Brent crude oil prices rose back above $80 a barrel on Monday as markets were expected to tighten once U.S. sanctions against Iran’s crude exports are implemented next month. According to the News Agency of Nigeria (NAN), Benchma Brent crude oil futures LCOc1 were at $80.26 a barrel at 0646 GMT, up 48 cents, or…
The Minister of State for Petroleum Resources, Dr Emmanuel Ibe Kachikwu on Wednesday in Abuja inaugurated the Nigerian Content Research and Development Council (NCRDC). The Council is expected to advise the Nigerian Content Development and Monitoring Board (NCDMB) on matters relating to Research, Development and Innovation strategy for the oil and gas industry. The council’s…
Total and CNOOC1 have signed an amendment to their existing sale and purchase agreement (SPA) for liquefied natural gas (LNG) supply to further strengthen their cooperation in the LNG business. The partners have increased the contract volume from 1 million tons per annum (Mtpa) to 1.5 Mtpa of LNG, sourced from Total’s global LNG portfolio,…
By Tsvetana Paraskova China wants to launch a world-first ‘man-made moon’ over the southwestern city of Chengdu by 2020 to help illuminate the city at night. If the first artificial moon experiment is successful, China will launch three more ‘moons’ in space in 2022, potentially saving electricity and conserving energy, China Daily reports. The man-made…
By Tsvetana Paraskova OPEC and its Russia-led non-OPEC allies are struggling to fully deliver on the oil production increase of 1 million bpd promised in June, Reuters reported on Friday, quoting an internal OPEC document that it has seen. OPEC and allies agreed in June to relax compliance rates with the cuts to 100 percent…
