True Dominion Enterprises Ltd: February 2015

True Dominion Enterprises Ltd

Saturday, 28 February 2015

Transocean takes $992m charge on drilling business as oil slumps

28 February 2015, News Wires – Offshore rig provider Transocean Ltd wrote down the value of its contract drilling business by $992 million in the fourth quarter as demand slumped due to a steep fall in oil prices. As a result of the impairment charge, Transocean has no goodwill remaining on its balance sheet, the […] More...

28 February 2015, News Wires – Petróleo Brasileiro SA denied on Friday that it has hired JPMorgan Chase & Co to handle the sale of oil exploration licenses in deep-sea areas off the coast this year. In a securities filing, the state-controlled oil producer known as Petrobras reiterated the need to reduce capital investments, dispose […] More...

28 February 2015, Abuja – Hundreds of motorists on Friday were left stranded at filling stations in Abuja as they spent hours on long queues waiting to buy fuel. The queues were largely pronounced in the city centre as most of the filling stations in satellite towns refused to sell the product without giving customers […] More...

Fuel scarcity: NNPC warns against panic buying

27 February 2015, Abuja – The Nigerian National Petroleum Corporation, NNPC, has described the shortage of Premium Motor Spirit, popularly known as petrol, as “artificially induced,” warning Nigerians against panic buying. The agency on Friday said it had injected an additional 688 million litres of the product into the system, but did not state while […] More...

Crude oil futures rebounded on Friday, with Brent heading for its biggest monthly gain since May 2009, as supply outages in the North Sea and renewed fears of gas supply disruption in Europe supported prices. A reduction in rig counts and expectations for better oil demand have helped Brent prices rise by around 15% so […] More...

27 February 2015, News Wires – Brazil’s top prosecutor is expected to file charges in coming days against politicians implicated in the Petrobras corruption scandal, a political bombshell that could involve members of Congress and President Dilma Rousseff’s government. Under Brazilian law, lawmakers and cabinet members can only be tried by the Supreme Court. Prosecutor […] More...

27 February 2015, Lagos - A financial expert, Mr Sewa Wusu, on Wednesday commended the Central Bank of Nigeria, CBN, for adopting the “float” exchange rate mechanism to ensure price stability.Wusu in Lagos said that the measure would have positive effect on the economy in the medium and long term. He said the float exchange […] More...

27 February 2015, Sweetcrude, Vienna, Austria – The price of OPEC basket of twelve crudes stood at 56.07 dollars a barrel on Thursday, compared with $53.81 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), […] More...

27 February 2015 - Crude oil futures rebounded on Friday, with Brent heading for its biggest monthly gain since May 2009, as supply outages in the North Sea and renewed fears of gas supply disruption in Europe supported prices.A reduction in rig counts and expectations for better oil demand have helped Brent prices rise by […] More...

27 February 2015, Lagos – In line with the zero tolerance of the Chief of Naval Staff, Vice Admiral Usman Jibrin, to crude oil theft and pipeline vandalism, the Western Naval Command (WNC) has arrested five citizens of Benin Republic and four others for maritime illegalities. While three of the suspects were arrested outside the […] More...

27 February 2015, Abuja – The Nigerian National Petroleum Corporation (NNPC) has expressed satisfaction with the recovery of OIL PRICES, even if the corporation’s comment is premature. The corporation hopes that the changes noticed in the oil price recently would further encourage investment in the oil and gas sector. Oil price in the international market […] More...

27 February 2015, Abuja – The Eta Zuma Group, which acquired the Jos Steel Rolling Mill from the Federal Government in 2005, has said that it will spend $300m (about N60bn) to rehabilitate the steel production plant. The Group Managing Director, Eta Zuma of the company, Dr. Innocent Ezuma, disclosed this when the Minister of […] More...

27 February 2015, Lagos – Supply of electricity to consumers across the country has fallen by 360.88 megawatts in the last one week and the Federal Government has again attributed the development to the vandalism of pipelines that transport gas to power plants. Specifically, the energy sent out to electricity consumers plunged from 3,424.11MW on […] More...

