Category: Oil & Gas
US sanctions, OPEC deal to push oil prices higher —Experts
Supply cuts by the Organisation of Petroleum Exporting Countries (OPEC) and United States’ sanctions against Iran and Venezuela will push the oil market into undersupply and boost the cost of crude in coming months, Morgan Stanley forecasts. The investment bank previously said oil prices were more likely to fall after Brent crude topped $65 a…
Refineries lost N132bn in 2018 —NNPC
By Oke Peter The operating deficit recorded by the nation’s refineries rose by 39 percent to N132.5bn in 2018, compared to the previous year, data from the Nigerian National Petroleum Corporation (NNPC) showed on Tuesday. The refineries posted a loss of N95.09bn in 2017, according to the NNPC data. The refineries, which are located in…
UK’s LNG imports jump to highest since 2015
By Tsvetana Paraskova The United Kingdom is on track to import this month its highest volume of liquefied natural gas (LNG) since October 2015, as a wave of new global LNG supply and muted winter demand and low spot prices in Asia are boosting flows of the fuel to Europe. As many as 14 cargoes…
NNPC records 34% increase in pipeline breaches nationwide …Enjoys ₦12.13bn trading surplus in December
There appears to be no let-up in the activities of vandals who in December last year pushed pipeline breaches across the Country by a whopping 34 percentage point, NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, stated this in a release Sunday in Abuja. Ughamadu said the upward swing in the breaches…
Nigeria’s oil exports face further threat, 30 cargoes unsold
With India signing an agreement to import 0.6 million barrels of oil from the United States, Nigeria’s crude exports could further be threatened if new markets are not explored, a new report has revealed. The research noted that India was Nigeria’s top crude oil buyer in five of the last six years. According to The…
Is Nigeria’s energy sector becoming investable?
Full-year 2018 results from Seplat Petroleum Development Co. the indigenous oil and gas company dual-listed in Lagos and London, may have encouraged some investors that the Nigerian energy sector is turning the corner. Standard & Poor’s in January upgraded Seplat to B in anticipation of improved results. While profit was hurt by deferred tax, revenue…
Top US refiner: Venezuela sanctions won’t disrupt refining —Marathon Petroleum CEO, Gary Heminger
By Tsvetana Paraskova – The United States sanctions on Venezuela’s oil industry have not had a significant impact on the operations of the largest U.S. refiner Marathon Petroleum Corp, chairman and chief executive officer Gary Heminger said at IHS Markit’s CERAWeek conference in Houston. According to Heminger, Marathon Petroleum had seen sanctions coming a long…
Buhari orders NNPC to take over operation of OML 11 from Shell
By Oke Peter President Muhammadu Buhari has ordered the Nigerian National Petroleum Corporation (NNPC) to take over the operatorship of the entire Oil Mining Lease 11 from Shell Petroleum Development Company (SPDC). According to a letter from State House, Abuja, to the Group Managing Director of NNPC, dated March 1, 2019, with reference number SH/COS/24/A/8540…
Nigerian oil region crisis threatens Buhari’s economic plans
Fresh from his comfortable re-election, Nigerian President Muhammadu Buhari faces a huge hurdle to keep his vow to end the economy’s addiction to oil: win a lasting peace in the crude-rich Niger River delta. The 76-year-old former military ruler will have to score a breakthrough that’s eluded previous governments in an area where armed groups…
Uncertainty trails FID on $4.3bn NLNG Train 7
Eight months after the signing of the Front End Engineering Design contract for Train 7 of the Nigeria LNG Limited, there is still uncertainty as to when the shareholders will take the final investment decision on the project. The Punch newspaper has reported. The Nigeria National Petroleum Corporation (NNPC), which is one of the shareholders,…