True Dominion Enterprises Ltd: May 2017

True Dominion Enterprises Ltd

Wednesday 31 May 2017

Total, Exxon express interest in oil and gas exploration off Crete

31 May 2017, Crete, Greece — A consortium that includes Total and Exxon Mobil has submitted an expression of interest in oil and gas exploration and exploitation in two sites off the Greek island of Crete, the energy ministry said on Wednesday. Greece’s Hellenic Petroleum is the other company in the consortium. Greece has launched […] More »

Libya biggest oil field recovery boosts country’s output

31 May 2017, Tripoli — Libya’s biggest oil field boosted production, allowing the OPEC nation to pump crude at the highest level since October 2014. Crude from Sharara field rose by 25,000 barrels a day to 250,000 barrels, according to a person with direct knowledge of the matter who asked not to be identified because […] More »

Swedish Court allows re-export of Russian gas by Ukriane – Kiev

31 May 2017, Stockholm — The Arbitration Institute of the Stockholm Chamber of Commerce on Wednesday lifted the ban on re-export of Russian natural gas by Ukraine and ruled to review the price formula stipulated by gas deliveries contract between Russia’s Gazprom and Ukraine’s Naftogaz, the Ukrainian Foreign Ministry said. Gazprom has been litigating with […] More »

Shell completes divestment of oil sands interests in Canada

31 May 2017, London — Royal Dutch Shell plc has announced the completion of two previously announced agreements with Shell Canada Energy, Shell Canada Limited and Shell Canada Resources that will see Shell sell all its in-situ and undeveloped oil sands interests in Canada and reduce its share in the Athabasca Oil Sands Project (AOSP) […] More »

Gas Supplies to Germany Reached 22.3 Bcm — Gazprom

31 May 2017, Moscow — Russian energy giant Gazprom has supplied 22.3 billion cubic meters of natural gas to Germany since the start of 2017, which is 15.7 percent more than in the same period in 2016, Gazprom said in a statement. “From January 1 to May 30, 2017, Gazprom supplied to the German market […] More »

Dana Gas venture seeks $26.5b damages from Iraq Kurds

31 May 2017, London — Dana Gas and its partners are seeking damages of at least $26.5 billion (Dh97.2 billion) from Iraq’s self-governing Kurdish region for delays in oil and natural gas projects, a US court filing shows. The company’s shares gained the most in more than three months. UAE-based Dana Gas and its partners […] More »

NIMASA reiterates commitment to ensuring sea time training for Nigerian seafarers

Michael James 31 May 2017, Sweetcrude, Lagos – The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside has restated the commitment of the Agency to ensuring that all beneficiaries of the Nigerian Seafarers Development Programme (NSDP) conclude their programme by getting sea time training. Dr. Dakuku, who made this […] More »

Indonesia indicates interest in Nigerian crude

Michael James 31 May 2017, Sweetcrude, Lagos – Indonesia, has indicated interest to purchase more crude oil from Nigeria. Indonesian Ambassador to Nigeria, Mr. Harry Purwanto, who stated this in Abuja when he paid a courtesy visit to the Group Managing Director of Nigerian National Petroleum Corporation, NNPC, Dr Maikanti Baru, explained that his Country’s […] More »

Zazzau Emirate Lends Support To Fight Against Vandalism, Non-Payment of Bills

31 May 2017, Sweecrude, Lagos – The Emir of Zazzau, Alh. (Dr.) Shehu Idris, has expressed readiness to support Kaduna Electric in its effort to end vandalism, encourage prompt settlement of electricity bills and promote the conservation of energy. The Emir gave the assurance while receiving staff of Kaduna Electric who paid him a courtesy […] More »

Oil at three-week low as rising output risks OPEC-led deal

31 May 2017, London — Oil fell to a three-week low on Wednesday on news that Libyan output was recovering from a technical issue at an oilfield, fuelling concerns that OPEC-led output cuts on reducing global inventories were being undermined by producers outside the deal. Global benchmark Brent crude futures LCOc1 were down $1.15, or […] More »

OPEC daily basket price close at $49.39/b

31 May 2017, Sweetcrude, Vienna, Austria — The price of OPEC basket of thirteen crudes stood at $49.39 a barrel on Tuesday, compared with $49.67 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light […] More »

Trelleborg develops standardized buoyancy module system

31 May 2017, Sweetcrude, Houston, Texas — Trelleborg’s offshore operation recently developed a new Standardized Buoyancy Module system to reduce lead times for customers. An innovative ‘off the shelf’ solution, it offers a viable alternative to custom options for some projects. The Standardized Buoyancy Module is made up of small elements that stack together to […] More »

