Nigeria's state oil firm to change payment structure for joint ventures

Nigeria’s NNPC said on Thursday it was planning to change the way energy joint ventures paid operating costs to help ensure smooth financing for projects that have often struggled to secure timely contributions from the state-run oil firm.

The new “incorporated joint venture” model would allow the ventures to operate as independent entities, so they could raise capital through equity or debt and then pay dividends to shareholders, NNPC said in its statement.

Fashola seeks increased investment in gas industry

Former Minister of Power, Works and Housing, Mr Babatunde Fashola, on Thursday, called for increased local investments in the gas business to realise its potential benefits to Nigeria.

Fashola made the call at the inauguration of an indigenous gas company, GASCO Marine Limited, located at Onijanganjangan community in Abeokuta-North Council Area of Ogun.

He said the call became necessary to enable Nigerians put gas into more productive uses and also help the country save billions of dollars often lost to fuel importation.

Nigeria supports 9-month extension of oil output cut

Nigeria on Monday reaffirmed its strong support for the nine-month extension of oil production cut under the  “Declaration of Cooperation’’, which seeks to improve global oil market stability among members of the Organization of the Petroleum Exporting  Countries (OPEC).

Under the cooperation, OPEC members, OPEC+ members, and non-member countries accelerated the stabilisation of the global oil market through voluntary production adjustments amounting to 1.8 million barrels per day.

NNPC’s gas subsidiary posts ₦12bn profit, low revenue

The Nigerian National Petroleum Corporation (NNPC) yesterday, said its subsidiary, the Nigerian Gas Marketing Company (NGMC) posted a profit after tax of N12.476 billion for the year ended, December 31, 2018.

In a statement issued after the Annual General Meeting of the NGMC in Abuja, NNPC described the company’s performance as impressive, considering the challenges NGMC faced in its operations, notably arising from pipeline vandalism.

Oil set for biggest quarterly rise

Oil prices rose on Friday amid the ongoing OPEC-led supply cuts and U.S. sanctions against Iran and Venezuela, putting crude markets on track for their biggest quarterly rise since 2009.

U.S. West Texas Intermediate (WTI) futures were at $59.34 per barrel at 0802 GMT, up 36 cents, or 0.6 per cent, from their last settlement.

WTI futures were set to rise for a fourth straight week and were on track to rise 30 percent in the first three months of the year.

Brent crude oil futures were up 24 cents, or 0.4 percent, at $68.06 per barrel.

NNPC declares ₦12b trading surplus, despite pipeline breaches

The Nigerian National Petroleum Corporation, NNPC, declared a trading surplus of N12.13 billion in its financials for December 2018.

Group Managing Director of the NNPC, Dr Maikanti Baru In a statement on its Monthly Financial and Operations Report for December 2018, signed by its Group General Manager, Group Public Affairs Division, Ndu Ughamadu,said its positive financial performance in the month under review was in spite of disturbing reports of breaches on its assets.

OPEC's Barkindo says compliance with supply cut deal improving

OPEC Secretary General Mohammad Barkindo said on Sunday that compliance with a supply cut agreement between OPEC and non-OPEC members was improving, and that this would help the oil market to weather through the build up of oil inventories, Reuters reports.

“There is a remarkable improvement on the level of compliance,” Barkindo said.

“The market will weather through a possible rebuild of inventories, which is our focus of attention, and ensure that we have supply-demand balance through the quarters,” he added.

Stakeholders urge incoming NASS to accelerate passage of PIB

Some stakeholders in Nigeria’s oil and gas industry have tasked the incoming 9th National Assembly to speedily pass the Petroleum Industry Bill (PIB) for the president’s assent.

The Executive Vice-President, Business Development, Tolea Energy Ltd. Mr Chikezie Nwosu, made the appeal on Friday in Lagos.

He said the passage of the bill was necessary to enable the anticipated growth of the sector.

Government to Bridge Funding gaps in Oil and Gas Industry

The Nigerian Content Development Monitoring Board (NCDMB) has announced plans to introduce a new financing scheme to address the gaps witnessed under the Bank of Industry (BOI) funding initiative for companies operating in the Nigerian oil and gas industry.

Speaking in Abuja, Executive Secretary of the NCDMB, Mr. Simbi Wabote, stated that companies selected under the newly-launched ‘Project 100’ programme, would be the initial beneficiaries of the funding that would be provided, Voice of Nigeria reports.

BoI, AllOn sign ₦1b off-grid energy fund

The Bank of Industry (BoI) and All On have signed a N1 billion partnership agreement to finance the Niger Delta Off-Grid Energy Fund.

The Managing Director, BoI, Mr Olukayode Pitan, during the ceremony in Lagos, said the partnership was a result of the bank’s efforts in exploring strategic partnerships with reputable institutions in developing sustainable solutions to facilitate social and industrial development.