Category: Business News

ExxonMobil has announced that the Hebron project started production safely and ahead of schedule. At its peak, the project will produce up to 150,000 barrels of oil per day. Discovered in 1980, the Hebron field is estimated to contain more than 700 million barrels of recoverable resources. The Hebron platform consists of a stand-alone gravity-based…

By Oke Peter THE Abuja Electricity Distribution Company (AEDC), has disassociated itself from notice of force majeure served Bureau of Public Enterprises, BPE, by the Electricity Distribution Companies, DISCOs, over the new Eligible Customer Policy in the Nigerian Electricity Supply Industry (NESI). It will be recalled that the Nigerian Electricity Regulatory Commission, (NERC), recently declared…

The Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, has called on the Nigerian National Petroleum Corporation, NNPC, to intensify ongoing rehabilitation of the nation’s downstream facilities, especially the depots, pipelines, tank farms, and jetties to further ensure seamless supply of products across the country. PENGASSAN  commended the NNPC Group Managing Director, Dr….

Eni’s Chief Executive Officer, Claudio Descalzi and Sonangol’s Chairman of the Board of Directors Carlos Saturnino signed today an agreement that assigns operatorship of Cabinda North Block to Eni, as well as 48% the block’s rights. The signing took place in Luanda, in the presence of the President of the Republic of Angola João Gonçalves…

The Nigerian National Petroleum Corporation (NNPC) has said the Federal Government’s 2.3 million barrels per day crude oil projection for the 2018 Budget is achievable and realistic. Group General Manager, Corporate Planning and Strategy, Mr. Bala Wunti, made this submission on Monday during a presentation to the House of Representatives Joint Committee on 2018-2020 Medium…

The Nigerian National Petroleum Corporation (NNPC) is set to conclude on the choice of a core investor for the proposed Bio-fuel plant in Agasha Guma area of Benue State. Speaking at the end of a follow-up meeting with a Benue State delegation led by Deputy Governor, Engr. Benson Abounu, the Group Managing Director of the…

CNOOC Limited has announced today Libra block in Brazil has already started production. The Libra block is located approximately 180 kilometers off the Rio de Janeiro coast. The block had its first oil produced with the Pioneiro de Libra FPSO, destined to extended well tests, with the purpose of evaluating the dynamic behavior of the oil reservoir and deepening…

Betting on price swings in oil costs the least in three years before next week’s OPEC meeting. Implied volatility of options on second-month West Texas Intermediate futures sank to 20.94% Friday, the lowest level since October 2014, according to data compiled by Bloomberg. Volatility has been sinking as futures move steadily higher, with prices reaching…

Indigenous oil companies have recorded significant increases in their crude oil production, with their total output rising by 214 per cent in one month, the latest report from the Nigerian National Petroleum Corporation (NNPC) has indicated. The data obtained by our correspondent on Friday showed that the total oil production from the indigenous independent firms…

The Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Dr. Maikanti Baru, on Friday in Zaria proffered illuminating guidelines for Nigeria to achieve the much desired diversification of its economic base away from the vulnerability and fragility of oil and gas revenue.  Speaking at the 40th Pre-Convocation Lecture of the Ahmadu Bello University, Baru,…