Seized €156m equipment stall 245MW Kaduna power station

Oscarline Onwuemenyi 31 May 2017, Sweetcrude, Abuja – Vital equipment meant for the completion of the 245 Megawatts, MW, Kaduna Power Plant have been rotting away in Onne Port, Rivers State, since early 2015, stalling the completion and take off of the power station. Officials of the Ministry of Power disclosed this to Senate Committee on […] More »

Trouble brews in Niger Delta over cancellation of 3 oil wells

Ike Amos 31 May 2017, Sweetcrude, Abuja — Trouble is brewing in the Niger Delta region over the decision of the Federal Government to cancel Oil Prospecting Licences (OPL) 2001, 2002 and 2003 in the Utapate Field initially awarded to investors from states in the region. The investors affected by the cancellation by President Muhammadu […] More »

Review power sector privatisation, curb exploitation — CSJ

Ike Amos 31 May 2017, Sweetcrude, Abuja — The Centre for Social Justice, CSJ, has called for a review of the privatization exercise in the power sector to stem the continuous decline in the fortunes of the sector. CSJ, in its ‘Mid-term economy report of the Buhari administration,’ also lamented the dislocation in the sector […] More »

65 Nigerian contractors, 1,000 workers engaged in Bonga maintenance – SNEPCo Boss

Michael James 31 May 2017, Sweetcrude, Lagos – About 65 Nigerian contractor and subcontractor companies were involved in the Turn Around Maintenance, TAM, of the Shell Nigeria Exploration and Production Company, SNEPCo’s, Bonga deep water oil field completed in April this year. According to the company, over 1,000 people were also involved, spread across worksites […] More »

Nigeria: Banks’ credit to oil, power firms rise to N5.65trn

Ike Amos 30 May 2017, Sweetcrude, Abuja — The Nigerian banking sector’s outstanding loans to the energy industry rose by 1.25 percent to N5.65 trillion as at end of the first quarter of 2017, according to latest data released by the National Bureau of Statistics (NBS). The NBS, in its First Quarter 2017 Selected Banking […] More »

Senate asks FG to suspend Port Harcourt refinery concession to Agip, Oando

31 May 2017, Sweetcrude, Abuja – The Senate has instituted an ad hoc committee to investigate the planned concession of the Port Harcourt Refinery to Agip and Oando Plc. It has also directed the Federal Government to suspend the concession. The investigative committee is expected to probe the criteria used selecting Agip and Oando for […] More »

Oil producing states receive N22.64bn 13% derivation revenue

31 May 2017, Sweetcrude, Abuja – The 10 oil producing states in the country received N22.64 billion as 13 per cent derivation funds for the month of April. It is part of money that accrued to the Federal Government during the month which was shared by the Federal, states and local governments recently. Overall, a total of […] More »

Michael James 31 May 2017, Sweetcrude, Lagos – The Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, has called for a protection of the Nigeria LNG Limited, describing it as “the jewel of the oil and gas industry”. PENGASSAN President, Comrade Francis Johnson, made the call as he urged a halt to the […] More »

‘Worst disruptions in Niger Delta region over’

31 May 2015, Sweetcrude, Lagos – Chief Executive Officer of Oando Energy Resources, Pade Durotoye, says Nigeria’s crude oil output could reach 2.2 million barrels per day, b/d, as early as June following an end to oil production disruptions in the Niger Delta. “We think that the worst is behind us. Before the end of […] More »

Venture Global raises more funds for LNG projects

30 May 2017, Sweetcrude, Lagos – Venture Global LNG has closed the fifth round of equity investment raising additional capital of US$15 million to bring total capital raised to date to over $280 million. Venture Global LNG said in a statement that the proceeds will fund the Liquefied Natural Gas, LNG, development activities for its proposed export […] More »

NIMASA staff protests killings, kidnapping in Rivers half nude

Mkpoikana Udoma 30 May 2017, Sweetcrude, Port Harcourt – An employee of the Nigerian Maritime Administration and Safety Agency, NIMASA, Mr. Tekena Iyalla, on Tuesday protested against what he described as incessant robbery attacks, killings and kidnapping around Ada-George area of Port Harcourt, the Rivers State capital. Iyalla who is also a Port Harcourt-based radio presenter […] More »

PENGASSAN Chairman says welfare of members, his priority

Mkpoikana Udoma 30 May 2017, Sweetcrude, Port Harcourt – Mr. Ikechukwu Foster Onyefuru, the newly-elected Chairman of Port Harcourt Zone of the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, says the welfare and concern of oil workers and Nigerians in general, would be his utmost priority. Onyefuru was elected chairman at a conference […] More »

