Category: Oil & Gas
Aramco to build first hydrogen fueling station
By Irina Slav Saudi Aramco, in partnership with United States Air Products and Chemicals, will build the first hydrogen fuel cell station in the Kingdom, leveraging Air Products’ SmartFuel hydrogen fueling technology, Reuters reports, citing a joint statement. The station, to start operating in the second half of this year, will fuel a fleet of…
No irregularities in oil block licence renewal —DPR, MPR
Oke Peter with Agency Report The Department of Petroleum Resources and the Ministry of Petroleum Resources have said there are no irregularities in the ongoing renewal of oil and gas leases. A News Agency of Nigeria’s (NAN) report, on Thursday, quoted the House of Representatives as saying it would investigate the Minister of State for…
World Economic Forum: Oil industry considers options to combat climate change, investors’ pressure
When the global oil industry held its biggest annual gathering this week in the Swiss town of Davos, it invited banking bosses and fund managers to discuss two key topics – climate change and pressure from investors. The conclusion of the discussions was worrying for those present – pressure is rising and the industry is…
Oil prices rise over turmoil in Venezuela
Oil prices rose by more than one percent on Friday as turmoil in Venezuela triggered concerns that its oil exports could soon be disrupted. Reuters has reported. Washington on Thursday, signalled it could impose sanctions on Venezuela’s crude exports as Caracas descends further into political and economic turmoil. International Brent crude oil futures were at…
CNOOC announces 2019 business strategy, development plan
CNOOC Limited today announced its business strategy and development plan for the year 2019. The Company’s net production target for 2019 is 480 million to 490 million barrels of oil equivalent (BOE), of which, production from China and overseas accounts for approximately 63% and 37%, respectively. The Company’s net production for 2018 is expected to…
DPR generates N1.3tn revenue in 2018 –Official
By Oke Peter Mr Mordecai Ladan, Executive Director, Department of Petroleum Resources (DPR) says the organisation generated N1.3 trillion as revenue and additional 200 million dollars from legacy indebtedness in 2018. Ladan made this known at the opening of a workshop on Revenue Generation, Accounting and Reporting Process to the Federation Allocation Accounting Committee (FAAC)…
Refinery: PENGASSAN calls for revocation of licences
4 mins ago 0 8 0 The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has urged government to revoke the licences issued to non-practising companies and individuals on modular and private refineries. The News Agency of Nigeria (NAN) has reported. The association in a statement urged the government to immediately revoke and…
Egypt to invest $9bn refineries’ upgrade over four years —Minister
Egypt plans to upgrade six oil refineries at a cost of about $9 billion over four years to increase domestic production to 41 million tonnes a year, the petroleum minister said. “We are trying to secure crude oil supplies for Egyptian refineries to increase local production of refined products,” the minister, Tarek El Molla, said…
Saudi Arabia set to build oil refinery in South Africa
By Paul BurkhardtSaudi Arabia is in talks to build an oil refinery in South Africa as part of a pledge to invest as much as $10 billion in Africa’s most developed economy. Joint studies for a refinery and petrochemical complex will be conducted by state oil giant Saudi Aramco and South Africa’s Central Energy Fund,…
Like in Nigeria, 20 Mexican oil pipeline thieves die in fire
Stealing fuel from oil pipelines appears not to be a peculiar Nigerian habit. It is also a problem in Mexico, where the theft cost the government about $3 billion in 2018. The News Agency of Nigeria (NAN) has reported. At least 20 people were killed and 54 were injured on Friday when a pipeline ruptured…