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…
The management of National Oracle Magazine has withdrawn a suits it filled against a foremost indigenous crude oil exploration company, the Aiteo group, where it compelled some government agencies to disclose all information and documents pertaining the business activities of the organisation. Leadership newspaper has reported. The media house, had sought an Order of Mandamus…
By Vanand Meliksetian Former Vice-President of the United States Dick Cheney once said: “the good lord didn’t see fit to put oil and gas only where there are democratically elected states… Occasionally we have to operate in places where, all considered, one would not normally choose to go. But we go where the business is.”…
By Nick Cunningham China’s stock market fell sharply on Thursday, dragged down by a range of concerns that should offer a warning to the broader global economy. The Shanghai Composite Index fell nearly 3 percent on Thursday, falling to its lowest point in nearly four years. The problems in China are dragging down markets across…
By Oke Peter The Minister of Power, Works and Housing, Mr Babatunde Fashola, has said electricity supply in the country is improving slowly and that power problems cannot be solved by magic. Total power generation stood at 3,729 megawatts as of 6am on Wednesday, according to latest data obtained by our correspondent from the ministry….
The Bauchi State governor, Mohammed Abubakar, has unveiled that the Excess Crude Account hit $2.09 billion as at October 16. The News Agency of Nigeria (NAN) has reported. Abubakar told journalists on Thursday after the National Economic Council (NEC) meeting which held in Abuja. He explained that the Minister of Finance, Zainab Ahmed, gave the…
