Oil and Gas

NLNG generates $108bn, delivers 5,000 cargoes in 21 years

NLNG generates $108bn, delivers 5,000 cargoes in 21 years

The Nigeria Liquefied Natural Gas Company Limited has said its fixed assets are now worth $11bn while it has 23 ships that have delivered about 5000 LNG cargoes to destinations around the worth since its establishment 21 years ago. The company also said it has generated revenue amounting to $108bn, out of which dividend worth $35bn have been shared within the period under review. These were made known by the management of the NLNG which appeared before the House Committee on Petroleum (Gas Resources) in Abuja on Thursday. The General Manager, External Relations and Sustainable Development, Mrs Eyono Fatayi-Williams, while speaking to documents...

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First cargo of Nigeria’s new crude, Anyala, set for Europe

First cargo of Nigeria’s new crude, Anyala, set for Europe

The first export cargo of Nigeria’s newest crude grade Anyala is on its way to Northwest Europe, trading and shipping sources said on Monday. This is coming less than three months after the announcement of the commencement of oil production from the Anyala West field in Oil Mining Leases 83 and 85. OMLs 83 and 85 are in the shallow waters offshore Bayelsa State where FIRST E&P is the operator of the two blocks, on behalf of the Nigerian National Petroleum Corporation/FIRST E&P Joint Venture. The international oil benchmark, Brent crude, fell by $0.35 to $54.75 per barrel as of 8:15pm Nigerian time...

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NNPC projects N11tn revenue for 2021, $14bn industry spending

The Nigerian National Petroleum Corporation plans to generate N11.39tn revenue in 2021, while projecting an increase in oil and gas output and sales between 2021 and 2023. According to a written presentation to the National Assembly by the NNPC, the estimated revenue for 2021-2023 was underpinned by a total base production of 1.864 million barrels of oil per day in 2021, 2.091 in 2022, and 2.382 in 2023. The Group Managing Director of the NNPC, Mele Kyari, was at the House of Representatives on Thursday last week to present the 2020 budget performance and 2021 estimates proposed by the corporation, the first...

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Crude in commercial quantity discovered in Benue Trough – NNPC

Crude oil discovery in Benue state

The Nigerian National Petroleum Corporation on Thursday said the volume of crude oil discovered in Benue Trough was in commercial quantity. It said Nigerian geologists were spearheading efforts in the discovery of the commodity in the trough. The corporation’s Group Managing Director, Mele Kyari, disclosed this in a statement issued in Abuja by NNPC’s spokesperson, Kennie Obateru. In October last year, NNPC announced the discovery of hydrocarbon deposits in the Kolmani River II Well on the Upper Benue Trough, Gongola Basin, in the North Eastern part of Nigeria. In its statement on Thursday, the NNPC said it would grow the nation’s hydrocarbon reserves to...

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Budget threatened as oil price sinks to $56

Oil

The international oil benchmark, Brent crude, tumbled on Wednesday to $56 per barrel, its lowest level in seven years as the United States-China trade war worries gripped the market. The decline in oil price imposes a serious threat to Nigeria’s economy as the 2019 budget is based on an oil benchmark of $60 per barrel. The further decline in oil prices followed an unexpected build in US crude supplies and fears of lower crude demand due to the deepening trade tensions. Brent crude, against which Nigeria’s oil is priced, fell by $2.60 to $56.34 as of 8.10pm on Wednesday. It has lost more...

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Govts, Oil Firms, Manufacturers Borrow N8.24tn from banks.

OIL

The total loans given to the oil and gas, manufacturing sectors and governments by banks in the country stood at N8.24tn at the end of March. Latest data obtained from the National Bureau of Statistics revealed that loans given to the oil and gas sector stood at N4.686tn, while the governments got N1.368tn. The manufacturing sector got a loan of N2.241tn, while general commerce received N1.035tn. Loans to the general, finance and insurance, and power and energy sectors stood at N1.019tn, N954.68bn and N683.93bn, respectively while agriculture, forestry and fishing sector and construction sector got N648.89bn and N642.87bn, respectively. Information and communication sector and...

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Nigeria earns $236bn from petroleum exports in five years

petroleum exports

Nigeria, Africa’s top oil producer, earned a total of $236.15bn from petroleum exports over the last five years, a new report by the Organisation of Petroleum Exporting Countries has shown. OPEC, in its 2019 Annual Statistical Bulletin, put the value of Nigeria’s petroleum exports at $75.196bn in 2014; $41.168bn in 2015; $27.295bn in 2016; $37.983bn in 2017, and $54.513bn in 2018. In 2018, the value of the country’s petroleum exports was the sixth biggest in the 14-member group, behind Saudi Arabia’s $194.358bn, UAE’s $74.94bn, Iraq’s $68.192bn, Iran’s $60.198bn and Kuwait’s $58.393bn. The group said member countries’ economy indicators, including GDP growth and current...

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FG’s $406.7m debt recovery suit against Shell adjourned

Shell

A Federal High Court in Lagos has adjourned until June 19 hearing in a debt recovery suit filed by the Federal Government against Shell Western Supply and Trading Ltd over an alleged $406.7m shortfall in crude oil shipment. The suit numbered FHC/L/CS/336/16, was filed by Fabian Ajogwu, the counsel to the Federal Government. It has as defendants, Shell Petroleum Development Company of Nigeria Ltd and Shell Western Supply and Trading Ltd, its subsidiary. The money was said to be for crude oil lifted in 2013 and 2014. The suit is pending before Justice Mojisola Olatoregun. The case was adjourned until June 19, due to the...

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Legacy debts: FG revokes five companies’ oil block licences

FG revokes five companies’ oil block licences

The Federal Government has revoked the oil block licences of five companies, including a firm founded by late Chief Moshood Abiola. The Department of Petroleum Resources, in a public notice on Thursday, indicated that the licences were revoked as a result of legacy debts owed the federation by the affected firms. According to the DPR, the government revoked five Oil Mining Leases and one Oil Prospecting Licence. An OPL gives its holder the exclusive right to explore for and develop oil and gas within a defined area while an OML gives its holder the exclusive right to explore for, develop and produce oil...

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Nigeria imports 47% of LPG from US, India, others

LPG

Nearly half of the Liquefied Petroleum Gas(LPG), also known as cooking gas, consumed in the country in the first three months of the year was imported from India and five other countries. The country, which is home to the largest natural gas reserves in Africa and the ninth largest in the world, has continued to suffer supply shortage over the years. Data obtained by our correspondent from the National Bureau of Statistics on Tuesday showed that 47 per cent (146.14 million litres) of the LPG supply in the country in the first quarter of this year was imported while 53 per cent...

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