Wednesday, February 21, 2018
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Petrobarometer

    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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    PIGB will check outright stealing in oil sector, says NEITI

PIGB will check outright stealing in oil sector, says NEITI

The Nigeria Extractive Industries Transparency Initiative (NEITI) says the passage of the petroleum industry governance bill (PIGB) will bring about professionalism and accountability in the oil sector.In a statement on Sunday, Orji Ogbonnaya Orji, its director of communications and advocacy, the organisation commended the senate and the house of representatives for passing the bill into law.Prior to its passage, the [...]

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    Shoreline agrees $530m loan to finance oil field — that’s good news for NNPC

Shoreline agrees $530m loan to finance oil field — that’s good news for NNPC

Nigerian oil producing company Shoreline Natural Resources has signed an agreement with international energy and commodity trading group, Vitol, for a $530 million to fund the development of Nigerian onshore oil block OML 30. [...]

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    PIGB: Dogara asks Buhari to ‘act fast’ as Saraki sees end to fuel scarcity

PIGB: Dogara asks Buhari to ‘act fast’ as Saraki sees end to fuel scarcity

Yakubu Dogara, speaker of the house of representatives, has asked President Muhammadu Buhari to, as a matter of urgency, sign into law the petroleum industry governance bills (PIGB) passed by the lower legislative chamber when it is harmonised with the senate and transmitted to him.The green chamber passed the legislation on Wednesday.Dogara said the new legislation will be transmitted to the president [...]

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    Rising crude oil prices ‘fuelling’ smuggling of petrol from Nigeria

Rising crude oil prices ‘fuelling’ smuggling of petrol from Nigeria

Supply and distribution of premium motor spirit (PMS), commonly known as petrol, has risen by 50 percent over the past four months, according to federal government statistics.   [...]

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    Crude revenue reaches 12-month peak — but fuel imports are a killjoy

Crude revenue reaches 12-month peak — but fuel imports are a killjoy

Crude oil export revenue reached the highest mark in 13 months at the end of September 2017 but continued importation of petroleum products is sapping much of the earnings, NNPC’s oil and gas report for the month of October has shown. [...]

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    Despite NNPC’s ‘robust stock’, petrol queues are back in Abuja

Despite NNPC’s ‘robust stock’, petrol queues are back in Abuja

Motorists have begun queuing up at filling stations to buy petrol which appears to be scarce.  [...]

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    Mobil ‘underpaid’ for renewal of three OMLs

Mobil ‘underpaid’ for renewal of three OMLs

The Human and Environmental Development Agenda (HEDA), a non-governmental organisation, has alleged that Mobil Producing Nigeria underpaid for the renewal of three oil mining leases (OMLs). [...]

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    NNPC’s deficit spending keeps growing

NNPC’s deficit spending keeps growing

NNPC’s oil and gas report for October 2017 shows a further increase in the corporation’s overall deficit spending -- despite a drop during the month compared to September. [...]

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Exchange Rates

Feb 20, 2018USDGBPEUR
INTERBANK360.45487.18428.32
LAGOS364497448
KANO364495430
PH363498435
ABUJA365497434
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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