Oil Sector

Oil & Gas Sector: 83% of Oil Firms Issue no Bonus Scripts in 6Years

The Oil and Gas sector on the Nigerian bourse seems to be recovering faster than we had expected; considering the consistent and improved patronage recorded so far in the year with an average sector performance of +20.35% gain which is now far above the
Oxford University to host Diezani Alison-Madueke

In the wake of the discovery of shale gas in the USA and China, oil producing African nations such as Nigeria are predicted to be at risk of losing 25 to 40 % of oil revenue by reduced demands and the subsequent effect of lower oil prices.
Choosing the Right Oil Company to Own in 2013

I have been making the point about crude oil production and capex absolutely CONTROLLING the energy space right now and through 2013 and this week's entry is perfect to point that out again through the released quarterly reports of EOG Resources (EOG) and
The New Petroleum Industry Bill and Taxation of Petroleum Products in Nigeria

No one would doubt that the taxation of severed mineral interests as well as oil and gas production is an important issue as governments hope to capitalize on this burgeoning industry, while maintaining an attractive environment for business expansion. In
Memo to Investors in the Oil & Gas Sector - Price Trend Analysis Review

The Oil & Gas sector is currently experiencing active reversal trend while the sector closed among top leading sectors on the Nigerian bourse as our sectoral analysis revealed.
Oil Market Outlook Supportive of Naira Assets

We continue with the serialization of our core strategy document the Nigeria Strategy report. Today, our discussion centres on a review of the recent drivers of oil prices, incorporating our expectation in 2013 and possible impact for naira assets.
Kenyan Oil, Hot and Getting Hotter

It's actually a very timely conversation as most eyes in the energy world (and investors) are tuned to Africa as being the next oil and gas exploration hot spot very big things are expected in 2013. The hottest spot in Africa at present is Kenya
Crude oil price falls as uncertainty hits energy markets

Oil prices fell on Monday following uncertainty about future action from the U.S. Federal Reserve and data showing the U.S. unemployment rate unchanged.
Capital Oil Resumes Operations as AMCON Vacates Premises

One month after its operations were shut down, Capital Oil and Gas Industries Ltd Thursday resumed normal business activities The premises of the company was shut down following an order of an Abuja Federal High Court that the Assets Management Corporati
AMCON insists on possession of Capital Oil’s assets

Asset Management Company of Nigeria, AMCON, said yesterday it would not yield possession of the assets of Capital Oil and Gas Industries Ltd, temporarily forfeited to it by virtue of a Federal High Court order of November 13 this year.
2012's Top 5 Oil & Gas Plays

2012 has been a stellar year for oil and gas. From East Africa to North America , new technology, major new discoveries, an unparalleled appetite for exploration and a metamorphosing perception of risk have changed the playing field.
OPEC Maintains Output

OPEC decided to maintain its oil production ceiling of 30 million barrels a day, in a move that was widely expected, though it was unclear whether the group would say anything to address the fact that it is currently producing well above that target, acco
OMG! Fuel subsidy hits N1trn in 2012

The fuel subsidy bill for 2012 hit N1.05 trillion as President Goodluck Jonathan yesterday admitted that he had underestimated the cost of subsidising fuel. The President said this while submitting a request to the National Assembly to approve N161 billio
Sonangol’s $3.2bn profit shows NNPC’s model as broken –

Angolan state oil firm Sonangol’s strong profit growth for 2011 is highlighting the broken model of Nigeria’s state controlled oil company, the NNPC, which is hobbled by corruption, poor management and political interference.
Oil Prices Could Drop Substantially: An Interview with Michael Levi

There's been plenty of talk about potentially radical US foreign policy changes as a result of the shale boom. While one shouldn't expect any dramatic US foreign policy move away from the Middle East, factors are influencing a greater focus on Asia.
President Jonathan Sets Up White Paper Committees on Ribadu Report, Others

In furtherance of his declared commitment to doing all within his powers to ensure greater accountability, probity and transparency in Nigerias oil and gas industry, President Goodluck Ebele Jonathan today established three committees to prepare draft Wh
My Ifeanyi Ubah Odyssey, Cosmas Maduka clears the air

Managing Director, Coscharis Group of Companies, Dr. Cosmas Maduka, has vowed to ensure that he collects back all the money due to him that Managing Director, Capital Oil and Gas Industries Limited, Mr. Ifeanyi Ubah, has allegedly fraudulently appropriate
Capital Oil Refutes Allegations of Subsidy Fraud, Accuses Aig-Imoukhuede & Cosmas Maduka

Capital Oil and Gas Industries Limited, an operator in the downstream petroleum industry, has refuted the unfounded allegations by the Presidential Committee on Verification and Reconciliation of Fuel Subsidy Payments headed by the Managing Director and C
President Jonathan to receive reports of two (2) other oil industry committees

Two other committees set up by the Federal Government earlier this year on different aspects of the country’s petroleum industry are to also present their reports to President Goodluck Jonathan on Friday, November 2, 2012.
The Oil Sector, Subsidy Payments and Quoted Companies

The activities of the oil marketers in Nigeria have been bedevilled with allegation and counter-allegations on subsidy payment in recent time. Clearly the energy space is a great business to be in. Demand is growing, supplies are limited (hence one can ch
President Jonathan To Receive Ribadu Committee Report On Friday

