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The President of the Senate, Dr. Bukola Saraki has said Nigeria’s over-dependence on oil and gas has invariably harmed other sectors in the economy, pointing out that the problems associated with falling oil prices in the international market have become a national security issue.

Saraki, who was speaking at the 52nd Annual Conference and Exhibitions of the Nigerian Mining and Geosciences Society (NMGS), in Ilorin, Kwara State, therefore, called for policies and initiatives that will help the Federal government achieve its plans to grow the economy and achieve economic balance.

He noted that “The economic strength of any country is commonly weighed by its alternative means of survival in the unfortunate failing series of failing primary sector. The key therefore to achieving true economic success, sovereignty and development are through strategic diversification of the economy.”

According to Saraki, only a strategic and sustainable diversification policy can present a buffer to the headwinds of globalization and rampant economic failures.

He said the country which is “rich and blessed with both the natural resources and human manpower of close to 200 million people must start to sustainably harness these potentials.

“Over-dependence on oil and gas has invariably deluded our trajectory from sectors like agriculture, tourism and indeed mineral resources over the years. We must understand that the hidden potential in these sectors can and will ultimately accommodate our infrastructure development plans, employment and human development agenda, as well as ensure economic sustenance for millions of Nigerians.”

The Senate leader also assured of the National Assembly’s support and commitment towards economic diversification by making laws that would enhance ease of doing business in the country and for the good governance of the people.

Speaking earlier, the President of NMGS, Prof. Gbenga Okunola, noted that any nation that relies solely on oil as the main source of its existence must be ready for unpleasant uncertainties, given the product’s position as a one of the drivers of international politics and conflicts.

He noted that the theme of the conference, “Economic Diversification through Sustainable Mineral Resources Development” so relevant especially now that the nation is looking to diversify its economy from oil and gas.

According to Okunola, “This conference is coming at a crucial time in the history of our country, especially when the main commodity, oil and gas, which has been regarded as the cash cow of the nation, is experiencing some deep turbulence.

“Of course, this is not the first time. This has happened severally before, and it only goes to underscore the fact that oil being one of the most important commodities is extremely exposed to the vagaries of turbulent, insoluble, speculative and hypocritical natures of global politics.”

He added that “For us in NMGS while we seek fervently for alternatives and are ready to proffer solutions in that regard as we have been doing, we also believe that the oil and gas sector needs serious overhauling and detailed attention to make it be more globally competitive.”

The NMGS President observed that it was gladdening to note that this present government has thought it fit and proper to make the diversification of the nation’s economy a major fulcrum of the policy thrust of the administration, adding, however, that, “we hope it will be a sustained policy that will not be jettisoned as soon as the oil outlook becomes brighter and shoots up again.”

Source:  SweetCrudeReports

The Central Bank of Nigeria, CBN, has said that the revenue from non-oil exports fell sharply by 58 percent to $4.39 billion in 2015. Meanwhile, Zenith Bank has expressed its readiness to enhance revenue from non-oil exports by assisting its clients with financing support needed export.

CBN Governor, Mr Godwin Emefiele disclosed this in Lagos yesterday while speaking at the Zenith Bank International Trade seminar.

While commending Zenith as the highest ranking bank in terms of facilitating non-oil export trade, Emefiele called on stakeholders to evolve strategies to address the sharp fall in the nation’s non-oil export revenue.

Domestic economy Represented by the Deputy Director, Trade and Exchange Department, Mr. Dauda Gotring, said, “ It has been observed that while credit to the non-oil sector has been declining and currently at 0.6 percent of total domestic loan to the private sector in the past five years, the credit to the domestic economy has been on the rise.

“The low level of export loan has no doubt contributed to the decline in non-oil revenue from $10.53 billion in 2014, $4.39 billion in 2015, which is a very significant drop “The impact of this on the country’s export potentials is quite significant and has become topic for stakeholders’ dialogue towards evolving responsive strategies that will expand resources for exports expanding programmes on a complimentary basis.”

