Category: Oil & Gas
PetroNor makes progress in Senegal
PetroNor, has announced that the Company has reached a mutual agreement with the Government of Senegal to suspend the Arbitration related to the Rufisque Offshore
Oil price crash leads to large drop in United States fixed investment
The drastic spending cuts across the U.S. shale patch due to the low oil prices will likely lead to a 6.1-percentage point slump in total U.S. fixed business investment.
Why FG won’t allow marketers to determine price of petrol —Sylva …Says deregulation of downstream sector approved since March
Chief Timipre Marlin Sylva, on Thursday, explained that the need to protect the generality of the public from undue exploitation and prevent inordinate profiteering by oil marketers
Covid-19: Nigeria’s oil, gas exports to fall by $26.5bn —IMF •Oil price rises to $25
In a detailed report regarding the request, released late on Wednesday, the Washington-based fund warned that Nigeria remained exposed to rising risks, particularly in oil markets.
Nigeria’s economy after oil: How should we prepare?
By Bode Agusto Crude oil is one of the principal sources of energy to the World. In 2018, its market share was 34%, other principal sources of energy were Coal and Natural gas with market shares of 27% and 24% respectively. What does crude oil do for the World?It helps us to transport our vehicles,…
How Nigeria can leverage on negative oil prices
By Ijeoma Nwogwugwu With the price of a barrel of West Texas Intermediate (WTI), the benchmark for US crude oil, sinking into negative territory on Monday for May deliveries, and the price of Brent Crude – the benchmark used by Europe and the rest of the world – down by 25% to $19 yesterday, it…
The surprising winners and losers of the global oil glut
By Tsvetana Paraskova Despite the historic OPEC+ production cut deal, available oil storage capacity around the world is running thin as global oil demand continues to crumble amid lockdowns and travel restrictions in many countries. OPEC and its Russia-led allies promised to remove 9.7 million bpd from the market starting in May. But oil storage…
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…