Miners urge caution over govt’s new visa policy

Oscarline Onwuemenyi 30 May 2017, Sweetcrude, Abuja – The President, Miners Association of Nigeria, Alhaji Sani Shehu, has urged for caution in the light of recent Federal Government order that foreign investors should be given visas within two days. He maintained that the pronouncement could make many foreigners come into the country in the disguise […] More »

Bonny Graduates Forum kicks against amending NLNG Act

Michael James 30 May 2017, Sweetcrude, Port Harcourt — The Bonny Graduates Forum has kicked against the move to amend NLNG Act noting that it will not be in the interest of the country, the Niger Delta, and the Bonny community. Cyril Hart Spokesperson, Bonny Graduates Forum said reneging on an agreement is not good […] More »

India’s record diesel demand to continue in 2017, growth to slow

30 May 2017, Singapore — India’s diesel demand is expected to rise to record levels again this year as a slew of infrastructure projects boosts use of the transport and industrial fuel, although a government-induced cash shortage will hold growth to its slowest in three years. Increased fuel efficiency, a fall in commercial vehicle sales, […] More »

Oil slips on oversupply worries despite OPEC deal

30 May 2017, London — Oil prices fell on Tuesday, pressured by concerns that production cuts by the world’s big exporters may not be enough to drain a global glut that has depressed the market for almost three years. Benchmark Brent crude LCOc1 was down 45 cents a barrel at $51.84 by 1000 GMT (6 […] More »

OPEC daily basket price stood at $49.67/b

30 May 2017, Sweetcrude, Vienna, Austria — The price of OPEC basket of thirteen crudes stood at $49.67 a barrel on Monday, compared with $49.48 the previous Friday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light […] More »

Oil stocks to reduce from second half this year – Total CEO

30 May 2017, Sweetcrude, Lagos – Chief Executive Officer of French oil and gas company Total, Patrick Pouyanne, says he expects oil stocks to start reducing in the second half of the year. Pouyanne, who spoke in reaction to last week’s decision by oil producing countries to extend production cuts agreement by nine months, said […] More »

Senate begins processes to stop gas flaring, as bill passes second reading

Furthermore, he said that there is a need to increase the gas flaring penalty to an appropriate and commensurate level sufficient to de-incentivise the practice of gas flaring, and introduce other market measures to encourage efficient gas utilisation. More »

OPEC wins hedge funds back with jump in oil bets before deal

*Net-long position on WTI rose by most this year: CFTC *U.S. supply drop will be key to sustaining the enthusiasm *Hedge funds are giving OPEC some credit again. 29 May 2017, London — Following four weeks of growing pessimism, bets on rising West Texas Intermediate prices jumped the most this year just as Saudi Arabia […] More »

NCDMB announces collaboration with Dangote on refinery project

29 May 2017, Sweetcrude, Lagos – The Nigerian Content Development and Monitoring Board, NCDMB, and Dangote Industries Limited are collaborating to maximise capacity utilisation at the proposed Dangote refinery. The two organisations agreed on the collaboration when the Executive Secretary, NCDMB, Mr. Simbi Wabote, led a team from the board to meet with the management […] More »

NLC charges govt. to announce composition of minimum wage committee

“We, therefore, urge the Federal Government to use the occasion of the Democracy Day to announce the composition of the tripartite negotiation committee as this is imperative for the government to review the National Minimum Wage,” he said. More »

Tender for Iran’s Azadegan oilfield has started – Oil Minister

29 May 2017, Tehran — The tender for Iran’s Azadegan oilfield has started, the country’s oil minister said on Monday, according to the Islamic Republic News Agency (IRNA). “Right now the tender for developing the Azadegan field is being carried out,” said Bijan Zanganeh. The Azadegan field, in southwest Iran near the border with Iraq, […] More »

Why inadequate power supply persists in Nigeria – Fashola

“When I hear that we have spent a lot of money on the power sector, I say that we haven’t spent enough money and that is why we are still talking about the need for investments to come in. Yes, what we have spent may look sizeable but it doesn’t provide enough power for our consumption as a nation." More »

Democracy Day: Nigerian govt recommits to focus on energy, other sectors

“Very importantly it is for a country whose fortunes are no longer tied to the price of a barrel of crude, but instead to the boundless talent and energy of its people, young and old, male and female as they invest in diverse areas of the economy." More »

Oil flat in subdued trade, focus remains on supply surplus

29 May 2017, London — Oil prices were flat on Monday but remained on an unstable footing as increases in U.S. drilling activity undercut an OPEC-led push to tighten supply. Trading was subdued due to public holidays in China, the United States, and Britain, but the market remains unsettled because of uncertainty over whether the […] More »