Commending Zenith Bank for organising the seminar, he said the seminar will help in identifying the various issues hampering the non-oil export in the country.

He said, “It is my hope that the outcome of this stakeholders deliberation will assist CBN to formulate policies geared towards enhancing growth, of non-oil exports “It is expected that resolutions of this seminar will lead to increased receipt of foreign exchange from non-oil exports and job creation among others”.

In his opening address, Managing Director/Chief Executive, Zenith Bank Plc, Mr Peter Amangbo, said that Zenith Bank has made it a top priority to enhance the ability of its clients to export.

He said, “The goal of this year’s Zenith Bank International Trade Seminar is to escalate the tone of the conversation around non-oil exports. Apart from this interactive seminar series, as a bank, we have decided to make it a top priority to improve the conditions that directly affect the ability of our clients to export, such as monetary easing, by assisting with financing that is needed for exports, trade advocacy and export promotion effort, educating our clients about markets and the financing opportunities available.”

Source: Vanguard

Nigeria’s Minister of Power, Works and Housing, Mr Babatunde Fashola, on Monday unfolded a 13-point agenda to drive efforts towards enhancing power supply in the country.

Fashola said in Abuja during his maiden meeting with power generation, distribution and transmission companies, and other stakeholders that the agenda was drawn up to ensure effective monitoring of the sector.

The minister said the agenda involves continuous public engagement on tariff collection, debts, power generation, maintenance, ancillary services, dispatch orders and discipline.

Others areas include gas requirement and constraints, transmission constraints, 33KV load offtake, imbalances-locations of excess, overload safety, service quality, new captive and embedded generation, franchising and other issues relevant to the growth of the sector.

According to Fashola, President Muhammadu Buhari has approved that all stakeholders in the sector should hold monthly meetings on issues concerning the industry.

He said that the meeting would be rotated among the various GENCOs, DISCOs, TCN and other stakeholders across the country.

Fashola said that all decisions reached in such meetings would be binding on all the stakeholders.

The minister stated that the various companies and stakeholders would each be represented by a management member with authority to take decision on behalf of their companies.

He explained that in order to minimise the cost of hosting the meetings, the companies were advised to jointly pull up resources required to hold the meetings.

The minister further said the meetings would also involve lawyers, engineers, planners and other stakeholders, adding that the ministry would issue a communiqué at the end of each meeting on steps taken to address challenges in the sector.

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The Minister of State for Petroleum Resources, Ibe Kachikwu, on Tuesday directed the Department of Petroleum Resources to seal off fuel stations found to be hoarding petroleum products and dispense the petroleum free to the public.

The Minister gave the directive after a working visit to some retail outlets in Abuja.

“I have instructed DPR that if they discover any fuel station involved in hoarding, they should sell the products for free to customers around there,” he said. “It is not just sealing the station that is the answer. It is penalizing them when they do these things. I hope the message goes out loud and clear.”

Meanwhile, the Minister has scheduled a session on Wednesday with key operators in the downstream sector of the petroleum industry, namely the Major Marketers Association of Nigeria, Depot and Petroleum Products Marketers Association, as well as Jetty and Tank Farm Owners Associations.

The meeting is expected to mobilise the oil marketers across the country to cooperate with government to ensure speedy clearance of the fuel queues.

“I am getting all the majors to get involved and they must take charge of the situation. They must take responsibility for all their filling stations. I have instructed the DPR and the Petroleum Equalization Fund and all the other agencies to work towards the Fast track movement of petrol bearing trucks and vessels,” he explained.

Currently, he said there was enough supply of petroleum products by the Nigerian National petroleum Corporation, as about 38 million litres of products haa been moved to various filling stations across the country help resolve the crisis.

On the approved payment of N413 billion subsidy claims to marketers, the minister confirmed that President Muhammadu Buhari had since transmitted a letter to the National Assembly for the approval of subsidy claims.

