December 16, 2017

Nigeria’s Oil Can’t Find Buyers in Futures Market| THISDAY LIVE

By Ejiofor Alike in Lagos and Chineme Okafor in Houston with agency report Oil futures prices may be rising and almost kissing $70 per barrel, a significant rise since the January $46 lows, but it is no time for celebration yet for cash strapped oil exporters like Nigeria and Angola. Analysts and traders warn that there is still a palpable glut in the physical crude market, different from the illusion of “strong demand” in the futures market. Reuters reported Wednesday that tens of millions of barrels are struggling to find buyers in Europe as data from the Organisation of Petroleum…

Total Sells Stake in OML 29 to Aiteo for $569m

Microsoft PowerPoint - Oil Blocks Divestment_31_08_2012.pptx [Re

This Day Total SA, Europe’s second-biggest oil company, has sold its stake in Nigerian Oil Mining Lease (OML) 29 to Aiteo Eastern E&P for $569 million as part of this year’s plan to speed up asset sales following the crash in crude prices. The sale brings proceeds to more than $1 billion when also taking into account OML 24 and OML 18 stake sales, the Paris-based company said in a statement. Since 2010, Total has divested interests in 11 onshore Nigerian blocks to local companies. “These transactions also reduce our exposure to non-operated blocks onshore Nigeria, and allow us to…

Forensic Audit Report: We Were Not Indicted – NNPC

NNPC BUILDING

…As Petroleum Minister Directs NNPC to Defray Outstanding $1.48bn NPDC Signature Bonus, Taxes The forensic audit report on the alleged missing $20bn unremitted oil revenue carried out by the reputable international firm, PriceWaterhouseCoopers has absolved the Nigerian National Petroleum Corporation (NNPC) of culpability over the allegation of non- remittance of $20bn, saying that what is due for remittance to the Federation Account is $1.48bn Nigerian Petroleum Development Company (NPDC) being signature bonus, taxes and royalties on the assets transferred to the Corporation’s upstream subsidiary, the Nigerian Petroleum Development Company. In a statement made available to journalists, the Corporation noted that…

Alison-Madueke Pledges aggressive implementation of Gas-to-Power Initiatives

AzuraWA

NPDC/Seplat JV Invest over $200m on Azura-Edo IPP Gas Infrastructure The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke has committed to an aggressive and robust implementation of the various initiatives designed to accelerate the provision of adequate gas supply for power generation in line with the Federal Government’s aspiration for the power sector. The Minister who recently announced the N213bn inter-agency initiative to facilitate the liquidation of legacy gas debts in the power sector stated that the Nigerian National Petroleum Corporation alongside its Joint Venture Partners are determined to surpass its mandate of providing the required fuel gas as well…