Posts

Showing posts from November, 2017

Total completes largest refinery in Europe

Total has inaugurated the new units at its Antwerp integrated refining and petrochemicals platform, which have progressively started up in the last few months. This event marks the completion of the upgrade program launched in 2013 of one of the largest and most efficient integrated refining and petrochemicals platforms in Europe. Thus, the company has invested more than €1 billion to further improve the competitiveness of this major site located in the heart of Europe's main markets. Two key projects were completed:
An investment in a new refining complex was approved for the conversion of more heavy fuel oil into low-sulfur light products.A deasphalting unit and a hydrocracker were built to increase the production of clean and high-value-added products.The new refining complex will reduce the high-sulfur heavy fuel oil yield, in anticipation of the new marine fuel regulation that will take effect in 2020. Steam cracker flexibility has been increased to maximize the processing of…

Russia sees oil-cut extension as consensus with OPEC emerges

Russia’s Energy Minister, Alexander Novak, expects OPEC and its allies to reach a decision on Thursday to extend their pact to curb oil output as signs of a growing consensus emerged with the cartel’s biggest producer Saudi Arabia.“We have reached in general a mutual understanding” on the future of the deal, Novak said in Vienna on Wednesday. “I think we will have” a decision on an extension tomorrow, he said.Novak’s comments were echoed in the Austrian capital by his Saudi Arabian counterpart Khalid Al-Falih, who praised the “solid results” achieved, but added that “a good deal more hard work and commitment is essential.”The two key decision makers spoke in a preparatory meeting ahead of Thursday’s ministerial gathering. While the Organization of Petroleum Exporting Countries and its main ally Russia agree that oil production cuts are working and should be extended deeper into next year, Moscow is said to want clarity on how and when to end the curbs. OPEC has agreed to discuss an ex…

Russia sees oil-cut extension as consensus with OPEC emerges

Russia’s Energy Minister, Alexander Novak, expects OPEC and its allies to reach a decision on Thursday to extend their pact to curb oil output as signs of a growing consensus emerged with the cartel’s biggest producer Saudi Arabia.“We have reached in general a mutual understanding” on the future of the deal, Novak said in Vienna on Wednesday. “I think we will have” a decision on an extension tomorrow, he said.Novak’s comments were echoed in the Austrian capital by his Saudi Arabian counterpart Khalid Al-Falih, who praised the “solid results” achieved, but added that “a good deal more hard work and commitment is essential.”The two key decision makers spoke in a preparatory meeting ahead of Thursday’s ministerial gathering. While the Organization of Petroleum Exporting Countries and its main ally Russia agree that oil production cuts are working and should be extended deeper into next year, Moscow is said to want clarity on how and when to end the curbs. OPEC has agreed to discuss an ex…

NNPC GMD bags Forbes Oil & Gas Man of the Year award

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru has added a major laurel to his growing list of honours since assumption of office following his recent nomination as the Forbes Best of Africa Oil and Gas Man of the Year 2017 Award by the New York based Internationally reputable media organization.The news of the nomination of Dr. Baru for the prestigious award was conveyed to the Corporation via a letter dated October 11, 2017 and signed by Mark Furlong, President, Customs Solutions Media, on behalf of Forbes Media.Forbes, in the document, informed that the Award was given specially to top oil and gas personalities who have made far-reaching and positive contributions to the development of the sector, and have caused sustained stability of the economy in which they operate.In arriving at the choice of Baru, Forbes noted that it had followed with keen interest the rising profile and impressive career path of the NNPC GMD through the …

Hungary eyes Nigerian crude oil, LNG …As NNPC collaborate on medicine, manpower development

At a time that international crude oil market is getting more competitive, the Hungarian Government has indicated interest to purchase crude oil and Liquefied Natural Gas (LNG) from Nigeria.The Hungarian Ambassador to Nigeria, Professor Gabor Ternak, who disclosed this during a courtesy call on the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, Tuesday in Abuja, said the decision to import crude oil and LNG from Nigeria was informed by the need to bridge the current supply gap being experienced in Hungary. “Hungary depends on oil importation to serve its energy needs as the country is non-oil producing. We want to diversify our sources of crude oil and LNG import and we are considering purchasing these products from Nigeria,” Ambassador Ternak stated.He said the Nigerian crude oil would be of great help to Hungarian Refineries involved in large scale commercial refining.The Hungarian envoy stated that Nigeria could also leverage on th…

