True Dominion Enterprises Ltd: June 2019

True Dominion Enterprises Ltd

Sunday 30 June 2019

Iraqi oil minister expects 6-9 months OPEC output deal extension

VIENNA — Iraqi Oil Minister Thamer Ghadhban said on Sunday that he expects a global deal cutting crude production to be extended by six to nine months and that his country supports all efforts to improve stability in the oil market. “The main oil producers are heading toward a decision to extend the oil production […] More »

Hydrographic knowledge key to maritime maritime operations – Usman

Vincent Toritseju Lagos — The Managing Director of the Nigerian Ports Authority, NPA Hadiza Bala Usman, has said that well-charted territorial water through hydrographic exercise will enhance the nation’s maritime operation. Speaking at this year’s World Hydrographic Day held at the Naval Dockyard in Lagos, Bala Usman called for a greater synergy among stakeholders with […] More »

NIMASA pledge to partner BoI in maritime finance

*Train additional 300 cadets, expands maritime potential Vincent Toritseju Lagos — The Nigerian Maritime Administration and Safety Agency (NIMASA) and the Bank of Industry (BoI) have pledged collaboration to raise the tempo of maritime investments and shipping development financing. Making the pledge at the maiden edition of the Nigeria Maritime Finance Fair put together in […] More »

Nigeria’s vessel inspection rise 81%, regional body commends NIMASA

Vincent Toritseju Lagos — Nigeria’s Port State Control, PSC, ratings shot up by 81.7 percent with a total 636 ship inspections in 2018 against 350 recorded in 2017. The development has consolidated Nigeria’s leadership in this vital maritime safety indicator. Nations’ maritime regulators use PSC instrument for the inspection of foreign ships in national ports […] More »

Iraq’s southern oil exports average 3.44 mln bpd so far in June – officials

Iraq's southern oil exports average 3.44 mln bpd so far in June - officials. Iraq’s oil exports from its southern ports have reached 3.44 million More »

Nordic Power – Front-quarter prices drop on wetter weather view, lower carbon rates

News Wires — Nordic front-quarter contract on Friday touched more than a year low, weighed by forecasts for rain in region that relies heavily on hydropower. * Nordic front-quarter baseload power contract fell 1.9 euros to 30.25 euros per megawatt hour (MWh) at 1043 GMT, its lowest since April 6, 2018. * Nordic front-year lost […] More »

Nordic Power – Front-quarter prices drop on wetter weather view, lower carbon rates

London — Brent crude oil held near $67 a barrel on Friday ahead of talks over the trade dispute between the U.S. and Chinese presidents this weekend and on production cuts from OPEC on Monday. Brent crude futures were up 5 cents at $66.60 a barrel by 1350 GMT. U.S. West Texas Intermediate (WTI) crude futures […] More »

Croatia receives four bids for onshore gas and oil exploration

Zagreb — Croatia has received bids from four companies for gas and oil exploration on six blocks in the country’s flat northern areas, state hydrocarbon agency AZU said on Friday. The tender included seven exploration blocks, but one received no bids, it said. The seven blocks stretch over an area of 14,272 square km. “We cannot […] More »

Papua New Guinea treasurer calls for more benefits from LNG, mining projects

Melbourne — Papua New Guinea’s new treasurer on Wednesday put Total SA, Exxon Mobil Corp , Newcrest Mining and their partners on notice that the country wants to extract more benefits from their gas and mining projects. Treasurer Sam Basil said the country also needs better forecasts from Exxon and Total on the expected income […] More »

ABB wins transformer order for off-shore wind project in North Sea

*High-performance transformers to be installed in a major offshore wind project that will provide clean power for up to a million homes in the UK Lagos — ABB has won an order from MHI Vestas Offshore Wind to supply its reliable, energy-efficient and compact WindSTAR transformers for installation in wind turbines in the North Sea. […] More »

Enel agrees extension of gas supply deal with Sonatrach

Milan — Italy’s biggest utility Enel has agreed with Algeria’s Sonatrach to extend a gas supply contract by eight years with the possibility of a further two years if both sides agree. The news confirms what sources told Reuters earlier this month. In a statement on Wednesday, Enel said the new contract period will kick […] More »