The Central Bank of Nigeria, he assured, would soon make the funds available to the marketers once appropriated by the National Assembly.

The Minister also said there was no plan by the government to reduce the price of petrol soon, adding that marketers should desist from hoarding fuel and make products available to the motorists.

To ensure that products become available to consumers, the NNPC said figures from the daily dispatch of petrol to depots across the country showed that by Tuesday about 38.3 million litres of petrol was dispatched by the Pipeline and Products Marketing Company, PPMC across the country.

Premium Times


Mr Ali Moshiri,, the President of Chevron Africa and Latin America Exploration and Production, has said that the total investment in Nigeria’s oil and gas industry, which stood at 20 billion dollars in 2014, has dropped by 20 per cent in 2015.

Moshiri disclosed this in Lagos at the 33rd annual conference of the Nigerian Association of Petroleum Explorationists (NAPE).

Moshiri that said Nigeria accounted for 20 billion dollars out of the 600 billion dollars investment in the global oil and gas industry in 2014.

In Africa, Moshiri said, Nigeria was the top producer of liquid hydrocarbon and number three in gas production.

He said that the country’s position in gas was because of lack of gas infrastructure and not because of the level of its gas resources.

“But when you talk about investment, total industry investment in 2014 was about 600 billion dollars and Nigeria had around 20 billion dollars . After the price crash, there is tremendous reduction in global investment.

Moshiri said Nigeria had tremendous capacity and resources to produce far above the current two million barrels of crude oil per day, but added that much investment would be required.

He said 20 billion dollar investment would be required yearly for the country to replace its current production levels.

Moshiri said many projects were locked up in Nigeria because of cost citing the Bonga South West project as one of the them.

He said the current slump in crude oil price was as a result of “ much inventory in the oil market’’.

Moshiri said between 2014 and 2015, about four million barrels of crude oil per day were unconventionally introduced into the market which led to this development.

In his speech, Gov. Akinwunmi Ambode Nigeria currently maintained an economically unstable energy trade balance, in which the country exports virtually all the crude oil produced and import substantial part of the petroleum products consumed in the country.

Ambode, who was represented by the Commissioner for Energy and Mineral Resources, Mr Olawale Oluwo, also argued that the country had under-utilised other energy sources such as Bitumen, Coal and non-carbon-related energy sources.

“Therefore, the challenge before us is to determine how we as a nation can adapt to these emerging scenerios in global and national oil and gas, so that we take advantage of them and shape them to our advantage,” Ambode added.



The Executive-Vice Chairman of Techno Oil Ltd, Mrs Nkechi Obi, has disclosed  that up to 30 million Nigerian households using kerosene and firewood faced severe health hazards.

Speaking at the recent Oil Trading Logistics Expo in Lagos, she said the hazards often arise from the side effects of smokes emanating from use of firewood and kerosene.

“Cooking with firewood is a silent killer because firewood smoke is more dangerous than cigarette smoke,” she said.

Citing a recent World Health Organisation report, Mrs. Obi said that cooking with firewood often led to indoor pollution, which globally accounted for over four million deaths every year.
Obi, who received Federal Government’s commendation few years ago for her “Techno Oil Cooksafe Initiative” in popularising cooking gas, said she was looking forward to when most Nigerian households would embrace the liquefied petroleum gas, LPG.

The techno Oil boss used her advocacy, the Techno Oil Cooksafe Initiative, through an emotional documentary to alert government to the consequences of prolonged use of biomass and kerosene for cooking which has led to increased lung diseases, aggravated asthma, premature death and greenhouse emission, leading to climate change.

She argued that there was need to exploit Nigeria’s huge gas reserves, estimated at about 187 trillion cubic feet, stressing that Nigeria still ranked lowest in sub-Saharan Africa in per capita usage of LPG, consuming only 1.1-kilogramme, compared with Ghana at 3-kilogramme.