Oil snoozes through Saudi-Iran spat, imminent OPEC meeting

With tensions between Saudi Arabia and Iran ratcheting up and OPEC about to announce its plans for global crude supply, investors would be forgiven for anticipating a few gyrations in oil prices. The opposite has happened: the market is the calmest it’s been for almost nine months.Implied volatility, a gauge of expected price moves, dropped to about 22% on Friday for New York-traded crude. That was the lowest level since early March and close to a three-year low. Other gauges of turbulence have also traded at multi-year lows since the start of October, despite the escalating tensions and meetings this week in Vienna, where OPEC and allied oil-producer states will discuss the extension of supply curbs that propped up the market.The problem for those hedge funds that thrive off sharp intraday price moves is that the Organization of Petroleum Exporting Countries already sign-posted its next move: the producer group and Russia, the key non-member partner to the curbs deal, are said to hav…

Shell restores full cash dividend as it emerges from slump

Royal Dutch Shell Plc will pay its entire dividend in cash for the first time in more than two years as Europe’s biggest oil company seeks to demonstrate it has left the worst of the crude slump behind.From this quarter, Shell will no longer offer shareholders the option to take the payout in stock, it said Tuesday. The company paid about $16 billion in dividends in the past year, of which about $4 billion was in shares. It also reiterated plans to buy back at least $25 billion of stock by 2020, subject to further debt reductions and a continued recovery in oil prices.Following sweeping cost cuts, the world’s biggest oil producers, including Shell, Exxon Mobil Corp. and BP Plc, have increased profit this year, reduced debt and covered their dividend with cash from operations even with oil at $50/bbl. Last month, BP gave the boldest signal yet that the industry had emerged from the downturn, announcing that it would buy back shares for the first time in three years. The steps announced…

Total commences operation in Brazil’s giant Libra Field

An international oil giant, Total has  announced its first oil from the Libra mega-field, located in ultra-deep waters 180 kilometers offshore Rio de Janeiro, in the pre-salt Santos Basin in Brazil. The floating production, storage and offloading (FPSO) unit Pioneiro de Libra has a capacity of 50,000 barrels of oil. This start-up of the early production system will generate revenue while also enabling technical data to be collected to optimize the subsequent development phases.“Total is pleased that production has begun on the giant Libra field, which is a multi-billion barrel resource,” said Arnaud Breuillac, President, Exploration & Production at Total. “Libra is a major asset in Total’s portfolio and fits into our strategy of investing in highly competitive projects with low break-even points. The start-up is a major step in the development of this field, and Total is bringing its deep offshore expertise to the project.”Beyond this early production phase, the Libra development …

Total commences operation in Brazil’s giant Libra Field

An international oil giant, Total has  announced its first oil from the Libra mega-field, located in ultra-deep waters 180 kilometers offshore Rio de Janeiro, in the pre-salt Santos Basin in Brazil. The floating production, storage and offloading (FPSO) unit Pioneiro de Libra has a capacity of 50,000 barrels of oil. This start-up of the early production system will generate revenue while also enabling technical data to be collected to optimize the subsequent development phases.“Total is pleased that production has begun on the giant Libra field, which is a multi-billion barrel resource,” said Arnaud Breuillac, President, Exploration & Production at Total. “Libra is a major asset in Total’s portfolio and fits into our strategy of investing in highly competitive projects with low break-even points. The start-up is a major step in the development of this field, and Total is bringing its deep offshore expertise to the project.”Beyond this early production phase, the Libra development …

CNOOC announces Weizhou 12-2 oil field Phase II project ...Commences production

CNOOC Limited has announced the Weizhou 12-2 oil field phase II project has already commenced production.The Weizhou 12-2 oil field phase II project is located in Beibu Gulf in the South China Sea with an average water depth of approximately 35.7 meters. In addition to fully utilizing the existing facilities of Weizhou 12-2 oil field, the project has also built one wellhead platform. There are seven wells currently producing approximately 6,400 barrels of crude oil per day. The project is expected to reach its ODP designed peak production of approximately 11,800 barrels of crude oil per day in 2018.The Weizhou 12-2 oil field phase II project is an independent oilfield in which the Company holds 100% interest and acts as the operator.

