Oil market outlook 2021

The oil market entered the New Year on a relative high, with prices above $50 per barrel. On Friday, December 8, prices hit $55.41, an 11-month high.

Oil firms flare N93bn gas in 4 months

In spite of rising prices of the Liquefied LPetroleum Gas, LPG, also known as cooking gas, across Nigeria, the country lost $228.2 million to gas flaring in eight oil and gas producing states of the federation in the first four months of this year.

The Nigerian petroleum industry is waiting anxiously for President Muhammadu Buhari’s assent to the Petroleum Industry Bill, PIB, passed in July by the National Assembly, and which is expected to bring unprecedented reforms to the oil and gas sector

Finally, PIB is passed into  law after 13 years

The recent passage of the Petroleum Industry Bill, PIB, into law by Nigeria's 9th National Assembly after 13 years has been greeted with an outburst of emotions by operators and other oil and gas industry stakeholders.

Gas flaring worsens,  firms burn N69bn gas in four months

ExxonMobil, Total, Agip and Seplat were the biggest offenders of gas flaring worsened in Nigeria, with the oil and gas producing companies operating in the country burning N69 billion gas in four months.

Indications are that the revocation of eleven Lmarginal oil field licenses by the Department of Petroleum Resources, DPR under the guise that the affected fields had been left fallow may have imperiled investments valued in excess of $470 million, exposing the operators to litigation both at home and abroad.

Nigeria  earned a total of N4.733 trillion from the oil and gas sector in 2020, according to data obtained from the Central  Bank of Nigeria, CBN, a 14.57  per cent drop, compared to N5.536 trillion recorded in 
2019.

NNPC spends N1.03tr on refineries rehab, pipelines  repairs, oil search, others

The Nigerian National Petroleum Corporation, NNPC, says it has spent 
N1.03 trillion so far on the rehabilitation of its four refineries in Warri, Kaduna and Port Harcourt as well as on repairs of pipelines and the search for oil, among others.

Operators raise fresh issues over PIB

Nigeria’s oil and gas industry operators have raised issues over certain provisions in the revised Petroleum Industry Bill, PIB, which, according to them, remain of concern to the industry.

Road clears for Rivers’ acquisition of SPDC's stake in OML 11

The Supreme Court has cleared Pthe way for Rivers State government MKPOIKANA UDOMA Oil rig Map showing OML 11 Ejama-Ebubu community hails Supreme Court ruling Rivers set to renew $150m acquisition

Nigeria earned N2.405 trillion from the oil and gas sector in the first six months of 2020 and N2.92 trillion in 2019, totalling N5.32 trillion in one and half years, from January 2019 to June 2020.

Nigeria’s beleaguered PIB marks new epoch

In what marks a new epoch in the journey of Nigeria’s beleaguered Petroleum Industry Bill, PIB, indications are that it will enter second reading at the National Assembly by October 20.

Nigeria loses 91bscf of gas to flaring in 5 months

Despite the Nigerian government’s gas commercialisation initiative targeted at eradicating gas flaring by 2020

FID delay shuts in over 750,000b/d oil production in Nigeria

The delay in reaching Final Investment Decision, FIDs, on some critical oil and gas projects has resulted in the shut in of over 750,315 of crude oil production in Nigeria.

Nigeria’s crude oil export dips to N2.95tr

Nigeria’s crude oil export dropped by 18.85 per cent to N2.945 trillio in the first quarter of 2020, compared to crude oil export of N3.629 trillion recorded in the fourth quarter of 2019

Confusion over deregulation

Despite the Federal Government declaring earlier this year an end to fuel subsidy for petrol and the deregulation of the downstream petroleum business, stakeholders are questioning the authenticity of this proclamation.

How Nigeria can survive oil price crash, global downturn, by experts

The sharp drop in crude oil prices, resulting from the coronavirus-induced decline in oil demand, poses a major challenge to Nigeria and its quest for adequate revenue to fund its 2020 budget.

COVID-19 changes oil & gas industry calculations

The Nigerian National Petroleum Corporation, NNPC, plans to hands off the management of the country’s refineries after ongoing rehabilitation of the plants, and would adopt the Nigeria Liquefied Natural Gas, NLNG, model in the operation of the facilities

Shell’s $10bn Bonga South West Aparo project suffers another delay

Despite a revised commercial framework said to have been embraced by the Nigerian government and the project investors, Shell Nigeria’s subsidiary, SNEPCo, and others in February 2018, the $10 billion Bonga South West Aparo, BSWA, oil and gas project is again experiencing a...

Stakeholders flay Senate's plan to draft PIB 'from scratch’

Stakeholders in the petroleum industry are against the plan by the 9th Senate to commenced the drafting of a new Petroleum Industry Bill, PIB, from the scratch.

They describe the Senate's plan as sheer waste of resources and lack of seriousness on the part of the Federal Government to move the country’s petroleum industry forward.

NLNG Train 7 FID excites oil & gas industry

In a Nigerian oil and gas industry where there is little to cheer, the recent Final Investment Decision, FID, on the Nigerian Liquefied Natural Gas, NLNG, Train 7 project is a major cause for celebration. 

Specifically, the NLNG shareholders, comprising the Federal Government of Nigeria, represented by the Nigerian National Petroleum Corporation, NNPC; Shell

Timipre Sylva outlines agenda for oil & gas sector

Five months after his appointment as Minister of State for Petroleum Resources, Chief Timipre Sylva has for the first time spoken of his agenda for the oil and gas industry. 

Speaking to a gathering of industry stakeholders in Yenagoa, the Bayelsa State capital, Sylva announced that the passage of the Petroleum Industry Bill, PIB, into law was one of the key areas of priority which the Ministry of Petroleum would pursue under his watch.

PSC REVIEW: Nigeria to lose $70bn investment - Operators

Nigeria's oil and gas industry players are insisting that the recent review of the Production-Sharing Contracts, PSC, with the international oil companies recently signed into law by President Muhammadu Buhari will leave the industry in grave trouble.

OML 25:  The Nigeria Government has expressed sadness over the high level of underdevelopment in Oil Mining

Local Content: NCDMB lays foundations for 10-year roadmap. Th e Nigerian Content Development and Monitoring Board, NCDMB, says it has put fundamentals in place for the attainment of the Nigerian Content 10-Year Roadmap.

Lack of fiscal clarity, investor apathy dog Nigeria’s upstream. Ranking oil and gas industry officials who spoke with this Newspaper, have painted a picture of an unfavourable outlook for the nation’s oil and gas sector

Nigeria poised for increased share of global oil market

An increased volume of Nigeria’s crude oil is expected to enter the international oil market this second half of the year, going by information available to SweetcrudeReports.

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Sweet Crude Reports Magazine - January 2021

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