Category: Oil & Gas
Sahara Energy, Brooge Petroleum partner to build 250,000bpd refinery in Fujairah
Sahara Energy Resources DMCC Dubai and Brooge Petroleum and Gas Investment Co (BPGIC) and have signed a partnership agreement to set up an oil refinery capable of producing bunker fuel with a capacity of up to 250,000 barrel per day (bpd) in the Emirate of Fujairah. Sahara Energy and BPGIC said the facility will be…
Shell, Eni and the Nigerian corruption quagmire of OPL 245
In its latest legal moves, the Nigerian government has raised the stakes in the legal battles over the highly prospective OPL 245 oil block. The Africa Report delves into the background of what could be one of the most important corporate fraud cases in Africa’s history. On a biting cold day in Milan in January,…
Nigerians should expect petrol price increase —Rewane
The Managing Director and Chief Executive Officer, Financial Derivatives Company Limited, Mr Bismarck Rewane, has said fuel subsidies are a huge drain on government’s revenue. Rewane stated this in his presentation at the Lagos Business School Breakfast Session on May 8, a copy of which was obtained by The Punch on Tuesday. He noted that…
Nigeria’s oil output rises by 5.3% in April
Oke Peter with Agency Report Nigeria oil output has risen from 1.7 million barrels per day, mbpd, in March to 1.8 mbpd in April, 2019, indicating an increase a 5.3 percent improvement, month-on-month. In its market report obtained by our correspondent yesterday, the Organisation of Petroleum Exporting Countries (OPEC), indicated that its report was based…
World’s largest refinery shuts down crude unit for a month
India’s Reliance Industries will shut for up to four weeks a 330,000-bpd crude oil processing unit at its 660,000-bpd Jamnagar refinery, beginning in the middle of June for planned maintenance, Reuters reported on Friday, citing two industry sources with knowledge of the company’s plans. The refinery predominantly supplies refined oil products to the domestic market….
80 deepwater oil blocks not producing —NNPC …Puts deepwater operations’ revenue at $180bn
Only seven out of the 87 deepwater oil blocks in Nigeria are producing, while six are at different phases of development, the Group Managing Director of the Nigerian National Petroleum Corporation, Dr Maikanti Baru, has said. Baru also said more than half of the deepwater blocks were open and urged players in the oil and…
FG indicts Shell, Eni executives in $1bn bribery case
Oke Peter with Agency Report Royal Dutch Shell Plc and Eni SpA face additional corruption allegations over a Nigerian oil deal, after the Federal Government said in a London lawsuit that it believed a handful of executives, including Chief Executive Officers, were tied to more than $1bn in bribery payments. The Federal Government had in…
South Africa, South Sudan sign exploration and production sharing agreement
The agreement is the second EPSA signed since South Sudan gained independence in 2012 and shows progress for the country’s oil industry as production resumes at existing oilfields and new exploration begins. According to the ESI Africa, the deal will see Block B2 operated by state-owned Strategic Fuel Fund (SFF), the Ministry of Petroleum and…
Norway’s $1trn oil earnings, world’s largest sovereign wealth fund in Q1 —Report
By Tsvetana Paraskova The world’s largest sovereign wealth fund—Norway’s US$1-trillion fund that has amassed its wealth from oil. The country earned US$84 billion in Q1 in the “strongest quarter ever”, boosted by technology and oil and gas stocks. The Government Pension Fund Global, as the so-called ‘oil fund’ is officially known, said in its Q1…
Netherlands turns to LNG
The Dutch reign as a pivotal European gas supplier is officially over, as supply from the Groningen gas field declines. The Netherlands is now officially a net gas importer, as dwindling domestic gas output means it is no longer a key European supplier. As a result, the country has nearly tripled LNG imports into its…