Tuesday, September 25, 2018
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Petrobarometer

    Rising import bill: Oil workers ask FG to declare state of emergency on refineries

Rising import bill: Oil workers ask FG to declare state of emergency on refineries

Following the rising bill incurred on importation of petroleum products to meet domestic demand, senior Nigerian oil workers have called on the federal government to declare a state of emergency on the nation’s refineries to find lasting solution. [...]

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    REVEALED: Fuel subsidy now gulps N774m daily

REVEALED: Fuel subsidy now gulps N774m daily

The Nigerian National Petroleum Corporation (NNPC) said on Sunday it was subsidising the supply of petrol to the tune of N774 million every day, given the landing cost of the imported fuel and the regulated pump price in the domestic market. [...]

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    Trial of Shell, Eni executives over OPL 245 starts Monday

Trial of Shell, Eni executives over OPL 245 starts Monday

Royal Dutch Shell and Italian oil giant Eni, along with a number of their senior executives, will on Monday face charges of "aggravated international corruption" for their role in a $1.1bn deal for the controversial Nigerian deepwater oil block OPL 245, TheCable Petrobarometer has learnt. [...]

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    FACT CHECK: Does FOI restrict NNPC from disclosing details of crude oil sales?

FACT CHECK: Does FOI restrict NNPC from disclosing details of crude oil sales?

Following a request made by Femi Falana, human rights lawyer, seeking details of some operations of the Nigerian National Petroleum Corporation (NNPC), the corporation said it is not mandated by law to provide such information.Falana had asked the commission to disclose the revenue realised from the sale of the daily allocation of 445,000 barrels of crude oil from June 1, [...]

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    NNPC to Falana: We can’t disclose how much Nigeria earns daily from crude oil sales

NNPC to Falana: We can’t disclose how much Nigeria earns daily from crude oil sales

The Nigerian National Petroleum Cooperation (NNPC) has denied the request of Femi Falana, lawyer and human rights acvitist, seeking to know how much revenue Nigeria is getting daily from the sale of crude oil.Falana had asked the commission to disclose the revenue realised from the sale of the daily allocation of 445,000 barrels of crude oil from June 1, 2015 [...]

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    NNPC’s seven ‘critical’ gas to power projects target additional 15,000mw by 2020

NNPC’s seven ‘critical’ gas to power projects target additional 15,000mw by 2020

The Nigerian National Petroleum Corporation (NNPC) is set to launch seven critical gas development projects (7CGDP) which will generate an additional 15,000 megawatts of electricity in the country by 2020.The 7CGDPs are scheduled to deliver about 3.4 billion standard cubic feet of gas per day (bscfd), and will be fast tracked in line with a projected short, medium and long [...]

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    Seplat’s profit surges on increased oil output

Seplat’s profit surges on increased oil output

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    ‘Dollar rain’ for indigenous oil firms — and other highlights of the petroleum summit

‘Dollar rain’ for indigenous oil firms — and other highlights of the petroleum summit

The maiden Nigeria International Petroleum Summit (NIPS) came to an end on Friday with positive reviews from a gathering of major stakeholders in the oil and gas industry both locally and internationally.Eleven sessions held over a period of five days touching virtually all areas, including the opportunities and challenges in the sector, gas revolution, infrastructural development, refining, environmental issues and [...]

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    Nigeria targets bringing down oil production cost to $15/barrel

Nigeria targets bringing down oil production cost to $15/barrel

Ahead of proposed plan by the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC members led by Russia to make permanent their cooperative agreement on putting a cap on oil production, Nigeria has urged oil companies operating in the country to start ensure drastic reduction in production cost per barrel.Ibe Kachikwu, minister of state for petroleum resources, said in Abuja [...]

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    ‘Modular refineries too expensive, won’t end fuel scarcity’ — LCCI douses enthusiasm

‘Modular refineries too expensive, won’t end fuel scarcity’ — LCCI douses enthusiasm

Despite the general enthusiasm by both the Nigerian and private investors for the establishment of modular refineries, the Lagos Chamber of Commerce and Industries (LCCI) says this plan is too expensive, and won’t end the challenge of fuel scarcity.Addressing the media shortly after visiting Vice-President Yemi Osinbajo at the presidential villa, Abuja, the LCCI president, Babatunde Ruwase, said the modular [...]

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    NNPC fuel import binge gulps $5.8bn — but scarcity persists

NNPC fuel import binge gulps $5.8bn — but scarcity persists

The Nigerian National Petroleum Corporation (NNPC) on Tuesday said it has spent $5.8 billion to import 9.8 million metric tons of petrol since late last year to combat the fuel crisis.Mainkati Baru, NNPC group managing director, said at the public hearing held by the senate committee on public accounts in Abuja that the corporation had to carry out the massive importation after private [...]

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    Kachikwu insists: We won’t sell the refineries

Kachikwu insists: We won’t sell the refineries

Ibe Kachikwu, minister of state for petroleum resources, says the federal government will NOT sell its refineries.Rather, the aim is to make Nigeria the refinery corridor for the rest of the continent, he said.The minister was speaking on Tuesday on the short and medium term priorities directed towards growing the country's oil and gas industry at the Nigeria International Petroleum [...]

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    Barkindo: Oil producers need $10.5tr investments to meet rising world oil demand

Barkindo: Oil producers need $10.5tr investments to meet rising world oil demand

Mohammed Barkindo, secretary general of the Organization of Petroleum Exporting Countries (OPEC), has expressed concern over the powerful cartel that gives rise to the continued instability in the international oil market. [...]

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    Nigeria ‘not worried’ about falling crude oil prices

Nigeria ‘not worried’ about falling crude oil prices

Ibe Kachikwu, minister of state for petroleum resources, says Nigeria is unruffled by the slide in crude oil prices, maintaining that the country can comfortable ride the storm with oil prices hovering between $60 and $70 a barrel band.  [...]

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    Kachikwu to NNPC: Do whatever it takes to end petrol queues in Abuja

Kachikwu to NNPC: Do whatever it takes to end petrol queues in Abuja

Ibe Kachikwu, minister of state for petroleum resources, says the Nigerian National Petroleum Corporation (NNPC) should “do whatever it takes” to end petrol queues in Abuja before Sunday.Speaking at a press conference on Thursday to announce the upcoming Nigeria International Petroleum Summit (NIPS) in Abuja, Kachikwu said it would be “embarrassing” for delegates of the event to witness the long [...]

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    Oil contribution to GDP rebounds after four-year fall — but Nigeria still vulnerable

Oil contribution to GDP rebounds after four-year fall — but Nigeria still vulnerable

Oil contribution to Nigeria’s gross domestic product (GDP) is on the rise after witnessing a downward trend over a four year period-between 2013 and 2017. [...]

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Exchange Rates

September 24, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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