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tex@synterra.co
+44 788 084 2065
tex@synterra.co
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.
IRAN BLAME MOSSAD FOR HORMUZ TORPEDO ATTACK ON JAPANESE VESSEL
At a time Iran’s Supreme Leader Ayatollah Ali Khameneni was meeting with Japanese Prime Minister Shinzo Abe in Tehran one of the tankers carrying "Japanese" cargo has been hit in a suspected torpedo attack. The attack was reported to have taken place in the same area where the US accused Iran...
SHALE Vs OPEC PART II - WHO BLINKS AS BEARS THREATEN MARKET
If we are to believe energy research firm Rystad Energy, US oil production is on track to a record 13.4 million barrels per day by the end of 2019 with Texas producing over 5 million bpd in excess of every OPEC producer apart from Saudi Arabia . The increase in US...
BUHARI REVOKES A SELECTION OF OIL CONCESSIONS
The Department of Petroleum Resources (DPR) the regulatory authority of the Nigerian oil and gas sector has revoked 5 Oil Mining Leases and a prospecting license. The directive was reported to be from the President Muhammedu Buhari who is also the petroleum minister. The licenses that were revoked belonged to Pan...
DISASTER AS UNEMPLOYMENT LEAPS BY 30% TO 20.9m
Nigeria is sleepwalking into a disaster which has the potential to unleash instability, insecurity and crippling hardship. Unemployment is always a cause for concern, it is the clearest indication that the economy and policies are not working properly and a harbinger of social malaise and turmoil. Over the years we have witnessed...
GAS PROJECT: P&ID TO ENFORCE RECORD $9bn ARBITAL AWARD ON NIGERIA THROUGH NEW YORK CONVENTION
First, a health warning. This article is about recalcitrant, inept and quite possibly corrupt Nigerian politicians and government ministers. It is certainly about incompetence and misconduct in public office. It should be about prosecution and incarceration. You will read about how government officials have conspired to create and place a liability...
VR CAPITAL BUY 25% OF P&ID AS NIGERIA FACE $9BN FINE
First, a health warning. This article is about recalcitrant, inept and quite possibly corrupt Nigerian politicians and government ministers. It is certainly about incompetence and misconduct in public office. It should be about prosecution and incarceration. You will read about how government officials have conspired to create and place a liability on the Nigeria people, a burden capable of crippling a generation. So staggering is the highly likely outcome it will wreck Nigeria's economy. If you are Nigerian but not of stout disposition I would urge you to sit down or better still look away now. .
Process and Industrial Development Ltd (P&ID) entered into a contract with the Ministry of Petroleum Resources of the Federal Government of Nigeria (FGN) in 2010. The 20-year Gas Supply & Processing Agreement (GSPA) obliged P&ID to build a natural gas processing plant and the FGN to build pipelines and to bring untreated gas to the plant. It will be remembered by many as a time the unicorn that is the Gas Master plan was a byword for confusion and ineptitude.
In August 2012, P&ID served the Nigerian government a Request for Arbitration. P&ID alleged that it invested US$40m in the project, although it did not actually build a plant. The company also alleged that the FGN did not build the pipelines as specified in the agreement. Therefore, P&ID is entitled to compensation for lost earnings .
US-CHINA TRADE WAR SENDS OIL PRICES PLUMMETING, TRUMP SPARKS ROUT
For most commentators it was simply a matter of time. The correction would come as the potential effect of the China - US war intensified and investors and the market priced it in. The escalating U.S.-China trade war came into the sharp focus as oil price benchmarks plummeted lastThursday amid increased...
NIGERIA INCREASE GAS RESERVES TO 200.79 TCF UP 7%
the Director of Department of Petroleum Resources (DPR), Mordecai Ladan has announced that Nigeria’s gas reserves increased by 7.3 per cent from 187 trillion cubic feet (tcf) to 200.79 tcf. Nigeria has long been regarded as primarily a gas producing nation. The official reserves now place Nigeria ahead of Venezuela as...
TRANS FORCADO PIPELINE FIRE THREATENS FORCE MAJUERE SHUT IN
Fire has occurred at a spill site along the Trans Forcados Pipeline (TFP) within the Chanomi Creeks in the prolific oil producing Niger Delta. It is unclear what led to the fire outbreak at the time of this report as security sources said investigation was ongoing to determine the cause of...
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