Posts Tagged ‘Nigeria’

At CERAWeek, crude oil exports look a long way off

US oil producers may have warmed to Senator Lisa Murkowski calling in Houston this week for the lifting of restrictions on crude exports, but they shouldn’t start licking their chops, judging by the comments of other notables at the IHS CERAWeek conference.

Chevron CEO John Watson said the benefits of free trade should win the day, but he tempered that assertion with a heavy dose of political reality.

“No doubt that we’ll go through a long debate, but it’s a very straight forward economical argument,” he said while giving a keynote address to the conference.

OPEC and other producer countries probably are not shaking in their boots either, based on comments made by the Nigerian oil minister.

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Nigeria central bank head ousted; missing oil money an issue

President Goodluck Jonathan Thursday sacked the central bank governor Lamido Sanusi, a move critics say is a warning to whistleblowers in the run-up to presidential elections in Africa’s biggest oil producer.

Jonathan accused Lamido Sanusi of “financial recklessness and misconduct” and suspended him four months before his term was to end in June.

Sanusi had recently told a senate committee that out of $67 billion of oil sold between January 2012 and July 2013, $20 billion had not been accounted for by the state-owned NNPC.

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Nigeria: Drums of war again in the oil region of the Niger Delta

Fresh tension is now brewing in southern Nigeria following a spate of threats by the MEND militant group, amid fears the fighters have returned to the mangrove-choked creeks of the oil-rich Niger Delta.

After a period of relative calm, spiked only by sporadic incidents, the group on Tuesday claimed responsibility for the explosion that rocked the Warri oil refinery. It said the attack was part of a new campaign against the federal government’s “unsustainable and fraudulent” amnesty program.

It comes days after the group threatened Shell’s giant offshore Bonga field. “Offshore operations are not a safe haven. MEND has visited Bonga before and we will do it again when the time is right,” it said.

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OPEC production: trying to make up for Libya

The decline in Libyan output is putting a significant burden on Saudi Arabia to make up the difference. You can read our analysis of the group’s July output here.

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US export/import oil numbers: crude exports climbing

A few quick takeaways from the monthly Energy Information Administration supply/demand and export/import report, released today for data in April.

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Nigeria: tackling power deficit while oil and gas sector fears persist

Nigeria is expecting an annual investment of about $10 billion after the complete privatization of its power sector over the next 10 years, a move that could usher in a new era of uninterrupted power supply.

Nigerians are among the people most deprived of grid-based electricity in the world with a per capita consumption that is far lower than many other African countries.

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OPEC oil output in March: a few countries struggled to keep up

OPEC’s output has been dropping for months, but mostly because Saudi Arabia has been taking on the role of swing producer and cutting its production in line with weaker demand. In March, it was other countries that saw their production decline, but it wasn’t demand-driven. You can read Platts’ numbers and analysis here.

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Non-passage of oil bill threatens Nigeria’s oil sector

Nigeria’s long-awaited Petroleum Industry Bill is set to finally see the light as it moves its way through to Parliament, but its delay has taken a toll on the nation’s economy.

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London to Lagos to Abuja: scared flyers and the impact on jet fuel

So concerned are they over the safety of local Nigerian airlines, some of the wealthier businessmen in the region are taking the unusual step of flying the 300 miles from Lagos to the capital of Abuja via the UK’s capital city, London.

 

That’s nearly 6,000 flight miles and 12 hours on board a plane, not to mention time spent in London’s airports, to avoid a 300-mile one hour domestic flight.

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Platts on Africa Business News: the turmoil in Nigeria

Platts’ managing editor for European oil markets Simon Thorne was on Africa Business News earlier today, talking about the ramifications of strikes and shutdowns in Nigeria. The stoppages followed the country’s decision to end subsidies that helped keep down the price of gasoline. You can view the interview here.

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