Friday, September 21, 2018
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Petrobarometer

    Crude oil loses $3 in a week — good and bad news for Nigeria

Crude oil loses $3 in a week — good and bad news for Nigeria

The price of Brent crude -- the equivalent Nigeria's Bonny light -- has dropped by $3.31 between Monday and Friday after weeks of sustained rise. [...]

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    NNPC to import 100m litres of petrol daily to tackle scarcity

NNPC to import 100m litres of petrol daily to tackle scarcity

In a bid to tackle the fuel shortages still ravaging some parts of the country, the Nigerian National Petroleum Corporation (NNPC) says it has programmed to import two cargoes of petrol daily for the rest of February 2018 to boost supply. [...]

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    Petrol supply increases in January — yet scarcity lingers

Petrol supply increases in January — yet scarcity lingers

Facts and figures published by the ministry of petroleum resources show that the supply of petrol increased by 12.87 million litres per day between December 2017 and January 2018. [...]

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    Fears over renewed militancy after Bonga oil field shut-down

Fears over renewed militancy after Bonga oil field shut-down

The Bonga deep offshore oil field, one of Nigeria’s highest volume producers and top revenue earners, was shut down for days in January, disrupting crude exports and cutting the country’s projected oil revenues for the month, TheCable has learnt.  [...]

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    Buhari should sign PIGB ‘to eliminate huge oil revenue losses’

Buhari should sign PIGB ‘to eliminate huge oil revenue losses’

The Nigeria Natural Resource Charter (NNRC) has asked President Muhammadu Buhari to sign the Petroleum Industry Governance Bill (PIGB) into law. [...]

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    Nigeria, Niger to build oil refinery ‘to tackle smuggling’

Nigeria, Niger to build oil refinery ‘to tackle smuggling’

In a major bid to frontally tackle the menace of cross-border fuel smuggling, Nigeria and the neighbouring Niger Republic plan to build an oil refinery. [...]

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    Adeosun: Technically, there is no subsidy but ‘under-recovery’

Adeosun: Technically, there is no subsidy but ‘under-recovery’

Kemi Adeosun, minister of finance, says technically, there is no fuel subsidy -- but the national oil company is currently under-recovering cost of product imports because of high prices of crude oil. [...]

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    NNPC: Deficit spending climbs to four-month high

NNPC: Deficit spending climbs to four-month high

The NNPC Group closed its operations last November with the biggest monthly deficit since August 2017. [...]

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    NNPC: Government owes us N170.5bn ‘in subsidy arrears’

NNPC: Government owes us N170.5bn ‘in subsidy arrears’

Rather being the one owing the federation, the Nigerian National Petroleum Corporation (NNPC) says the government was indebted to the corporation to the tune of N170.6 billion in outstanding subsidy payments that accrued between January 2006 to December, 2015. [...]

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    Crude oil earnings down 50% in November — blame it on ‘subsidy’

Crude oil earnings down 50% in November — blame it on ‘subsidy’

Crude oil export revenue by Nigerian National Petroleum Corporation (NNPC) fell sharply by one-half in November 2017 to $113.97 million. [...]

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    REVEALED: Militants not solely responsible for oil production losses

REVEALED: Militants not solely responsible for oil production losses

Nigeria struggled to meet its 2017 oil production target of 2.3mbpd and missed revenue projections for the year's budget but militant attacks are not solely responsible for the cuts, TheCable Petrobarometer can report. [...]

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    ‘Fuel smuggling on the rise’ — Baru raises the alarm

‘Fuel smuggling on the rise’ — Baru raises the alarm

Men of the Niger state command of the Nigeria Security and Civil Defence Corps (NSCDC) have seized eight trucks laden with a total of 469,000 litres of Premium Motor Spirit, commonly known as petrol. [...]

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    EXCLUSIVE: Shell, ENI take final investment decision on ‘juicy’ OPL 245

EXCLUSIVE: Shell, ENI take final investment decision on ‘juicy’ OPL 245

Despite the litany of court cases surrounding the award of the juicy deepwater OPL 245, the two principal stakeholders in the acreage, Anglo/Dutch firm Shell and Italian oil giant Eni, are proceeding with the development of the main oil field already discovered in the block. [...]

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    NNPC inching closer to raising funds to repair ailing refineries

NNPC inching closer to raising funds to repair ailing refineries

The Nigerian National Petroleum Corporation (NNPC) said on Tuesday it was inching closer to finalising the financing for the major rehabilitation of its four refineries, as the corporation battles to increase local production and supply of petroleum products amid the continued shortages.  [...]

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    More NNPC depots coming — but existing 23 are less than functional

More NNPC depots coming — but existing 23 are less than functional

The Nigerian National Petroleum Corporation (NNPC) says it will build more depots for petroleum products across the country. [...]

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    Petrol scarcity: NNPC sends 250 trucks to Lagos

Petrol scarcity: NNPC sends 250 trucks to Lagos

The Nigerian National Petroleum Corporation (NNPC) says it has released 250 trucks of petrol to Lagos metropolis to combat scarcity.Ndu Ughamadu, the corporation’s spokesman, made this known in an interview with NAN on Sunday.He said there has been a slight change in the distribution network in Lagos, as the state is currently being supplied by members of the Major Oil [...]

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Exchange Rates

September 21, 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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