Thursday, April 26, 2018
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Petrobarometer

    Subsidy stoppage: Prepare for monumental fuel scarcity, NNPC officials warn

Subsidy stoppage: Prepare for monumental fuel scarcity, NNPC officials warn

Senate directive on Wednesday to the Nigerian National Petroleum Corporation (NNPC) to halt subsidy deduction and to refund N216 billion already expended will trigger shortages of the fuel on a “monumental proportion”, officials of the corporation warned on Thursday. [...]

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    Senate asks NNPC to refund N216bn subsidy fund to FG

Senate asks NNPC to refund N216bn subsidy fund to FG

The senate has asked the Nigerian National Petroleum Cooperation (NNPC) to stop further payment of oil subsidies.It also asked the cooperation to immediately refund the total sum of N216 billion said to have been used for subsidy payment to the consolidated revenue fund.The senate issued the orders on Wednesday after adopting the recommendations of its committee that investigated the subsidy payment [...]

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    As NNPC sweats in the north, Savannah well hits oil in Niger Rep

As NNPC sweats in the north, Savannah well hits oil in Niger Rep

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    $15bn investment plan: Security challenges worry Shell

$15bn investment plan: Security challenges worry Shell

In spite of security concerns in the Niger Delta, the Shell Petroleum Development Company (SPDC) will later this year kick start its expenditure plans on oil and gas projects worth $15 billion, The Cable Petrobarometer understands.  [...]

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    Trump berates OPEC for ‘artificially’ high oil prices — and Barkindo responds

Trump berates OPEC for ‘artificially’ high oil prices — and Barkindo responds

US President Donald Trump has accused the Organisation of Petroleum Exporting Countries (OPEC) of “keeping oil prices artificially very high.” [...]

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    BudgIT: Nigeria could lose N9tr to gas flaring in 10 years

BudgIT: Nigeria could lose N9tr to gas flaring in 10 years

BudgIT, a civic tech organisation, says Nigeria could lose as much as N9 trillion to gas flaring in the next 10 years if urgent control measures are not put in place by the federal government. [...]

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    Buhari: Nigeria is safe for business — Shell is preparing to invest $15bn

Buhari: Nigeria is safe for business — Shell is preparing to invest $15bn

President Muhammadu Buhari says Nigeria is safe for business, urging foreign investors to come to the country and invest.Fielding questions at the business forum of the Commonwealth Head of Government Meeting (CHOGM 2018) in Westminster, the president said Shell Group is preparing to invest $15 billion in Nigeria."On security, certainly, both in the northeast and in the southsouth, there has been [...]

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    ANALYSIS: Why subsidy payment will continue to rise — as things stand

ANALYSIS: Why subsidy payment will continue to rise — as things stand

Subsidy payment on petrol has been on the rise, hitting N112 billion within a 10-month period in 2017. [...]

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    Total, workers face-off threatens 200,000 b/d oil production

Total, workers face-off threatens 200,000 b/d oil production

French oil firm Total is currently engaged in a "fierce battle" with senior Nigerian employees of the company which is now threatening the company's crude oil production of over 200,000 barrels per day, TheCable Petrobarometer understands. [...]

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    Despite profit drop, NNPC subsidiary declares ‘highest dividend’ of N750m

Despite profit drop, NNPC subsidiary declares ‘highest dividend’ of N750m

The National Engineering and Technical Company Limited (NETCO), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), has declared a dividend of N750 million to its shareholders - the highest in any given year. [...]

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    BudgIT demands details of N1.4tn ‘annual subsidy’

BudgIT demands details of N1.4tn ‘annual subsidy’

BudgIT, a Nigerian civic social enterprise, has asked the federal government to release detailed information on the N1.4 trillion spent as subsidy payment annually as disclosed by Ibe Kachikwu, the minister of petroleum resources.  [...]

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    Nigeria’s oil production drops to lowest in six months

Nigeria’s oil production drops to lowest in six months

Nigeria’s oil production dropped by more than 82,000 barrels per day (bpd) to 2.022 million b/d in March 2018 — compared to the output in the preceding month, according to estimates released by the ministry of petroleum resources. [...]

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    REVEALED: Shell paid N1.5trn to Nigerian government in 2017 — the highest in the world

REVEALED: Shell paid N1.5trn to Nigerian government in 2017 — the highest in the world

Royal Dutch Shell paid a total of $4,322,742,582 (about N1.5 trillion) to the Nigerian government in 2017, according to its annual payments report seen by TheCable Petrobarometer. [...]

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    NNPC: Gas flaring dropping ‘aggressively’

NNPC: Gas flaring dropping ‘aggressively’

The Nigerian National Petroleum Corporation (NNPC) says gas flaring in has dropped “aggressively” by 72 percent in the last few years. [...]

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    NNPC: We’ve cleared backlog of 65 unaudited financial statements

NNPC: We’ve cleared backlog of 65 unaudited financial statements

The Nigerian National Petroleum Corporation (NNPC) says it has cleared a backlog of 65 unaudited financial statements spanning a period of three years — from 2011 to 2014. [...]

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    Nigeria’s oil export to ‘ramp up’ as Forcados terminal bounces back

Nigeria’s oil export to ‘ramp up’ as Forcados terminal bounces back

Operations at Forcados terminal, one of Nigeria’s main oil export routes, are ramping up after a momentary shutdown at the Trans Forcados Pipeline (TFP). [...]

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Exchange Rates

April 26, 2018USDGBPEUR
INTERBANK360.45487.18428.32
LAGOS360495436
KANO360494435
PH361494430
ABUJA360495430
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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