Obi, however, listed some challenges that had been making it difficult for more Nigerians to embrace LPG to include inadequate public awareness on safety, limited distributive outlets and high cost of LPG cylinders.



In what appears to be a jamboree typical of the waste characterising Nigeria’s beleaguered oil and gas industry, the Nigerian Liquefied Natural Gas, NLNG, and the Nigerian National Petroleum Corporation, NNPC, at the weekend sent a 110-man delegation to Seoul, South Korea, for the commissioning of some gas transportation vessels.

The gas transportation vessels belong to the Bonny Gas Transport company, BGT, a subsidiary of the NLNG.

Checks by SweetcrudeReports revealed that the 110-man delegation, which has already spent three days in Seoul, includes ranking officials and spouses of both the NLNG, NNPC and wives of some state governors.

Further checks by our correspondent revealed that Hotel Paradise, where 48 of the 110-man high-powered delegation would be accommodated for the five-day visit, has sold out all its 525 rooms from the check in date of Sunday, November 8 to the check out date of Friday November 13, 2015.

Concerned energy industry observers are questioning the rationality of the huge number of delegates as well as the make up of the delegation, which they say included individuals who have no business with the trip.

“It is a jamboree and it really shows that nothing has changed even with the coming of the new government of Muhammadu Buhari and its change mantra.

“Which country in the world will send out a delegation of 110 just for the commissioning of transport vessels in another country? This ugly development can only obtain in Nigeria,” an oil industry source told reporters.

According to the plans for the event, seven of the delegates will be accommodated in the Junior Suites of the hotel at the cost of N684,356 each for five nights while 10 of them will occupy Executive Double or Twin Rooms with sea view at the cost of about N422,442 each for five nights. 25 of them will stay in Premier Double Rooms with partial ocean view at the cost of about N411,811 each for five nights.

The total cost for the seven delegates staying in Junior Suites for five nights costs about N4,790,492 while the 10 delegates staying in Executive Double or Twin Rooms for five nights will cup up a cost of about N4,224,420. The  25 delegates staying in Premier Double Rooms will for the period cost about N10,297,025.

According to the list of those attending the commissioning ceremony obtained by Sweetcrudereports, the wife of the Governor of Lagos State, Mrs. Bolanle Patience Ambode, will occupy a Junior Suite with sea view costing about N684,356 for five nights while her aid, Mrs. Ogunbunmi Abisola Adeola Fausat, will occupy the Executive Double or Twin Room with sea view at the cost of about N422,442 for five nights.

The wife of Rivers State governor, Mrs. Eberechi Suzzette Nyesom-Wike, will also occupy a Junior Suite at the cost of N684,356 for five-night stay at the hotel while her aid, Miss Kelechi-Ubani Uchenna Nnenna, will, like her counterpart from Lagos, occupy the an Executive Double or Twin Room costing  about N422,442 for five nights.

Mrs. Paula Tamunolpiriye Pepple, wife of His Majesty, Amanyanabo of Grand Bonny Kingdom, will occupy a Junior Suite at the cost of N684, 356 for five nights while her aid, Miss Vanessa Chidubem Chukwuma, will stay in an Executive Double or Twin Room costing about N422, 442 for five nights.

Mrs Elizabeth Kachikwu, wife of the Group Managing Director of the NNPC, who is a non-executive director of the NLNG will occupy a Junior Suit along with her husband, Dr. Ibe Kachikwu.

18 board members of BGT, including the chairman, Dr. Osobonye R. Longjohn, and his wife, Mrs Mina Longjohn, will occupy Premier Double Rooms with partial ocean view at the cost of about N411, 811 each for five nights.

Nine NLNG management staff including the Managing Director, Mr. Babs Jolayemi Omotowa and his wife, Mrs. Helen Omotowa, and the Deputy Managing Director, Mr. Isa Inuwa and his wife, Mrs. Isa Inuwa will occupy Premier Double Room with partial ocean view.

