Category: Oil & Gas
Nigeria’s oil revenue rises by 129% to N9.4trn in 2018 …Records N3.4trn deficit
Damilola Shittu with Agency Report Nigeria’s oil revenue shop up by 129 per cent to N9.4 trillion in 2018 buoyed by increased crude oil price. Investigations revealed that average price of Nigeria’s crude oil; Bonny Light rose by 26 per cent to $70.66 per barrel in 2018 from $52.51 per barrel in 2017. Indication that…
ExxonMobil, Qatar Petroleum to proceed with Golden Pass LNG Export Project
ExxonMobil and partner Qatar Petroleum said today they have made a final investment decision to proceed with development of the Golden Pass LNG export project located in Sabine Pass, Texas. Construction will begin in the first quarter of 2019 and the facility is expected to start up in 2024. “Golden Pass will provide an increased,…
Oil rises 18% in best January on record
Oil prices gained roughly 18 per cent in January, the largest gain for that month of the year on record. “A break through $55 in WTI and $65 in Brent would be a very bullish signal for these and could be the catalyst for more significant upside, with oil having stabilised over the last few…
Buhari flags off oil exploration in Bauchi
By Esther Ajibola The long awaited dream of oil and gas exploration in the northern part of Nigeria became a reality, yesterday, as President Muhammadu Buhari flagged off the spud-in of Kolmani River-II Well in Gongola Basin of Upper Benue Trough. Performing the flag off ceremony, Buhari said that in spite of the diversification of…
30 fuel vessels, others stuck on Lagos high sea
The Nigerian Customs Service (NCS) cumbersome documentation process may have delayed about 25 vessels currently stuck on the Lagos high sea, laden with petroleum products, and other goods waiting to berth and discharge the products for domestic consumption. The Guardian has reported. The latest Shipping Position released by the Nigerian Ports Authority (NPA), revealed that…
FG targets $2bn from oil, gas lease licence renewal …Says there’s need to concession NNPC refineries –ICRC DG
Damilola Shittu – Abuja The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, yesterday said the Federal Government was targeting about two billion dollars from oil and gas lease licences renewal. Kachikwu disclosed this while fielding questions from newsmen at the just concluded Nigerian International Petroleum summit, on Wednesday in Abuja. “We projected for…
Another petrol tanker explosion causes disaster in Lagos
Oke Peter with Agency Report No fewer than two persons and five vehicles were burnt on Wednesday morning at Barracks Bus Stop, along Mile 2 on Badagry Expressway after a 33,000 litre fuel tanker fell and exploded. The Director of Lagos State Fire Service, Mr Musibau Rasaki confirmed the incident to the News Agency of…
ExxonMobil to proceed with new crude unit as part of Beaumont Refinery
ExxonMobil said today that it has reached a final investment decision and started construction on a new unit at its Beaumont, Texas refinery that will increase crude refining capacity by more than 65 percent, or 250,000 barrels per day. The third crude unit within the facility’s existing footprint will expand light crude oil refining, supported…
Political crisis in Venezuela to reshape OPEC
By Cyril Widdershoven The political power struggle in Venezuela is heating up, and there seems to be no real solution on the horizon yet. The surprise move by Venezuela’s opposition leader Juan Guaido to declare himself interim president on Wednesday has backed the country’s president Nicolas Maduro into a corner. The outcome of this power…
Oil blocks renewal: Experts raise concerns over 42 leases
Despite recent assurance by the Federal Government that there were no irregularities in the ongoing renewal of over 42 oil licences, stakeholders in the oil and gas sector, yesterday, raised the alarm over the ongoing exercise. Even though the Petroleum Act of 1969, as well as the Petroleum (Drilling & Production) Regulation of 1969 (as…