Wednesday, September 19, 2018
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Petrobarometer

    OPL 245: UK authorities gave us nod to pay Etete $875m, says JP Morgan

OPL 245: UK authorities gave us nod to pay Etete $875m, says JP Morgan

JP Morgan Chase Bank says it got the approval of the UK top anti-money laundering agency to transfer $875 million to the Nigerian accounts of Dan Etete's Malabu Oil in 2011. [...]

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    REVEALED: Nigeria now spending N1.4trn on petrol subsidy annually

REVEALED: Nigeria now spending N1.4trn on petrol subsidy annually

Ibe Kachikwu, minister of state for petroleum resources, says subsidy on petrol currently costs the federal government N1.4 trillion annually.  [...]

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    REVEALED: Seme is Nigeria’s No. 1 fuel smuggling route

REVEALED: Seme is Nigeria’s No. 1 fuel smuggling route

The Nigeria Customs Service (NCS) says it seized 174,015 litres of smuggled petroleum products worth N27, 755,492 in one year. [...]

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    Headache for OPEC as India considers non-member suppliers for cheap crude

Headache for OPEC as India considers non-member suppliers for cheap crude

Efforts by the Organisation of Petroleum Exporting Countries (OPEC) to rebalance the global crude oil market and ensure that members get good value for the commodity may be in jeopardy as India, one of the world's major crude buyers, is looking outside OPEC.Dharmendra Pradhan, India's petroleum and natural gas minister, told a press conference in New Delhi that the country [...]

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    Nigerian oil firm sues Shell over ‘crude oil diversion’

Nigerian oil firm sues Shell over ‘crude oil diversion’

Nigerian indigenous oil company Neconde Energy Limited says it had launched arbitration against oil giant Shell in the UK over the Anglo Dutch firm's alleged diversion of crude oil worth millions of dollars produced from Niger Delta onshore oil block OML 42. [...]

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    Shell sues ex-employee over ‘shady’ role in sale of Nigerian oil block

Shell sues ex-employee over ‘shady’ role in sale of Nigerian oil block

Royal Dutch Shell has filed a criminal suit in The Netherlands against one its former workers over suspected fraud in the sale of an onshore oil block located in the Niger Delta, TheCable Petrobarometer learnt on Wednesday. [...]

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    History beckons as national assembly passes harmonised PIGB

History beckons as national assembly passes harmonised PIGB

The national assembly on Wednesday passed the harmonised Petroleum Industry Governance Bill (PIGB).  [...]

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    40 NGOs seek cancellation of $20 billion Nigeria-Morocco gas pipeline project

40 NGOs seek cancellation of $20 billion Nigeria-Morocco gas pipeline project

Forty non-governmental organisations (NGOs) have signed a declaration calling for the cancellation of the proposed $20 billion Nigeria-Morocco gas pipeline project. [...]

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    Falana: In three years, Nigeria lost $200bn from shady oil deals

Falana: In three years, Nigeria lost $200bn from shady oil deals

Femi Falana, lawyer and human rights activist, says within a three year period, Nigeria lost an estimated $200 billion from "shady deals" in the oil and gas sector.  [...]

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    Despite hitches, production from OML 40 hits 1.42m barrels in 2018

Despite hitches, production from OML 40 hits 1.42m barrels in 2018

Production in Opuama oil field has hit 1,421,292 barrels already in 2018 despite "technical challenges". [...]

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    Kachikwu: New oil licences will be issued when PIGB becomes law

Kachikwu: New oil licences will be issued when PIGB becomes law

Ibe Kachikwu, minister of state for petroleum resources, says new licences for oil blocks will be issued when the petroleum industry governance bill (PIGB) is passed by the national assembly. [...]

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    Waziri Adio: Oil sector needs to be a real blessing — not needless curse

Waziri Adio: Oil sector needs to be a real blessing — not needless curse

Waziri Adio, executive secretary, Nigeria Extractive Industries Transparency Initiative (NEITI), says implementation of laws will reposition and transport the oil and gas sector to become a real blessing and not just a "needless curse".Speaking at a symposium on petroleum industry governance bill (PIGB) in Abuja, Adio commended the national assembly for passing PIGB.He said Nigerians will be deluded to think the job [...]

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    NNPC: Our operations are going paperless soon

NNPC: Our operations are going paperless soon

The Nigerian National Petroleum Corporation (NNPC) says it will soon go digital with its operations. [...]

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    IEA: Growth in OPEC production depends on Nigeria, two others

IEA: Growth in OPEC production depends on Nigeria, two others

The International Energy Agency (IEA) says the growth in the production capacity of the Organization of Oil Exporting Countries (OPEC) depends on stability in Nigeria, Iraq and Libya.IEA made this prediction in its latest market report series titled 'Oil 2018: Analysis and Forecasts to 2023'. "Our analysis shows that discoveries of new oil resources fell to another record low in 2017, [...]

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    PIGB to be presented for presidential assent by March 30

PIGB to be presented for presidential assent by March 30

Omotayo Alasoadura, chairman, senate committee on petroleum resources (upstream), says the Petroleum Industry Governance Bill (PIGB) will be harmonised and presented for presidential assent by March 30. [...]

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    US shale ‘remains a threat’ to OPEC’s rebalancing efforts

US shale ‘remains a threat’ to OPEC’s rebalancing efforts

Consistent growth in US shale supply is threatening efforts by the Organisation of Petroleum Exporting Countries (OPEC) to rebalance the global oil market, a report by the cartel has shown. [...]

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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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