Category: Oil & Gas
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…
132 firms bid to buy 14 cargoes of Nigerian crude monthly
By Oke Peter ONE hundred and thirty-two local and international companies yesterday offered to buy 14 cargoes of Nigerian crude oil monthly in the Nigerian National Petroleum Corporation (NNPC) 2019/2020 Direct Sale and Direct Purchase (DSDP) bid opening in Abuja. Group Managing Director Dr. Maikanti Baru, who presided over the opening, said that the corporation…
DPR deploys technology to halt $2.8bn loss to oil smuggling
Esther Ajibola – Lagos The Department of Petroleum Resources (DPR) has turned to French data firm Kpler to help it ferret out smugglers from the thousands of ships plying Nigerian waters. The United Nations Security Council estimates that Nigeria lost $2.8 billion of revenue to oil theft in 2017, although Kpler says the minimum 100,000…
Shell, Total declare force majeure on Bonny Light
Two oil majors, Shell Petroleum Development Company of Nigeria and Total, have declared force majeure on exports of crude on each of their trunk lines, spokespersons for the firms have said. According to The Punch, Mr Bamidele Odugbesan, Manager, Media Communications for Shell, told newsmen in Lagos that the force majeure was declared on Bonny…