UAE’s NPCC forecasts foreign contracts to drive 34% revenue rise

Abu Dhabi — Abu Dhabi-based National Petroleum Construction Company (NPCC) expects revenue to grow by 34% this year on the back of projects it has won overseas, its chief executive said on Wednesday. Revenue at the majority state-owned oil and gas services contractor will hit 7.1 billion dirhams ($1.9 billion) compared to 5.3 billion dirhams last […] More »

Growth in Indian fuel demand to stay above 4% in 2019 -IOC Chairman

Kuala Lumpur — Growth in India’s fuel demand is expected to remain above 4% this year, driven by consumption of gasoline and jet fuel in the transportation sector, the head of the country’s largest state-owned refiner said on Tuesday. Gasoline and jet fuel demand are expected to rise by 7% to 8% this year, while […] More »

Asia’s coal developers feeling left out by cold shoulder from banks

Nusa Dua, Indonesia — Developers of coal mines and coal-fired power plants in Asia are facing difficulties growing their businesses as global financial institutions refuse to back their projects to avoid criticism over climate change, industry participants said on Tuesday. That is intensifying pressure on an industry struggling to build new markets amid competition from […] More »

UAE will work to defuse Middle East tension, ADNOC CEO Jaber says

London — The United Arab Emirates seek a de-escalation of tension in the Middle East, the head of state-run Abu Dhabi National Oil Company (ADNOC) said on Tuesday, after Iran accused the United States of closing the path to diplomacy with new sanctions. “The UAE will work … to defuse and deescalate the current threat,” […] More »

Saudi Aramco can meet customer demand despite Gulf tension – CEO

Seoul — Saudi Aramco can meet the oil needs of customers using its spare capacity despite developments in the Gulf that are a cause for concern, the head of the state-run energy giant said on Tuesday. Attacks in May and June on oil tankers near the Strait of Hormuz, the entrance to the Gulf, has […] More »

Osinbajo flags off African Circle Liquid waste treatment plant

Vincent Toritseju Lagos — The multi-million naira state of the art liquid waste treatment plant built by African Circle Pollution Management Limited, ACPML, was commissioned at the weekend by the Vice President Prof Yemi in Port Harcourt, Rivers State. The multi-purpose facility which is built on the Build, Operate and Transfer (BOT) agreement ACPML signed […] More »

Oil & gas industry gearing for robotics adoption to drive efficiency

Lagos — The oil and gas industry is gearing up to deploy robotics across a wide range of applications in the upstream, midstream and downstream segments, primarily to drive productivity and efficiency amid volatility in crude prices, according to GlobalData, a leading data, and analytics company. The company’s latest thematic report: ‘Robotics in Oil & […] More »

Eight ships with LPG, others arrive Rivers port

Mkpoikana Udoma Port Harcourt — Eight ships carrying various products including 6,000metric tonnes of Liquefied Petroleum Gas, LPG, are expected to berth at the Port Harcourt seaports between today and Wednesday, 26th June 2019. The Nigerian Ports Authority, NPA, in its daily shipping position on revealed that two of the incoming vessels would discharge 32,000 […] More »

Nigeria’s oil production slides by 92,000 b/d in May

*As country’s oil production statistics contradict OpeOluwani Akintayo Lagos — Economic tension could heighten in Nigeria going by the recent drop in its crude oil production by 92,000 barrels per day in May, according to data from OPEC quoting secondary sources. The country gets major revenue from the export of crude oil, through which it […] More »

OPEC says global oil demand growth to increase by 1.2mb/d 2H19

OpeOluwani Akintayo Lagos — Despite lower economic growth rates across the world, the Organization for the Petroleum Exporting Countries, OPEC, has forecast a growth of 1.2 million barrels per day in global oil demand for the second half of this year. The group’s Monthly Oil Market Report, MOMR for June, said world oil demand growth […] More »

NSE trading: Seplat, Double One top gainers

Lagos — Seplat Petroleum and Double One were top gainers at Friday’s trading at the Nigerian Stock Exchange, NSE, for energy companies. Trading also saw Oando slip. Seplat opened with N497 and closed with N510 in 20 trade deals and 247,374 volumes valued at 125,863,168.20. Double One, on the other hand, opened market activities with […] More »

