Saturday, November 17, 2018
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Petrobarometer

    ANALYSIS: Why subsidy payment will continue to rise — as things stand

ANALYSIS: Why subsidy payment will continue to rise — as things stand

Subsidy payment on petrol has been on the rise, hitting N112 billion within a 10-month period in 2017. [...]

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    Total, workers face-off threatens 200,000 b/d oil production

Total, workers face-off threatens 200,000 b/d oil production

French oil firm Total is currently engaged in a "fierce battle" with senior Nigerian employees of the company which is now threatening the company's crude oil production of over 200,000 barrels per day, TheCable Petrobarometer understands. [...]

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    Despite profit drop, NNPC subsidiary declares ‘highest dividend’ of N750m

Despite profit drop, NNPC subsidiary declares ‘highest dividend’ of N750m

The National Engineering and Technical Company Limited (NETCO), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), has declared a dividend of N750 million to its shareholders - the highest in any given year. [...]

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    BudgIT demands details of N1.4tn ‘annual subsidy’

BudgIT demands details of N1.4tn ‘annual subsidy’

BudgIT, a Nigerian civic social enterprise, has asked the federal government to release detailed information on the N1.4 trillion spent as subsidy payment annually as disclosed by Ibe Kachikwu, the minister of petroleum resources.  [...]

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    Nigeria’s oil production drops to lowest in six months

Nigeria’s oil production drops to lowest in six months

Nigeria’s oil production dropped by more than 82,000 barrels per day (bpd) to 2.022 million b/d in March 2018 — compared to the output in the preceding month, according to estimates released by the ministry of petroleum resources. [...]

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    REVEALED: Shell paid N1.5trn to Nigerian government in 2017 — the highest in the world

REVEALED: Shell paid N1.5trn to Nigerian government in 2017 — the highest in the world

Royal Dutch Shell paid a total of $4,322,742,582 (about N1.5 trillion) to the Nigerian government in 2017, according to its annual payments report seen by TheCable Petrobarometer. [...]

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    NNPC: Gas flaring dropping ‘aggressively’

NNPC: Gas flaring dropping ‘aggressively’

The Nigerian National Petroleum Corporation (NNPC) says gas flaring in has dropped “aggressively” by 72 percent in the last few years. [...]

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    NNPC: We’ve cleared backlog of 65 unaudited financial statements

NNPC: We’ve cleared backlog of 65 unaudited financial statements

The Nigerian National Petroleum Corporation (NNPC) says it has cleared a backlog of 65 unaudited financial statements spanning a period of three years — from 2011 to 2014. [...]

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    Nigeria’s oil export to ‘ramp up’ as Forcados terminal bounces back

Nigeria’s oil export to ‘ramp up’ as Forcados terminal bounces back

Operations at Forcados terminal, one of Nigeria’s main oil export routes, are ramping up after a momentary shutdown at the Trans Forcados Pipeline (TFP). [...]

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    NNPC, Chinese firms sign mega gas deal ‘to industralise Nigeria’

NNPC, Chinese firms sign mega gas deal ‘to industralise Nigeria’

The Nigerian National Petroleum Corporation (NNPC) says it has signed a $2.8bn agreement for the Ajaokuta-Kaduna-Kano (AKK) gas pipeline and stations with a consortium of indigenous and Chinese companies. [...]

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    PIGB yet to get to Buhari’s desk — a week after passage

PIGB yet to get to Buhari’s desk — a week after passage

The euphoria that accompanied the passage of the harmonised Petroleum Industry Governance Bill (PIGB) by the national assembly on March 28 is taking a knock. [...]

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    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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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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