Nigeria: Steel manufacturers lament hike in electricity tariff

Oscarline Onwuemenyi 26 February 2015, Sweetcrude, Abuja - The Steel Manufacturing Group of the Manufacturers Association of Nigeria, MAN, yesterday threatened to shut down operations in the face of persistent hike in electricity tariff without commensurate increase in power supply, even as it lamented that the hike in electricity tariff has crippled many steel companies […] More...

26 February 2015 - Brent crude fell towards $61 on Thursday, reversing previous gains as a bulging US crude stockpiles offset glimpses of an oil demand recovery. Both Brent and US crude recorded their largest percentage gains in nearly two weeks at Wednesday’s settlement, closing more than 30% higher than the trough of $46.59 a […] More...

26 February 2015, Sweetcrude, Vienna, Austria – The price of OPEC basket of twelve crudes stood at 53.81 dollars a barrel on Wednesday, compared with $53.54 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), […] More...

—As NNPC remits N5.1bn owed to Federation Account —Begins talks to pay back $1.4bn of missing oil fund Oscarline Onwuemenyi 26 February 2015, Sweetcrude, Abuja – The Federal government, states and local governments yesterday shared N500.13 billion as revenue from the federation account for the month of January 2015. This is lower than the N580.38billion […] More...

Oscarline Onwuemenyi 26 February 2015, Sweetcrude, Abuja – The Steel Manufacturing Group of the Manufacturers Association of Nigeria (MAN) yesterday threatened to shut down operations in the face of persistent hike in electricity tariff without commensurate increase in power supply, even as it lamented that the hike in electricity tariff has crippled many steel companies […] More...

26 February 2015, Abuja – The nation’s foreign exchange reserves tumbled by $2.68bn in less than two months to $31.79bn as of February 23, declining at a faster pace than what financial analysts had predicted, data obtained from the Central Bank of Nigeria on Wednesday showed. The current stock of external reserves revealed a drop […] More...

26 February 2015, Abuja – Some manufacturers in the country have said that the increase in electricity tariffs will force them to shut down their operations in the near future if development is not urgently addressed. Different producer groups of the Manufacturers Association of Nigeria on Wednesday said if the Nigerian Electricity Regulatory Commission failed […] More...

*As Senate pegs oil benchmark at $52, exchange rate at N190 per dollar *Slashes SURE-P vote with N100m, capital and recurrent expenditure Oscarline Onwuemenyi 26 February 2015, Sweetcrude, Abuja - The fight over the missing $20 billion oil fund is far from over as the House of Representatives Committee on Public Accounts yesterday issued a […] More...

Power generation drops as Seplat Petroleum shuts Oben gas plant

25 February 2015, Lagos – Electricity generation in the country has dropped as Seplat Petroleum Development Company Plc shuts down the Oben Gas Plant, a joint venture between the company and the Nigerian Petroleum Development Company (NPDC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC). The 10-day long shut-down, which will enable the company […] More...

25 February 2015, Lagos – The Niger Delta Power Holding Company Limited (NDPHC), owners of the National Integrated Power Project (NIPP), has refuted reports that the 750 megawatt-capacity Olorunsogo Phase 2 Power Plant built under the NIPP in Ogun State, which was at the weekend inaugurated by President Goodluck Jonathan, had earlier been inaugurated by […] More...

25 February 2015, Lagos – The Minister of Mines and Steel Development, Mr. Mohammed Sada, on Tuesday disclosed that barring any last minute hiccups, the federal government would sell Delta Steel Company to an automobile firm. The minister stated this when he appeared before the Senate Committee on Power, Mines and Steel, to defend his […] More...

25 February 2015, Lagos – After recording impressive results in 2013, Forte Oil’s bottom-line was still affected by the huge cost of borrowing in 2014, writes Goddy Egene Investors in Forte Oil Plc enjoyed an unprecedented capital growth in their in 2013 and 2014. The stock recorded the highest capital growth of 1,165 per cent […] More...

25 February 2015, Abuja – Miffed by the uncounted $20 billion, the House of Representatives has Wednesday issued a one week ultimatum to the Minister of Finance and Coordinating Minister of the economy Ngozi Okonjo-Iweala to submit the report of the forensic audit. The mandate followed a resolution, passed last week by the House at […] More...

25 February 2015,Athens – Two Greeks and a Pakistani taken hostage three weeks ago off the coast of Nigeria in a bloody attack on a Greek oil tanker have been freed, the ship’s owner said Wednesday. Aeolos Management, owner of the Maltese-flagged VLCC Kalamos, said in a statement that pending medical examinations the three men […] More...