The African oil industry denounces BBC Panorama’s attack on Senegal

*Oil and gas production over the next 10 years would inject billions of dollars into the Senegalese economy and support more than 1 million jobs Johannesburg, South Africa — The African Energy Chamber has rejected the accusations made by the recent BBC Panorama programme on Senegal, noting that ‘this case is about a sinister rush […] More »

Turkey sends second ship to drill near Cyprus, amid jurisdiction row

Dilovasi — Turkey launched a second drilling ship on Thursday which will conduct natural gas operations off the northeast coast of Cyprus for three months, a move which risks aggravating a conflict with Cyprus over jurisdiction rights for oil and gas exploration. Turkey and the internationally recognised Cypriot government have overlapping claims in that part […] More »

Libyan Mellitah Oil & Gas storehouse damaged in air strike -NOC

Cairo — A storehouse belonging to Libya’s Mellitah Oil & Gas was damaged in an air strike on Tuesday, National Oil Corporation (NOC) said in a statement. Three workers suffered minor injuries and were taken to the hospital, the statement added. “We are witnessing the destruction of the corporation’s facilities before our eyes,” NOC chairman […] More »

E.Timor’s state oil company sees Greater Sunrise producing gas around 2026

Sydney — East Timor’s national oil company aims to reach a final investment decision on developing the Greater Sunrise natural gas field by 2022 and start producing around four years later, its chief executive said on Wednesday. The promising gas project is seen as crucial to the impoverished nation’s economy, but had been long held […] More »

Saudi cabinet urges world powers to safeguard navigation

Dubai — Saudi Arabia’s cabinet urged the international community on Tuesday to take firm measures to ensure the safety of navigation in waterways across the region, the state news agency said, a week after two tankers were attacked in the Gulf of Oman. Reuters More »

EU issues “green” investment guide to help combat climate change

Brussels — Europe sought to increase the flow of money into businesses that tackle climate change on Tuesday with the publication of European Commission guidelines on what qualifies an investment as environmentally friendly. The European Union has agreed to substantial reductions of carbon emissions by 2030 and its executive wants the bloc to reduce them to […] More »

Russian oil exports via Ust-Luga to fall in Q3 due to contamination

Moscow — Third-quarter flows of Urals crude via Russia’s Baltic port of Ust-Luga are set to slide to 2.8 million tonnes from 9 million scheduled for April-June, a plan showed on Monday, a result of contaminated oil crippling infrastructure capacity. Russia has agreed to take back some of the contaminated oil from the portion if […] More »

Groningen gas production to drop 20% faster than planned – gov’t

Amsterdam — Next year’s output at the Groningen natural gas field in the north of the Netherlands looks set to drop 20% more than previously announced, the Dutch government said on Monday. Production at the field, operated by Royal Dutch Shell and Exxon Mobil, could be limited at 12.8 billion cubic metres (bcm) in the […] More »

IEA, AU hold first meeting on developing Africa’s energy sector

Lagos — The International Energy Agency co-hosted a joint ministerial summit with the African Union Commission, AUC on Wednesday that brought together high-level representatives from government and industry to discuss the development of Africa’s energy sector. The event, titled “The Future of Africa’s Energy,” is the first of its kind and reflects the IEA’s significant […] More »

Despite challenges, Africa’s debt is still under control – AfDB

*In 2018, the Bank earned $214 million in allocable income, 48% of which has been reinvested in the institution to reinforce reserves and its business growth capacity MALABO, Equatorial Guinea — The African Development Bank remains strong with growing operating revenues and allocable income generated since 2010 reaching $2.5 billion, the Bank Group’s Treasurer, Hassatou […] More »

Brazil’s Petrobras says bids for shallow water fields surpass $1 bln – filing

Sao Paulo — Brazilian state-run oil firm Petroleo Brasileiro SA said on Thursday it received final proposals for shallow water fields Polos Enchova and Pampo that surpass $1 billion in value, according to a securities filing. The transaction is still subject to internal approvals, the company said, adding the bids were received on June 5. […] More »

Norway wealth fund must ditch ConocoPhillips after index review

Oslo — Norway’s wealth fund will have to divest its holdings in ConocoPhillips and Hess after both U.S. oil companies were added to a list which effectively excludes them from the Nordic country’s portfolio. As part of Norway’s efforts to shift its $1 trillion “rainy day” fund away from oil, the country’s parliament on Wednesday adopted […] More »