ExxonMobil begins production at Hebron Field

ExxonMobil has announced that the Hebron project started production safely and ahead of schedule. At its peak, the project will produce up to 150,000 barrels of oil per day.Discovered in 1980, the Hebron field is estimated to contain more than 700 million barrels of recoverable resources.The Hebron platform consists of a stand-alone gravity-based structure, which supports an integrated topsides deck that includes living quarters and drilling and production facilities. The platform has storage capacity of 1.2 million barrels of oil.The platform is located about 200 miles (350 kilometers) offshore Newfoundland and Labrador in water depths of about 300 feet (92 meters).“The successful startup of the Hebron project demonstrates ExxonMobil’s disciplined project management expertise and highlights its ability to execute large-scale energy developments safely and responsibly in challenging operating conditions,” said Liam Mallon, president of ExxonMobil Development Company. “We thank the pro…

ExxonMobil begins production at Hebron Field

ExxonMobil has announced that the Hebron project started production safely and ahead of schedule. At its peak, the project will produce up to 150,000 barrels of oil per day.Discovered in 1980, the Hebron field is estimated to contain more than 700 million barrels of recoverable resources.The Hebron platform consists of a stand-alone gravity-based structure, which supports an integrated topsides deck that includes living quarters and drilling and production facilities. The platform has storage capacity of 1.2 million barrels of oil.The platform is located about 200 miles (350 kilometers) offshore Newfoundland and Labrador in water depths of about 300 feet (92 meters).“The successful startup of the Hebron project demonstrates ExxonMobil’s disciplined project management expertise and highlights its ability to execute large-scale energy developments safely and responsibly in challenging operating conditions,” said Liam Mallon, president of ExxonMobil Development Company. “We thank the pro…

AEDC denies issuing force majeure over direct electricity purchase

By Oke PeterTHE Abuja Electricity Distribution Company (AEDC), has disassociated itself from notice of force majeure served Bureau of Public Enterprises, BPE, by the Electricity Distribution Companies, DISCOs, over the new Eligible Customer Policy in the Nigerian Electricity Supply Industry (NESI).It will be recalled that the Nigerian Electricity Regulatory Commission, (NERC), recently declared eligible customer regulation, a rule which will enable some categories of customers to buy electricity directly from the power Generation Companies, GENCOs.NERC, had early this month presented the regulations to guide the implementation of the customer eligibility in the NESI.Force majeure is a contractual and legal announcement, which is used to declare the inability of a party to meet up with a contractual obligation with another party in business.Denying involvement in the said force majeure, the AEDC in a statement by its Head, Corporate Communications, Mr Oyebode Fadipe, stated that the in…

PENGASSAN tasks NNPC on rehabilitation of fuel depots, tank farms

The Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, has called on the Nigerian National Petroleum Corporation, NNPC, to intensify ongoing rehabilitation of the nation’s downstream facilities, especially the depots, pipelines, tank farms, and jetties to further ensure seamless supply of products across the country.PENGASSAN  commended the NNPC Group Managing Director, Dr. Maikanti Baru, for collaborating with other government agencies and critical stakeholders to bring about efficiency in the petroleum industry, adding that his efforts have led to improved products supply being enjoyed in the country.National President of the association, Francis Johnson, said PENGASSAN was in support of the NNPC and its plan too rehabilitate the national refineries.“PENGASSAN will support any effective, efficient and sustainable model that can make the refineries viable,” Comrade Johnson said.Speaking on NNPC’s exploration activities in the inland basins, the union commended …

Eni becomes operator of Angola's Cabinda North Block

Eni’s Chief Executive Officer, Claudio Descalzi and Sonangol’s Chairman of the Board of Directors Carlos Saturnino signed today an agreement that assigns operatorship of Cabinda North Block to Eni, as well as 48% the block’s rights. The signing took place in Luanda, in the presence of the President of the Republic of Angola João Gonçalves Lourenço and the Prime Minister of Italy Paolo Gentiloni.Cabinda North, of which Eni previously controlled 15%, is an onshore block located in a little explored oil basin in the north of the country, where Eni will be able to leverage the mining knowledge acquired in activities in a neighboring area in the Republic of Congo. In case of significant discoveries, production will be facilitated by existing infrastructure.In addition, the two companies signed a Memorandum of Understanding to define joint projects throughout the whole value chain of the energy sector. The MoU provides for the assessment of associated and non-associated gas resources in Ang…

