Friday, July 19, 2019
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Petrobarometer

    Eterna: Why we’re expanding as oil majors sell downstream arm

Eterna: Why we’re expanding as oil majors sell downstream arm

Mahmud Tukur, managing director, Eterna Plc, says the company is expanding its downstream operations despite Nigeria's "challenging operating environment".Tukur was speaking during a press briefing to mark the company’s 30-year anniversary in Lagos on Tuesday.In the last three years, international oil companies (IOCs) and independent operators in Nigeria's oil industry have divested their assets either party or fully, but [...]

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    Filling stations in Anambra, Enugu shut over IPMAN leadership crisis

Filling stations in Anambra, Enugu shut over IPMAN leadership crisis

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    Buhari: Benue next in line for ‘deeper crude oil search’

Buhari: Benue next in line for ‘deeper crude oil search’

After resuming the search for hydrocarbon resources at Kolmani River II oil well in the Gongola basin of Benue Trough, Bauchi state,  the Nigerian National Petroleum Corporation (NNPC) will soon commence drilling activities in Benue state. [...]

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    INTERVIEW: To grow, oil industry should learn from telcos on asset sharing, says Austin Okere

INTERVIEW: To grow, oil industry should learn from telcos on asset sharing, says Austin Okere

Austin Okere, founder and executive vice chairman of Computer Warehouse Group (CWG) Plc, says stakeholders in Nigeria’s oil industry should collaborate on assets and compete on contracts to grow sustainable local companies.In this interview with TheCable, Okere, who is also the entrepreneur-in-residence at the Ausso Leadership Academy, speaks on innovation and efficiency in the oil and gas industry, local content [...]

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    Buhari orders extension of oil exploration to six basins

Buhari orders extension of oil exploration to six basins

President Muhammadu Buhari has flagged-off drilling activities in the Kolmani River II oil well in the Gongola basin of Benue Trough, Bauchi state. [...]

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    Egina oil field currently producing 140,000 barrels below Buhari’s expectation

Egina oil field currently producing 140,000 barrels below Buhari’s expectation

Ahmadu Kida-Musa, deputy managing director (deepwater) at Total Exploration and Production Nigeria Limited (Total), says the Egina oilfield is as at Wednesday producing 60,000 barrels of oil per day (bpd).  [...]

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    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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Exchange Rates

July 12, 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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