Nigerian oil margins per barrel increased slightly in London trade on Monday, continuing the upward trend that began last week when prices surged by almost 4% on the belief that supply was contracting and the possibility of additional attacks on Russian energy infrastructure was raising concerns
At the time of drafting this report, the May delivery of Brent crude oil futures increased by 40 basis points to $85.66 a barrel.… Read the rest
The country’s petroleum products distribution and supply chain may face more challenging complexities going by current foreign exchange market intricacies.
At a media forum yesterday Major Energy Marketers Association of Nigeria(MEMAN), complained that the perplexity of the forex market uncertainty has stopped members from embarking on Premium Motor Spirit (PMS), known as petrol importation.
They said, it is not easy to put together a correct mathematical calculation of the products landing cost as to further determine the appropriate pump price.… Read the rest
The House Committee on Shipping Services of the House of Representatives has assured that the new Shippers Council bill which has past the second reading at the lower chamber will be signed into law by June this year.
The Committee also promised that they are working on the establishment of a maritime bank to ease financial services of stakeholders in the maritime industry.
A new report has listed the United States as the world’s highest methane emitter, despite sending a number of delegations to convince Nigeria and other fossil fuels-rich African countries to abandon their natural resources.
The International Energy Agency (IEA) in its latest report said that the US was followed by Russia and then China, which is one of the biggest coal energy users in the world.… Read the rest
Thenumber of functional oil drilling rigs across the country increased marginally to 16 in February, data from the latest March 2024 Monthly Oil Market Report of the Organisation of Petroleum Exporting Countries has shown.
Figures released by OPEC indicated that the country’s oil rigs increased from 15 in January to 16 in February, a development which industry operators described as significant for the production of crude.… Read the rest
Billion-dollar new port and marine projects in Nigeria in their preliminary development stages are contending with higher cost of borrowing funds, depreciation of the naira, and foreign exchange volatility.
With the recent adjustment in the benchmark interest rate by the Central Bank of Nigeria by 400 basis points to 22.75 percent, experts say investors would find it difficult to source funds to invest in marine projects.… Read the rest
The Nigerian Gas Association (NGA) has commended the federal government for the recent gazetting of three policy directives in the oil and gas sector.
The directives, issued on March 1, include introducing fiscal incentives for non-associated gas, midstream, and deepwater developments, as well as reducing the contracting cycle from 36 months to six months.
According to a statement on Friday by the association, Aka Nwokedi, NGA president, said the policies mark a significant step towards unlocking investments in the oil and gas sector.… Read the rest
The Nigerian National Petroleum Corporation Limited, NNPCL, says it recorded more than 9000 infractions on the nation’s oil pipeline in one year.
At an oversight visit to the agency’s headquarters, the ad hoc Committee on Oil Theft raises concerns over the herculean challenge posed by operating oil and gas pipelines.
The special committee set up to investigate the challenge of oil theft is at the headquarters of the NNPCL to further gather useful information on the menace.… Read the rest
The Ogbia High Court sitting in the Bayelsa State capital, Yenagoa, has ruled that Otuabagi is the host community to the first oil well that crude oil was discovered in commercial quantities in Nigeria in 1956.
It also ordered “the Oloibiri community to desist from demanding a relocation of the Museum and Research Centre Project or any part thereof since the earmarked project can only be sited where artefacts such as the first oil well are located.”… Read the rest
The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Felix Omatsola Ogbe on Monday applauded President Bola Ahmed Tinubu for announcing three Presidential executive orders directed at incentivizing the Nigerian oil and gas industry, encouraging new investments in the sector, reducing contracting costs and timelines, and promoting cost efficiency in local content requirements.
The executive orders are the Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc) Order 2024; Presidential directive on Local Content Compliance Requirements, 2024 (EO 41); and Presidential directive on Reduction of Petroleum Sector Contracting Costs and Timelines, 2024 (EO 42).… Read the rest