Oil Thieves Threaten Pipeline Surveillance Workers In Delta

Oil thieves and barons have threatened the lives of top officials and workers of Oil Facility Surveillance Limited, OFSL, Warri, Delta State, a pipeline surveillance company contracted by the Nigerian National Petroleum Corporation, NNPC, to police the facilities in the state, for allegedly demolishing their illegal refineries.Ex-militant leader, Chief Government Ekpemupolo, alias Tompolo, is

NNPC Launches Greater Domestic Gas Utilisation Programme

The Nigerian National Petroleum Corporation, NNPC, said, Thursday, that it is pursuing a greater domestic gas utilisation programme to rapidly drive the nation’s economic growth.Acting Group General Manager, Group Public Affairs Division, Mr. Fidel Pepple, in a statement disclosed that the move to pursue greater domestic gas utilisation programme is informed by government’s transformation agenda

Nigeria’s Excess Crude Oil Funds Hit $8.03bn

Nigeria’s Excess Crude Account savings rose significantly in August to $8.03 billion, over $1 billion more than the savings in June.Briefing the media at the end of the month’s Federation Accounts Allocation Committee, FAAC, meeting on Friday in Abuja, Accountant General of the Federation, Jonah Otunla, confirmed that the three tiers of government shared N570.61 billion from gross revenue of

Total To Drill First Ugandan Exploration Well By Year-end

French oil giant, Total, will drill its first oil exploration well in Uganda’s oil-rich Lake Albertine rift basin before the end of this year.The company is currently making efforts to determine the size of oil reserves in its exploration block in the country, a company executive told Dow Jones Newswires.Last week, Total received government approval to conduct a seismic survey and is continuing

Ex-Minister, Ihenacho, Arrested Over Stolen Petroleum Products

Former Minister of Interior and owner of Integrated Oil and Gas Limited, Captain Emmanuel Iheanacho, was, Friday, arrested over his involvement in the hijack of a vessel, M.T. Grace, laden with suspected stolen petroleum products.Disclosing this to newsmen in Lagos, Director General of the Nigerian Maritime Administration and Safety Agency, NIMASA, Mr. Patrick Akpobolokemi said that the search

Nigeria Loses Bid To Tax $559m Halliburton Bribe Fine

Nigeria, Friday, lost its bid to get part of the $559 million (about N89. 44 billion) fine imposed by the US Government on Halliburton Energy Services Ltd for offering bribe to Nigerian officials in its effort to secure the Nigeria Liquefied Natural Gas, NLNG, contract.The government through the Federal Inland Revenue Services, FIRS, had written to Halliburton Energy Services Nig. Ltd., in 2009,

NNPC, Shell, Others To Reconcile Oil Payments With NEITI

The Nigeria Extractive Industries Transparency Initiative, NEITI, has invited the Nigerian National Petroleum Corporation, NNPC, and some oil companies operating in the country including Shell, to reconcile their record of payments to the government.NEITI also sent out the invitation to all companies and government agencies involved in payment and receipt of revenue from Nigeria’s petroleum

Brent Rises Above $116

UK premium crude, the Brent, rose for the seventh straight session on Friday, climbing above $116 a barrel bouyed by hopes for stronger global demand for oil after the US Federal Reserve launched an aggressive programme to stimulate the economy.Brent crude for November delivery, which took over as the front-month contract on Friday, climbed 56 cents to $116.44 a barrel after rising 94 cents the

Onshore-offshore Oil Debate Settled, Nigeria Govt

Nigeria's Attorney General and Minister of Justice, Mohammed Bello Adoke, SAN, has given reasons why the controversial issue of onshore-offshore dichotomy in the allocation of derivation proceeds in the country cannot be revisited by the Federal Government.The Attorney General of the Federation, AGF, maintained that the matter had been laid to rest by the Supreme Court since 2005.He warned

