Oil communities demand share of N21bn industry intervention

…tackle IOCs     International Oil Companies (IOCs) and some host communities may be heading for a showdown over their share of about N21 billion palliatives to cushion the effect of lockdown for the novel Coronavirus pandemic. Saturday Telegraph notes that the IOCs in Nigeria include Shell, Chevron, ExxonMobil, Total and Eni. The oil-industry has made over N21 billion gross interventions to the federal and state government while some of the IOCs have also made individual contribution of money and materials to the government. Some agents of host communities, Saturday…

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Oil bid round: Civil society groups seek transparency

Following Federal Government’s intention to conduct fresh licensing bid round for Nigeria’s marginal oil fields, Civil Society Organisations (CSOs) and extractive industry media group, Media Initiative on Transparency in Extractive Industries (MITEI), have advised the Federal Government to ensure transparency in the entire process. The advice formed part of the resolution reached at the end of a one-day workshop on “Improving Transparency in the Oil licensing Process organised by the groups. Concerned about the dire economic realities in Nigeria as a result of the ravaging impact of the novel coronavirus…

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Nigeria discounts oil price to $10 amid buyers’ apathy

          Nigeria has discounted its May crude, crashing the price of most of its grades, which traded yesterday, to $10 perbarrel. Though the Minister of Finance, Budget and National Planning, Hajjia Zainab Ahmed, declared during a web conference on Tuesday, the plan to slash the benchmark for the com-modity to $20 per barrel in the 2020 budget, the buyers’ apathy, buoyed by glut in the market had, according to investigation by New Telegraph, forced price of the commodity down through a discount to $10 per barrel.…

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Oil vessel chatterers hike rates by 64.8%

Port restrictions related to the COVID-19 crisis have forced vessel chatterers’ operating on Nigerian waters to hike oil tanker rates by 64.8 per cent. Findings revealed that only a few vessels could access their port of destinations because of the stringent measures introduced by government to contain the spread of novel coronavirus in the port environment. Cargo vessels delayed their arrivals by up to 40 days in Nigerian ports as it takes a ship additional 14 days to berth at port after it may have been quarantined by the Port…

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Nigeria’s oil, gas export hits $5.18bn in one year

NNPC posts $434.85m crude oil export sales in Jan Corporation decries 50% spike in pipeline vandalism     The Nigerian National Petroleum Corporation (NNPC) has disclosed that in the last one year, between January 2019 and January 2020, the country exported oil and gas worth $5.18 billion. This was even as the country recorded crude oil and gas export sale to the tune of $434.85 million in January 2020 alone, accounting for an increase of 93.30 per cent as against the December 2019 figures.   These were contained in the…

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$1bn debt sinks oil marketers’ credit rating

  The $1 billion debt hanging on Nigeria’s downstream sector operators has dipped the credit rating of oil marketers with banks. The fuel importers, New Telegraph gathered exclusively, have renewed pressure on the Federal Government, which has held back over N650 billion as subsidy payment and taxes of the debts they incurred from banks. Banks have since foreclosed further lending to importers and marketers of petroleum products in Nigeria, New Telegraph gathered at the weekend, as over $2.2 trillion loans to downstream sector worsened liquidity problem rocking the lenders. Over…

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Oil firm names senior independent director

An Oil & Gas Exploration Company has appointed Dr Angus McCoss as senior independent director with immediate effect. McCoss has held a number of senior positions at Shell, including Regional Vice President of Exploration for the Americas and General Manager of Exploration in Nigeria. Also he is a non-executive director of Ikon Science Limited. A statement by the company noted that he joined the board of the oil firm as a non-executive director in June 2017. McCoss holds a Doctor of Philosophy (PhD) degree in structural geology. He is a…

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Nigeria: Caught in the web of global oil politics

The United States (U.S) Congress is heightening plans to stripe Organisation of Petroleum Exporting Countries (OPEC) – an organisation in which Nigeria is an active member – of protection from being charged to court over crude oil price, reports Adeola Yusuf   Nigeria and the United States (U.S.) share relationship about crude oil, which dates back to about five decades. While the Africa’s most populous nation was one of the biggest exporters of crude to the U.S, the later was, until about four years ago, the biggest consumer and importer…

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FG to oil firms: Refine 50% output in Nigeria

The Federal Government at the weekend declared plans to get international oil companies including ExxonMobil, Chevron and others to refine 50 per cent of their productions volume in-country. A document of the Ministry of Petroleum Resources sighted by New Telegraph showed that oil operators are expected to start with in-country refining of 20 per cent of production through a government policy, which would soon be announced. Quoting Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, the document read that the 50 per cent in-country refining target for OICs would…

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Oil prices: US may sue opec

With oil prices hitting fresh four-year highs, long-dormant proposals to allow the United States to sue OPEC nations are getting a fresh look in Congress, though they were once considered a longshot to becoming law. A U.S. Senate subcommittee on Wednesday will hear testimony on the so-called No Oil Producing and Exporting Cartels Act, or NOPEC, which would revoke the sovereign immunity that has long shielded OPEC members from U.S. legal action. The bill would change U.S. antitrust law to allow OPEC producers to be sued for collusion; it would…

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