Japan’s Abe offers Saudi crown prince help in reducing oil dependency

OSAKA — Japanese Prime Minister Shinzo Abe on Sunday praised Saudi Arabia’s efforts to reduce its dependence on oil and promised Crown Prince Mohammed bin Salman that Japan will help the kingdom with a sweeping reform plan. “Saudi Arabia’s ‘Vision 2030’ is an unprecedented major reform aimed at shifting away from dependence on oil and […] More »

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 »

Norway wealth fund to map phasing out of oil companies from investments: finance ministr

Oslo — Norway’s $1 trillion sovereign wealth fund, the world’s largest, must assess how the planned phase out of oil and gas exploration and production companies from its investments will be conducted, the finance ministry said on Friday. As part of Norway’s efforts to shift its “rainy day” fund away from oil, the country’s parliament on […] More »

Maritime practitioners raise alarm over foreign guards on Nigeria’s water

*Laments proliferation of Recognized Security Organisations Vincent Toritseju Lagos — A group, Maritime Security Providers Association of Nigeria, MASPAN, has said that foreign armed marine security personnel has taken over Nigeria’s territorial waters, a development they say is against international laws. Speaking at the group’s Annual General Meeting, AGM, held in Lagos, its President, Capt […] More »

Philadelphia refinery workers plan for uncertain future after jobs go up in smoke

Philadelphia — At Erin Pub, a classic Irish neighborhood bar in Norwood, Pennsylvania, dozens of Philadelphia Energy Solutions Inc’s unionized employees crammed around the bar on Wednesday night, toasting to their friendships after learning that day of plans to close the refinery permanently after a devastating fire less than a week earlier. They were openly […] More »

Mexico’s president says big bank loan shows confidence in Pemex

Mexico City — An $8 billion syndicated loan to Mexico’s national oil company Pemex is a sign of confidence by more than 20 banks involved in the operation, Mexican President Andres Manuel Lopez Obrador said on Friday, after a recent credit downgrade for the firm. The deal to renew Pemex credit lines and refinance liabilities was […] More »

WARTU, NARTO plan cargo distribution centers across Nigeria, Africa

*To introduce Truck Loading Form Vincent Toritseju Lagos — WEST Africa Road Transport Union (WARTU) and its Nigerian counterpart, National Association of Road Transport Owners (NARTO) have concluded plans to establish cargo distribution centers across Nigeria and Africa with a view to enhancing cargo delivery services. Besides, the bodies are also set to introduce Truck […] More »

Death toll rises at Glencore mine in Congo after collapse

Kinshasa — The number of artisanal miners killed by a landslide at a copper and cobalt mine run by Glencore in Congo rose to 43 on Friday and officials said the army would deploy at the mine as the search for more victims continued. Thursday’s accident occurred in the KOV open-pit mine at the Kamoto […] 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 »

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

Basra — Iraq’s oil exports from its southern ports have reached 3.44 million barrels per day (bpd) so far in June, two oil officials told Reuters on Friday. Exports from its southern Basra ports averaged 3.441 million bpd in May. Repair works at a section of a marine pipeline in the Gulf which transports crude […] 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 »

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 »

Court adjourns Oando case against SEC to July 22

Lagos — A federal court in Lagos on Monday adjourned till July 22 the case brought by indigenous oil company Oando to stop management changes the country’s Securities and Exchange Commission, SEC, is trying to enforce, Reuters reports. SEC had, following an investigation in which it allegedly found evidence of financial infractions by Oando, sacked the […] More »

Oil prices up on U.S.-Iran tensions

London — Oil prices rose on Monday, extending vast gains last week prompted by tensions between Iran and the United States, as Washington was set to announce new sanctions on Tehran. Brent futures were up 11 cents, or 0.17%, at $65.31 a barrel by 0845 GMT. West Texas Intermediate crude was up 40 cents, or […] More »

India’s annual coal demand rises 9.1% to nearly 1 bln tonnes – minister

New Delhi — India’s annual coal demand rose 9.1% to 991.35 million tonnes during the year ended March 2019, India’s Coal Minister Pralhad Joshi told the country’s parliament on Monday. Coal is among the top five commodities imported by India, one of biggest importers of the fuel despite having the world’s fifth largest reserves. Consumption […] 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 »

