Indonesia eases Nigeria’s crude sale meltdown, mops up 1.55m barrels

  Indonesian refiner, Pertamina, last weekend lightened the crude sale melt down rocking Nigeria at the global market, as it mopped up 1.55m barrels of crude grades from the country. This came hours after the United States (U.S) took over India market from Nigeria, selling 6 million barrels of crude for November-January delivery. Nigeria, Africa’s biggest crude exporter, depends largely on proceeds from crude oil sale to service over 85 per cent of its budget. The country, however, suffered a still-heavy overhang of unsold cargoes, a loading schedule showed. This…

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Nigeria’s crude faces glut as 25 cargoes scamper for buyers

More cargoes risk deferment   Glut, last weekend, rocked crude oil from Nigeria as 25 cargo-loads of the commodity in June loading programme scampered for buyers, New Telegraph has learnt. This came just as Bonny Light, one of the major grades from the country, remained under force majeure while a pipeline, which exports Forcados was still shut down. Despite this new round of disruption to Nigerian crude exports, about 25 cargoes of June-loading Nigerian crude schedule sighted by this newspaper showed, were still available at the global market looking for…

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Nigeria: A crude swap contract in disarray

The cumulative production of Nigeria’s refineries again fell to zero at a time daily fuel consumption rose to 55 million litres, putting the Direct Sale and Direct Purchase (DSDP) contracts between Nigerian National Petroleum Corporation (NNPC) and refiners abroad under pressure. Adeola Yusuf reports     The consumption of premium motor spirit (PMS) also known as petrol has risen from 35 million to a record 55 million litres daily, subjecting the DSDP also known as crude swap contracts, into 20 million litres deficit. The data obtained from NNPC by New…

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$16bn Egina projects raise Nigeria’s crude fortunes

The $16 billion Egina project will amplify fortunes by Nigeria from crude oil, Managing Director of Total, Mr. Nicolas Teraz, has said. He disclosed this in a chart with New Telegraph on the sideline of the ceremony to mark the arrival of Eginia FPSO in Lagos. The Total Upstream Nigeria Limited, TUPNI, and her partners had earlier took delivery of Egina floating production storage offloading, FPSO, from South Korea. Teraz said that Egina is the the deepest offshore development carried out so far in Nigeria, adding that Nigeria’s Local Content…

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Buyers shun Nigeria’s $2.8bn crude

…as 20 cargoes loiter   Nigeria’s crude worth $2.82 billion remained unsold last weekend as buyers discarded 20 cargoes, amounting to 41 million barrels of the country’s February crude loading at the global market. Roughly 20 February-loading cargoes were still available, including Escravos, Erha, Bonny Light and Qua Iboe, a report on loading schedule sighted by New Telegraph showed. Buyers’ apathy and crude supply glut at the global market worsened on the day oil benchmark briefly sold off, selling at $69 a barrel. While the country’s 20 February-loading cargoes are…

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Crude lifting: Contractors jostle for Letters of Credits

  Prospective contractors have intensified race to secure “irrevocable” Letters of Credits (LOCs) from banks as the 2018/2019 crude oil term contracts lifting bids entered critical stage. A total of 254 indigenous and foreign owned entities had earlier submitted bids for the sale and purchase of the Federal Government equity crude under the term contracts. Just about 20 of them, based on the previous crude term contracts lifting contracts, would secure the deals. To streamline these numbers to 20, the Federal Government, New Telegraph gathered, came up with stringent conditions,…

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India is Nigeria’s biggest crude consumer

…raises monthly taste for country’s crude above 6m barrels   India has raised its taste for Nigeria’s crude far above six million barrels per month, the volume, which its consumption of Nigeria’s oil reached for the first time in at least two years, last April. The country, which in 2013 replaced the United States as Nigeria’s biggest market, had, before the last April’s crash in demand, saw its import of Nigerian crude rise to a peak of 20.37 million barrels in April 2015. Two new Indian tenders – Indian BPCL…

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Local oil firms walking a tight rope

Indigenous firms are the worst-hit by myriads of challenges bedeviling the oil and gas industry. ADEOLA YUSUF reports on how many of them are running into bankruptcy     Aiteo, an indigenous oil firm, made the headlines penultimate week; basking in the euphoria of its new status as the biggest Nigerian- owned oil firm in terms of production, hitherto known by many as the petroleum product trading firm, it announced the production of the largest share of the 313,602 barrels per day output from indigenous companies. The firm’s management cannot…

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FG shifts Forcados, Bonga’s re-opening date to June, July

The Federal Government has announced new dates for re-opening of two major oil and gas installations in Nigeria-Bonga Floating Production Storage and Offloading (FPSO) and Forcados line. Minister of State for Petroleum resources, Dr. Ibe Kachikwu, who said this in a report, stated that Forcados would reopen in June and Bonga in July. Shell, operator of Bonga, had earlier said that the facility would re-open by April. The shutdown of these facilities have impacted the crude production in Nigeria as over 225, 000 barrels of oil is shut-in on Bonga…

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Shall I tell this to the president?

They already own everything; they own our politics, our economy and our money. Even the CBN is being privatised and controlled by this cartel. The same cartel now wants to control the water we drink and the air we breathe to complete their vicious cycle of enslaving and subjugating us all. They don’t care about the future but only about the dark interest they represent. Unrestrained capitalism is evil and should be challenged. The media knows about this but will never write about it. Our elite knows about this but…

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