Thursday, September 20, 2018
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Petrobarometer

    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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    NNPC ‘now controls 14% of Nigeria’s fuel retail market’

NNPC ‘now controls 14% of Nigeria’s fuel retail market’

The downstream subsidiary of the Nigerian National Petroleum Corporation (NNPC) currently accounts for 14 percent of the total market share of petroleum products retail business in Nigeria, the corporation has said. [...]

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    For Nigeria, the internal pain of rising oil price

For Nigeria, the internal pain of rising oil price

Crude oil prices have reached the highest mark the global market has seen since 2014. Oil exporting countries are counting profit from the long desired oil price recovery. In Nigeria however, the profit is coming with internal pain.When crude oil prices approached the $60 per barrel mark towards the end of last year, the business of importation and sales of [...]

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    OPEC ‘optimistic’ about stable oil market — despite renewed US sanctions on Iran

OPEC ‘optimistic’ about stable oil market — despite renewed US sanctions on Iran

Mohammad Barkindo, secretary general of the Organisation of Petroleum Exporting Countries (OPEC), on Tuesday, expressed optimism that OPEC-led efforts to stabilise the oil market will be maintained. [...]

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    PIB: Don’t shower lawmakers with gifts, Saraki warns oil companies

PIB: Don’t shower lawmakers with gifts, Saraki warns oil companies

Senate President Bukola Saraki has warned oil companies not to induce lawmakers during the consideration and passage of the fiscal and host communities bill.The bill is one of the four parts of the petroleum industry bill.According to a statement by Sanni Onogu, Saraki’s chief press secretary, the lawmaker made this statement while speaking on Tuesday.The bill, which seeks reforms in [...]

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    REVEALED: FG spent $36.3bn on fuel importation in five years

REVEALED: FG spent $36.3bn on fuel importation in five years

The Central Bank of Nigeria (CBN) says Nigeria spent $36.3 billion on the importation of petroleum products between 2013 and 2017.Speaking on Monday at a public hearing organised by a house of representatives committee, the apex bank said the figure is part of the $119.4 billion spent on importing commodities during the same period.The committee is investigating the state of [...]

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    Group commences legal move to revoke OPL 245 from Shell, Eni

Group commences legal move to revoke OPL 245 from Shell, Eni

The legal battle surrounding one of Nigeria’s most lucrative oil blocks, OPL 245, will shift to Nigeria on Tuesday when a federal high court is billed to hear a case filed by the Human Environmental Development Agenda (HEDA), a civil society group.  [...]

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    INVESTIGATION: Cartels, empty stations and dashed hopes in the quest for kerosene

INVESTIGATION: Cartels, empty stations and dashed hopes in the quest for kerosene

Driving through the dusty, uneven and untarred roads filled with brick red sand and pot holes as deep as craters, Mosimi, in the Sagamu area of Ogun state, seems like a million miles away. [...]

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    Otedola’s Forte Oil to sell some Nigerian assets

Otedola’s Forte Oil to sell some Nigerian assets

Forte Oil says it has plans to sell some of its Nigerian assets and shut down its operations in Ghana.  [...]

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    Oil workers seek law to compel IOCs to build refineries in Nigeria

Oil workers seek law to compel IOCs to build refineries in Nigeria

Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has called for a legislation that will compel multinational oil companies set aside a percentage of their crude oil production to refine locally. [...]

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    Kachikwu: Oil sector to record $60bn investment in four years

Kachikwu: Oil sector to record $60bn investment in four years

Ibe Kachikwu, minister of state for petroleum resources, says in the next two to four years, the oil sector will see "investments in excess of $60 billion from zero recorded in 2016". [...]

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    SPECIAL SURVEY: Petrol queues have disappeared but where is kerosene?

SPECIAL SURVEY: Petrol queues have disappeared but where is kerosene?

Fuel queues are becoming a thing of the past -- at least for now -- but the most used product among underprivileged Nigerians is hardly available at the official price of N150 per litre. [...]

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    Contractors cautioned over ‘juicy’ OPL 245 agreement

Contractors cautioned over ‘juicy’ OPL 245 agreement

Contractors jostling to partake in the execution of contracts in the field development programmes for the deepwater OPL 245 have been warned of "dangers" ahead. [...]

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    SPECIAL SURVEY: Poor Nigerians paying through the nose for kerosene

SPECIAL SURVEY: Poor Nigerians paying through the nose for kerosene

Kerosene, the most used petroleum product among underprivileged Nigerians, is either unavailable or very expensive wherever it is sold, a special survey by TheCable has shown. [...]

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    Communities kick against move to replace operator of OML 30

Communities kick against move to replace operator of OML 30

There are ongoing protests at oil mining lease (OML) 30, Nigeria’s second largest onshore oil and gas asset, located 35km east of Warri, Delta state.Central to the unrest is the move to replace Salvic Petroleum Resources Limited, operator of the facility.In the last one year, SALVIC had been acting as third-party operator of OML30 on behalf of Heritage Energy Operational Services [...]

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    Subsidy stoppage: Prepare for monumental fuel scarcity, NNPC officials warn

Subsidy stoppage: Prepare for monumental fuel scarcity, NNPC officials warn

Senate directive on Wednesday to the Nigerian National Petroleum Corporation (NNPC) to halt subsidy deduction and to refund N216 billion already expended will trigger shortages of the fuel on a “monumental proportion”, officials of the corporation warned on Thursday. [...]

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Exchange Rates

September 20, 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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