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Nigeria puts burden of rebound on fiscal plan as Naira Peg stays

Nigeria’s government is set to carry the burden of boosting the economy as the central bank signaled it won’t ease currency controls that are hurting businesses. President Muhammadu Buhari is seeking to compensate for plunging oil revenue and the slowest growth in 16 years by boosting spending by a fifth to 6.1 trillion naira ($30.6 billion) this year. With Governor Godwin Emefiele on Tuesday resisting pressure to ease foreign-exchange restrictions and devalue the naira, fiscal stimulus may need to take the lead in sparking a rebound.


TGS plans for lower activity in 2016

TGS said its operating revenues were down by more than 50% in the final quarter of last year compared with the same time in 2014. The seismic company said it also expects its full year revenues to be down by one third, with weak market conditions expected to continue into 2016.

Oil & Gas

Nigeria to boost 2016 budget even as crude revenue declines

Nigeria’s government said it will boost spending by a fifth in next year’s budget without overstepping borrowing targets, even as oil revenue in Africa’s largest economy is set to fall. Under a three-year economic plan approved by the cabinet, expenditure will rise to 6 trillion naira ($30.2 billion), Budget and Planning Minister Udoma Udo Udoma told reporters late Monday in the capital, Abuja. Lawmakers last week authorized an increase of 466 billion naira in this year’s budget of 4.5 trillion naira to pay for fuel subsidies and troops fighting an Islamist insurgency in the northeast.

Oil & Gas

UK Government makes loss from North Sea

The UK Government made a loss from North Sea oil and gas in the first six months of this year, according to reports. According to The Herald, the revenues were more than cancelled out by repayments to producers between the months of April and September. While a total of £248million was collected from the industry in both corporation tax and petroleum revenue tax (PRT) around£287million was handed out in rebates following the downturn.


FMC Technologies hit by drop in revenue

FMC Technologies has seen a drop in second quarter revenue which fell 15% from the year before. The company said the figure decreased from $1.99billion in 2014 to $1.70billion. This was mainly due to decline in North American land market and its impact on the subsea engineering specialist’s surface technologies revenue.


FTSE 100 sets record high

Signs that US interest rates will rise at a slower than expected pace pushed the FTSE 100 Index to a new record in the wake of yesterday’s Budget rally. London’s top-flight reached 6982 in early trading before falling back towards it opening mark at 7.5 points higher at 6952.4. The value of London’s leading shares climbed by 1.6% on Wednesday after the Chancellor confirmed tax breaks for the beleaguered North Sea energy industry as well as a boost for house builders with help for first-time buyers.

Oil & Gas

Libya imposes force majeure on two oil ports after clashes

Libya’s National Oil Corp. declared force majeure at the ports of Es Sider and Ras Lanuf and will halt output at some oil fields because of fighting in the politically divided North African country. Armed factions should spare energy infrastructure in Libya, the state-run producer said in a statement on its website. Force majeure is in place at Es Sider and Ras Lanuf, Libya’s largest and third-largest oil ports, with a combined capacity of 560,000 barrels a day. The measure is a legal status that protects a company from liability when it can’t fulfill a contract for reasons beyond its control.


Saltire Energy profits rise by 10%

Investing in new plant has paid off for Saltire Energy after the oil drilling equipment rental firm posted a 10% rise in revenues. Accounts filed at Companies House showed that the Portlethen-based company turned over £36.3million in the year to 30 June, up from just under £33million in the previous 12 months. Pre-tax profits edged up by 3% to £17.7million after a rise in the costs of distribution and sales, including the investment in new rental gear. Writing in the directors’ report, chief executive Mike Loggie said: “The group’s rentals have continued to show considerable growth.

Oil & Gas

Kea sees revenue spike from Puka wells

New Zealand-focused oil and gas explorer Kea Petroleum has seen a spike in profits as a result of hydrocarbon sales. The company announced its preliminary results for the year ending May 2014, with revenue increasing to £2,087,000, up from £829,000 in 2013. Kea said the increase was associated with the production of hydrocarbons from Puka-1 and Puka-2.