Three ex-NLNG representatives, former Deputy Managing Director currently Chairman/CEO, Mentor Energy Consulting Ltd; Mr. Basheer Koko; former General Manager Finance, currently Chairman, Falcom Petroleum Ltd, Mr. Victor Eromosele; and former Managing Director, Mr. Chima Ibeneche, who are said to be instrumental to the BGT progress, are booked to occupy Premier Double Rooms with partial ocean view.

Other guests on the trip include Ambassador Sheldu Omelza Momoh, Ambassador Oluwole Amosu, Mrs. Regia Agboola, Head, Loans Management Unit of NLNG, Executive Room; Mr. Henry Agbodjan, Head SDC of NLNG (Executive Room; and Mrs. Kemi Fasiku, Legal NLNG (Executive Room).

Four persons from Kexim Bank, three from K.SURE, two from ING Bank N.V, Seoul branch, one from Standard Chartered Bank, three from BNP PARIBAS and one from Sumitomo Mitsul Banking Corporation are also in the list for the event.

Also included are three persons from BRAEMAR Engineering, 25 from BGT Site Team, four from HN2636 &37 Sea Staff, six from LR, 14 from Hyundai Heavy Industries, HHI.
Investigations by SweetcrudeReports also revealed that an average return business class flight ticket from Abuja to Seoul’s Incheon International Airport,  ICN, will cost about $15, 250.06 per person.

The 18-storey Paradise Hotel, housing the delegates, was built in 1978 with 525 rooms and was last renovated in 2001. It is situated at 1408-5 Chung-Dong, Haeundae-Gu Busan, South Korea 612010.

An NNPC official decried the development, saying it is “typical of the waste that has characterised the operations of the corporation”.

“How can the corporation be declaring a loss and officials and their spouses still embark on such jamboree. The Group Managing Director must be seen to lead by example,” the official who did not want his name in print noted.

Also speaking, an oil services contractor decried the trip as ‘wasteful and very unnecessary’, adding that the commissioning should have been done in Nigeria since entities in which the Nigerian government owns controlling interest made the order.

“I don’t think it is right to ask contractors to slash cost on ongoing projects owing to the downturn in oil prices and still embark on such a wasteful jamboree. The trip is at variance with the current reality in the industry, the contractor said.


Oil & Gas Industry / Fuel Scarcity Hits Lagos, Major Fuel Stations Closed
« on: November 05, 2015, 11:34:33 AM »

Fuel scarcity, which has hit major parts of the country, continued yesterday with more filling stations shutting down to customers in Lagos and its environs.

The scarcity is expected to degenerate and spread nationwide, according to marketers, who complained that the Federal Government has been indebted to them to the tune of N500 billion since August last year. An independent marketer, who pleaded not to be named said that those presently selling petrol are a few major oil marketers who received allocation directly on credit from the Pipelines Products Marketing Company (PPMC).

Filling stations didn’t dispense fuel in some areas in Egbeda in Lagos State and on the Lagos-Abeokuta expressway. The situation was also chaotic at the Conoil station at National Bus Stop, close to the local airport and extending to Ikeja. At Epe, none of the stations there opened for sales, while those engaged in black market operations lined the roads with their Jerry cans to make brisk business out of the situation.

Source: EnergyMix


Nigerian National Petroleum Corporation (NNPC) has said that the Federal Government has approved the payment of 413 billion naira ($2.1 billion) to oil marketers as outstanding payment for fuel subsidy claims.

The Federal Government of Nigeria has not made payment to oil marketers July, 2015.  The management of  NNPC said it hoped the payment would help to ensure the country “remains wet with petroleum products all year round”.



Nigeria will save over N41.4bn in six months as a result of the recent cancellation of the offshore processing agreements with some international oil companies, the Nigerian National Petroleum Corporation has said.

