Category: Oil & Gas
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…
IOCs delay $58.4bn oil, gas projects in Nigeria
Reports have shown that a number of oil and gas projects valued at $58.4bn are facing an uncertain future as international oil companies operating in the country have failed to sanction them several years after they were announced. Industry experts said the regulatory and security challenges in Nigeria, as well as the slump in global…
NNPC, JVs finally seal $10bn NLNG Train-7 deal
Jumoke Adelabu – Abuja The Nigerian National Petroleum Corporation (NNPC) and its joint venture partners in the Nigeria Liquefied Natural Gas Limited on Friday took the Final Investment Decision on the commencement of the $10bn NLNG Train-7 project. Shareholders of the company took the FID on the Train-7 project in Abuja after about 12 years…
Sylva reiterates FG’s commitment to completion of Waltersmith Modular Refinery
The Minister of State for Petroleum Resources, Chief Timipre Sylva said the Federal Government would continue to support effort to ensure the take off of Waltersmith modular refinery by May 2020. Sylva gave the assurance during his inspection visit to the Walthersmith Modular Refinery construction site located in Ohaji/Egbema Local Government Area, Imo State. The…