Oil tanker owners DHT and Heidmar halt new bookings to Mid-East Gulf

London — Oil tanker owners DHT Holdings and Heidmar have suspended new bookings to the Mid-East Gulf, three ship brokers said, following suspected attacks on two oil tankers in the Gulf of Oman on Thursday. DHT has a large fleet of Very Large Crude Carriers (VLCCs) and Heidmar has a wide range of oil tankers. One […] More »

Britain “deeply concerned” about reports of explosions on vessels in Gulf of Oman

London — Britain said on Thursday it was deeply concerned by reports of explosions and fires on vessels in the Strait of Hormuz. Shipping firms and industry sources said two oil tankers were hit in suspected attacks in the Gulf of Oman and the crews have been evacuated, a month after a similar incident in […] More »

‘We won’t tolerate host communities shutting oil facilities’- Wike

Mkpoikana Udoma Port Harcourt — Rivers State Governor, Nyesom Ezenwo Wike, has warned that the State Government will not tolerate the shutting down of oil production facilities of oil firms operating in the state, by host communities. Governor Wike said under no circumstances should communities take laws into their hands by preventing oil companies from […] More »

Monthly SweetcrudeReports June 2019

Read the Monthly SweetcrudeReports: Nigeria set to make progress Lagos -The Nigerian oil and gas industry is set for an exciting time, the state-run Nigerian National Petroleum Corporation, NNPC, has predicted. DOWNLOAD IT DOWNLOAD IT More »

Dockworkers threaten to shut down ports, gives 2 weeks ultimatum

*Over non- payment of dockworkers’ pay Vincent Toritseju Lagos — The Maritime Workers Union of Nigeria, MWUN, yesterday gave a two- week ultimatum to the International Oil Companies, IOCs to pay dockworkers engaged at their various terminals their outstanding salaries, threatening to shut down port facilities, if they fail to heed the warning. They also […] More »

Africa sees increase in foreign investment, bucking global trend

Johannesburg — Foreign investment in sub-Saharan Africa rose 13% last year to $32 billion, bucking a global downward trend and reversing two years of decline, according to a United Nations report. Development of new mining and oil projects, a new U.S. development-finance institution and the ratification of an agreement to create a continent-wide free-trade area […] More »

Shell seeks stakeholders’ support to curb oil pipeline vandalism

*Loses 11,000 bopd in 2018 to crude theft Lagos — Shell Nigeria has called for stakeholders’ concerted efforts to curb the incessant vandalism of crude oil-bearing pipelines, highlighting the danger of continuous sabotage to people and environment. The General Manager, External Relations of The Shell Petroleum Development Company (SPDC), Mr. Igo Weli, said such efforts […] More »

Interest dims in Oklahoma shale play as drilling results disappoint

New York — It promised to be the next great shale play, but an oil-and-gas-rich area of central and south Oklahoma has confounded many of the producers lured there, with one of its biggest champions warning that its business may struggle to survive. In recent years, the SCOOP (South Central Oklahoma Oil Province) and the […] More »

Middle East torpedo attacks send oil prices soaring

News Wires — Oil prices surged early on Thursday after two oil tankers were reported to have been hit by explosions in the Gulf of Oman between Iran and the United Arab Emirates (UAE), a month after a previous incident in Middle Eastern waters. As of 09:35 a.m. EDT on Thursday, WTI Crude was surging […] More »

NORDIC POWER – Forward prices down on lower coal, carbon prices

News Wires — Nordic forward power prices dipped on Wednesday on falling coal and carbon prices, wet weather forecast and improving water reserves in the hydropower-dependent region. * Nordic front-quarter baseload power contract fell 1.05 euros to 32.05 euros per megawatt hour (MWh) at 1059 GMT. * Nordic front-year lost 0.5 euros to 34.65 euros/MWh. […] More »

Step up your CSR, Akwa Ibom communities task oil firm

Mkpoikana Udoma Port Harcourt — Indigenous oil firm, MoniPulo Petroleum Development Limited, has been charged to review and upgrade its corporate social responsibilities and empowerment scheme to her host communities in Mbo Local Government Area of Akwa Ibom State. MoniPulo, a leading indigenous oil exploration firm which operates OML114 and OML145 among others, has been operating […] More »

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Sunday 30 June 2019

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