December 16, 2017

Nigeria lawmakers probe NNPC’s crude swap contracts – TV360 Nigeria

NNPC-432x330

The House of Representatives on Wednesday ordered a fresh probe of the Refined Product Exchange Agreement contracts between the Nigerian National Petroleum Corporation and various trading companies. The reps resolved to investigate alleged scams in the Refined Product Exchange Agreement, commonly called crude oil swaps contracts, involving the NNPC and some companies. The programme involves the exchange of crude oil for refined petroleum products in which the corporation gave out 445,000 barrels of crude per day. A House resolution passed indicated that nine companies benefited from the contracts through the Pipelines Product Marketing Company, a subsidiary of the NNPC. On…

Effect of Saudi Arabia Decisions on Global Crude Oil Supply & Demand

crude

The Kingdom of Saudi Arabia exerts more influence on the global price of crude oil than any other nation state. Oil analysts study Saudi policy and politics with as much attention to detail as financial analysts spend on US Federal Reserve meeting minutes. The current confluence of dramatic changes external and internal to the Kingdom merit examination. Any immediate internal policy shift or external geopolitical force that changes Saudi production affects global supply. Long term Saudi production and consumption trends influence how the world will use hydrocarbon energy. What drives Saudi crude oil policy today? Saudi Petroleum Minister Ali al-Naimi justified…

Reports: Buhari probes crude oil swap contracts | The NEWS

President Muhammadu Buhari’s administration has launched an investigation to determine whether the government has been short-changed by a state oil company scheme to swap crude for refined products. The Nigerian government may be losing money through opaque contracts in which crude oil worth billions of dollars is given to traders in exchange for refined imports, mainly gasoline, international and domestic watchdogs have said. According to Reuters news agency, Nigeria’s anti-corruption agency EFCC and domestic intelligence service DSS began the investigation last month. A spokesman for the EFCC said he was unable to comment for the moment and the DSS did…

Request by Exxon to Haul Oil After Pipeline Break Denied – ABC News

Exxon

Officials denied a request Tuesday by Exxon Mobil to temporarily use tanker trucks to transport crude oil from offshore wells through Santa Barbara County after a recent pipeline break that has become the state’s largest coastal oil spill in 25 years. The move came on the same day that California lawmakers formed a special legislative committee to investigate the May spill that caused as much as 101,000 gallons of oil to blacken beaches and create an ocean slick. Santa Barbara County’s Planning and Development director rejected Exxon’s emergency permit application, saying it didn’t meet the requirements for expedited review. Exxon can apply again through…

The crude oil permit for a Baltimore port terminal was put on hold by a state agency – Baltimore Sun

bal-bs-md-targa-p6-crude-lam-20140604

The state Department of the Environment has denied, for now, a Houston-based company’s application to permit crude oil to be shipped through its port of Baltimore terminal in Fairfield — a proposal that nearby residents say poses a safety threat. The agency said it needs more information from Targa Resources, a Houston-based firm that handles and stores oil, natural gas and petroleum products. MDE “is not moving forward with any further review of the crude oil related application submitted in February until the department receives additional information from the company,” it said in a summary of its decision. A bill…

Higher crude oil prices will not save Russia from a recession

A recent rise in crude oil prices has lifted Russia’s economic prospects, but the country’s economy remains headed for a sharp recession, according to a Reuters poll. Russia’s economy could contract by 3.3% this year, revealed the poll of 15 analysts, a less bearish prediction than in April when a similar poll foresaw a 4.1% decline. Inflation, according to the poll, was seen ending 2015 at 11.6%, again a slightly more optimistic prediction than a month ago, after hitting 16.4% in April. Respondents also said they expected the Central Bank of Russia to lower its key lending rate by one percentage…

William S. Cohen: Why President Obama Should Export Crude Oil

“The core of our strength overseas is economic strength at home” As the battle wages on in Congress over President Barack Obama’s signature trade agreements and the needed fast-track trade promotion authority (TPA), the president would be wise to consider alternatives that would enhance his trade legacy and also further our strategic priorities overseas. While energy is not included in the Trans-Pacific Partnership (TPP) or Transatlantic Trade and Investment Partnership (T-TIP) negotiations, many of the same Asian, European, and Latin American partners are calling for greater partnership with the United States on energy issues. By allowing the U.S. to become…

Shell declares force majeure on Nigeria crude exports because of leaks | The Guardian Nigeria

SPDC-Niger-Delta-Postgraduate-Scholarship-2013-2014

Anglo-Dutch oil giant Shell has halted crude exports from a key terminal in southern Nigeria because of a leak in a supply pipeline, a spokesman said Thursday. “We declared force majeure on Forcados exports effective 6:00 pm Tuesday due to a series of leaks on the NPDC-operated Trans Forcados pipeline,” Precious Okolobo said in a text message to AFP in Lagos. Force majeure is a legal term releasing a company from contractual obligations when faced with circumstances beyond its control. The NPDC is a subsidiary of the state-run Nigerian National Petroleum Corporation (NNPC) which has a joint venture with Shell….

Prices retreat from 2015-highs

Dipping prices: oil prices fell in early trade but are on track for a weekly gain after touching 2015 highs in the previous session

Upstream Online Oil prices on Friday edged back from 2015-highs reached the session before, but remain on course for weekly gains after renewed air strikes in Yemen stoked concerns on the security of Middle East oil shipments. Crude prices have surged about $10 a barrel over the last month amid growing tension in the Middle East, with slowing US production growth and signs of stronger global demand also providing support. The spike in prices on Thursday came as warplanes from a Saudi-led coalition pounded Houthi militiamen and military bases with at least 20 air strikes throughout Yemen, residents said, despite…

NNPC, Nigerian Air Force Partner to Enhance Chad Basin Exploratory Activities

At a courtesy call on the Chief of the Air Staff, Air Marshal Adesola Amosu, the Group Managing Director of the NNPC, Dr. Joseph T. Dawha said the visit was to foster closer cooperation and collaboration between NNPC and NAF for the socio-economic growth, peace, security and stability of the country.

The Nigerian National Petroleum Corporation, NNPC, and the Nigerian Air Force (NAF) have pledged to work hand-in-hand to promote the ongoing acquisition of seismic data in the Chad Basin and to curb crude oil theft in the creeks of the Niger Delta. At a courtesy call on the Chief of the Air Staff, Air Marshal Adesola Amosu, the Group Managing Director of the NNPC, Dr. Joseph T. Dawha said the visit was to foster closer cooperation and collaboration between NNPC and NAF for the socio-economic growth, peace, security and stability of the country. Dr. Dawha noted that the Nigerian Air…