China leads global high-voltage direct current converter stations market

Lagos — The global high-voltage direct current, HVDC, converter stations market growth is set to more than double from US$3.24bn in 2018 to US$6.88bn in 2023, primarily driven by growth in China, according to GlobalData, a leading data, and analytics company. The company’s latest report ‘HVDC Converter Stations, Update 2019 – Global Market Size, Competitive […] 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 »

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 »

S.Korea’s Hanwha Total naphtha cracker restarts after maintenance

Seoul — South Korea’s Hanwha Total Petrochemical Co Ltd restarted its naphtha cracker earlier this week after maintenance was completed, its spokesman said on Wednesday. The 1 million-tonnes-per-year cracker in the southwestern city of Daesan was shut late-March for maintenance. The cracker’s capacity for 2019 will be raised by at least 30% to 1.31 million tonnes […] 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 »

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 »

Saudi energy minister says hopes to balance oil market before next year

KARUIZAWA, Japan — Saudi Energy Minister Khalid al-Falih said on Saturday that he hopes oil producers will be able to balance the oil market before next year. “We hope that we will balance the market before next year. We are working on it,” Falih told reporters on the sidelines of a meeting of G20 energy […] More »

Nigeria Customs Service raises duty exchange rate to N326/$

Vincent Toritseju Lagos — The Nigeria Customs Service has increased import duty rate from N306 to N326 per dollar following a new foreign exchange policy by the Central Bank of Nigeria, CBN. Controller, Apapa Area Command of the NCS, Comptroller Abba Kura, who confirmed the development to newsmen in Lagos yesterday, said the implementation of […] More »

Seplat bails out Pan Ocean/NNPC JV in funding Amukpe-Escravos pipeline

OpeOluwani Akintayo Lagos — Nigerian indigenous oil firm, Seplat has stepped in to bail out the Pan Ocean and NNPC Joint Venture, JV with funding for the completion of the Amukpe to Escravos alternate export pipeline, SweetcrudeReports has learned. According to sources close to the matter, a hand of fellowship was extended to Seplat when […] 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 »

NERC says Nigerians to get new electricity tariffs after metering

Opeoluwani Akintayo Lagos — Chairman of the Nigerian Electricity Regulatory Commission, NERC, Prof. James Momoh has said the body will come up with cost-reflective electricity tariffs after the ongoing metering exercise by the distribution companies, DisCos is completed. He made the statement over the weekend, adding that the Meter Assess Provider, MAP programme has come […] 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 »

OML11: Youths give conditions for oil resumption in Ogoni

Mkpoikana Udoma Port Harcourt — Ogoni youths under the auspices of Ogoni Youth Coalition Movement, OYCM, has reeled out conditions that must be met before oil exploration activities can commence in Ogoni oilfields, the larger part of the controversial OML11. Recall that President Muhammadu Buhari, recently directed the Nigerian National Petroleum Corporation, NNPC, and the […] More »

NNPC to sponsor education of late PENGASSAN president’s children

Ike Amos Abuja — The Nigerian National Petroleum Corporation, NNPC, Monday, said it would train the children of the late President of the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, Comrade Francis Johnson, to any educational level. Group Managing Director of the NNPC, Dr. Maikanti Baru, made this commitment when he led […] More »

MOSOP calls for committed efforts against illegal refineries, air pollution

Mkpoikana Udoma Port Harcourt — In celebrating this year’s World Environment Day recently, the Movement for the Survival of Ogoni People, MOSOP, has tasked the government at all levels and oil multinationals, for a renewed commitment towards ending all sources of air pollution in the Niger Delta region. President of MOSOP, Mr. Legborsi Pyagbara, particularly […] More »

Oando drops, Forte Oil, Japaul gain

Lagos — Monday’s trading activities on the floor of the Nigerian Stock Exchange, NSE, for energy companies closed with Oando leading the losers’ chart, owing perhaps to the crisis in the company arising from the Security and Exchange Commission, SEC, sacking of the company management. However, Forte Oil and Japaul Petroleum recorded significant gains with 0.75% […] More »

Oil dips in volatile trade amid uncertainty on supply cuts, U.S.-China tariffs

New York — Oil prices edged lower on Monday in volatile trading as major producers Saudi Arabia and Russia had yet to agree on extending an output-cutting deal and U.S.-China trade tensions continued to threaten demand for crude. Brent crude futures fell 45 cents to $62.84 a barrel by 1:02 p.m. EDT (1702 GMT), after […] More »

