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VR CAPITAL BUY 25% OF P&ID AS NIGERIA FACE $9BN FINE

VR CAPITAL BUY 25% OF P&ID AS NIGERIA FACE $9BN FINE

05 June 2019

First, a health warning. This article is about recalcitrant, inept and quite possibly corrupt Nigerian politicians and government ministers. It is certainly about incompetence and misconduct in public office. It...

DISASTER AS UNEMPLOYMENT LEAPS BY 30%  TO 20.9m

DISASTER AS UNEMPLOYMENT LEAPS BY 30% TO 20.9m

29 May 2019

Nigeria is sleepwalking into a disaster which has the potential to unleash instability, insecurity and crippling hardship. Unemployment is always a cause for concern, it is the clearest indication that...

 NIGERIA NGIGE UNDEREMPLOYED OR UNEMPLOYABLE?

NIGERIA NGIGE UNDEREMPLOYED OR UNEMPLOYABLE?

08 May 2019

Working on the assumption that the Minister of Labour and Employment, Senator Chris Ngige has not been misquoted it is difficult to understand his recent pronouncement and what now seems...

NIGERIA ANOTHER MOU ANOTHER DAY

NIGERIA ANOTHER MOU ANOTHER DAY

01 May 2019

Nigeria has announced ambitious plans to double its oil production by 2025, targetting 4 million bpd in six years’ . Maikanti Baru, Group Managing Director at the Nigerian National Petroleum...

NNPC REFINERY WOES 2019

NNPC REFINERY WOES 2019

24 April 2019

The Nigerian Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has not unpredictably, stated that Nigeria’s continuous subsidy of petrol consumption means the Nigerian National Petroleum Corporation (NNPC) will...

NIGERIA OPEC STAND FIRM

NIGERIA OPEC STAND FIRM

28 March 2019

Nigeria and other member countries of the Organisation of Petroleum Exporting Countries (OPEC) as well as their non-OPEC allies led by the Russian Federation have said they are committed to...

PALM OIL PRODUCTION UNDERPERFORMS

PALM OIL PRODUCTION UNDERPERFORMS

18 March 2019

PALM OIL PRODUCTION A MEAGRE PERFORMANCE Nigeria from gaining a substantial share of the global oil palm industry now worth $62 billion annually, casting doubts on government’s ability to grow...

NIGERIA REFINING THE VISION

NIGERIA REFINING THE VISION

18 March 2019

NIGERIA REFINING THE VISION Nigeria is the only OPEC member country that imports gasoline (PMS) and holds the dubious distinction of being the largest importer in the world. The Nigerian...

IS THE PGB FATALLY FLAWED?

IS THE PGB FATALLY FLAWED?

18 March 2019

IS THE PIGB FATALLY FLAWED? Ten years after the Petroleum Industry Bill began its tortuous odyssey which has included the Bill being broken into four portions, both houses of the...

CBN PUMP UP THE T-BILLS

CBN PUMP UP THE T-BILLS

18 March 2019

CBN PUMP UP THE T-BILLS The Central Bank of Nigeria (CBN) plans to raise a total of N1.809 trillion from the debt market, in the first quarter of 2019.This is...

TIN EXPORTS NIGERIA

TIN EXPORTS NIGERIA

17 March 2019

TIN EXPORT NIGERIA Synterra are able to export high grade tin ore from Nigeria. We agregate the Mining production of a number of artisanal miners and consolidate volumes for exportSynterra...

BERYLLIUM MINING OPPORTUNITIES

BERYLLIUM MINING OPPORTUNITIES

17 March 2019

The Nigeria Solid Mineral and Mining Sector has in effect made the great leap forward which will now allow investors to take advantage of the vast mineral potential Nigeria possess....

