OIL & GAS

Refineries revamp: We’re open to external financing, says NNPC

The Nigerian National Petroleum Corporation has said it is still open to external financing for the rehabilitation of the nation’s ailing refineries.

https://punchng.com/refineries-revamp-were-open-to-external-financing-says-nnpc/

NNPC’s $48 billion oil and gas projects

At the 2019 International Petroleum Conference held in London, recently, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, was reported to have copiously highlighted major investment opportunities not only in the Nigerian but the African oil and gas sector. He expressed great optimism on the positive outlook of the continent’s oil and gas business sector. He noted that $194 billion worth of investment could be deployed between 2018 and 2025 into 93 upcoming oil and gas fields in Africa, with Nigeria accounting for $48.04 billion or about 24.8 per cent.

https://guardian.ng/opinion/nnpcs-48-billion-oil-and-gas-projects/

Why NNPC flaunted 1bn litres of petrol stock

The planned move by some depot owners or terminal operators to sell Premium Motor Spirit, otherwise called petrol, above the official ex-depot price, triggered the Nigerian National Petroleum Corporation’s (NNPC’s) flaunted over 1billion litres stock petrol, New Telegraph has learnt.

https://www.newtelegraphng.com/2019/04/why-nnpc-flaunted-1bn-litres-of-petrol-stock/

Nigeria spends N10trn on petrol subsidy

 

At the backdrop of the continued comatose state of the Nigeria’s local refining capacity, the country may have spent about N10 trillion in the provision of pump price subsidy on imported petroleum products from 2006 to 2018.

https://www.vanguardngr.com/2019/04/nigeria-spends-n10trn-on-petrol-subsidy/

Oil majors rush to Permian basin starves Nigeria of investment dollars

The giddy rush by International Oil Majors to buy stakes in the Permian basin, the world’s second biggest oil field located in the United States, is resonating in Nigeria in the form of dwindling investment dollars. Nigeria has been responding in a cavalier manner, seizing their assets as in the case of Shell’s OML 11…

https://businessday.ng/energy/oilandgas/article/oil-majors-rush-to-permian-basin-starves-nigeria-of-investment-dollars/

Oando grows profit by 46% to N28.8bn

Oando Plc, an indigenous energy group, has said its profit after tax for the 2018 financial year rose by 46 per cent to N28.8bn compared to N19.8bn in 2017.

https://punchng.com/oando-grows-profit-by-46-to-n28-8bn/

NNRC: Oil Discoveries in Other African Countries Eroding Nigeria’s Competitiveness

The Nigeria Natural Resource Charter (NNRC) has said that Nigeria is fast losing its competitiveness in the global oil market due to new hydrocarbon discoveries in new jurisdictions within the African continent.

https://www.thisdaylive.com/index.php/2019/04/02/nnrc-oil-discoveries-in-other-african-countries-eroding-nigerias-competitiveness/

Investors won’t lose money in Nigeria’s gas commercialisation programme – Derefaka

Bidders in Nigeria’s gas flare commercialisation programme, will have the flexibility of choosing which flare site to bid for, how much they wish to buy the flared gas from a floor price of $0.25c/1000scf, the end market or gas product, as well as the technology to be used, Justice Derefaka, program manager of Nigeria Gas…

https://businessday.ng/energy/oilandgas/article/investors-wont-lose-money-in-nigerias-gas-commercialisation-programme-derefaka/

Norway’s state owned Equnior is investing in battery technology fund, why shouldn’t NNPC?

The rise of cheap renewable energy is starting to upend the bottom lines of fossil-fuel companies’ world over; while Nigeria National Petroleum Corporation (NNPC) has being relatively quiet with renewable energy, its counterpart Norway’s state-owned Equinor is planning to invest in a $180 million fund for battery and related technologies. The investment is a major…

https://businessday.ng/energy/power/article/norways-state-owned-equnior-is-investing-in-battery-technology-fund-why-shouldnt-nnpc/

Downstream woes revealed by negative stock returns in 10yrs

Listed companies in Nigeria’s downstream oil and gas sector have recorded negative returns in the last 10 years compared to their peers in other sectors, pointing to a myriad of challenges bedeviling the sector. While firms operating in the financial services, agriculture, Fast Moving Consumer Goods (FMCG) and other sectors have seen their share price…

https://businessday.ng/exclusives/article/downstream-woes-revealed-by-negative-stock-returns-in-10yrs/

 

OTHER NEWS

We may start selling petrol above N145 –IPMAN

The Independent Petroleum Marketers Association of Nigeria has urged the Federal Government and the Nigerian National Petroleum Corporation to ensure that private depot owners maintain the official ex-depot price of Premium Motor Spirit (petrol) at N133.28 per litre.

https://punchng.com/we-may-start-selling-petrol-above-n145-ipman/

NEITI’s Quest for Reform in Extractive Sector

The works the Nigeria Extractive Industries Transparency Initiative is doing make the country’s extractive sector more accountable should go beyond the award of satisfactory complaint status to supporting the country in reforming the sector.

https://www.thisdaylive.com/index.php/2019/04/02/neitis-quest-for-reform-in-extractive-sector/

Labour Minister Seeks More Funding For Skills Acquisition

The minister of Labour and Employment, Sen. Chris Ngige, has called for an upward review of the budget for the Skill Acquisition Centres for increased training opportunities for Nigerian youths.

https://leadership.ng/2019/04/02/labour-minister-seeks-more-funding-for-skills-acquisition/