Sunday, July 21, 2019
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Petrobarometer

    Kachikwu backtracks, says Nigeria will now achieve fuel sufficiency in 2020

Kachikwu backtracks, says Nigeria will now achieve fuel sufficiency in 2020

Ibe Kachikwu, minister of state for petroleum resources says Nigeria will not achieve fuel sufficiency in 2019 as earlier promised, but in 2020. [...]

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    Report: Nigeria lost $6bn to OPL 245 deal

Report: Nigeria lost $6bn to OPL 245 deal

Nigeria lost an estimated $6 billion to the controversial deepwater block OPL 245 deal, according to analysts. [...]

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    It’s black Friday for oil as Brent crude hits all-year low of $58

It’s black Friday for oil as Brent crude hits all-year low of $58

It is a big bad black Friday for crude oil as prices continue to crash across the world.On Friday, Brent crude fell below the $60 per barrel benchmark to hit $58.92 for the first time in 2018, following fears of oversupply across the global oil market.Oil prices climbed as high as $85 a barrel only in October 2018, shedding more than [...]

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    More illegal refineries destroyed after undercover report on oil theft

More illegal refineries destroyed after undercover report on oil theft

Apochi Suleiman, commander of operation Delta safe (OPDS), says no fewer than 300 illegal refineries have been destroyed.  [...]

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    THE INSIDER: Samsung ‘blackmailing’ Nigeria with $1.6bn arbitration suit in London

THE INSIDER: Samsung ‘blackmailing’ Nigeria with $1.6bn arbitration suit in London

Samsung Heavy Industries Nigeria (SHIN) Ltd is trying to force the arm of the federal government by instituting a $1.6 billion arbitration case against Total Upstream Nigeria Limited in London, oil industry insiders and top government officials have told TheCable.Although the suit is against Total, Samsung's action is seen as an attempt to undermine the country's local content policy, according [...]

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    Buhari renews Seplat’s oil licences for another 20 years

Buhari renews Seplat’s oil licences for another 20 years

President Muhammadu Buhari has approved the renewal of three oil mining licences (OMLs) belonging to Seplat Petroleum Development Company Plc (Seplat). [...]

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    Oil prices hit one-year low as WTI loses $2 in 30 minutes

Oil prices hit one-year low as WTI loses $2 in 30 minutes

Oil prices hit its lowest point since December 2017 on Tuesday, following anticipated oversupply in the global crude oil market.  [...]

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    Report: NEC, FAAC approved use of $1bn NLNG dividend for subsidy payment

Report: NEC, FAAC approved use of $1bn NLNG dividend for subsidy payment

The National Economic Council (NEC) and the Federation Allocation Accounts Committee (FAAC) approved the Nigerian National Petroleum Corporation’s (NNPC) use of Nigeria Liqueifed Natural Gas (NLNG) dividends for financing petrol subsidy. [...]

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    Senate probes ‘NNPC’s diversion’ of $1bn NLNG dividend

Senate probes ‘NNPC’s diversion’ of $1bn NLNG dividend

The senate has set up an ad hoc committee to probe the Nigerian National Petroleum Corporation’s (NNPC) alleged diversion of dividends from the Nigerian Liquefied Natural Gas (NLNG) to fund petroleum subsidy.[...]

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    SHOCKER: Petroleum ministry doesn’t have details of companies involved in deep offshore operations

SHOCKER: Petroleum ministry doesn’t have details of companies involved in deep offshore operations

[...]

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    NNPC subsidiary resumes international crude shipping

NNPC subsidiary resumes international crude shipping

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    NNPC: No plan to review prices of petroleum products

NNPC: No plan to review prices of petroleum products

[...]

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    Navy destroys illegal Niger Delta refineries — after undercover report on oil theft

Navy destroys illegal Niger Delta refineries — after undercover report on oil theft

The Nigerian navy is currently destroying illegal refineries in creeks across Rivers state. [...]

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    ‘60% of marketers forced out of business’– DAPPMA condemns unpaid subsidy arrears

‘60% of marketers forced out of business’– DAPPMA condemns unpaid subsidy arrears

The Depot and Petroleum Products Marketers Association (DAPPMA) says 60% of marketers have been forced out of business as a result of unpaid subsidy arrears by the federal government.Speaking to NAN in Lagos on Sunday, Olufemi Adewole, DAPPMA's executive secretary, said that the debt had led to huge financial challenges to the downstream operations.According to him, the downstream sector petroleum was [...]

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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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