Current Affairs

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Nigeria’s NNPC repays N450 billion debt to federal government

June 22, 2017 | Company Operations, Economy, Government & Regulations

Abuja, Nigeria |  — The Nigerian National Petroleum Corporation, NNPC, said it has repaid its N450 billion indebtedness to the Federal Government according to Nigerian local newspaper , the Vanguard. The NNPC in its April 2017 Monthly Financial and Operations Report, released yesterday, said the last tranche of the sum was paid in March 2017, after paying N6.33 billion on a monthly basis over several months. To this end, the NNPC said it transferred N95.56 billion into the Federation Account during the month under review …

Oil heads for third weekly loss as U.S., Nigeria prolong glut

June 12, 2017 | Commodities & Oilprice, Energy Trading & Markets, OPEC

New York, US | – Oil headed for a third weekly drop as rising supplies from the U.S. and Nigeria showed that OPEC is still struggling to clear a global oil surplus. Futures were little changed in New York Friday, returning to the sub-$50 levels traded when OPEC first agreed to output curbs in November. U.S data released Wednesday showed total crude and product stockpiles rose by the most since 2008 last week, surprising a market that had been expecting further declines. American output is also …

Nigeria requires $1.2 billion to repair and upgrade its three refineries

June 12, 2017 | Economy, Nigeria, Refining & Processing

Abuja, Nigeria |  – The Nigerian minister of state for petroleum Emmanuel Ibe Kachikwu has said $1.2 billion is required to carry out repairs and refining upgrades if Nigeria needs to terminate its dependence on refined oil imports in two years’ time. Even though Nigeria pumps two million barrels of oil per day, the country’s lack of working refineries forces the government to use its foreign currency reserves to purchase refined oil products from other nations. In a press conference regarding refineries upgrade financing plan …

Oil giant Shell plans to cut 90 jobs at its Scottish headquarters in Aberdeen

June 02, 2017 | Company Operations, Employment, North Sea & Western Europe

  Shell told staff on Thursday that the positions are expected to go by the end of 2017 London, UK | – British–Dutch multinational oil and gas company, Shell said the move is not connected to plans to sell off £3 billion of assets to North Sea rival Chrysaor. Shell is also cutting 380 jobs in Glasgow with the closure of its offices in the city. Steve Phimister, UK vice president for upstream operations, said: “We intend to reduce the size of the organisation by approximately 90 onshore …

OPEC crude production rises led by countries exempt from cuts

June 02, 2017 | Energy Trading & Markets, OPEC

Libya, Nigeria saw combined gain of 310,000 barrels a day Results come after OPEC, non-OPEC extend deal to curb output London, UK | – OPEC crude production rose in May led by gains from Libya and Nigeria, countries that are exempt from the deal to cut output in a bid to revive oil prices. The Organization of Petroleum Exporting Countries’ output in May jumped 315,000 barrels a day from a month earlier to 32.21 million, according to a Bloomberg News survey of analysts, oil companies …

Crude price falls as rising Libyan, US output undermines OPEC-led cuts

June 02, 2017 | Commodities & Oilprice, Energy Trading & Markets, OPEC

London, UK | Oil prices fell Wednesday as rising output from Libya added to concerns about increasing US production that is undermining OPEC-led production cuts aimed at tightening the market. Brent crude futures, the international benchmark for oil prices, were trading at $48.84 per barrel at 6 pm Beijing time, down $0.82 from their last close. US West Texas Intermediate crude futures were at $49.34 per barrel, down 0.6 percent from their last settlement. Traders said the price declines were a result of higher output in …

Nigerian Senate votes to halt Eni’s Port Harcourt refinery deal

June 02, 2017 | Management, Nigeria, Refining & Processing

Abuja, Nigeria | Nigeria’s upper chamber of parliament voted on Tuesday to halt a concession agreement with the local division of Italian oil company Eni to repair, operate and maintain Port Harcourt refinery, saying the deal lacked transparency. Nigeria, an OPEC oil producer, has been seeking investment in its energy sector to reduce reliance on imported oil products that consume a large part of the country’s foreign currency reserves. It has a refining capacity on paper of 445,000 barrels per day (bpd), but imports most …

Nigerian oil labour union calls for Exxon Mobil shutdown over sacking of colleagues

May 19, 2017 | Employment, Nigeria

Lagos, Nigeria | – A Nigerian labour union on Friday called for the shutdown of all Exxon Mobil Corporation facilities in the Niger Delta, a union representative said. Reuters was unable to independently verify whether union members had shut down the company’s facilities. Oil industry sources said there had been no impact on production. Madubuezi Azubuike, who chairs the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in Rivers state, said the call followed the breakdown of talks with the company over sackings …