Friday, January 18, 2019
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Petrobarometer

    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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    NNPC, Chinese firms sign mega gas deal ‘to industralise Nigeria’

NNPC, Chinese firms sign mega gas deal ‘to industralise Nigeria’

The Nigerian National Petroleum Corporation (NNPC) says it has signed a $2.8bn agreement for the Ajaokuta-Kaduna-Kano (AKK) gas pipeline and stations with a consortium of indigenous and Chinese companies. [...]

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    PIGB yet to get to Buhari’s desk — a week after passage

PIGB yet to get to Buhari’s desk — a week after passage

The euphoria that accompanied the passage of the harmonised Petroleum Industry Governance Bill (PIGB) by the national assembly on March 28 is taking a knock. [...]

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    OPL 245: UK authorities gave us nod to pay Etete $875m, says JP Morgan

OPL 245: UK authorities gave us nod to pay Etete $875m, says JP Morgan

JP Morgan Chase Bank says it got the approval of the UK top anti-money laundering agency to transfer $875 million to the Nigerian accounts of Dan Etete's Malabu Oil in 2011. [...]

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    REVEALED: Nigeria now spending N1.4trn on petrol subsidy annually

REVEALED: Nigeria now spending N1.4trn on petrol subsidy annually

Ibe Kachikwu, minister of state for petroleum resources, says subsidy on petrol currently costs the federal government N1.4 trillion annually.  [...]

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    REVEALED: Seme is Nigeria’s No. 1 fuel smuggling route

REVEALED: Seme is Nigeria’s No. 1 fuel smuggling route

The Nigeria Customs Service (NCS) says it seized 174,015 litres of smuggled petroleum products worth N27, 755,492 in one year. [...]

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    Headache for OPEC as India considers non-member suppliers for cheap crude

Headache for OPEC as India considers non-member suppliers for cheap crude

Efforts by the Organisation of Petroleum Exporting Countries (OPEC) to rebalance the global crude oil market and ensure that members get good value for the commodity may be in jeopardy as India, one of the world's major crude buyers, is looking outside OPEC.Dharmendra Pradhan, India's petroleum and natural gas minister, told a press conference in New Delhi that the country [...]

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    Nigerian oil firm sues Shell over ‘crude oil diversion’

Nigerian oil firm sues Shell over ‘crude oil diversion’

Nigerian indigenous oil company Neconde Energy Limited says it had launched arbitration against oil giant Shell in the UK over the Anglo Dutch firm's alleged diversion of crude oil worth millions of dollars produced from Niger Delta onshore oil block OML 42. [...]

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    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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Exchange Rates

January 16, 2019USDGBPEUR
INTERBANK306397354
LAGOS362463411
KANO361465413
PH361462412
ABUJA362462413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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