NNPC justifies 2.3mbpd for 2018 Budget … Says crude oil production average performance for 2017 stands at 86%

The Nigerian National Petroleum Corporation (NNPC) has said the Federal Government’s 2.3 million barrels per day crude oil projection for the 2018 Budget is achievable and realistic.Group General Manager, Corporate Planning and Strategy, Mr. Bala Wunti, made this submission on Monday during a presentation to the House of Representatives Joint Committee on 2018-2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) at the National Assembly Complex in Abuja.Mr. Wunti said the current production capacity for the country was more than 2.3 million barrels per day, noting, however, that due to the insecurity in the Niger Delta region, the full production capacity has not been achieved over the years.“The 2018 crude oil national production projection for Joint Ventures, Modified Carry Arrangement or External Financing, Production Sharing Contracts, Independents, Marginal Fields and Service Contracts is about 2,298,000 barrels per day,” Mr. Wunti said.He added that the …

NNPC to unveil core investor for Benue Bio-Fuel project

The Nigerian National Petroleum Corporation (NNPC) is set to conclude on the choice of a core investor for the proposed Bio-fuel plant in Agasha Guma area of Benue State.Speaking at the end of a follow-up meeting with a Benue State delegation led by Deputy Governor, Engr. Benson Abounu, the Group Managing Director of the Corporation, Dr. Maikanti Baru, said that arrangements have been finalized to name the prospective investor in the weeks ahead after a painstaking due diligence exercise.The GMD who was represented by the Chief Operating Officer in Charge of Ventures Directorate, Dr. Babatunde Adeniran, explained that the core investor would provide 70 per cent of the required funding for the project, while Benue State government and the NNPC would take up the balance equity contribution. The NNPC said upon completion, the plant was projected to generate about one million direct and indirect jobs for the populace noting that the project would help link the energy sector with the agric…

CNOOC announces Libra Block in Brazil begins production

CNOOC Limited has announced today Libra block in Brazil has already started production.The Libra block is located approximately 180 kilometers off the Rio de Janeiro coast. The block had its first oil produced with the Pioneiro de Libra FPSO, destined to extended well tests, with the purpose of evaluating the dynamic behavior of the oil reservoir and deepening the knowledge on the characteristics of the deposit. Pioneiro de Libra has a daily operational capacity rate up to 50,000 barrels of crude oil and 4 million cubic meters of associated gas.The Company holds 10% in the Libra Consortium, with the operator Petrobras (40%), Shell (20%), Total (20%) and CNPC (10%).Mr. Chen Ming, President of CNOOC International Limited commented, "It is a great pleasure to see the Libra block reaching an important milestone, which is the result of our joint efforts with our partners, and we look forward to better performance in the future."Mr. Yuan Guangyu, CEO of the Company commented, &quo…

Oil options cheapest in three years as OPEC meeting approaches

Betting on price swings in oil costs the least in three years before next week’s OPEC meeting. Implied volatility of options on second-month West Texas Intermediate futures sank to 20.94% Friday, the lowest level since October 2014, according to data compiled by Bloomberg. Volatility has been sinking as futures move steadily higher, with prices reaching $59/bbl for the first time in more than two years.This week’s cheap options may prove a good deal, if the OPEC/non-OPEC meeting next week brings any surprises that send prices gyrating. The organization and Russia are said to have agreed on the framework of an extension of the oil supply cuts beyond March. But there still are details to be hammered out.Source: World Oil

Aramco sees oil market balanced as UAE dismisses shale threat

Global crude inventories are declining and supply and demand are in balance, according to the head of Saudi Aramco, while the United Arab Emirates energy minister said U.S. shale oil doesn’t threaten OPEC’s efforts to support the market.Demand for crude is continuing to rise and oil inventories are returning to the levels of the past five years, Aramco CEO Amin Nasser said Sunday in the eastern Saudi city of Dhahran. “This is helping prices improve,” he said, as the Organization of Petroleum Exporting Countries and allied suppliers prepared to gather this week in Vienna to assess the market.UAE Energy Minister Suhail Al Mazrouei said he’s optimistic the producers will extend their deal on output cuts when they meet on Nov. 30. Shale oil represents only a fraction of global production and “is not an enemy to OPEC,” he told reporters in Abu Dhabi, referring to the U.S. deposits that contributed to a worldwide glut.OPEC and Russia have outlined a deal to extend their oil production limit…