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OIL MARKETS

OIL MARKETS

This blog is an indepth  and frequently critical analysis of topical issues in the global oil markets  as they relate to Nigeria

 

 An analysis on global oil market and how they effect Nigeria's economic and financial well being. Nigeria's economy is inextricably linked to these markets and the decisions key actors take to safeguard  and promote their own economic objectives. Nigeria principally seeks to excersize its own influence on the global stage through its membership of OPEC. But just how effective is OPEC? Do the key actors share similar policy objectives or political alignments with Nigeria. Has OPEC+ (inclusion of Russia) altered the organisations focus?

The blog also analyses the broader issues in respect of fossil fuels, geopolitical events and their ramifications for Nigeria. We critique the Nigerian government policy decision making and other legislation and the effect it has on Nigeria's prosperity

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At a time Iran’s Supreme Leader Ayatollah Ali Khameneni was meeting with Japanese Prime Minister Shinzo Abe in Tehran one of the tankers carrying "Japanese" cargo has been hit in a suspected torpedo attack. The attack was reported to have taken place in the same area where the US accused Iran of using naval mines to sabotage four other oil tankers in an attack in May. The incident represents another step in the direction of a Persian Gulf conflict which has the potential to set the Middle East alight and the region descending into chaos. Two oil tankers were hit in the Gulf of Oman early on (this morning)Thursday, one of the ships, the MV Front Altair was on fire and was "suspected of being hit by a torpedo”, according to Taiwan’s state-owned petrol company. Whilst the other tanker, MV Kokuka Courageous was damaged with a breached hull above the water line while on passage from Saudi Arabia to Singapore. It has been confirmed that U.S Naval forces in the region were rendering assisting after having received two separate distress calls at 6:12 a.m. local (Bahrain) time and a second one at 7:00 a.m. The incidents took place outside the…
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If we are to believe energy research firm Rystad Energy, US oil production is on track to a record 13.4 million barrels per day by the end of 2019 with Texas producing over 5 million bpd in excess of every OPEC producer apart from Saudi Arabia . The increase in US production has created inventory overhangs and a supply glut which has plunged oil back into a bear market. It now seems certain that OPEC will extend production cuts until the end of the year with the Saudis equally likely to deepen further. Russian Energy Minister Alexander Novak said in Moscow after meeting with Saudi oil minister Khalid al-Falih. “We’ve agreed that we need to run a deeper analysis and to see how events unfold in June. OPEC's oil production in May slumped to 29.9 million barrels per day , the lowest in over five years. OPEC output is down 2.6 million per day since October 2018 the month before oil prices crashed into the last bear market. Khalid al-Falih confirmed on Friday that OPEC is close to a deal to extend its production cuts. Soaring US production and a spike in US inventories at a time of forecasted demand…
Friday, 07 June 2019 15:43

