By Tsvetana Paraskova OPEC and its Russia-led non-OPEC partners in the production cut deal reduced their total oil production in July by 9 percent more than what they had agreed upon, Reuters reported on Monday, citing two sources familiar with the findings of an OPEC/non-OPEC monitoring committee on compliance. The committee—consisting of representatives from the…
Communities in the Niger Delta have insisted that international oil companies (IOCs) must relocate their headquarters to the region given the magnitude of their projects and the environmental challenges their operations pose to the people. The leaders of the communities, who spoke to The Guardian on Monday, maintained that it was only fair and logical…
Nigerian households lost a total of 6,390 Megawatts, MW, of electricity in three days from the 11 Electricity Distribution Companies, DISCOs due to high frequency, resulting from unavailability of infrastructures. The office of the Vice President of Nigeria, Prof. Yemi Osinbajo, stated in its latest report that, between Friday, 24th and Sunday 26th of August,…
By Energy Worth Nigeria’s excess oil revenue has increased from $48.3 million to $58 million per day as international oil price leaps to $76 per barrel Monday from $72. The Federal Government had benchmarked its 2018 budget earnings at $51 and 2.3 million barrels oil output. But the oil price which had hovered at between…
By Irina Slav South Sudan has resumed production from the Toma South oilfield, Reuters reports, quoting the Oil Minister of neighbor Sudan, Azhari Abdulqader. Production at the field was suspended in 2013 amid Sudan’s bloody civil war. The field is producing at a rate of 20,000 bpd, adding to South Sudan’s overall daily average of…
The Federal Government has not ordered international oil companies (IOCs) to relocate their head offices to Niger Delta, according to a source in the presidency. The clarification follows reports in the media that the government may have resolved to have the headquarters of the oil majors in the oil-rich region. The top source told The…
By Nick Cunningham Mexico will likely halt oil auctions for at least two years, dealing a blow to its oil industry. Mexico’s president-elect Andres Manuel Lopez Obrador (AMLO) will reportedly suspend oil auctions for at least two years, according to the Wall Street Journal, with some experts believing that his administration won’t hold any new…
The National Bureau of Statistics (NBS), said 165.71 million litres of Liquefied Petroleum Gas (LPG) was imported into the country in the second quarter. The NBS disclosed this in its “Petroleum Products Importation and Consumption (Truck Out): LPG (Q2 2018)” report released on Sunday in Abuja. According to the report, April recorded the highest volumes…
By Robert Rapier There are indications that lower gas prices is around the corner. Fall arrives next month. Along with it comes relief from the heat, and usually at the gasoline pump as well. It isn’t simply that demand for gasoline drops after summer driving season. Gasoline is also cheaper to produce after summer, for reasons…
By Energy Worth Members of the Private Depot of Oil and Gas Marketers Association of Nigeria (PDOGMAN) have passed a vote of confidence on President Muhammadu Buhari for ensuring fuel availability, especially during the just celebrated Muslim festivities. Speaking with newsmen over the weekend, the pioneer National President of the Association, Chief (Dr.) Kolawole Adewoyin…
