Category: Business News
Business News
Crude oil price hits three-year high of $69
Crude oil prices hit new multi-year highs yesterday as production cuts led by the Organisation of Petroleum Exporting Countries (OPEC) and healthy demand helped to balance the market, but analysts warned of possible overheating.uters reported that a broad, global market rally, including stocks, has also been fuelling investment in crude oil futures.U.S. West Texas Intermediate…
OPEC doesn’t like oil over $60 as it nears $70, says Iran
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….
Total to receive 2017 second interim dividend in shares
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…
NNPC restores Escravos-Lagos Pipeline, begins gas supply
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…
Sokoto to construct 250 Solar-powered Water Scheme in rural areas
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…
Firm floats Nigeria’s first power infrastructure bond
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…
No plan to increase pump price of petrol – NNPC
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,…
ExxonMobil announces sixth oil discovery offshore Guyana
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…
Kachikwu reels out recipé for sustained petroleum products supply
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 introduces new family of shaped cutter drill bits
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…