NNPC commence repayment of cash call to IOC’s

NNPC reveal it has been consistence with the repayment of $5.1bn as planned, Although the corporation did not disclose the exact amount paid so far but maintained it has kept to the terms of repayment. The present government met a deficit cash call of $6.8bn which has drastically reduced investment in the Nigeria oil sector.

NNPC and others plan to invest 25.3bn in the upstream sector

According to forecast expert, Capital expenditure into the oil and gas upstream sector will likely hit $25bn in the coming year. Shell, Eni and NNPC are already taking lead toward investing. Because of the delay in passage of the petroleum industry bill, some IOCs have deliberately delayed FIDs on some of its investment in the country which is expected to assist the Federal Government achieve a 40 billion-barrel target and daily production of four million bpd.

NNPC embark on long term strategy for investment survival

The strategy would include expediting action on the holistic rehabilitation of the refineries; strengthening internal control mechanisms and intensifying exploration efforts in the frontier Basins. The corporation moves to renew its position as a fully integrated national energy company and ready to prosper despite the changing dynamics of the global Oil and Gas Industry.

Conoil platform fire disaster

The oilfield operated by ConOil in the Niger Delta was engulf by fire, media reports reveal that over 100 personnel have been rescued alive so far while over 28 are still trapped in the platform. The fire blew up the newly constructed trunk line and affected the platform when it was being tested by it operatives on duty. The is a big investment loss for the indigenous oil company.

Chevron declares 2017 performance

The IOC recorded earnings of $3.6bn in Q1 of 2017, marking it the best quarter in three and a half years. After tax income stood at $9.2 bn and full-year cash flow from operations was $20.5 billion. The key corporate objective for Chevron in 2017 was to be cash balanced, generating sufficient cash flow to cover all cash needs, even in an environment of lower commodity prices.

NDDC train 35 personnel for Oil spill clean-up

The Niger Delta Development Commission through a federal government initiative have trained technical assistants who will monitor the clean-up of oil impacted areas in the Niger Delta. The idea is to ensure that major polluted areas are cleaned up as planned by the government schedule.

Bonny Light up $5.7 per barrel

The crude oil grade increased by $5.70 between March and April this year. According to OPEC, Nigeria bonny light crude grade went up from $67.05 in March to $72.75/b in May. The price increase can be associated with the current OPEC output cut cap to 1.8mbpd.

NNPC to review PSC’s agreement

The oil corporation has gotten the approval of the President to undertake the review of Production Sharing Contracts (PSCs) in the industry. This is aim to check the non-remittance of oil revenues to the federation account by NPPC it JV’s.

Political spending put Naira as risk

The central bank of Nigeria has proven that spending by political parties will affect the stability of dollar in the country which will result to scarcity of the exchange commodity. Naira was trading at between N367 and N368 per U.S dollar which is about N7 high due to the scarcity. The central bank enjoins all political parties to spend according to the regulation of law without putting investors in crisis.

Naira gets attention from recent depreciation

The Central bank increase it intervention in the forex market with a target of mopping up liquidity in the interbank market. The increased demand for dollars by foreign portfolio investors exiting the nation’s financial markets, persisted in the previous week prompting the CBN to intervene in the Investors & Exporters (I&E) window for the second week, while also sustaining its weekly $210 million intervention in the interbank foreign exchange market.

CBN moves to end round tripping of forex

Over the months the official exchange rate has been slightly stable in the country. Commercial banks re found of diverting the funds collected from CBN to the black market to enable them to generate more revenue. There are also signals of diversion of foreign currency ahead of the elections next year. CBN have mandated banks to sell at N360/US$, this will control the flow of currency to the black market. A compliance check is adopted on all deposit money banks to track the progress of the initiative.

Nigeria crude hits 2.9m barrels daily

The Nigeria daily crude rose from 1.8mbpd to 2.9mbpd in the last five months, the Nigeria naval command attributed the increase to the reduction of activities of oil theft in the Niger Delta.