In furtherance of the administration’s commitment to transparency, probity, and accountability in the petroleum sector, President Goodluck Jonathan has directed that a comprehensive report of the Petroleum Revenue Special Task Force chaired by Mallam Nuhu
Nigeria oil output down 20 per cent - Officials

ABUJA (Reuters) - Nigeria has lost at least a fifth of its oil output in recent weeks due to severe flooding and oil theft, government oil officials said on Wednesday, in comments that helped push oil prices higher.
Oando Brings Ebendo Oil Well on Production at 2000 BoPD

CALGARY, ALBERTA Oando Energy Resources Inc. ("OER" or the "Company") (TSX:OER), today announced that the Ebendo 4 well, in which OER has a 42.75% working interest has been brought on production at 2,000 bopd (855 bopd net to OER).
U.S. Oil Boom Upends Nigerian Exports - WSJ

A surge in unconventional U.S. energy production has been a boon for the world's largest oil-consuming economy, but it could come at a significant cost to Nigeria, which needs to find new buyers for its light, sweet crude as American demand tumbles.
Renewable Energy: An Empirical Analysis of the Nigerian Economy

Since after the Arab oil embargo of 1973, net oil importing countries developed the agenda for substituting fossil fuel and to date, renewable energy has become a major power source for most countries.
Updated List of Oil Marketers Recommended For Criminal Investigation

Please see below the updated list of oil marketers recommended for criminal investigation. The updated number is 25, four more than the list of 21 released earlier. The number has been confirmed by the Presidential Committee on Verification and Reconcilia
Update on Payments to Oil Marketers Whose Claims Have Been Verified

In line with the commitment of the Federal Ministry of Finance to manage fuel subsidy payments in a transparent manner that protects and enhances the interests of the Nigerian people, below are two tables which detail the current status of payments on ver
Why $75 Benchmark Price for Budget 2013 is Right for Nigeria

An overly high benchmark price likely to lead to higher inflation, decline in the value of the naira, lower savings and reduced investment.
Oando Energy Resources (OER) Announces Spudding of EBENDO- 5 WELL

CALGARY, ALBERTA October 15, 2012 Oando Energy Resources Inc. ("OER" or the "Company") (TSX:OER), a company focused on oil exploration and production in Nigeria, today announced the spudding of the EB-5 well in the Ebendo Field (OML 56), located onshore
Oil prices set to fall, forecasts IEA

International Energy Agency predicts sluggish economic growth will help bring price down from $107 to $89 by 2017
Crude Oil Prices Steadies after Surprise Plunge

Crude prices steadied on Tuesday as traders struggled to explain a mysterious overnight plunge in New York, analysts said.Brent North Sea crude for delivery in November eased eight cents to $113.71 a barrel in London midday trading.
Saudi Arabia May Become Oil Importer by 2030, Citigroup Says

Saudi Arabia, the world’s biggest crude exporter, risks becoming an oil importer in the next 20 years, according to Citigroup Inc. Oil and its derivatives are used for about half of the kingdom’s electricity production, which at peak rates is growing at a
The Real Cause of High Oil Prices - An Interview with James Hamilton

We have just finished a superb interview with the world's leading energy economist Professor James Hamilton. We have interviewed quite a few high profile and knowledgeable people in the past - but this is undoubtedly the clearest and I believe most usef
Presidency Disowns Fake PIB

The Presidency has noted with concern and dismay that a document alleged to be the new Petroleum Industry Bill is now in circulation and has even been published on some websites.
Shoreline completes acquisition of a 45% interest in OML 30

Shoreline Natural Resources Limited (?Shoreline?) has reached an agreement with Shell Petroleum Development Company of Nigeria Ltd (?SPDC?), Total E&P Nigeria Ltd (?Total?) and Nigeria Agip Oil Company (?Agip?) to acquire a 45% participating interest in a
Nigerian oil: Criminals offer huge discounts to international traders

Criminals in the country’s oil sector, who claim to have privileged access to crude oil, are offering the commodity at huge discounts to interested traders. Oil traders, however, view the deals as too good to be genuine, as documents from the criminals’ c
Iran Hunting for Dragons in the Caspian Sea

Iran announced this week that it's made its first oil discovery in the Caspian Sea in more than 100 years. The semiofficial Fars News Agency reports the find, in ultradeep waters, may hold the equivalent of 7 percent of the country's known national reserv
Exclusive: Draft of Nigeria oil bill being finalized

PIB Bill includes plans to partly privatize and list the state oil firm, tax oil company profits at 20 percent for deep offshore and 50 percent for shallow or onshore, and give the oil minister supervisory powers over all institutions in the industry
Subsidy Payments: Finance Ministry Terminates Services of Accountants and Auditors

Subsidy Payments: Finance Ministry Terminates Services of Accountants and Auditors
Nigerian oil revenues and Iranian-fuelled rising oil prices.

Nigerian oil revenues and Iranian-fuelled rising oil prices.

Corporate Earnings for the Week Ending May 24, 2013

DANGCEM tilts the scale; NSE ASI inches up by +2.41% amid weak breadth

Oil Sector

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