NNPC & Schlumberger Collaborate On Hydrocarbon Exploration In Chad Basin

NNPC, Schlumberger collaborate on frontier exploration

World’s (French owned) largest oilfield services and equipment company teams up with Nigerian national oil giant on frontier hydrocarbon deposits search in the Chad basin.

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NNPC & Schlumberger Collaborate On Hydrocarbon Exploration In Chad Basin

NNPC Targets Fuel Import Cut To Boost Capacity Of Refineries In Nigeria

Oil . PH Refinery

NNPC targets fuel import cut

Abuja (Daily Times) — The Nigerian National Petroleum Corporation (NNPC) has commenced moves to reduce fuel import by boosting the capacity utilization of the refineries to 60 per cent by the end of 2017 . . .

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NNPC Targets Fuel Import Cut To Boost Capacity Of Refineries In Nigeria

OPEC Deal To Cut Oil Production Raises Hopes Of Drain On Global Supply Glut

Crude oil price . Rising

Oil Prices Hit 18-month High as Markets Eye Production Cuts

OPEC (ThisDay) — Crude oil prices Tuesday, the first trading day of 2017, hit an 18-month high, buoyed by hopes that a deal between the Organisation of Petroleum Exporting Countries (OPEC) and other exporters to cut production, which kicked in on Sunday, will drain a global supply glut . . .

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OPEC Deal To Cut Oil Production Raises Hopes Of Drain On Global Supply Glut

Oil Price Hits $55pb As Output Cut Deadline Draws Near: Report

Oil prices logo

Vienna, Austria (Leadership) – The Organisation of Petroleum Exporting Countries (OPEC) has set January 1, 2017 as the official start-off date for a deal to cut crude oil output by the Organisation and several non-OPEC producers by almost 1.8 million barrels per day (bpd). In the wake of the cut-off deal, the oil price edged further above $55 a barrel yesterday . . .

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Oil Price Hits $55pb As Output Cut Deadline Draws Near: Report

PH & Warri refineries now producing petrol – Kachikwu

Oil . PH Refinery

The Nigerian Minister of State for Petroleum Resources and Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu, has announced that the Port Harcourt Refining Company and the Warri Refining and Petrochemical Company are now producing a combined volume of seven million litres of petrol daily . . .

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PH & Warri refineries now producing petrol – Kachikwu

Nigeria’s national oil corporation appoints new bosses

NNPC . Off shore oil rig

The Nigerian National Petroleum Corporation (NNPC) has announced new appointments, redeployment and secondments into key positions in the oil corporation . . .

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Nigeria’s national oil corporation appoints new bosses

Nigerian Oil Workers Embark on Strike over Restructuring of Nation’s Oil Corporation

NUPENG & PENGASSAN Begin Indefinite Strike

Nigeria’s oil workers on Wednesday started a nationwide industrial action against the federal government’s restructuring of the Nigerian National Petroleum Corporation (NNPC) . . .

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Nigerian Oil Workers Embark on Strike over Restructuring of Nation’s Oil Corporation

NNPC to Import 45m Litres of Petrol Daily from March 1, 2016

NNPC Towers

The Nigerian National Petroleum Corporation (NNPC) on Monday said that it would, from March 1, begin to take delivery of 45 million litres of petrol every day for distribution across Nigeria . . .

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NNPC to Import 45m Litres of Petrol Daily from March 1, 2016

NNPC in Talks with IOCs, Banks to raise capital for new drilling

NNPC . Off shore oil rig.jpg

NNPC in Talks with IOCs, Banks to Finance New Drilling, Repay Debt

The Nigerian National Petroleum Corporation (NNPC) is in talks with oil majors and banks to raise capital for new drilling and to repay up to $4 billion in debt that the state oil company has accumulated over years of mismanagement, the Group Managing Director of NNPC, Dr. Ibe Kachikwu, has told Reuters . . .

