Category: Oil & Gas
Oil prices drop as trade war worries outweigh supply disruptions
Oil prices fell more than 2 per cent on Wednesday, as China signalled it would use the rare earths card in its trade war with the United States, stoking concerns that an ongoing stand-off could hurt crude demand. Supply constraints linked to OPEC output cuts and political tensions in the Middle East offered some support,…
EFCC arraigns five marketers for alleged N1bn oil theft
By Oke Peter The Economic and Financial Crimes Commission (EFCC) on Tuesday arraigned five oil marketers for allegedly stealing petroleum products worth N1bn belonging to the United Bank for Africa. Thompson Omoietan, Adeleke Lasun, Funmilola Oyerinde, Adegoke Shadrack and James Amore were arraigned on three counts of conspiracy, stealing and forgery. However, they pleaded not…
Deepwater struggles to make its case
The oil price recovery has not yet translated into a rush of cash into challenging offshore environments The world’s largest listed oil and gas firms are continuing to stress their financial discipline, continuing to shower their more buoyant cashflows onto shareholders through dividends and buy-backs, continuing to boost acreage in the US shale basins and…
Contract inflation: Reps ask Total to refund $592m to FG …Order NNPC/NAPIMS staff to refund $1m
Damilola Shittu – Abuja The House of Representatives, on Thursday, asked Total Exploration and Production Nigeria to refund $592m to the Federal Government. The decision was taken following the consideration of the Report of the Committee on Gas Resources led by Fred Agbedi. The committee investigated the contract for the upgrade of OML 58, upgrade…
Recruitment: NNPC schedules CBT for shortlisted candidates, June 1
By Oke Peter The Nigerian National Petroleum Corporation, (NNPC), on Thursday, said its ongoing recruitment exercise has entered the third phase following the conclusion of the shortlist of the candidates. The NNPC, in a statement in Abuja, stated that shortlisted candidates had been scheduled to sit for Computer Based Testing (CBT) on Saturday, June 1,…
Nigeria’s oil exports threatened as fire hits 250,000bpd pipeline
Nigeria’s crude oil exports have suffered a fresh setback following a fire outbreak on the Trans Forcados Pipeline, one of the nation’s key export routes. One of our correspondents learnt that the fire occurred late Sunday evening on a section of the pipeline that was undergoing repairs. It was also gathered that the fire incident…
NNPC removes NPDC boss, 49 others in major shake-up
There has been a massive reorganisation of the top management staff of the Nigerian National Petroleum Corporation, as about 50 senior personnel of the oil firm and its subsidiaries have either been removed or replaced. It was learnt that the Managing Director of the Nigerian Petroleum Development Company, Yusuf Matashi, was removed and replaced by…
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…