Nigeria losses N2.7bn from Trans-Ramos pipeline leakage

4 leakage points were earlier discovered on the export terminal in the last week of April which lead to shut down for maintenance. SPDC have confirmed fresh leakage on it Trans-Ramos pipeline which supplies Shell’s Forcodos pipeline. SPDC is working on further site preparation and mobilization of specialized equipment to the swamps for safe excavation of the pipeline for inspection. The leakage cause Nigeria a daily loss of 100,000bpd from Trans-Ramos pipeline.

Nigeria strategizes on oil reserves

Crude production is currently about at 2.1mbpd from the major oil fields in the country, however, government plan is to open up more reserves for the country oil and gas industry. The exploration search in the North region will help increase the flow of exploration in the country.

Nigeria Fresh LNG export

Nigeria has exported some 573,000 tons of liquefied natural gas between February and May, 2018 from one of it ports in Rivers State (Onne Port). The export is valued at N180.9 billion ($502 million) at ex-plant LNG price of $877 per ton.

Nigeria intensify oil search

The NNPC in line with the federal government agenda have been successful in the search for oil near north basins. Recently, 7 wells drilled in the North central region of Nigeria has proven the existence of oil in commercial quantity. About $140bn have been approved by the government to NNPC for the exercise.

NNPC, Agip to Nigeria’s power sector

As part of efforts to ramp up power supply in the country, NNPC and its Joint Venture Partner, Nigeria Agip Oil Company Limited have pledged their commitment to implement a 500mw power project to shore up the current power generation. When completed, it would increase power generation by between 10 to 12%.

Nigeria woos potential investor for mini grid project

The federal ministry of Power is inviting qualified bidders to express their interest for the construction of a grid connected solar mini-grid project in the norther Nigeria.

AfBD empowering Commercial banks

The Africa Development Bank is investing in the private sector of the country by providing the commercial banks with significant lines of credit to drive economic development. The bank had disbursed 600 million dollars to Nigeria to help it to exit recession, the government acknowledged that it would have been difficult for the country to come out of the situation without the support.

Money Market Rates Depreciate by 15%

Open Buy Back (OBB) rate went down to 3.67% from 17.17%. Analysts expect that the rates will remain moderated, even as the market anticipate inflows from the N300 billion FGN 30-May-2018 bond maturity including N16 billion in final coupon payments.

CBN to Sell N49.60billion Teasury Bills

The apex bank will auction to traders’ 91-day bills worth N4.96 billion, 182-day bills worth N24.80 billion and 364-day bills worth N19.84 billion. This exercise is expected to partly offset the maturing treasury bills worth 192.01 billion.

PMB gets business tycoon and politicians support ahead of elections

As election window draw near, business associates, political office holders have begun donations to the President Muhammadu Buhari’s campaign camp to restore him to office come 2019. The implication of this is to support the president to return and repay them with supportive benefits after victory. Politicians have claimed this is a normal practice around the world to raise funds for elections sake.

Nigerians views on PIB

It now clear that Nigeria will emerge a new government in less than 18months. The present government has made significant moved on the Petroleum Industry Bill; However, no milestone has been recorded. The 8th assembly has assured Nigerian that the bill be become a law before the end of the 8th Assembly tenure (May 2019), Nigerians remain optimistic about the industry bill which is expected to give a move accountable and transparent direction to the country’s oil industry.

Ahead of 2019 elections

More candidates have begun to emerge from various political parties to compete with the current federal administration and some have deflecting from the ruling party. Ex-president Obasanjo has disclosed his support for an ex-senate president to run for office of the president come 2019. More antecedents will unfold before the end of 2018 and a clearer picture of the next president of the country will surface.

Nigeria signs not young to run into law

The bill will allow Nigerian youths participate in political office elections, in the history of the democratic process of Nigeria, the youngest president was above 50 years. The progress made will allow Nigeria economic development through young creative minds.

Nigeria records improve power consumption

The country achieved 5,222.3 MW representing the highest peak of power generated onto the national grid and delivered to customers as the Q1 of 2018. This underscores the effectiveness of the systematic plan to deliver incremental and uninterrupted power supply to our homes, markets, offices and factories.