Continue reading “NNPC in Talks with IOCs, Banks to raise capital for new drilling”

NNPC in Talks with IOCs, Banks to raise capital for new drilling

Business Report From Nigeria, Today

NNPC . Kachikwu . Oil Price

As Oil Prices Hit 12-year Low, OPEC Members Request Emergency Meeting

Minister of State for Petroleum Resources Emmanuel Ibe Kachikwu, has said a ‘couple’ of members of the Organisation of Petroleum Exporting Countries (OPEC) are requesting an emergency meeting, saying current market conditions justify the need to hold such a gathering.

Benchmark Brent crude oil futures LCOc1 were trading at less than $31 per barrel yesterday, their lowest level since April 2004, and have shed almost three-quarters of their value since mid-2014. At the current price, it means oil prices have fallen to near a 12-year low.

Kachikwu told reporters at an energy conference in Abu Dhabi that there was a lot of push from various blocs within OPEC for a meeting.

“A couple of countries, I don’t want to mention names,” he said when asked if any had requested holding an emergency meeting.

Any meeting that would take place would be to review OPEC’s position to see if there was any need to change its strategy, Kachikwu said, adding that the meeting could take place in February or March.

Kachikwu told AFP that he expects an extraordinary meeting of the OPEC oil cartel in “early March” to address nosediving crude prices.

“We did say that if it (the price) hits the 35 (dollar per barrel), we will begin to look (at)… an extraordinary meeting,” said Kachikwu.

The prices have hit levels that necessitate a meeting, he told an energy forum in Abu Dhabi.

The US crude oil price tumbled below $31 a barrel Tuesday, extending a sell-off that has pushed it to more than 12-year lows amid a global supply glut, a strong dollar and tepid demand.

Saudi-led Gulf exporters within OPEC have so far refused to cut production to curb sliding prices, seeking to protect their market share despite a heavy blow to their revenues.

Kachikwu, who was president of OPEC until the end of December, said that member states differ on the issue of intervention.

“One group feels there is a need to intervene. The other group feels even if we did, we are only 30 to 35 percent of the producers really,” as 65 per cent of supply comes from non-OPEC countries, he said at the Gulf Intelligence UAE Energy Forum.

“Unless you have this 65 percent (of) producers coming back to the table you really won’t make any dramatic difference,” he added.

Senate . red chamber screening PMB's ministerial nominees

Senate to begin debate of 2016 budget

The Senate has announced that the 2016 Appropriation Bill submitted by President Muhammadu Buhari will be subject to debate from the lawmakers from Tuesday 19th January.

The Senate President, Bukola Saraki, made the announcement on Wednesday, during plenary.

“Senate President @bukolasaraki announces that the debate of #2016AppropriationBill will commence on Tuesday 19th January 2016,” reads a tweet from the Twitter account of the Nigerian Senate.

There were reports,Tuesday, that the budget was no longer available in the Upper Chamber, leading to rumors of ‘Missing budget’

However, it is unclear if the budget is now available or the speech of Saraki is to douse tension.

NCC

NCC vs MTN: Court orders parties to maintain status quo

MTN . Nigeria office. photo by Premium Times

A Federal High Court sitting in Lagos, yesterday, ordered parties to maintain status quo, following a mareva injunction by the Attorney General of the Federation, seeking to bar MTN Nigeria  from emptying its accounts in 21 commercial banks in Nigeria.

Trial judge, Justice Idris Mohammed, ordered parties to maintain status quo ante bellum pending the determination of the suit and adjourned till January 22, 2016 for hearing.

“An order is hereby made directing the parties cited herein to maintain the status quo ante bellum pending further hearing,” the judge said.

The AGF, has sought “an order of mareva injunction restraining the aforementioned banks from releasing, further releasing any funds, making sale, transfer or payment of any monies or dealing in any manner whatsoever with any and all monies maintained by the plaintiff/respondent (MTN) or its agents, privies, subsidiaries, sister companies or the like in the aforestated banks that will alter, decline or reduce the amount of the first defendant’s/applicant’s fine against the plaintiff/respondent in the sum of N1,040,000,000,000 which has remained wholly unsatisfied, pending the determination of the motion on notice.”

