Category: Oil & Gas
African licensing roundup
Africa Oil Week takes a look at the current state of licensing round set to take place across the continent in 2020-2021. Recent analysis from Rystad Energy predicts that over 50 per cent of global upstream licensing rounds for 2020 will be cancelled or delayed, reflecting the dual effect of COVID-19 and oil price volatility….
Historic production cuts: Implications for Nigeria
During the public holidays, the alliance of OPEC+ producers, G-20 energy ministers and other oil producers reached a landmark deal which could cut close to 15.0mb/d from global oil supply. The details of the deal include; A 9.7mb/d oil production cut from OPEC+ producers for two months ending in June 2020. Over the next six…
OPEC, Russia approve biggest-ever oil cut to support prices amid coronavirus pandemic
OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%. Measures to slow the spread of the coronavirus have destroyed demand…
G20 backs OPEC+, but deal in jeopardy as Mexico refuses cuts
Mexico is the lone holdout in a global deal to save the oil and gas industry. US set to see production decline In an historic effort to power the oil and gas industry out of its worst tailspin in its 100-year history, the United States, Canada and other G20 nations are backing the OPEC+ group…
NNPC boss admits 50 cargoes of unsold oil, prepares Nigerians for tough time ahead
By Oke Peter Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, on Wednesday painted a gloomy picture of tougher times ahead for the Nigerian economy on the back of latest developments in the global oil market which have seen markets tumble amid fears of a potential global recession. Speaking at…
Court orders CBN to pay Ogoni community N182.7bn over Shell’s oil spillage
The Federal High Court in Abuja has ordered the Central Bank of Nigeria to pay a judgment sum and interest of N182.7bn to Ogoni community from the account of First Bank of Nigeria. FBN manages the account of Shell Petroleum Development Company which the court compelled to pay the sum for causing damage to the…
Budget under threat as oil sinks to $54
The international oil benchmark, Brent crude, plummeted to its lowest level in more than a year on Monday, trading below the Federal Government’s benchmark for the 2020 budget, as the coronavirus outbreak hit fuel demand in China. The 2020 budget, which was signed by the President Muhammadu Buhari in December, was based on oil production…
Why major oil and gas projects go wrong
The underlying causes of disruptions and disputes could be moderated by improving contracts, audits and controls Oil and gas projects are complex, usually large-scale and involve integrating complicated supply chains and diverse technologies. But this complexity does not explain the delays, disruption, defects, lost productivity and higher costs that afflict so many of these construction…
Behind the hype, is Dangote’s refinery a game changer?
In December 2019, an ambitious refinery project in the remote Ibeju-Lekki suburb of Lagos, Nigeria, took delivery of the world’s largest single crude distillation column, to much fanfare. After years of hopes and delays, Aliko Dangote’s 600,000 barrels a day refinery – one of the world’s second biggest – is due to start operations in…
Lekoil obtains $184m loan for OPL 310
Jumoke Adelabu – Lagos Lekoil Plc says it has secured a $184m loan for the appraisal drilling and development programme of the OPL 310. The company said in a notice filed at the London Stock Exchange that as a condition for the provision of the facility, its Chief Executive Officer, Mr Lekan Akinyanmi, would pledge…