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2016-08-19 18:35:00

NIGERIA MAY LOSE $25 BLN

NIGERIA MAY LOSE $25 BLN

 

NIGERIA OIL PRODUCTION 1989 - 2016

 

THE GUARDIAN wrote, the Nigeria Liquefied Natural Gas (NLNG) has warned that any move to tinker with the 2004 Act would violate bilateral agreements with international investors as well as cost the country a whooping $25 billion in Foreign Direct Investment (FDI) and fines running in billions at the International Courts.

The outgoing Managing Director and Chief Executive Officer of NLNG, Babs Omotowa, said this in Lagos yesterday at the National Association of Energy Correspondents (NAEC) Annual Conference.

Speaking during his address to top executives in the oil and gas industry in Nigeria, Omotowa said NLNG, through its expansion growth programme which involves the expansion of production capacity of the LNG plant in Bonny, Rivers State with a Train 7 and 8, could attract $25 billion, create 30,000 construction jobs, help to further reduce gas flaring, and generate over $1billion to $2 billion additional revenue to the country in taxes and dividend.

"In a period of huge youth unemployment and need for more revenue, this should really be a cause we should have all hands on deck for especially as NLNG has demonstrated its pedigree having attracted $15billion in foreign investment, grown from a 2 Train to a 6 Train plant, contributed to reducing gas flaring from 65 per cent to below 20 per cent, delivered $33billion to Nigeria from a $2.5billion investment.

"This potential $25billion in investment, creation of 30,000 jobs, reduced gas flaring, among others is being put in jeopardy by attempts to renege on promises that Nigeria gave to foreign investors that enabled the historical $15billion investment historically attracted.

"Whilst the Executive has demonstrated full commitment to the need to keep the sanctity of the NLNG Act, the attempt by the Legislature to amend the clear promises made to investors will cost the country quite a lot. Apart from the relocation of investments in excess of $25billion to other countries, Nigeria will also be opened to fines running into billions of dollars in International Courts for reneging on agreements. Such incentives in the NLNG Act are normal in the LNG world including in Qatar, Oman, Malaysia, Angola, etc. Even in Nigeria, more generous incentives are contained in legislation such as the Oil and Gas Free Trade Zone Act," he said.

"This period of low oil price is not a time to jeopardize Nigeria's long term interests by showing Nigeria as a place not to be trusted, and projecting our business environment as unconducive," Omotowa added.

Analysing the unfortunate trend of declining oil and gas prices globally, he said the crisis was responsible for the recession currently experience in the country because of the mono-product structure of the economy which left development in the other parts of the economy stunted.

"We must, as a country, move past sloganeering and tokenism, and double down on planning and execution. "Never let a good crisis go to waste" said Winston Churchill. The current crisis provides a good opportunity to resolve a raft of underlying issues – economic diversification, looking inward and developing areas of natural strengths, fiscal stability, creating a conducive environment for business, and ensuring our reputation as a country to be trusted, and as a place where investments should flow into. This crisis gives us a good opportunity to pause, reflect and reset. By putting the interest of the country first we will be able to not let this crisis go to waste," he said.

-----

Earlier: 

CHINESE - NIGERIAN AGREEMENTS: $80 BLN 

NIGERIA'S OIL UP 

NIGERIA WANTS $50 BLN 

NIGERIAN OIL DOWN 50% 

SHELL LOWERS NIGERIA

 

 

 

 

Tags: NIGERIA, OIL, GAS, LNG
NIGERIA MAY LOSE $25 BLN September, 20, 09:05:00

OIL PRICE: ABOVE $55 YET

NIGERIA MAY LOSE $25 BLN September, 20, 09:00:00

GAS PRICES UP TO $3.146

NIGERIA MAY LOSE $25 BLN September, 20, 08:55:00

ЦЕНА URALS: $51,81591

NIGERIA MAY LOSE $25 BLN September, 20, 08:50:00

U.S. OIL + 79 TBD, GAS + 788 MCFD

NIGERIA MAY LOSE $25 BLN September, 20, 08:45:00

RENEWABLE'S FUTURE

NIGERIA MAY LOSE $25 BLN September, 20, 08:40:00

TOTAL BUYS RENEWABLE

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Chronicle:

NIGERIA MAY LOSE $25 BLN
September, 20, 08:35:00

BP - AZERBAIJAN OIL DEAL

BP and its partners in Azerbaijan's giant ACG oil production complex agreed Thursday to extend the production sharing contract by 25 years to 2049 and to increase the stake of state-owned SOCAR, reducing the size of their own shares.

NIGERIA MAY LOSE $25 BLN
September, 20, 08:30:00

U.S. DEFICIT UP TO $123.1 BLN

The U.S. current-account deficit increased to $123.1 billion (preliminary) in the second quarter of 2017 from $113.5 billion (revised) in the first quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit increased to 2.6 percent of current-dollar gross domestic product (GDP) from 2.4 percent in the first quarter.

NIGERIA MAY LOSE $25 BLN
September, 18, 12:35:00

OIL PRICE: ABOVE $55

U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading up 41 cents, or 0.8 percent, at $50.30 by 0852 GMT, near the three-month high of $50.50 it reached last Thursday. Brent crude futures LCOc1, the benchmark for oil prices outside the United States, were at $55.91 a barrel, up 29 cents, and also not far from the near five-month high of $55.99 touched on Thursday.

NIGERIA MAY LOSE $25 BLN
September, 18, 12:30:00

RUSSIA - CHINA - VENEZUELA OIL

“The principal risk regarding Russian and Chinese activities in Venezuela in the near term is that they will exploit the unfolding crisis, including the effect of US sanctions, to deepen their control over Venezuela’s resources, and their [financial] leverage over the country as an anti-US political and military partner,” observed R. Evan Ellis, a senior associate in the Center for Strategic and International Studies’ Americas Program.

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