BUHARI REVOKES A SELECTION OF OIL CONCESSIONS

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The Department of Petroleum Resources (DPR) the regulatory authority of the Nigerian oil and gas sector has revoked 5 Oil Mining Leases and a prospecting license. The directive was reported to be from the President Muhammedu Buhari who is also the petroleum minister. The licenses that were revoked belonged to Pan Ocean (OML98) Allied Energy and Resources (OML 120, 121) Express Petroleum (OML108), Cavendish Petroleum (OML110) and Summit Oil (OPL206). The ostensible cause being legacy debt which was presumably in the form of unpaid royalties and tax on profits and production bonuses. The Minister of State for Petroleum Resources Dr Ibe Kachikvwu in remarks made public in February, put companies on notice of the government's intentions. At the time he expressed concerns that companies were not making their statutory remittances as required by the Joint Venture agreements with the government. ‘‘A situation whereby we write to oil companies to pay up royalties, and for 90 days they are unable to comply. What that simply says is that they are not ready for business and we cannot continue to wait for such companies. We must move on. So going forward, I have asked the DPR to give additional 30 days grace…
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First, a health warning. This article is about recalcitrant, inept and quite possibly corrupt Nigerian politicians and government ministers. It is certainly about incompetence and misconduct in public office. It should be about prosecution and incarceration. You will read about how government officials have conspired to create and place a liability on the Nigeria people, a burden capable of crippling a generation. So staggering is the highly likely outcome it will wreck Nigeria's economy. If you are Nigerian but not of stout disposition I would urge you to sit down or better still look away now. . Process and Industrial Development Ltd (P&ID) entered into a contract with the Ministry of Petroleum Resources of the Federal Government of Nigeria (FGN) in 2010. The 20-year Gas Supply & Processing Agreement (GSPA) obliged P&ID to build a natural gas processing plant and the FGN to build pipelines and to bring untreated gas to the plant. It will be remembered by many as a time the unicorn that is the Gas Master plan was a byword for confusion and ineptitude. In August 2012, P&ID served the Nigerian government a Request for Arbitration. P&ID alleged that it invested US$40m in the project, although it…
For most commentators it was simply a matter of time. The correction would come as the potential effect of the China - US war intensified and investors and the market priced it in. The escalating U.S.-China trade war came into the sharp focus as oil price benchmarks plummeted lastThursday amid increased trade tensions between the two protagonists. The bearish sentiment supported by a dampening of the outlook for global economic and oil demand growth on a day after the EIA reported further increases in US stockpiles of crude by 4.7 million barrels or 1%, to 476.8 million barrels commercial inventory sent oil prices tumbling joining global sell-offs in equities. The front-month July Brent futures contract and front-month July NYMEX contract traded at below $70/b and $60/b, respectively, for the first time since March. China's commerce ministry said on Thursday that the country would not hold trade talks with the US until the US "adjusts its wrong actions," according to a CNBC report. Oil prices rose early on Friday recouping some of the hefty losses of the previous day when both benchmarks plunged in their worst one-day drop in six months, prices posted the largest weekly decline of 2019 as rising…
Thursday, 23 May 2019 16:14

NIGERIA INCREASE GAS RESERVES TO 200.79 TCF UP 7%

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the Director of Department of Petroleum Resources (DPR), Mordecai Ladan has announced that Nigeria’s gas reserves increased by 7.3 per cent from 187 trillion cubic feet (tcf) to 200.79 tcf. Nigeria has long been regarded as primarily a gas producing nation. The official reserves now place Nigeria ahead of Venezuela as having the 6th largest natural gas reserves in the world. The crucial difference is that there has never been any gas exploration in Nigeria and the reserves represent gas discovered in oil exploration activities or the gas that got in the way of producing the oil. The fiscal regime of the new draft Petroleum Industry Bill seeks to address this by encouraging and incentivising gas exploration. The Nigerian National Petroleum Corporation (NNPC) has put Nigeria's current undiscovered gas potential at around 600 trillion Cubic Feet (TCF), which would give the country the 4th largest gas reserves in the world after Russia, Iran and Qatar. The director said the country’s daily gas production stood at 1.2 billion standard cubic feet (scf) with 41 per cent of the daily production exported while 48 per cent went to the domestic market, and 11 per cent was being flared. He was further quoted…
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Fire has occurred at a spill site along the Trans Forcados Pipeline (TFP) within the Chanomi Creeks in the prolific oil producing Niger Delta. It is unclear what led to the fire outbreak at the time of this report as security sources said investigation was ongoing to determine the cause of the fire. Though inevitably given the immediate past history a militant attack on the TFP is not unlikely, especially off the back of the recent Nembe Creek Trunk Line fire which forced shell and Total to declare force majeure on Bonny and Amenam crude grades. Heritage Energy Operational Services Limited, operator of the crude pipeline, confirmed the incident to the News Agency of Nigeria on Monday. “It was gathered that the fire occurred due to excessive heat from a pumping machine which was being used to transfer crude oil from the spill site into a barge. “The fire was reported to have destroyed some equipment at the scene.The security and surveillance of the TFP has been a controversial issue in recent times. There have been allegations of incompetence and collusion in managing the security of the pipeline with the national oil company NNPC, seeking to change the security provider.…
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