The NNPC, in its latest monthly financial and operations report for September 2015, stated that the cancellation of the OPAs was one of its key interventions in the month under review.

In the OPA, the NNPC undertakes to allocate a dedicated volume of crude oil for refining at offshore locations in exchange for petroleum products at pre-agreed yield pattern.

Outlining some of its key interventions as of September, the corporation said, “The OPA contracts (were) cancelled; $207m savings to be realised in six months. (The) engagement of key security agencies to boost pipeline security (is) ongoing.”

On August 26 this year, the NNPC announced the termination of the OPAs entered it into in January with three companies, Duke Oil Company Incorporated, Aiteo Energy Resources Limited and Sahara Energy Resources Limited.

The national oil firm had stated that the agreements were not in the interest of Nigeria and the corporation, a development that led to their cancellation.

“However, after detailed appraisal of the operation and its terms of agreement, the NNPC is convinced that the current OPA is skewed in favour of the companies such that the value of the product delivered is significantly lower than the equivalent crude oil allocated for the programme,” it had stated.

The latest NNPC report further noted that in September, 763.90 million litres of white products (petrol and kerosene) were supplied to the country through the OPA arrangement, compared with a volume of 701.29 million litres achieved in the month of August.

It stated that kerosene receipt in September was 196.3 million litres compared with zero litres imported a month earlier.

To ensure that Nigeria gets the best companies in the OPA arrangement, on October 15, a total of 101 international and local oil companies competed for the award of OPAs from the NNPC.

International oil trading companies like Glencore, Vitol S.A, BP Oil International and Total Oil Trading S.A joined 97 other companies in bidding for the OPAs.

Out of the 445,000 barrels per day of crude required for refining, the successful companies in the process are expected to lift about 210,000 barrels within a 12-month period, starting from January 2016.



The engineers and designers of the Netherlands have become well known for the innovative ideas.  From the world’s first solar bike path to the self-healing concrete, they always seem to offer a unique fusion of eco-friendliness and ingenuity.

Now there is a Dutch construction company that plans on paving the roads with recycled plastic bottles.  VolkerWessels is looking to implement the Plastic Road project in the city of Rotterdam, where they will no longer see the asphalt, but instead recycled plastic.

This is an innovative way to replace the environmentally harmful asphalt and at the same time help reduce the plastic waste that ends up in landfills and our oceans.  Just one ton of asphalt can emit 27 kilograms of CO2 into our atmosphere, which totals up to 1.45 million tons of CO2 emissions worldwide every year.  Asphalt is the number one cause of urban heat island effect due to how it absorbs and retains heat.

The use of recycled plastics, instead of asphalt, could help to reduce the environmental footprint we tend to leave everywhere.  Another benefit would be that the road surface is more durable and the road maintenance costs will be reduced.

VolkerWessels believes that the eco-friendly surface will be able to withstand a substantial range of temperature, around -40c and 80c.  These plastic roads would be hollow allowing for pipes and cables to be ran in them with much more ease.

The road construction time would be reduced significantly and the cost as well, as the numerous staff that is needed for on-site construction activities will no longer be so large.  A factory would produce the sections of the road and then transport them to the job-site.  This will reduce the transportation of raw materials and contribute to the reduction of environmental impacts.

Though the project is just on paper right now, VolkerWessels is optimistic about the future possibilities.  Rolf Mars, of VolkerWessels, explained that the plastic roads could lead to other innovations, such as ultra-quiet surfaces and heated roads.  Rotterdam, who is famous for their support in sustainable developments initiatives, have shown interest in the PlasticRoad project.

“Rotterdam is a very innovative city and has embraced the idea,” and continued with, “It fits very well within its sustainability policy and it has said it is keen to work on a pilot.”
Some concerns may be that plastic is a harmful substance and is it best to use such material for large projects?  For now, the project is just on paper, but if and when it is implemented we can see how well it works.


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