Monday, April 22, 2019
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Petrobarometer

    Kachikwu: Nigeria will focus on local refining to deal with OPEC cuts

Kachikwu: Nigeria will focus on local refining to deal with OPEC cuts

Ibe Kachikwu, minister of state of petroleum resources, says Nigeria will deal with the cap on oil production by the Organisation of Petroleum Exporting Countries (OPEC), by focusing on refining crude oil locally and consuming what is produced. [...]

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    Kachikwu: I await house of reps invitation over oil lease renewal

Kachikwu: I await house of reps invitation over oil lease renewal

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    Navy nabs ‘godfather of oil thieves’ in Lagos

Navy nabs ‘godfather of oil thieves’ in Lagos

A joint military task force on oil theft and pipeline vandalism operated by the Nigerian navy has captured Shuaibu Ogunmola, the alleged leader of an oil theft racket. [...]

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    HEDA writes Netherlands, says Shell should not get out-of-court settlement for Malabu case

HEDA writes Netherlands, says Shell should not get out-of-court settlement for Malabu case

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    Oil-related crimes cost Nigeria $2.8bn revenue in 2018, says UN report

Oil-related crimes cost Nigeria $2.8bn revenue in 2018, says UN report

The United Nations says Nigeria lost an estimated $2.8 billion in revenue in 2018, mainly due to oil-related crimes.This is according to a new report by the secretary-general on the activities of the United Nations Office for West Africa and the Sahel (UNOWAS).The report, which covered from July to December 2018, said “maritime crime and piracy off the coast of [...]

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    PPPRA: Import price of petrol now less than N145

PPPRA: Import price of petrol now less than N145

The Petroleum Products Pricing Regulatory Agency (PPPRA) says the import price of petrol is now lesser than N145.In a statement released on Monday, the agency attributed the reduced prices to a drop in crude oil prices.The statement, which was signed by Apollo Kimchi, its spokesman, said independent oil marketers might soon begin importation of oil products."The Petroleum Support Fund scheme [...]

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    Startup at Egina field was achieved with over $1bn in savings, says Total

Startup at Egina field was achieved with over $1bn in savings, says Total

Total Exploration and Production Nigeria Limited says it was able to start up production at the Egina oil field and save over one billion dollars at the same time.  [...]

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    Kachikwu: We’ve generated over $2bn from oil block licences to fund 2019 budget

Kachikwu: We’ve generated over $2bn from oil block licences to fund 2019 budget

Ibe Kachikwu, minister of state for petroleum resources, says the federal government has generated over $2 billion from the renewal of oil block licences.The former group managing director the Nigerian National Petroleum Corporation (NNPC) said the funds will be used to implement the nation's budget.“We have actually asked for early renewals, because we needed to get money out of it [...]

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    Great news for 2019 budget as first Egina cargo hits oil market

Great news for 2019 budget as first Egina cargo hits oil market

The 2019 budget has just received a boost as the very first cargo of crude oil from Total's new Egina oil field hit the international oil market for futures trading.According to Reuters, the new Nigerian oil "grade has been added to the February loading programme".Following forward trading in the oil market, the first cargoes from Total’s newly producing Egina offshore field, [...]

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    Vandalism, poor funding lead to Nigeria’s worst crude oil loss in 18 years

Vandalism, poor funding lead to Nigeria’s worst crude oil loss in 18 years

Nigeria recorded the highest crude oil loss in the last 18 years with an average of 245 million barrels of oil “going down the drain” in 2016. [...]

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    Baru: FG now paying N20 subsidy on every litre of petrol

Baru: FG now paying N20 subsidy on every litre of petrol

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    NEITI: Oil and gas sector generated $17.05bn in 2016 — lowest in 10 years

NEITI: Oil and gas sector generated $17.05bn in 2016 — lowest in 10 years

Revenue generated by Nigeria’s oil and gas sector fell to $17.05 billion in 2016, making it the lowest figure recorded in the last 10 years. [...]

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    OPL 245: Shell, Eni knew of ‘illegal payments’ to Nigerian officials, says Italian judge

OPL 245: Shell, Eni knew of ‘illegal payments’ to Nigerian officials, says Italian judge

Giusy Barbara, an Italian judge, says oil giants Eni and Shell were fully aware that their 2011 purchase of OPL 245 would be embroiled in corruption. [...]

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    Senate committee: NNPC used NLNG’s $1.05bn dividend to support fuel import

Senate committee: NNPC used NLNG’s $1.05bn dividend to support fuel import

The Nigerian National Petroleum Corporation (NNPC) says the senate has confirmed that $1.05 billion from Nigeria Liquefied Natural Gas (NLNG) is not missing.According to a statement signed by the NNPC spokesman, Ndu Ughamadu, the funds were used to support the importation of petroleum products into the country."The Chairman of the Senate Committee on Gas, Senator Bassey Albert, Thursday in Abuja, clarified [...]

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    Kachikwu: As long as we subsidise fuel, we will continue to struggle with scarcity

Kachikwu: As long as we subsidise fuel, we will continue to struggle with scarcity

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    Nigeria sues Shell, Eni over Malabu oil deal

Nigeria sues Shell, Eni over Malabu oil deal

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Exchange Rates

April 18, 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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