The application was to prevent MTN from suspending the payment of the N1.04 trillion fine imposed on it by the Nigerian Communications Commission, NCC, over its failure to deactivate its unregistered subscribers.

Even though the court did not expressly grant the application, it has, meanwhile by the status quo order, prevented MTN from moving funds from the accounts in the 21 commercial banks in Nigeria outside the country.

The AGF and Minister of Justice, Abubakar Malami, SAN, who filed the application, yesterday, had expressed the fear that MTN could move all its funds out of the country before the N1.04tn fine could be enforced.

He had prayed the court to order all the 21 banks to open a special interest-yielding account in the name of the Chief Registrar of the Federal High Court and move N1.04 trillion out of whatever funds that was standing to MTN’s credit in their possession.

The counsel for the AGF, Mr. Dipo Okpeseyi, SAN, in a 14-paragraph affidavit in support of the application, had averred that MTN was in the habit of regularly repatriating its funds out of Nigeria.

He further averred that between October 2007 and May 2009, a period of 19 months, MTN moved over $7.7 billion of the money made in Nigeria to a foreign account, pointing the court’s attention to an instance when in one day, specifically on February 8, 2008, MTN transferred over $936 million out of Nigeria to accounts in Mauritius, Cayman Island and British Virgin Islands.

“Unless this court urgently entertains this application, the plaintiff/respondent would move its funds out of Nigeria, being the jurisdiction of this honourable court, and thereby frustrate the enforcement of the fine in the likely event that this honourable court sanctions the imposition of the fine,” he had averred.

He also averred that MTN was under an obligation to pay the N1.04 trillion fine, because it was NCC’s administrative decision, which remained final unless it was reviewed by the commission or nullified by the court, adding that though NCC had earlier given MTN a concession on the fine and reduced it to N780 billion, MTN has neglected or failed to pay on or before December 31, 2015, the fine remained N1.04 trillion.

Justice Mohammed had noted that the AGF had not shown enough facts to prove that MTN was about to empty its bank accounts and move its funds out of the country.

Idris, who noted that the case was sensitive and of public interest, said he would rather hear the case filed by MTN to challenge the fine and give a judgment within a short time.

MTN

MTN may lose spectrum license over NBC probe

The federal government may review the 700MHz spectrum license sale following the ongoing probe into the activities of National Broadcasting Commission (NBC), Daily Trust learnt yesterday. The NBC director general Emeka Mba was arrested on Monday by the Economic and Financial Crimes Commission (EFCC) for allegedly operating a secret account into which about N17billion out of N34bn paid by MTN Nigeria for the 700MHz license was kept.

Part of the reasons for his arrest was a petition written by some aggrieved broadcast and telecoms industries players to EFCC alleging that Mba contravened due process in the spectrum sale to MTN, according to a source. Already, the Frequency Management Council (FMC) is reviewing the spectrum sale and the ongoing probe of NBC may provide the ground for its cancellation, the source, who is a top government official, told Daily Trust yesterday.

The FMC which has a representation from the ministries of science and technology and communication was said to have given NBC the nod to sale the spectrum to MTN during twilight of Goodluck Jonathan administration. But some telecoms and broadcast firms who felt the deal was not transparent later kicked against the sale when the President Muhammadu Buhari administration came on board. Later NCC also voiced out it disagreement with the sale.

The firms, on their part, alleged lack of transparency in the sale to MTN while the NCC said the spectrum should have been auctioned by it not NBC. “We do not intend to join issues with them but we intend to avail ourselves of existing mechanism for arbitration and mediation through the Frequency Management Council,” the NCC executive vice chairman Prof Umar Danbatta had said recently. MTN spokesperson could not be reached yesterday but a top official in the country said the company had nothing to fear as it did not breach any Nigerian law in getting the license. The NBC spokesperson Malam Awwalu Salihu declined to comment on the matter.

MBR

Business Report From Nigeria, Today