Saturday, November 17, 2018
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Petrobarometer

    Shell sues ex-employee over ‘shady’ role in sale of Nigerian oil block

Shell sues ex-employee over ‘shady’ role in sale of Nigerian oil block

Royal Dutch Shell has filed a criminal suit in The Netherlands against one its former workers over suspected fraud in the sale of an onshore oil block located in the Niger Delta, TheCable Petrobarometer learnt on Wednesday. [...]

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    History beckons as national assembly passes harmonised PIGB

History beckons as national assembly passes harmonised PIGB

The national assembly on Wednesday passed the harmonised Petroleum Industry Governance Bill (PIGB).  [...]

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    40 NGOs seek cancellation of $20 billion Nigeria-Morocco gas pipeline project

40 NGOs seek cancellation of $20 billion Nigeria-Morocco gas pipeline project

Forty non-governmental organisations (NGOs) have signed a declaration calling for the cancellation of the proposed $20 billion Nigeria-Morocco gas pipeline project. [...]

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    Falana: In three years, Nigeria lost $200bn from shady oil deals

Falana: In three years, Nigeria lost $200bn from shady oil deals

Femi Falana, lawyer and human rights activist, says within a three year period, Nigeria lost an estimated $200 billion from "shady deals" in the oil and gas sector.  [...]

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    Despite hitches, production from OML 40 hits 1.42m barrels in 2018

Despite hitches, production from OML 40 hits 1.42m barrels in 2018

Production in Opuama oil field has hit 1,421,292 barrels already in 2018 despite "technical challenges". [...]

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    Kachikwu: New oil licences will be issued when PIGB becomes law

Kachikwu: New oil licences will be issued when PIGB becomes law

Ibe Kachikwu, minister of state for petroleum resources, says new licences for oil blocks will be issued when the petroleum industry governance bill (PIGB) is passed by the national assembly. [...]

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    Waziri Adio: Oil sector needs to be a real blessing — not needless curse

Waziri Adio: Oil sector needs to be a real blessing — not needless curse

Waziri Adio, executive secretary, Nigeria Extractive Industries Transparency Initiative (NEITI), says implementation of laws will reposition and transport the oil and gas sector to become a real blessing and not just a "needless curse".Speaking at a symposium on petroleum industry governance bill (PIGB) in Abuja, Adio commended the national assembly for passing PIGB.He said Nigerians will be deluded to think the job [...]

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    NNPC: Our operations are going paperless soon

NNPC: Our operations are going paperless soon

The Nigerian National Petroleum Corporation (NNPC) says it will soon go digital with its operations. [...]

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    IEA: Growth in OPEC production depends on Nigeria, two others

IEA: Growth in OPEC production depends on Nigeria, two others

The International Energy Agency (IEA) says the growth in the production capacity of the Organization of Oil Exporting Countries (OPEC) depends on stability in Nigeria, Iraq and Libya.IEA made this prediction in its latest market report series titled 'Oil 2018: Analysis and Forecasts to 2023'. "Our analysis shows that discoveries of new oil resources fell to another record low in 2017, [...]

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    PIGB to be presented for presidential assent by March 30

PIGB to be presented for presidential assent by March 30

Omotayo Alasoadura, chairman, senate committee on petroleum resources (upstream), says the Petroleum Industry Governance Bill (PIGB) will be harmonised and presented for presidential assent by March 30. [...]

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    US shale ‘remains a threat’ to OPEC’s rebalancing efforts

US shale ‘remains a threat’ to OPEC’s rebalancing efforts

Consistent growth in US shale supply is threatening efforts by the Organisation of Petroleum Exporting Countries (OPEC) to rebalance the global oil market, a report by the cartel has shown. [...]

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    Kachikwu: Modular refineries not created to resolve fuel shortage

Kachikwu: Modular refineries not created to resolve fuel shortage

Ibe Kachikwu, minister of state for petroleum resources, says the proposed modular refineries in Rivers and Delta states are not intended to resolve fuel shortage in the country.  [...]

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    NNPC closes 2017 with N82b deficit

NNPC closes 2017 with N82b deficit

NNPC Group closed the 2017 full year operations with a budget deficit of N82 billion against its budgeted surplus of N601.16 billion for the year. [...]

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    NNPC: UN deadline for fuel sulphur level cuts hindered by ‘significant costs’

NNPC: UN deadline for fuel sulphur level cuts hindered by ‘significant costs’

The Nigerian National Petroleum Corporation says “significant costs” complicated its efforts to meet UN deadline for sulphur reduction in imported fuels. [...]

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    Nigeria’s crude oil earnings at 5-month peak in December

Nigeria’s crude oil earnings at 5-month peak in December

Crude oil sales proceeds by Nigerian National Petroleum Corporation (NNPC) surged 132% to $342.18 million last December – the second highest monthly earnings record in 2017.  NNPC’s financial report for December 2017, which contains this information, shows a strong recovery in total crude oil and gas sales proceeds – which rose from $273 million in November to $447.7 million in December [...]

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    Indonesia seeks to increase crude purchase from Nigeria

Indonesia seeks to increase crude purchase from Nigeria

With Nigeria losing out its US market, demand for the country’s crude from the Far East continues to rise. [...]

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Exchange Rates

November 16, 2018USDGBPEUR
INTERBANK306397354
LAGOS359475418
KANO359476420
PH360476420
ABUJA359478419
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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