Gas production data: NEITI indicts Brittania-U, Allied Energy, 4 others
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buja -- The Nigeria Extractive Industries Transparency Initiative, NEITI, has accused six companies of failing to provide gas production data to enable it determine the volume of gas flared by the companies and the fines to be paid by them. In its 2016 Oil and Gas Audit
Report released recently, NEITI listed the defaulting companies as Britannia U, Allied Energy, A t l a s , N e w C r o s s , Pr i m e Exploration and Production, as well as Sheba Exploration and Production company. NEITI also disclosed that outstanding gas flare liability as at 2016 stood at $6.23 million, while
it noted that gas flare penalty payments are still recurring issues. The NEITI report stated that total payments from gas flared penalty in 2016 were $8.799 million, as against $12.683 million received in 2015, representing a 30.62 per cent reduction. The report added that total
volume of gas flared in 2016 was 288.209 billion Standard Cubic Feet, SCF, representing 9.45 per cent of the total gas produced, that is, 3.05 million SCF in 2016. It said, “The outstanding liability on gas flared penalty as at December 31, 2016 is $3.63 million. However, the entities did not provide evidence as to
whether the outstanding has been offset subsequently.” The NEITI report said the Federal Government should enforce the new gas flared regime to deter gas flared on the one hand and promote investment in gas utilisation
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A Review Of The Nigerian Energy Industry facebook.com/sweetcrudereports
WEEKLY
UU PP D D A A TT EE SS WEEKLY BASKET PRICE FEB-02 JAN-25 JAN-18 JAN-11 JAN-04 DEC-28 DEC-21 DEC-14 DEC-07 NOV-30 NOV-23 NOV-16 NOV-09 Daily | Weekly | Monthly | Yearly
60.47 60.76 58.34 58.04 53.40 51.34 55.20 59.05 59.95 58.80 62.83 66.52 70.51
60.93U$
78 74 70 66 62 58 54
DEC18
JAN18
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IKE AMOS
FEB19
UNEP sets up office to monitor Ogoni clean-up MKPOIKANA UDOMA
ort Harcourt -- The United Nations Environment Programme, UNEP, will set up an office in Port Harcourt to monitor the progress of the ongoing implementation of its report on the environmental impact study in Ogoniland. UNEP recommended in the study in 2011, the clean-up of Ogoniland, which is n o w
A
buja -- The African Pe t r o l e u m Pr o d u c e r s Organisation, APPO, has announced plans to set up a new financing body, called the African Energy Investment Corporation, that would mobilise between $1 billion and $2 billion, to address the issue of infrastructure financing and collaboration among oil producing countries in the continent. Revealing this at the Nigeria International Petroleum Summit in Abuja, Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, said APPO member nations were concerned about the lack of collaboration in the continent, adding that it had become expedient for the countries to partner to drive
development in the continent. He said: "We are presently looking at expanding the role of a particular financing body we are going to be calling the African Energy Investment Corporation. The whole idea is to mobilise between $1 billion and $2 billion of resources to fund all the essentials necessary for us to properly collaborate. "Today, most A f r i c a n countries are silos, everybody does their own thing; you build your own refineries, plants, gas turbines etc. If we could just cross the Rubicon and be able to extend
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Oil rig and barrels of crude oil
hands of infrastructural relationship across Africa; build joint pipeline, plants and refineries; begin to protect the
Nigeria named among deepwater oil producers to watch in 2019 …Global deepwater production to surpass 10mb/d OPEOLUWANI AKINTAYO
L
agos -- Research firm, Rystad Energy, has named Nigeria among the biggest deepwater oil producers to watch out for this year. In a research note released recently, it said new fields will come up Nigeria, Brazil, the US, Angola and Norway, making the five countries the largest deepwater Deep wate oil rig producers in 2019.
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African oil producers to raise $2bn to finance energy projects
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February 06, 2019
It said deepwater production will reach record high level and surpass 10 million bb/d. “With new fields starting up in Brazil and Gulf of Mexico, we expect the total deepwater liquid production to reach 10.3 million b/d (barrels per day) in 2019” - this is an increase of 700,000b/d compared to 2018. Already, Total’s Egina field in Nigeria produced its first oil - 150, 000 barrels per day - in December. The crude grade found its way into January loading. The field is expected to produce 200, 000b/d at full
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African market, we would have taken a huge step, not only in the development of Africa, but to the stabilisation of independent countries. "We have finished that meeting and signed on to resolutions that endorsed all the changes that we have suggested. We are now going to move on the implementation stages." Kachikwu noted that unless African countries collaborate and get their policies, market place collaborative mechanisms and infrastructure right, they would face a huge amount of challenge in the competition for the very scarce resources and
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