Oil production from indigenous firms rises by 214%

Indigenous oil companies have recorded significant increases in their crude oil production, with their total output rising by 214 per cent in one month, the latest report from the Nigerian National Petroleum Corporation (NNPC) has indicated.The data obtained by our correspondent on Friday showed that the total oil production from the indigenous independent firms stood at 7.487 million barrels in June this year, up from 2.388 million barrels in May.Many of the local firms were hit by the militant attacks on oil and gas facilities in the Niger Delta last year as they posted steep decline in production until June this year when the Forcados export terminal came back on stream.The companies, including Seplat Petroleum Development Company Plc and Neconde Energy Limited, suffered severely from the shutdown of the Trans Forcados Pipeline, their main export route, for more than a year.Total oil production from the local firms including marginal fields’ operators fell to 46.01 million barrels …

Baru reels out recipe for diversification, at ABU convocation lecture

The Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Dr. Maikanti Baru, on Friday in Zaria proffered illuminating guidelines for Nigeria to achieve the much desired diversification of its economic base away from the vulnerability and fragility of oil and gas revenue. Speaking at the 40th Pre-Convocation Lecture of the Ahmadu Bello University, Baru, a First Class Mechanical Engineering graduate of the University, said Nigeria must seek to diversify the portfolio of economic activities, reduce dependency on mono sector and take advantage of new opportunities advanced by technology. Amid intermittent bouts of standing ovation from an appreciative audience, the NNPC GMD in the lecture entitled: Oil & Gas Industry and the Nigerian State: Enduring Value, Promoting Economic Integration and Social Stabilityregrettedthat the perennial complete dependence on oil as our main source of national income had remained a fundamental problem to the Nigerian economy. H…

Oil theft: NSCDC arrests 33 suspects, seizes 19 trucks in Rivers

Operatives of the Nigerian Security and Civil Defence Corps (NSCDC) have arrested 33 suspected oil thieves and impounded 19 trucks laden with illegally refined petroleum products worth millions of naira.Rivers State Commandant of NSCDC, Mr. Mohammed Haruna, told newsmen while parading some of the suspects in Port Harcourt on Friday that they (suspects) were apprehended in different parts of the state within the last four months.Haruna explained that the command also impounded a total of four cars and four Toyota Hiace buses loaded with jerry cans of illegally refined Automated Gas Oil (diesel).He called on members of the public to join hands with the Corps in the fight against pipeline vandalism, bunkering and illegal refineries in the Niger Delta region.“The anti-vandal team of the NSCDC in Rivers has arrested 18 suspects involved in illegal oil business. The corps also arrested eight trucks, three vehicles, three buses, and 100 tanks of 1000 litres of AGO.“On 12 July 2017, at 10:30h…

OPEC to get few answers on shale before decision on production cuts

Organisation for the Petroleum Exporting Countries (OPEC) will have to decide whether to extend global oil cuts without knowing whether they’re triggering a new flood of rival supply from U.S. shale producers.  Analysts gave differing outlooks for U.S. shale output in a briefing to officials from the Organization of Petroleum Exporting Countries, stoking concern ahead of OPEC’s planned meeting on Nov. 30, according to people with knowledge of the discussions. The analysts included Andy Hall, the veteran crude trader who closed his hedge fund this year, said the people, who asked not to be identified because the briefing was private.The duration of any extension in output limits will depend partly on estimates of future supplies of U.S. shale and other competing crudes. OPEC and allied producers including Russia are to gather next week in Vienna to assess oil markets and decide whether to extend their historic cuts beyond March. Several OPEC ministers, including Saudi Energy Minister K…