Oando Energy Resources lists on Toronto Stock Exchange

Oando Plc says it has completed the reverse takeover of Oando Energy Resources Incorporated, OER, formerly known as Exile Resources Incorporated with the listing of the company’s shares on Toronto Stock Exchange, TSX.Following the development, Oando Group has become the only company in Nigeria with three trans-border listings – the Nigerian Stock Exchange, NSE, the Johannesburg Stock Exchange,

Analyst Action: RBC D-S Raises Price Target on Agnico-Eagle Mines

Agnico-Eagle Mines Ltd. (AEM.TO) has "re-established market confidence" by meeting, and in some cases exceeding, expectationsfor its first-half results, an accomplishment many of its North American peers have failed to achieve, said RBC Dominion Securitiesanalyst Stephen D. Walker in the Globe & Mail.There's potential for modest near-term production growth and the company is generating sufficient

Gold, Silver and Crude Oil Trading Update

Gold futures prices finished pit trade lower Thursday, on consolidation action. The Key outside markets were in a Bearish mode for the precious metals, as the USD index was firmer and Crude Oil prices were lower.The overall market is quiet as traders and investors await a speech by US Federal Reserve Chairman Ben Bernanke Friday morning.Dec Gold last traded off 4.50 at 1,658.50 oz.Spot Gold was

Latin American Stocks Mostly Lower; Global Data, Spanish Reticence Sends All But Mexico Sliding

Latin American markets are mostly lower, although Mexican stocksare managing to remain pretty steady, extending their strongshowing this summer. Traders appear to be taking their cues frommarkets elsewhere, which are mostly lower following lacklusterGerman and Japanese economic data and Spain balking at a bailout ofits struggling financial system until it receives more informationon its

Natural Gas Update

Natural gas prices generally registered overall decreases for the report week (Wednesday to Wednesday) at many of the country's trading locations.The Henry Hub price, which remained fairly steady through much of the week, dropped 8 cents per million British thermal units (MMBtu) on Tuesday and an additional 9 cents per MMBtu yesterday, closing at $2.63 per MMBtu (down 17 cents per MMBtu for the

Kanosak Files Qualifying Transaction on Acquisition of Amseco

Kanosak Venture Capital Corporation (KKV-P.V) has filed astatement on SEDAR in connection with its qualifying transactionconsisting of the acquisition of all rights, title and interestsheld by Amseco Exploration Ltd. in copper, gold and silverprospects at Yasinski Lake, Quebec . The acquisition was previouslyannounced on March 20, 2012.As consideration for the acquisition, the corporation will

Analyst Bets On Extraordinary Science And Clinical Data

Analyst Bets on Extraordinary Science and Clinical Data: Greg Wade Managing Director Greg Wade of Wedbush Securities doesn't use a cookie-cutter approach to picking biotechnology stocks. He directs investors to companies with strong science, well-executed clinical studies and data that points toward future success. In this exclusive interview with The Life Sciences Report , Wade shares his

Oil on Second Day of Losses Ahead of Bernanke Speech: Report

Oil futures on Thursday extended losses into a second day, underpressure ahead of a highly awaited meeting of central bankers andafter Hurricane Isaac left the Gulf of Mexico's energy industryrelatively unscathed, MarketWatch reported.Oil for October delivery dropped 87 cents, or 0.9%, to $94.62 abarrel on the New York Mercantile Exchange.That added to Wednesday's decline, precipitated by a

Yingli Green Q2 Revenues Miss Estimates; Shares Plunge Near 10%, Nearer To Yr Lows

Yingli Green Energy Holding Company Limited (YGE) is down near 10% after the company late yesterday reported Q22012 net loss of RMB 573.0 million (US$90.2 million), or RMB 3.66(US$0.58) per share, compared to a net income of RMB 375.6 million.Revenues were RMB 3,103.5 million (US$488.5 million), compared tothe US$489.4 million estimate.In the same period last year, revenues were RMB