Monday, April 8, 2019
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Petrobarometer

    ‘Those eyeing NLNG should invest elsewhere’ — PENGASSAN commends reps over stand

‘Those eyeing NLNG should invest elsewhere’ — PENGASSAN commends reps over stand

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has commended the house of representatives over its decision to caution the federal government to suspend the proposed sale of its equity interest in the Nigerian LNG Limited (NLNG).  [...]

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    National assembly hasn’t transmitted PIGB to Buhari, says Ita Enang

National assembly hasn’t transmitted PIGB to Buhari, says Ita Enang

Ita Enang, senior special adviser to the president on national assembly matters, says the national assembly has not transmitted the petroleum industry governance bill (PIGB) to President Muhammadu Buhari.  [...]

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    NNPC awards  ‘juicy’ crude lifting contracts to Oando, Sahara

NNPC awards ‘juicy’ crude lifting contracts to Oando, Sahara

The Nigerian National Petroleum Corporation (NNPC) has handed crude term lifting contracts for a two-year period to an unprecedented number of 50 companies. [...]

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    NBS: Petrol is cheapest in Bauchi — most expensive in Kebbi

NBS: Petrol is cheapest in Bauchi — most expensive in Kebbi

Data made available by the National Bureau of Statistics on Monday show that petrol is cheapest in Bauchi and most expensive in Kebbi.The report, Premium Motor Spirit (Petrol) Price Watch, released on Monday said Bauchi residents bought petrol at an average price of N144.17 per litre in April. [...]

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    New national oil company to retain revenue — and FAAC won’t love it

New national oil company to retain revenue — and FAAC won’t love it

The new National Petroleum Company (NPC) to be established under the Petroleum Industry Governance Bill (PIGB) will retain some of the revenues earned from crude oil and gas sales, TheCable Petrobarometer can report. [...]

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    NNPC ‘now controls 14% of Nigeria’s fuel retail market’

NNPC ‘now controls 14% of Nigeria’s fuel retail market’

The downstream subsidiary of the Nigerian National Petroleum Corporation (NNPC) currently accounts for 14 percent of the total market share of petroleum products retail business in Nigeria, the corporation has said. [...]

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    For Nigeria, the internal pain of rising oil price

For Nigeria, the internal pain of rising oil price

Crude oil prices have reached the highest mark the global market has seen since 2014. Oil exporting countries are counting profit from the long desired oil price recovery. In Nigeria however, the profit is coming with internal pain.When crude oil prices approached the $60 per barrel mark towards the end of last year, the business of importation and sales of [...]

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    OPEC ‘optimistic’ about stable oil market — despite renewed US sanctions on Iran

OPEC ‘optimistic’ about stable oil market — despite renewed US sanctions on Iran

Mohammad Barkindo, secretary general of the Organisation of Petroleum Exporting Countries (OPEC), on Tuesday, expressed optimism that OPEC-led efforts to stabilise the oil market will be maintained. [...]

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    PIB: Don’t shower lawmakers with gifts, Saraki warns oil companies

PIB: Don’t shower lawmakers with gifts, Saraki warns oil companies

Senate President Bukola Saraki has warned oil companies not to induce lawmakers during the consideration and passage of the fiscal and host communities bill.The bill is one of the four parts of the petroleum industry bill.According to a statement by Sanni Onogu, Saraki’s chief press secretary, the lawmaker made this statement while speaking on Tuesday.The bill, which seeks reforms in [...]

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    REVEALED: FG spent $36.3bn on fuel importation in five years

REVEALED: FG spent $36.3bn on fuel importation in five years

The Central Bank of Nigeria (CBN) says Nigeria spent $36.3 billion on the importation of petroleum products between 2013 and 2017.Speaking on Monday at a public hearing organised by a house of representatives committee, the apex bank said the figure is part of the $119.4 billion spent on importing commodities during the same period.The committee is investigating the state of [...]

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    Group commences legal move to revoke OPL 245 from Shell, Eni

Group commences legal move to revoke OPL 245 from Shell, Eni

The legal battle surrounding one of Nigeria’s most lucrative oil blocks, OPL 245, will shift to Nigeria on Tuesday when a federal high court is billed to hear a case filed by the Human Environmental Development Agenda (HEDA), a civil society group.  [...]

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    INVESTIGATION: Cartels, empty stations and dashed hopes in the quest for kerosene

INVESTIGATION: Cartels, empty stations and dashed hopes in the quest for kerosene

Driving through the dusty, uneven and untarred roads filled with brick red sand and pot holes as deep as craters, Mosimi, in the Sagamu area of Ogun state, seems like a million miles away. [...]

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    Otedola’s Forte Oil to sell some Nigerian assets

Otedola’s Forte Oil to sell some Nigerian assets

Forte Oil says it has plans to sell some of its Nigerian assets and shut down its operations in Ghana.  [...]

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    Oil workers seek law to compel IOCs to build refineries in Nigeria

Oil workers seek law to compel IOCs to build refineries in Nigeria

Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has called for a legislation that will compel multinational oil companies set aside a percentage of their crude oil production to refine locally. [...]

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    Kachikwu: Oil sector to record $60bn investment in four years

Kachikwu: Oil sector to record $60bn investment in four years

Ibe Kachikwu, minister of state for petroleum resources, says in the next two to four years, the oil sector will see "investments in excess of $60 billion from zero recorded in 2016". [...]

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    SPECIAL SURVEY: Petrol queues have disappeared but where is kerosene?

SPECIAL SURVEY: Petrol queues have disappeared but where is kerosene?

Fuel queues are becoming a thing of the past -- at least for now -- but the most used product among underprivileged Nigerians is hardly available at the official price of N150 per litre. [...]

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Exchange Rates

April 8, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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