A key OPEC minister has warned that the group risks overheating the oil market as crude prices head toward $70/bbl.“Members of the Organization of Petroleum Exporting Countries are not keen on increased Brent crude prices above $60/bbl because of shale oil,” Iran Oil Minister Bijan Namdar Zanganeh said, according to the ministry’s news service Shana….
The Board of Directors of Total met on December 12, 2017, and declared a 2017 second interim dividend of €0.62 per share and offered, under the conditions set by the fourth resolution at the Combined Shareholders’ Meeting of May 26, 2017, the option for shareholders to receive the 2017 second interim dividend in cash or…
The Escravos-Lagos Pipeline (ELP) which came down last week as a result of a fire incident has been restored and gas supply to customers on the line including power generating companies resumed.The Nigerian National Petroleum Corporation (NNPC) which disclosed this Monday said the repair work on the pipeline followed the directive by the Group Managing…
By Energy Worth The Sokoto State Government has awarded contract for the construction of 250 solar- powered water schemes to be sited in rural areas across the 23 local government areas of the state. In a statement by the state governor’s spokesperson, Malam Imam Imam, in Sokoto on Sunday, the project is part of government’s policy of opening up…
Viathan Group, a private company, has issued a $32 million infrastructure bond to fund power assets — the first of its kind in Nigeria. The bond, which is worth N9.8bn when converted at the Central Bank of Nigeria (CBN) official rate N305.65 to a dollar, is offered at an interest rate of 16 percent. Viathan is owned by Synergy Private…
The Nigerian National Petroleum Corporation (NNPC) has no plan to execute an increase in the pump price of Premium Motor Spirit (PMS), otherwise called petrol.NNPC wishes to assure motorists and other consumers of petroleum products that the pump price of petrol remains N143 per litre in NNPC Retail outlets and N145 per litre in other fuel stations,…
Exxon Mobil Corporation has announced positive results from its Ranger-1 exploration well, marking ExxonMobil’s sixth oil discovery offshore Guyana since 2015.The Ranger-1 well discovery adds to previous world-class discoveries at Liza, Payara, Snoek, Liza Deep and Turbot, which are estimated to total more than 3.2 billion recoverable oil-equivalent barrels.ExxonMobil affiliate Esso Exploration and Production Guyana Ltd. began…
The Honourable Minister of State for Petroleum Resources and Board Chairman, Nigerian National Petroleum Corporation (NNPC), Dr. Emmanuel Ibe Kachikwu, has reeled out options being weighed to guarantee seamless supply and distribution of petroleum products across the Country within an 18-month corridor, ahead of the eventual attainment of local refining capacity.In a presentation to the…
Halliburton has announced the release of Geometrix 4D Shaped Cutters, a line of four distinct geometric profiles to help improve cutting efficiency and increase control to reduce drilling costs. Halliburton may now offer the largest portfolio of shaped cutters in the oil and gas industry.The new bit’s cutters expand the capabilities of traditional polycrystalline diamond…
Maersk Drilling has been awarded a four year contract for the deepwater drillship Maersk Venturer by Tullow Ghana Ltd.The contract, which was signed December 2017, is expected to commence in February 2018 and covers development drilling on the Jubilee and TEN fields offshore Ghana.Maersk Venturer is currently in transit for the job offshore Ghana thereby further strengthening Maersk…