Russia says still a risk of excessive oil output, sharp price fall

Moscow — There is a still a risk that oil producers pump out too much crude and prices fall sharply, Russia’s energy minister said on Monday, suggesting Moscow might support an extension of output cuts at a meeting of leading oil producing countries next month. The Organization of the Petroleum Exporting Countries and some non-members […] More »

Champions emerge in NNPC/SNEPCo Junior Tennis Tournament

Lagos — Suleiman Ibrahim has emerged the 2019 Champion in the U-16 category of the just-concluded NNPC/SNEPCo Junior Tennis Tournament held at the Lagos Lawn Tennis Club. Ibrahim from Junior Secondary School, Durumi in Abuja, came back after losing his first set 3-10 against David Dawariye from Faith Baptist High School, Diobu, Rivers State, finishing […] More »

S.African government sued over coal and industrial air pollution

Johannesburg — South Africa’s government has failed to tackle high air pollution levels in an area which is home to coal-fired power stations and refineries, a lawsuit filed by environmental and community groups says. The case filed in the Pretoria High Court on Friday claims the government has violated the constitutional right to a healthy environment […] More »

Compensation for tainted Russian oil will be on company-by-company basis – minister

St Petersburg — Compensation for the tainted Russian oil which was supplied to Europe in cargoes and via the Druzhba pipeline will be on a company-by-company basis, Russia’s Deputy Energy Minister Pavel Sorokin told Reuters. Sorokin said costs to clean the oil are different for crude supplied by the pipeline and that shipped in cargoes by […] More »

Ukraine winter season gas reserves at 12 bcm – Ukrtransgaz

Kiev — Ukraine, which wants to collect at least 20 billion cubic metres (bcm) of gas for the 2019/20 heating season, had reserves of almost 12 bcm as of June 8, state gas transport company Ukrtransgaz said on Monday. Ukraine had stored around 10 bcm of gas at the same time last year. The head of […] More »

China May crude oil imports drop from record in April

Singapore/Beijing — China’s crude oil imports slipped 8% in May from an all-time peak hit the month before, customs data showed, as the world’s top importer of the commodity curbed shipments from Iran amid tightening U.S. sanctions on that country. China’s crude imports dropped to 40.23 million tonnes in May from 43.73 million tonnes in April, […] More »

Norway union threatens to take up to 937 offshore rig workers on strike

Oslo — Industri Energi, Norway’s largest union of oil workers, said on Thursday it could potentially take up to 937 members on strike if the state-sponsored mediation due on June 27 fails to produce a deal with oil companies.   Most of the floating installations that could be affected by the strike are operated by […] More »

PPMC earns N223bn from petroleum products sale in one month

Ike Amos Abuja — The Nigerian National Petroleum Corporation’s, NNPC, downstream subsidiary, the Petroleum Products Marketing Company, PPMC, earned N222.929 billion from the sale of petroleum products in the country in January 2019. According to data obtained from the NNPC Monthly Financial and Operations Report for January 2019, the PPMC earned N221.759 billion from the […] More »

African Development Bank hosts the zero emissions omissions coalition

Pretoria, South Africa – The African Development Bank and the Zero Emissions Omissions Coalition, an advocacy group dedicated to mobilising support for climate change, have met to discuss the Bank’s role in leading clean energy production on the continent and greater transparency on its investments. The coalition, consisting of non-governmental bodies and volunteers organised under […] More »

NNPC earns $382m from oil, gas export in one month

Abuja -- The Nigerian National Petroleum Corporation, NNPC, earned $381.7 million from the export sales of crude oil and gas in January 2019. More »

W. Africa Crude-Trading muted pending tender results, backwardation weighs

W. Africa Crude-Trading muted pending tender results, backwardation weighs. Spot trading paused as market participants awaited the outcomes on tenders More »

Nigeria: Senate approves $422m payment for fuel subsidy backlog

Nigeria: Senate approves $422m payment for fuel subsidy backlog. Lawmakers in Nigeria’s upper house of parliament on Thursday approved a 129 billion naira More »

Devon Energy exits Canada with $2.8 bln sale to Canadian Natural, bets on U.S.

Devon Energy exits Canada with $2.8 bln sale to Canadian Natural, bets on U.S. U.S. oil and gas producer Devon Energy Corp said on Wednesday it would More »