Vandals destroy Tower 53 in Cross Rivers

Vandals struck at Tower 53, Itu-Adiabo 132kV transmission line located in a valley in Inuakpa, Odukpani Local Government Area in Cross Rivers State and cut down the transmission tower which TCN had earlier taken out for transmission lines re-conductoring to enhance its capacity.A release signed by the General Manager, Public Affairs, Transmission Company of Nigeria (TCN), Ndidi Mbah, says that the vandalized tower was discovered by TCN engineers around 3pm on the 16th of November, 2017, while on transmission lines patrol. This act of vandalism is a clear unpatriotic act of sabotage against the transmission expansion initiatives of the present management of the company.According to the release, the Itu - Adiabo132kV transmission line which emanates from the Adiabo transmission station is the second transmission line through which power is supplied to Calabar and environs. Although Calabar is currently being fed from the Adiabo-Calabar 132kV transmission substation, the vandalized tower…

Danos completes water injection piping fabrication for offshore platform in West Africa

Danos has completed water injection piping work for an offshore platform operated by a major oil and gas producer subsidiary off the coast of Equatorial Guinea. The on-time, incident-free fabrication project was completed at Danos’ Amelia Integrated Services Complex.The project required five-and-a-half months to complete, with Danos posting a weld-repair rate of 0.0007% for the 26,578 in. inspected.“In addition to fabrication, we also have extensive experience performing installation, hook-up and turnaround projects in West Africa,” said Mark Danos, V.P. of project services for Danos. “As a result, we’ve developed long-term partnerships with our clients who rely on our integrated services to operate their gas processing plants and offshore platforms in the area.”Danos supports regular maintenance needs and shut-in/turnaround projects for onshore gas processing plants and offshore platforms in West Africa. The company has been operating in the region since 1992, providing project manag…

NNPC partners Kebbi govt on 84m litres of fuel-ethanol project …As parties sign MoU on biofuels

As part of efforts to transform the Nigerian National Petroleum Corporation (NNPC) into an integrated energy company, the Corporation has signed a Memorandum of Understanding (MoU) with the Kebbi State Government to build an 84 million litres per annum capacity fuel-ethanol project.Speaking during the signing of the MoU between the NNPC and the Kebbi State Government (KBSG) at the NNPC Towers, in Abuja on Thursday, the Group Managing Director of NNPC, Dr. Maikanti Barusaid the MoU wasto commence the practical implementation of the NNPC Fuel-Ethanol Projects in Kalgo and Koko Besse Local Government areas of Kebbi State.He stated that the occasion was a milestone in the drive by the administration of President Muhammadu Buhari to diversify the economy with a view to saving the Country from the uncertainties of absolute dependence on oil, stressing that the signing of the MoU between KBSG and NNPC epitomizes the gains of the laudable vision of the Federal Government.Dr. Baru noted that…

Eko Disco announces five-week power outage in Lagos

By Oke PeterEko Electricity Distribution Company (EEDC) has announced planned power outage programme that will affect some residents of Lagos metropolis for five weeks.Eko Disco’s General Manager, Corporate Communications, Mr. Godwin Idemudia said in a statement, on Tuesday, that the planned outage was to enable Transmission Company of Nigeria (TCN) to carry out routine maintenance work on some its vital facilities servicing the area.According to Idemudia, the planned outage which is scheduled to take place every Tuesday and Thursday for the next five weeks will last for four hours on each day of the maintenance work.
Idemudia listed areas to be affected by the planned power outage to include Lagos Island, Victoria Island, Ikoyi, Lekki, Ajah, Ibeju and their environs.The release further added that in order to minimise the effect of the planned outage on the company’s customers, back-feeding arrangements have been put in place from Ijora Transmission station to Alagbon Transmission Sta…

Reps committee to probe alleged missing $60bn petroleum profit tax

House of Representatives Committee on Public Petitions says it will investigate alleged missing $60.3bn Petroleum Profit Tax and Royalty revenues at the Central Bank of Nigeria.Chairman of the committee, Mr Uzoma Nkem-Abonta (Abia-PDP), stated this on Wednesday, in Abuja, following failure by the CBN to appear before the committee to defend its submissions over the alleged infractions.He said that the committee would conduct a public hearing as part of the process of investigating the allegation.The allegation emanated from a petition by Mr Fidelis Uzonwani, a chartered accountant with Synergy Resources Nigeria Limited, to the committee.Uzonwani, who appeared at the committee’s sitting, told the members that “from 2004 to 2016, over $60bn of petroleum profit tax and royalty revenues were unaccounted for by the CBN’’.According to him, the CBN and the Federal Inland Revenue Service failed to appear before members of the committee to defend their submissions upon realising that their sec…

NNPC secures $3.7bn alternative financing ...Targets 38bn in revenue, 190,000bopd increased production 

The Nigerian National Petroleum Corporation (NNPC) has secured a total of $3.7bn in Alternative Financing Agreement in the last three years, Group Managing Director of the Corporation, Dr. Maikanti Baru has said.Dr. Baru, who made this known while speaking at the 35th Annual Conference of the Nigerian Association of Petroleum Explorationists (NAPE), in Lagos on Wednesday, said securing external funding arrangement was crucial to sustaining oil and gas production in Nigeria and ensuring the survival of Nigeria’s energy future.“Within the last three (3) years, we have embarked on several successful Alternative Funding Programmes to sustain and increase the national daily production and producibility,” Dr. Baru told delegates at the annual conference.According to the GMD, the $3.7bn financing package included the $1.2Billion multi-year drilling financing package for 23 onshore and 13 offshore wells under NNPC/Chevron Nigeria Limited Joint Venture termed Project Cheetah and the $2.5Billio…

Two off grid projects to electrify rural communities in Nigeria

Two off grid projects were recently announced in Nigeria, one consisting of a partnership between Pan Africa Solar and BBOXX (PAS BBOXX), adding to the growing momentum of the off grid sector across Africa -The first project - headed up by Pan Africa Solar – is an 80MW utility scale Photovoltaic Power Plant located in Katsina State, near the town of Kankia. The project focuses on a stable state in the north of the country, where – due to lack of available hydro resources and gas supply – renewables are the only long term sustainable option. The project will integrate panels mounted on tilting structures that track the path of the sun throughout the day, constructed on 210 hectares of land.BBOXX is collaborating with Pan Africa Solar on a second project supplying the distributed energy service that is operating in Kano State, Northern Nigeria, with hopes to expand across the country.BBOXX’s VP of Business Development, Anshul Patel shared his comments on the partnership and its plans:“P…

Total to offset pollutant from plane travel through Adilabad Biogas Project

Yann Arthus-Bertrand, President of the GoodPlanet Foundation, and Patrick Pouyanné, Chairman and Chief Executive Officer of Total, today signed an agreement for a project to deploy 8,400 biodigesters in Telangana State, India, to improve the lives of 45,000 people and contribute tackling climate change. This voluntary carbon neutrality initiative, eligible for certified carbon credits, will avoid the emission of 50,000 tons of carbon dioxide equivalent a year for a period of 10 years. That is equivalent to all emissions generated by plane travel by Total employees.Designed for use by households, biodigesters utilize a fermentation process to convert livestock manure into biogas for cooking and hot water. The solids that remain after fermentation are then used as a nutrient source for crops. Millions of households in India use wood as their primary fuel. The Adilabad project will provide around 45,000 disadvantaged people with renewable, clean, affordable energy. The benefits will incl…

Zungeru hydropower to provide 700 megawatts by 2019 — Gov Sani-Bello

Niger State Governor, Alhaji Abubakar Sani-Bello has expressed optimism that the 700 megawatts Zungeru Hydro-electricity Generation Project will be delivered on scheduled by December 2019.Also, former Chairman of the Senate Committee on Power, Senator Philip Aduda has said that the nation’s fourth hydro-electricity generating station would grossly improve power supply when completed in the next 25 months.Sani-Bello and Aduda gave these assurances shortly after an unscheduled inspection to the power plant in Zungeru, Wushishi Local Government area of Niger State.The Governor, who expressed satisfaction at the level of work at the multi-million Naira power plant, said that "with the commitment of President Muhammadu Buhari to this project and the pace at which work is in progress on site, I am sure we shall meet the December 2019 deadline for delivery of the plant.“The level of work done compared to when I visited the dam site last is quiet enormous and encouraging. With what I hav…

