Category: Business News
Business News
Oil prices getting higher, hit $80
Oil prices on Thursday hit their highest since December, 2014, pushed up after U.S. crude inventories posted a 10th straight week of declines and as the dollar continued to weaken. Oil prices rallied to three-year high, boosted by a record 10th straight weekly decline in U.S. crude inventories. International benchmark Brent futures were nudging 71 dollars per…
NNPC records $239.10 million crude oil export sales
The Nigerian National Petroleum Corporation, NNPC posted a total crude oil and gas export sale of $239.10Million in the month of November, 2017. Details of the transactions contained in the recently released November 2017 edition of the Monthly NNPC Operations and Financial Report also indicated that the figure is 25.68 percent lower than the previous month…
Petrol scarcity pushes Nigeria’s daily consumption to 55m litres -NNPC
*Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru. Nigeria’s daily petrol consumption has gone up to 55 million litres from the 35 million litres that it used to be because according to the Nigerian National Petroleum Corporation (NNPC), a syndicate of cross-border smugglers are now taking advantage of the current scarcity experienced…
Savannah Petroleum partners Seven Energy on assets acquisition
Savannah Petroleum Plc has announced that for purposes of facilitating its proposed acquisition of certain of the Nigerian oil and gas assets of Seven Energy it has commenced, subject to the terms and conditions set forth in a confidential offer memorandum and consent solicitation statement dated today (the “Solicitation Memorandum”), an offer to exchange any and…
NNPC set to select financiers for refineries
The Nigerian National Petroleum Corporation (NNPC) is inching closer to arriving at the choice of financiers for the Port Harcourt Refining Company Limited (PHRC), Warri Refining and Petrochemical Company Limited (WRPC) and the Kaduna Refining and Petrochemical Company Limited.The development holds the promise to boosting petroleum products supply and distribution in the CountryNNPC Group Managing…
Libya restarts Wintershall’s oil fields to boost national output
Libya’s state energy producer National Oil Corp. announced the restart of production at Wintershall’s Sara oil fields more than two months after they were closed by protests, in the latest sign that the OPEC nation’s oil industry may be stabilizing.The fields will increase the North African country’s crude output by 57,000 bpd, according to an…
$3.3bn Egina oilfield FPSO to arrive Nigeria today
By Energy Worth There are indications that Nigeria’s oil and gas industry is set to record another milestone as the $3.3 billion Floating Production Storage Offloading (FPSO) vessel for the 200,000 barrels per day capacity Egina deepwater oilfield will arrive Nigeria from South Korea on Tuesday (today). The FPSO, which was built by Samsung Heavy…
NNPC to build more depots, expand market share
Nigerian National Petroleum Corporation (NNPC) has announced its readiness to build more depots across the Country.NNPC Group Managing Director, Dr. Maikanti Baru who disclosed this Monday in Abuja while inaugurating the board of one of its downstream Companies, NNPC Retail limited, said the addition to the corporation’s existing 23 depots nationwide would ease products supply…
ExxonMobil named 2017 explorer of the year by World Oil and Gas Council
ExxonMobil has been named 2017 Explorer of the Year by the World Oil and Gas Council in recognition of excellence and innovation in the global energy industry.“This award is recognition of ExxonMobil’s successful efforts to strengthen our portfolio by accessing and discovering the highest quality resources,” said Steve Greenlee, president of ExxonMobil Exploration Company. “This recognition would not…
OPEC, Russia signal global oil alliance may endure past 2018
OPEC and Russia reaffirmed that they’ll persevere with oil-production cuts until the end of the year to clear a global glut and signaled their readiness to cooperate beyond that. Russia is prepared to continue cooperating with OPEC and its de-facto leader Saudi Arabia even after the cuts expire, Energy Minister Alexander Novak said in a…