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The Group Managing Director (GMD), Nigeria National Petroleum Corporation (NNPC), Dr. Maikanti Baru, yesterday said the Federal Government would adopt an “aggressive measure” to tackle the artificial scarcity of petroleum products in parts of the country, The Nation reports.
Nigerian oil and gas exports look to be facing serious threats down the line as the United States, typically the world’s largest oil consumer, exported more hydrocarbons than ever before in 2017 and shows no signs of slowing down, Bloomberg reports.
Matt Mossman, an emerging markets political risk specialist based in the United States, has highlighted the notion that Kola Aluko, a central figure in criminal trials for money laundering and petro-business corruption now underway in Houston, Lagos, and London along with his conspirators in the Nigerian government, may have unwittingly catalyzed what was possibly the largest ever transfer of energy assets from foreign companies to local ones, Daily Trust reports.
The Department of Petroleum Resources (DPR), Eket Field Office, Akwa Ibom, said on Sunday that it destroyed over 1,000 plastic containers used in selling adulterated kerosene in the state, The Guardian reports.
The Standards Organisation of Nigeria (SON) has inaugurated an Ad-hoc Committee of its top officials and other experts in the oil & gas sector to sanitise operations in the Liquefied Petroleum Gas (LPG) industry, The Nation reports. Inaugurating the team in Lagos, its Director-General, Osita Aboloma, said the objective was to address the challenges and dangers faced by sub-standard petroleum products. He said; “The committee will also certify both old and new equipment such as storage tanks, vessels, cylinders and other things to make them safer to bring about improved service delivery in that sector.”
India’s imports of Nigerian and African crude oil in October plunged to their lowest in over four years, with the world’s No.3 oil consumer increasingly turning to cheaper supplies from the United States and heavier Middle Eastern grades, Reuters reports. U.S. crude production has soared more than 14% since mid-2016 to 9.65 million barrels per day (bpd), altering trade routes as its relatively cheap and light grades become a viable import option for Asian refiners. U.S. crude oil exports to India were unheard of until 2015, when Washington eased tight export restrictions in parallel with its growing output.
The International Energy Agency (IEA) has predicted that the U.S. will be a dominant force in global oil and gas markets for many years to come as the shale boom becomes the biggest supply surge in history, Bloomberg reports.
Savannah Petroleum has announced that it has entered into a lock up agreement with, inter alia, Seven, Seven Energy Finance Limited (‘SEFL’), certain other subsidiaries of Seven (together, the ‘Seven Group’) and certain of the creditors of the Seven Group. The Lock-up Agreement relates to the proposed acquisition by Savannah of certain of the Seven Group’s assets and the associated proposed financial restructuring of the Seven Group. Seven Group holds oil and gas assets in Nigeria. Agreed Transaction The Agreed Transaction will involve the acquisition by Savannah of the following Seven Group interests: