Home Tags Marine & Petroleum

Tag: Marine & Petroleum

Gas Flaring: FG threatens to revoke licences of oil companies

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has said that the Federal Government will from 2019 commence the revocation of the licences of oil companies that fail to stop gas flaring in their operations in the country. According to the News Agency of Nigeria (NAN), Kachikwu made this known while speaking at the 2018 Buyers’ Forum/Stakeholders’ Engagement organised by the Gas Aggregation Company of Nigeria in Abuja, on Monday He said that the Federal Government had been locked in a battle with upstream oil companies over the issue of gas flaring. He noted that the Federal Government was keen on ending gas flaring, but oil companies still give lot of reasons why gas flaring cannot be ended. “Government wants to end flare, oil companies still give lot of reasons why flare cannot be ended.Bottom line is cash call and money. But the reality is that whether or not we deal with cash call issues, it is not an optional agenda, it is a compulsive immediate agenda. It is destructive to the populace; it is intolerable in developed country and it should not be tolerated here either," he said.

Maersk decries suspension by NPA, showcases 4 holding bays

The management of Maersk Nigeria Limited has decried its suspension by the Nigerian Ports Authority (NPA) over alleged lack of empty containers holding bay, describing the action as “misguiding” and misleading the public. NPA had on Friday suspended the shipping services of Maersk Line, Cosco Shipping, APS and Lansal shipping companies for 10 days allegedly for not having functional holding bays for their empty containers.  But in an advisory issued by Maersk to its customers on Monday, the company said it has four functional holding bays in Lagos with a storage capacity of 8,150 TEUs.  “It is misguiding for the Nigerian Ports Authority (NPA) to suspend Maersk Nigeria Limited for failing to acquire and operate holding bays for empty containers as Maersk Nigeria Limited operates four holding bays within the Lagos environ with a storage capacity of 8,150 TEUs which is more than 50% of the discharge average.

NIMASA begins clampdown on foreign-manned vessels

Towards a full implementation of the Cabotage Act, the Nigerian Maritime Administration and Safely Agency (NIMASA) says it has begun sanctioning vessels manned by foreigners but operating in the nation’s territorial waters. Speaking in Lagos during the National Executive Council (NEC) meeting of the Maritime Workers’ Union of Nigeria (MWUN), the NIMASA Director General, Dr. Dakuku Peterside, said that measures were already on ground to ensure that Nigerian seafarers are the crew on vessels operating in the nation’s maritime domain.

Eterna rises to medium-price stock on NSE

Regardless of challenges confronting operators in Nigeria's downstream sector of the oil and gas industry, Eterna Plc's development of a five-year strategic plan has continued to yield positive results for the company. In the latest development, following a rise in the company's consolidated operating revenue, authorities at the Nigerian Stock Exchange (NSE) have reclassified Eterna Plc from a low-priced stock to medium, providing additional liquidity that will enhance price discovery for the downstream oil and gas company. As a medium-priced stock, stockbrokers could move the share price of Eterna with a minimum volume of 50,000 shares as against 100,000 minimum shares required for low-priced stocks.

Global oil benchmarks clash in aftermath of ambiguous OPEC deal

The world’s two most important oil benchmarks are behaving very differently in the aftermath of OPEC’s meeting in Vienna. Brent crude is being pared back by Saudi Arabia’s pledge to boost output after an ambiguous OPEC pact and contradictory statements from other nations spurred a price jump on Friday, while shrinking stockpiles are supporting West Texas Intermediate. The spread between the European and U.S. markers narrowed more than 16 percent Monday and has almost halved in under a week. While the prospect of more OPEC crude is weighing on Brent, Goldman Sachs Group Inc. says even an aggressive output boost will lead to only a slim surplus that would leave the market with little remaining spare capacity. 

Nigeria, Morocco agree on next steps for offshore/onshore gas pipeline

Morocco and Nigeria on Sunday signed a joint declaration in Rabat laying out the next steps for the completion of a gas pipeline deal that will be built onshore and offshore, Moroccan state news agency MAP said. The two countries agreed to the pipeline in December 2016 and launched feasibility studies ending with a plan to build the pipeline onshore and offshore, it said.  

Nigeria’s Gas Sector holds $51bn investment opportunity

About $51 billion worth of investment opportunities currently exists in Nigeria's gas sector. This investment could be spread to Free Trade Zones (FTZ), central gas processing facilities, fertilizer plants, gas exploration & production, pipe milling & local fabrication yards.Other available investment areas are virtual pipelines, gas transmission, and power plant projects, flare gas commercialisation initiatives and liquefied petroleum gas plants. Already, three gas transportation infrastructure projects have been scheduled for completion by the end of the fourth quarter of 2018.The projects include Obiafu-Obrikom-Oben (OB3) Pipeline, which is expected to link gas sources in the East to Western and Northern markets; the ELPS II Pipeline expansion project that is to take gas from the source to customers; and the ELPS-Lekki Pipeline project.

PIB: NNPC wants regualtory issues expunged

The Nigerian National Petroleum Corporation (NNPC) has urged the Senate to consider simplifying the fiscal provisions in the Petroleum Industry Fiscal Bill (PIFB) to ensure easy implementation of the law. Group Managing Director of the corporation, Dr. Maikanti Baru, made this submission during the Senate Joint Committee Public Hearing on the Petroleum Industry Fiscal Bill (PIFB), Petroleum Host and Impacted Communities Development Bill (PHICDB) and Petroleum Industry Administration Bill (PIAB) at the National Assembly on Monday. Represented by the Chief Operating Officer (COO), Gas and Power, Engr. Saidu Mohammed, the GMD also advocated for the inclusion of clauses to make it easy for the law to be reviewed in response to economic, technical and other considerations.

NNPC, Agip JV boost power grid with 500mw

As part of efforts to ramp up power supply in the country, the Nigerian National Petroleum Corporation (NNPC) and its Joint Venture Partner, Nigeria Agip Oil Company Limited (NAOC) have pledged their commitment to implement the Okpai Phase 2 Project to shore up the current power generation with 500 megawatts of power. Group Managing Director of the NNPC, Dr. Maikanti Baru, made the disclosure when he received the new Vice Chairman and Managing Director of NAOC, Fiorillo Lorenzo, in his office at the NNPC Towers on Tuesday. He said that the Okpai Phase 2 Project was being fine-tuned to expeditiously bring it on stream, adding that it would increase power generation by between 10 to 12 per cent.

Marketers seek VAT exemption on cooking gas

THE Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has called for removal of Value Added Tax (VAT) on locally produced Liquefied Petroleum Gas (LPG) otherwise called cooking gas. Speaking in Lagos recently, Mr Nosa Ogieva-Okunbor, the president of the association, stated that the price of 12.5 kg cylinder of cooking gas has risen from N 3, 600 in April to between N4, 200 and N 4, 300 currently. Similarly, the price of 6kg cylinder has risen from N 7, 900 to N 8,500, and 3kg from N 3, 200 to N 3,700. Ogieva-Okunbor said it was imperative to develop effective policies to encourage investors to come into the LPG sector to deepen market penetration, boost the country’s economy and protect the environment. He questioned the rationale behind circumstances that make imported gas cheaper than locally produced gas. "Who is behind it? Why is it that VAT is not paid on imported gas but is paid on NLNG product? You said that you want to encourage the use of cooking gas in Nigeria but the one produced in our backyard is more expensive than the imported gas,” Ogieva-Okunbor queried.

Latest article

Nigeria joins oil war, makes brutal price cuts

…Selling barrels at record discounts to Brent…Traders see lackluster buying, weak demand from refiners Nigeria opened a new front...

Oil slips as OPEC-Texas agreement looks less likely

Oil dropped toward the lowest level since 2003 as prospects for a deal between OPEC and Texas to limit production appeared to...

Oxy nears truce with Icahn, adding new directors to its board

Activist investor Carl Icahn is nearing a truce with Occidental Petroleum Corp. that will see three new directors appointed to the oil...

Stay connected