Siemens to cut 6,900 jobs to tackle flailing turbines business

Siemens has announced a cut about 6,900 jobs, or close to 2% of its global workforce, mainly at its power and gas division, which has been hit by the rapid growth of renewables.Most of the cuts, about 6,100, will be made before 2020 at Siemens's Power and Gas division, which once thrived on supplying large gas turbines for electricity generation but has been overtaken by the global surge in solar and wind capacity."The power generation industry is experiencing disruption of unprecedented scope and speed," Siemens management board member Lisa Davis said. "With their innovative strength and rapidly expanding generation capacity, renewables are putting other forms of power generation under increasing pressure," she added.Siemens' Process Industries and Drives division, which makes large mechanical drives for oil and gas extraction and turbines, will also be hit, Siemens said, not ruling out forced layoffs as part of the plan.Aside from loss-making wind power v…

Halliburton open new oil and gas training, research center in Nigeria

Halliburton has announced that it is working with the Akwa Ibom State government to inaugurate and open Nigeria’s first oil and gas training center fully-equipped with oilfield operations tools.The Akwa Ibom Oil and Gas Training and Research Center will provide courses in field development, drilling and completions engineering, well intervention solutions and digital technologies to local energy employees and students. Halliburton Landmark will provide the training curriculum, instructors, software, workstations and tools to be used in the classroom. The Akwa Ibom state government provided the facility infrastructure.“We believe Nigeria has great oil and gas potential, and the country will play a key role in the global energy industry within the next decade. We are pleased to collaborate with the Akwa Ibom government to bring the first of its kind oil and gas training and research center to the Sub-Sahara Africa region,” said Henry Oki, area vice president of Halliburton Nigeria. “Wit…

Asian investor steps into America's shale gas market

A relentless flow of natural gas from America’s shale basins is drawing bears to the market—and that’s music to the ears of at least one Asia-backed investor.Kalnin Ventures LLC—an investment company with funding from Thailand’s largest coal miner, Banpu Public Company Ltd.—has spent about $417 million over the past two years snapping up 55,000 net acres in the Marcellus formation in northern Pennsylvania. The company’s co-founder, Christopher Kalnin, was in Thailand earlier this month to drum up more money.As drillers from Chesapeake Energy Corp. to Carrizo Oil & Gas Inc. shed Marcellus assets to focus on higher-priced crude and liquids in Texas’ Permian Basin, Kalnin is stepping into the void. Rather than chase growth, Kalnin’s BKV Oil and Gas Capital Partners LP fund seeks deals cheap enough to get cash back even as well output dwindles and gas prices remain below their 10-year average.“People are still pretty skeptical on gas,” Kalnin said in a phone interview from Bangkok. “T…

Police in Edo uncover 40 illegal refineries

Over 40 illegal refineries were uncovered by men of the Edo State Police Command at a forest in Egono village, near Auchi, headquarters of Estako West local government area of the state.The policemen, who were combing the forest in search of criminals and kidnappers hideout in the forest, stumbled upon the illegal refineries.The refineries believed to be owned by different individuals have separate compartments for refining crude oil to kerosene, petrol and diesel.Those involved in the illegal act took advantage of the ruptured crude oil pipeline that run through the community and connected a pipe to siphon crude oil from the pipeline to their refineries.To make their job easy, owners of the refineries dug the earth in several places to store the refined products before they are filled into gallons or drums.State Commissioner of Police, Johnson Babatunde Kokumo, who visited the illegal refineries site, described it as a monumental loss to the country’s revenue.The Commissioner who sai…

ESA maps out disruption-proof, resilient Grid: 35 GW of Energy Storage by 2025

The Energy Storage Association (ESA) has announced its “35x25: A Vision for Energy Storage” white paper, which maps a clear and actionable pathway to reaching 35 gigawatts (GW) of new energy storage systems installed in the United States by 2025. Created in conjunction with Navigant Research, the white paper outlines the market drivers that are powering rapid storage industry growth and explains the value of a disruption-proof grid. It also quantifies the considerable benefits of widespread energy storage deployment, such as $4 billion in cumulative operational grid savings and the potential for more than 167,000 new jobs. The report charts 35 GW of new installations across all energy storage technologies from 2017 to 2025.In 2017, the US had approximately 0.5 GW of installed energy storage, deployed in both retail and wholesale markets. Navigant Research informs ESA’s 35x25 vision of growth to 35 GW installed in less than 10 years – bringing with it the benefits of substantial grid s…