OPEC meets this week to discuss extending supply cuts.
Futures slid 0.4 percent in New York after rising 1.6 percent Friday to the highest since June 2015. OPEC and Russia, a partner in the deal, have crafted the outline of an agreement to extend curbs to the end of next year, according to people involved in the conversations. In the U.S., drillers targeting crude added nine rigs last week, according to Baker Hughes.

NNPC to select Core Investor for Benue Bio-Fuel Project

The Nigerian National Petroleum Corporation (NNPC) is set to conclude on the choice of a core investor for the proposed Bio-fuel plant in Agasha Guma area of Benue State.
Speaking at the end of a follow-up meeting with a Benue State delegation led by Deputy Governor, Engr. Benson Abounu, the Group Managing Director of the Corporation, Dr. Maikanti Baru, said that arrangements have been finalized to name the prospective investor in the weeks ahead after a painstaking due diligence exercise.