Sunday, August 18, 2019
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Petrobarometer

    OPL 245: Jonathan, Diezani conspired to receive bribe, FG tells London court

OPL 245: Jonathan, Diezani conspired to receive bribe, FG tells London court

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    Oliserv CEO: Banditry not a threat to Ajaokuta-Kaduna-Kano gas pipeline project

Oliserv CEO: Banditry not a threat to Ajaokuta-Kaduna-Kano gas pipeline project

Emeka Okwuosa, chief executive officer, Oilserv Limited, says the increased rate of kidnapping and banditry in Nigeria’s north is not a threat to the Ajaokuta-Kaduna-Kano (AKK) gas pipeline project.Okwuosa made this known in an interview on the sidelines of the Offshore Technology Conference (OTC) in the US.The AKK gas pipeline is designed to enable gas connectivity between the east, west [...]

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    DPR: Only eight of Nigeria’s 83 deepwater blocks are producing oil

DPR: Only eight of Nigeria’s 83 deepwater blocks are producing oil

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    NNPC pledges use of new technology to reduce crude oil production cost 

NNPC pledges use of new technology to reduce crude oil production cost 

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    NNPC declares Nigerian Pavilion open at OTC Texas

NNPC declares Nigerian Pavilion open at OTC Texas

The Nigerian National Petroleum Corporation (NNPC) has officially declared the Nigerian Pavilion at the 2019 Offshore Technology Conference (OTC) in the US, open.Bello Rabiu, NNPC’s chief operating officer, upstream, represented the corporation’s group managing director (GMD) at the opening ceremony on Tuesday.“I formally declare this 2019 OTC open. It is very important for me to show our appreciation to all the [...]

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    Oil majors push for increased offshore investments, carbon reduction

Oil majors push for increased offshore investments, carbon reduction

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    Ondo oil well still burning — 18 days after explosion

Ondo oil well still burning — 18 days after explosion

The Nigerian National Petroleum Corporation joint venture (NNPC/CNL JV) Ojumole well 1 in Ilaje local government area of Ondo state operated by Chevron Nigeria Limited (CNL) is still burning 18 days after explosion.The explosion, which occurred on the oil field on April 18 in Ikorigho community in the state, sparked tension among residents.Speaking with TheCable, Owolemi Ayerin, a chief in [...]

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    Follow TheCable for live updates from the Offshore Technology Conference, Texas

Follow TheCable for live updates from the Offshore Technology Conference, Texas

For five decades and counting, Nigeria has been in the ranks of oil producing countries, even achieving the feat of becoming the largest oil producer in Africa. Yet, the development of deepwater projects in the country has been slow, with regulatory uncertainties and unfavourable fiscal terms hampering investment opportunities.In a recent report, the Nigeria Extractive Industries Transparency Initiative (NEITI) said [...]

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    Aiteo’s Nembe Creek trunk line reopened after fire outbreak

Aiteo’s Nembe Creek trunk line reopened after fire outbreak

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    132 companies bid for NNPC 2019/2020 crude swap deal

132 companies bid for NNPC 2019/2020 crude swap deal

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    Ogoni 9: Dutch court to hear widows’ suit against Shell

Ogoni 9: Dutch court to hear widows’ suit against Shell

The Hague district court on Wednesday ruled that it has jurisdiction to hear the case brought by Esther Kiobel and three other women against Shell. [...]

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    Gunmen abduct two Shell workers in Rivers

Gunmen abduct two Shell workers in Rivers

Two workers of Shell Petroleum Development Company have been kidnapped by unknown gunmen in Rivers state.  [...]

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    Saudi Arabia ‘to build’ refinery in Nigeria

Saudi Arabia ‘to build’ refinery in Nigeria

Saudi Arabia has hinted on the possibility of building an independent refinery in Nigeria.Khalid Al-Falih, the kingdom’s minister of energy, industry and mineral resources, gave the hint during a meeting with Ibe Kachikwu, minister of state for petroleum resources, in Riyadh, capital of Saudi.Kachikwu had on Tuesday met with Al-Falih and other top executives of Saudi Aramco, the world's largest oil [...]

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    Shell, Eni used Nigeria’s share of OPL 245 ‘to fund dollar bribery scheme’

Shell, Eni used Nigeria’s share of OPL 245 ‘to fund dollar bribery scheme’

An analysis by oil consultancy firm, Resources for Development, says oil giants Shell/Eni’s deal for the controversial OPL 245 included "unprecedented terms" which funded an alleged bribery scheme. The analysis was commissioned by four non-governmental groups -- Global Witness, HEDA, Re:Common and The Corner House -- based on publicly available documents.This included Shell and Eni’s valuations of the oil block, according to a statement released [...]

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    Oil well on fire in Ondo

Oil well on fire in Ondo

A fire outbreak occurred at Ojumole Well number 1 operated by Chevron Nigeria Limited and the Nigerian National Petroleum Corporation (NNPC) on Thursday.The cause of the fire was not known. Femi Joseph, spokesman of the Ondo state police command, told TheCable that he had not been briefed about the development.However, Chevron issued a statement, attributing the fire outbreak to “third [...]

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    Aiteo declares force majeure on Nembe trunk line after fire outbreak

Aiteo declares force majeure on Nembe trunk line after fire outbreak

Aiteo Eastern Exploration & Production Company Limited has declared force majeure on the Nembe Creek Trunk Line (NCTL) after a fire outbreak was discovered on a section of the pipeline on Sunday.  [...]

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Exchange Rates

August 17, 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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