25 February 2015, Sweetcrude, Lagos - African Development Bank, AfDB, said it has partnered MasterCard to expand financial inclusion across the African continent. The bank said the collaboration seeks to develop solutions that would drive inclusive growth in Africa by broadening access and usage of digital financial services. It noted that MasterCard would bring its […] More...

25 February 2015, Lagos - The Federal Government will soon begin the implementation of a strategic investment master plan to bridge the country’s huge infrastructural funding gap estimated at about $2.4trillion within the next 30 years. The Executive Secretary/Chief Executive Officer, Nigerian Investment Promotion Commission, Mrs. Saratu Umar, disclosed this during a media roundtable organised...

25 February 2015, February 2015, Vienna, Austria – The price of OPEC basket of twelve crudes stood at 53.54 dollars a barrel on Tuesday, compared with $54.09 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente […] More...

25 February 2015,Ilorin – Long queue of desperate motorists searching for petrol on Tuesday resurfaced in Ilorin and other parts of Kwara State as well as Owerri and its environs in Imo State. One of our correspondents, who monitored the development in the Ilorin metropolis, observed that attendants at many filling stations in Tanke area, […] More...

25 February 2015, Abuja – The Senate on Tuesday at an executive session settled for $52 per barrel as the oil price benchmark for the 2015 budget proposal. This is against the $65 per barrel the executive submitted to the two chambers of the National Assembly in December last year. A senator, who spoke on […] More...

…Marketers hike petrol ex-depot prices to N83 Kunle Kalejaye 25 February 2015, Sweetcrude, Lagos – Investigation by SweetcrudeReports, conducted over the last four weeks has revealed that importation of fuel into the country by oil marketers has dropped by 14 percent. This, the marketers say, may inflict on the nation a debilitating fuel scarcity between […] More...

25 February 2015, lagos – The Council for the Regulation of Freight Forwarding in Nigeria, CRFFN, has taken up a life insurance scheme of N1 million, for its members in case of death. Disclosing this over the weekend, Registrar of the Council, Mike Jukwe, said that the decision to take up the insurance scheme is […] More...

25 February 2015, Abuja – The Federal Government, Monday, scheduled to pay off about N264 billion between now and end of March, as subsidy reimbursement applications submitted to marketers as at end of January 2015. The sum comprises 2014 outstanding debts of N164 billion in addition to N100 billion derived from foreign exchange and bank […] More...

25 February 2015, Lagos – Scarcity of petrol is looming as queues have returned to filling stations across Lagos, while some of them have stopped selling. This is an indication that the cold war between marketers and the management of the Petroleum Products Pricing Regulatory Agency, PPPRA, has not been resolved. Vanguard had earlier reported […] More...

*Others to return to full capacity soon Oscarline Onwuemenyi 25 February 2015, Sweetcrude, Abuja - The Nigerian Government has stated that some of the power plants constructed and commissioned under the National Integrated Power Projects (NIPPs) now contribute about 2500 megawatts (MW) of electricity to the national grid. The Minister of Power, Prof. Chinedu Nebo, […] More...

Postponement Of 2015 Elections Threatens Passage Of PIB

The recent postponement of the 2015 general elections by the Independent National Electric Commission (INEC) is threatening the passage of the Petroleum Industry Bill (PIB) by the National Assembly. After weeks of allegation, and counter-allegation, INEC recently emerged from consultative meetings with stakeholders in Abuja with a decision to postpone the general election by six weeks, citing...

Six years After, Govt Renews Chevron’s Licence For 20 Years

Exactly six years after the operating licence for Chevron’s Oil Mining Leases (OMLs) 83, 85, 88, 89, 90, 91 and 95 expired in December 2008, after 40 years of issuance, the federal government has renewed the licence for these seven leases for another 20 years, THISDAY has learnt. Chevron Nigeria Limited operates these seven acreages and five others – OMLs 49, 51, 52, 53 and 55, under a joint...

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Saturday, 28 February 2015

Friday, 27 February 2015

Thursday, 26 February 2015

Wednesday, 25 February 2015

Monday, 16 February 2015

Monday, 2 February 2015

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