By Nick Cunningham OPEC and the United States are together adding enormous volumes of new supply, which together have softened the oil market. In October, OPEC hiked oil production to the highest level since 2016, back before the oil production cuts went into effect, according to a recent Reuters survey. The higher output, led by…
Damilola Shittu – Abuja The Nigerian National Petroleum Corporation (NNPC), on Thursday, said it has signed a six-month crude-for-product swap agreement otherwise known as Direct Sale-Direct Purchase (DSDP) with BP Oil International Limited, the trading arm of British Petroleum (BP), for the supply of Premium Motor Spirit (PMS) also known as petrol. In a statement…
John Paul – Abuja A fresh round of tremor measuring 3.0 Mercalli Intensity Scale, MIS, hit Maitama District in Abuja on Thursday, Nigerian Geological Survey Agency, (NGSA), has disclosed after receiving distress calls from residents in the area. Already, Federal Government has dispatched rescue and technical teams to the area to ascertain the level of…
Damilola Shittu – Abuja To further grow the nation’s economic fortunes, the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikati Baru, has charged members of the Nigerian Association of Petroleum Explorationists (NAPE) to deploy their wealth of knowledge and experience to find more crude oil to meet the 40 million…
By Tsvetana Paraskova Libya has restarted three small oil fields and added around 10,000 bpd to its oil production—which has been steadily rising over the past two months—a spokesman for Libya’s National Oil Corporation (NOC) told Reuters on Wednesday. Late on Tuesday, Libya restarted the al-Bayda oil field, an engineer told Reuters, while the NOC…
The Kaduna Refining and Petrochemical Company, one of the country’s crude oil refineries being managed by the Nigerian National Petroleum Corporation (NNPC) has remained dormant. According to the corporation, the refinery’s capacity utilisation has remained at zero for months, as the KRPC is not refining crude oil despite receiving the commodity. In its latest monthly…
