Thursday, September 20, 2018
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Petrobarometer

    Kachikwu: Modular refineries not created to resolve fuel shortage

Kachikwu: Modular refineries not created to resolve fuel shortage

Ibe Kachikwu, minister of state for petroleum resources, says the proposed modular refineries in Rivers and Delta states are not intended to resolve fuel shortage in the country.  [...]

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    NNPC closes 2017 with N82b deficit

NNPC closes 2017 with N82b deficit

NNPC Group closed the 2017 full year operations with a budget deficit of N82 billion against its budgeted surplus of N601.16 billion for the year. [...]

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    NNPC: UN deadline for fuel sulphur level cuts hindered by ‘significant costs’

NNPC: UN deadline for fuel sulphur level cuts hindered by ‘significant costs’

The Nigerian National Petroleum Corporation says “significant costs” complicated its efforts to meet UN deadline for sulphur reduction in imported fuels. [...]

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    Nigeria’s crude oil earnings at 5-month peak in December

Nigeria’s crude oil earnings at 5-month peak in December

Crude oil sales proceeds by Nigerian National Petroleum Corporation (NNPC) surged 132% to $342.18 million last December – the second highest monthly earnings record in 2017.  NNPC’s financial report for December 2017, which contains this information, shows a strong recovery in total crude oil and gas sales proceeds – which rose from $273 million in November to $447.7 million in December [...]

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    Indonesia seeks to increase crude purchase from Nigeria

Indonesia seeks to increase crude purchase from Nigeria

With Nigeria losing out its US market, demand for the country’s crude from the Far East continues to rise. [...]

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    Oil revenue going up but government borrowing on the rise too

Oil revenue going up but government borrowing on the rise too

Both federal and state governments have continued to pile up new debts even as crude oil price and revenue maintained a general uptrend since 2017. Within the first nine months of the year, total public debts rose by more than N3 trillion to stand at N20.37 trillion, according to the figures issued by Debt Management Office (DMO). [...]

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    Fuel stations mushrooming at border towns to aid smuggling — or what?

Fuel stations mushrooming at border towns to aid smuggling — or what?

The increasing number of filling stations in Nigeria’s border towns is raising suspicion that they are funnels for fuel smuggling to neighbouring countries. [...]

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    Oil export earnings up 137% in Dec 2017 — thanks to peace in Niger Delta

Oil export earnings up 137% in Dec 2017 — thanks to peace in Niger Delta

The Nigerian National Petroleum Corporation (NNPC) said on Tuesday it recorded total export receipts of $476.25m in December 2017 from sale of crude oil and gas, showing 137% increase over the $201.11 million revenue earned in the preceding month. [...]

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    FG ‘agrees’ to pay oil marketers N650bn subsidy arrears

FG ‘agrees’ to pay oil marketers N650bn subsidy arrears

Oil marketers have reached an agreement with the federal government on the payment of an outstanding N650 billion subsidy.  [...]

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    Cost of producing oil drops to $20 per barrel in Nigeria — but poor local refining stalls growth

Cost of producing oil drops to $20 per barrel in Nigeria — but poor local refining stalls growth

The Nigerian National Petroleum Corporation (NNPC) on Monday said it has brought down the cost of producing crude oil to $20 per barrel. [...]

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    Kachukwu: Nigeria has lost US oil export market forever

Kachukwu: Nigeria has lost US oil export market forever

Ibe Kachikwu, minister of state for petroleum resources, says Nigeria has forever lost the United States as a significant crude export market. [...]

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    Italian court postpones trial of Shell, Eni after ‘show of shame’ by Nigeria

Italian court postpones trial of Shell, Eni after ‘show of shame’ by Nigeria

An Italian court has postponed to May 14 the trial of Royal Dutch Shell and Eni executives over alleged corruption in Nigeria.The trial was originally expected to start in a Milan court on Monday but the judge said due to a high number of cases, it would be transferred to another chamber to avoid further delays.The trial will now begin on May 14.The case involves [...]

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    Rising import bill: Oil workers ask FG to declare state of emergency on refineries

Rising import bill: Oil workers ask FG to declare state of emergency on refineries

Following the rising bill incurred on importation of petroleum products to meet domestic demand, senior Nigerian oil workers have called on the federal government to declare a state of emergency on the nation’s refineries to find lasting solution. [...]

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    REVEALED: Fuel subsidy now gulps N774m daily

REVEALED: Fuel subsidy now gulps N774m daily

The Nigerian National Petroleum Corporation (NNPC) said on Sunday it was subsidising the supply of petrol to the tune of N774 million every day, given the landing cost of the imported fuel and the regulated pump price in the domestic market. [...]

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    Trial of Shell, Eni executives over OPL 245 starts Monday

Trial of Shell, Eni executives over OPL 245 starts Monday

Royal Dutch Shell and Italian oil giant Eni, along with a number of their senior executives, will on Monday face charges of "aggravated international corruption" for their role in a $1.1bn deal for the controversial Nigerian deepwater oil block OPL 245, TheCable Petrobarometer has learnt. [...]

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    FACT CHECK: Does FOI restrict NNPC from disclosing details of crude oil sales?

FACT CHECK: Does FOI restrict NNPC from disclosing details of crude oil sales?

Following a request made by Femi Falana, human rights lawyer, seeking details of some operations of the Nigerian National Petroleum Corporation (NNPC), the corporation said it is not mandated by law to provide such information.Falana had asked the commission to disclose the revenue realised from the sale of the daily allocation of 445,000 barrels of crude oil from June 1, [...]

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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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