NIGERIA: THE CRUDE OIL ECONOMY

Synterra the Nigeria Risk Management Consultants provide insight into how the oil markets affect the Nigerian economy. Nigeria's reliance on crude oil receipts is total. At a time of increasing volatility and uncertainty this blog seeks to provide an analysis of the effect the global energy markets have on business in Nigeria, their relationship with OPEC and how local policy decision making affects investment opportunities.

A PIB NOT FIT FOR PURPOSE

PIB A PIB NOT FIT FOR PURPOSE When the Oil and Gas Sector Reform Implementation Committee (OGIC) began its deliberations in 2000 not many thought the pathway to restructuring the Nigerian oil and gas sector would take nigh on two decades. The hugely ambitious bill which was supposed to encourage investment, be equitable and make fairer provisi...
Continue reading
  3356 Hits
  0 Comments

VITOL CONFESS TO USING BRIBERY TO WIN OIL CONTRACTS

Vitol are the largest global independent trader of crude oil and refined petroleum products. They also have a long established joint venture (JV) called Calson with NNPC based in the offshore tax haven of Bermuda. Their  intimate relationship with NNPC has seen them beneficiaries of supply contracts, including the infamous Direct Sal...
Continue reading
  2540 Hits
  0 Comments

OPEC BULLY NIGERIA INTO SUBMISSION

Nigeria have been brutally knocked back by OPEC in its attempt to maintain an exemption for its condensates production. OPEC are no longer prepared to exempt condensates counting toward its current quota. Specifically production from the Agbami field. The inescapable conclusion must be that it is now time for Nigeria to leave OPEC. The reality is t...
Continue reading
  2859 Hits
  0 Comments

RETURN OF LIBYAN CRUDES PRESSURES NIGERIAN GRADES

LIBYAN LIGHT SWEET CRUDE BAD NEWS FOR QUA IBOE AND BONNY LIGHT The return of Libyan crudes, notably EsSider and Saharan which will largely clear in the Mediterranean at prices that will be competitive against long-haul grades, will put Nigerian grades under severe pressure. The return of Libyan crude has come at the worse possible time as Nigeria s...
Continue reading
  2533 Hits
  0 Comments

#END A BANKRUPT NNPC

END SARS END A BANKRUPT NNPC NNPC despite its appearance only masquerades as an integrated oil company. It is neither a real commercial entity nor a meaningful operator. Not an oil company but a facilitator of kleptocracy. Its most effective function has been to facilitate the theft and redistribution of Nigeria's huge resource endowment from its p...
Continue reading
  3347 Hits
  0 Comments

DPR STILL ALLOW IMPORT OF KILLER PMS INTO NIGERIA

 When the Stakeholder Democracy Network (SDN) an international non-governmental organisation broke the news, it re-exposed a racket that has been going on for years. Nigeria has been for a while the choice destination for dumping the worst, most carcinogenic, toxic refined petroleum products on the planet. Indeed such is the preponderance of o...
Continue reading
  4309 Hits
  0 Comments

SYLVA SHOULD NOT COMPENSATE OPEC

Nigeria agree to compensate OPEC by further cutting production  Nigeria should not be in the nonsensical position that it has to compensate OPEC by making additional production cuts as other producers increase their output. At the 20th meeting of the OPEC, Joint Ministerial Monitoring Committee (JMMC) which took place on Wednesday, 15 Jul...
Continue reading
  2146 Hits
  0 Comments

DEREGULATION MUST SAVE NIGERIA TRILLIONS IN SUBSIDY WASTE

SYLVA MAKES THE CASE FOR DEREGULATION   A virtue signalling Minister of State for Petroleum Resources Chief Timipre Sylva in a statement recently released in Abuja was at pains to point out the economic benefits of deregulation of the downstream oil sector . The main thrust of his statement re-iterates arguments some of us having been mak...
Continue reading
  2732 Hits
  0 Comments

NNPC CLOSE REFINERIES AFTER LOSING $503 MILLION ANNUALLY

When it first emerged the only surprise was that the Nigerian National Petroleum Corporation (NNPC) had for the first time in its history published audited accounts. The fact that this is an historic event says it all. The financial statements provide in part a snapshot of a poorly run organisation with many of its subsidiaries insolvent which was ...
Continue reading
  3536 Hits
  0 Comments

By accepting you will be accessing a service provided by a third-party external to https://synterra.co/

Synterra Energy Assets
72 Newman Street, London W1T 3EH
+44 788 084 2065
tex@synterra.co

Search