Wednesday, September 19, 2018
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Petrobarometer

    Experts: Nigeria’s petroleum industry groping in the dark without PIGB

Experts: Nigeria’s petroleum industry groping in the dark without PIGB

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    PIGB suffers setback as national assembly begins fresh legislative action

PIGB suffers setback as national assembly begins fresh legislative action

The Petroleum Industry Governance Bill (PIGB) has new hurdles to scale before it can be passed into law. [...]

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    ‘Soldiers massively stealing oil in Niger Delta’ — group petitions Buhari

‘Soldiers massively stealing oil in Niger Delta’ — group petitions Buhari

Bille Youth Vanguard, a community group in Rivers state, has written a petition to President Muhammadu Buhari, concerning illegal bunkering activities allegedly carried out by soldiers.  [...]

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    Oil marketers: Unpaid N650bn subsidy arrears made retrenchment necessary

Oil marketers: Unpaid N650bn subsidy arrears made retrenchment necessary

Major Oil Marketers Association of Nigeria (MOMAN) says the non-payment of their N650 billion subsidy claims made retrenchment necessary.The association told NAN on Saturday that the federal government's failure to pay the claims has had a negative effect on operations.[...]

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    Back in the green: FAAC resumes savings in excess crude account

Back in the green: FAAC resumes savings in excess crude account

The federation accounts allocation committee (FAAC) says members have agreed on the transfer of N24.5 billion to the excess crude account.Mahmoud Isa-Dutse, permanent secretary in the ministry of finance, made this known on Wednesday while addressing journalists at the end of the meeting. [...]

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    FG approves relocation of Escravos pipelines to ease fuel supply problems

FG approves relocation of Escravos pipelines to ease fuel supply problems

The federal government has approved the relocation of pipelines along the Escravos channel to curb delay in supply of petroleum products and reduce under-recovery. [...]

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    Oil revenue to take a hit as buyers ignore Nigerian crude

Oil revenue to take a hit as buyers ignore Nigerian crude

Projected revenue from the sale of crude oil may be affected as a number of crude cargoes from June loading programmes have remained unsold. [...]

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    Shell appeals for ‘conducive environment’ in Niger Delta communities

Shell appeals for ‘conducive environment’ in Niger Delta communities

Shell Petroleum Development Company of Nigeria Ltd (SPDC) has appealed for a conducive operating environment in oil producing communities in the Niger Delta region, even as it says it has recorded a total spend of N14.85 billion on social investment projects since 2006 in the region. [...]

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    Governors consider taking over fuel subsidy, query payment of N800bn

Governors consider taking over fuel subsidy, query payment of N800bn

The 36 state governors have threatened to take over the responsibility of subsidising petroleum products in their states based on consumption, following the huge amount of money being spent by the NNPC as fuel subsidy payment annually.  [...]

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    Oil hits $80 — but Nigeria loses 200,000b/d as Shell declares force majeure

Oil hits $80 — but Nigeria loses 200,000b/d as Shell declares force majeure

Oil prices hit $80 a barrel on Thursday for the first time since November 2014. [...]

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    Governors accuse NNPC of fraudulent subsidy payment

Governors accuse NNPC of fraudulent subsidy payment

State governors have accused the Nigerian National Petroleum Corporation (NNPC) of fraudulently doubling the nation's daily petrol consumption from about 30 million to 60 million litres. [...]

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    ‘Those eyeing NLNG should invest elsewhere’ — PENGASSAN commends reps over stand

‘Those eyeing NLNG should invest elsewhere’ — PENGASSAN commends reps over stand

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has commended the house of representatives over its decision to caution the federal government to suspend the proposed sale of its equity interest in the Nigerian LNG Limited (NLNG).  [...]

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    National assembly hasn’t transmitted PIGB to Buhari, says Ita Enang

National assembly hasn’t transmitted PIGB to Buhari, says Ita Enang

Ita Enang, senior special adviser to the president on national assembly matters, says the national assembly has not transmitted the petroleum industry governance bill (PIGB) to President Muhammadu Buhari.  [...]

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    NNPC awards  ‘juicy’ crude lifting contracts to Oando, Sahara

NNPC awards ‘juicy’ crude lifting contracts to Oando, Sahara

The Nigerian National Petroleum Corporation (NNPC) has handed crude term lifting contracts for a two-year period to an unprecedented number of 50 companies. [...]

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    NBS: Petrol is cheapest in Bauchi — most expensive in Kebbi

NBS: Petrol is cheapest in Bauchi — most expensive in Kebbi

Data made available by the National Bureau of Statistics on Monday show that petrol is cheapest in Bauchi and most expensive in Kebbi.The report, Premium Motor Spirit (Petrol) Price Watch, released on Monday said Bauchi residents bought petrol at an average price of N144.17 per litre in April. [...]

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    New national oil company to retain revenue — and FAAC won’t love it

New national oil company to retain revenue — and FAAC won’t love it

The new National Petroleum Company (NPC) to be established under the Petroleum Industry Governance Bill (PIGB) will retain some of the revenues earned from crude oil and gas sales, TheCable Petrobarometer can report. [...]

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Exchange Rates

September 18, 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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