Saturday, November 17, 2018
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Petrobarometer

    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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    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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Exchange Rates

November 16, 2018USDGBPEUR
INTERBANK306397354
LAGOS359475418
KANO359476420
PH360476420
ABUJA359478419
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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