OPEC daily basket price close at $49.48/b

29 May 2017, Sweetcrude, Vienna, Austria — The price of OPEC basket of thirteen crudes stood at $49.48 a barrel on Friday, compared with $51.24 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light […] More »

Ijaw youths reject PIGB, want Petroleum Host Community Act urgently passed

Mkpoikana Udoma 29 May 2017, Sweetcrude, Port Harcourt – The Ijaw Youths Council, IYC, has rejected in totality the Petroleum Industry Governance Bill, PIGB, recently passed into law by the 8th Senate, describing it as insensitive. The Ijaw youths say passing such version of the Petroleum Industry Bill, PIB, which failed to provide special funds for […] More »

PIGB: Group commends Senate, urges speedy completion of process

Mkpoikana Udoma 29 May 2017, Sweetcrude, Port Harcourt – More reactions are trailing the recent passage of the long awaited Petroleum Industry and Governance Bill, PIGB, by the 8th Senate, after over 15years in different legislative sessions of the National Assembly. A group known as Civil Society Legislative Advocacy Centre, CISLAC, is reminding the National […] More »

Fuel theft report exposes ‘800-pound gorilla’

28 May 2017, Houston, Texas — It funds illicit activities such as terrorism, transnational crime, militancy, and insurgency. Left unchecked, it can contribute to endemic corruption, erode the rule of law and even disguise itself as a public good – an agent of social welfare. Moreover, it occurs on a scale approaching that of drug […] More »

Electric cars seen cheaper than gasoline models within a decade

28 May 2017, London — Battery powered cars will soon be cheaper to buy than conventional gasoline ones, offering immediate savings to drivers, new research shows. Automakers from Renault SA to Tesla Inc. have long touted the cheaper fuel and running costs of electric cars that help to displace the higher upfront prices that drivers […] More »

Nigerian govt, States, LGA share N415bn for April, 2017

*Excess Crude Account now $2.299bn, Excess PPT account $67m 28 May 2017, Sweetcrude, Abuja — A total of N415.730 billion has been distributed as Federal Allocation for the month of April 2017 by the Federal Government, State Governments, and Local Government Councils. The communiqué issued by the sub-Committee of Federation Accounts Allocation Committee (FAAC) of […] More »

East Africa: Museveni, Magufuli sign oil pipeline deal

28 May 2017, Kampala — President Museveni and Tanzania’s John Pombe Magufuli at the weekend signed a pact, which, among other things, waives taxes on materials to be used in the construction of the crude oil pipeline from Hoima district to Tanga port. The signing reflects the commitment the two countries have towards the oil […] More »

Africa: Is 80 percent of Africa’s population without electricity

28 May 2017, Johannesburg — The head of Africa at the World Economic Forum recently said that only about 20% of Africans have access to electricity. We pulled the data. Has the vast majority of Africa’s population been left in the dark? The World Economic Forum’s head of Africa said so to a South African radio […] More »

Uganda, Tanzania Oil Pipeline deal unlocks more funding options

28 May 2017, Kampala — The pipeline that will take crude oil from Uganda to export markets has moved closer to financial closure after the waiver of taxes on the product by Tanzania paved the way for the signing of a bilateral agreement between the two countries. Ministers from the two countries signed an agreement […] More »

Mauritius: Renewable Energy – the ocean as an alternative green energy

28 May 2017, Port Loius — A one-day workshop focusing on the study on High-Penetration Renewable energy roadmap, wave resource assessment and wave-integrated microgrid design in Mauritius was held yesterday at the Voila Hotel, Bagatelle. The Deputy Prime Minister, Minister of Energy and Public Utilities, Mr. Ivan Collendavelloo, the Minister of Ocean Economy, Marine Resources, […] More »

South Africa: Ministerial Committee to probe Molefe’s return to Eskom

28 May 2017, Johannesburg — President Jacob Zuma has set up an inter-ministerial committee to “gather facts” about Brian Molefe’s return to Eskom. “Cabinet is concerned about the recent developments at Eskom. Cabinet appreciates that the matter regarding the re-employment of Mr Brian Molefe as the Chief Executive Officer of Eskom is before courts and […] More »

OPEC oil cut extension renews Asia’s crude supply worries

28 May 2017, Tokyo — The OPEC-led decision to extend a production cut to March 2018 disappointed financial investors, prompting an exit from oil futures markets, while refiners in Asia were mostly concerned with whether it meant they would need to go hunting for crude. In Vienna, the Organization of the Petroleum Exporting Countries (OPEC) […] More »

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