Category: Oil & Gas
Oil cargoes from Nigeria, others to US plunge
Damilola Shittu with Agency Report Crude oil cargoes leaving for the United States from Nigeria and other members of the Organisation of Petroleum Exporting Countries (OPEC) dropped in December to the lowest level in at least five years, data from Refinitiv Eikon and market intelligence firm, Kpler, showed. Oil cargoes departing from OPEC nations to…
India Nigeria’s biggest trading partner, buys N719.2bn of crude
India was Nigeria’s biggest trading partner in the third quarter of 2018, gulping N719.2 billion of crude and N37.7 billion of natural gas exports from the country. India also bought cashew nuts worth N4.7 billion. According to the News Agency of Nigeria (NAN), latest figures from the National Bureau of Statistics (NBS), covering July, August…
Moreira Franco wins Petroleum Economist’ ‘Minister of the Year’ award
Brazil’s Mines and Energy Minister, Moreira Franco, has emerged the winner of the Petroleum Economist’ ‘Minister of the Year’ award. The Petroleum Economist Award was created in 2014. Energy Ministers from around the world participate for this award. The honour recognises the minister who has made a significant contribution to the energy sector of his…
Petrol subsidy hits N2.43bn daily as NNPC takes over calculation from PPPRA
The task of determining the daily consumption and subsidy on petroleum products has been taken over by the Petroleum Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC). The development came as statistics show that the government currently pays N2.434 billion daily to subsidise petrol.It was gathered that the Petroleum Products…
Nigeria: Total’s Egina Field begins production
Total has started up production on December 29, 2018 from the Egina field, located in around 1,600 meters of water depths, 150 kilometers off the coast of Nigeria. At plateau, the Egina field will produce 200,000 barrels of oil per day, which represents about 10 per cent of Nigeria’s production. The Floating Production Storage and…
Crude oil production recorded 9% increase in 2018 —NNPC
By Oke Peter The Nigerian National Petroleum Corporation (NNPC) on Tuesday said daily crude oil production recorded an upward swing of about 2.09million barrels in the outgone 2018. The increase, which translates to 9 per cent, when compared with the 2017 average daily production of 1.86 million barrels, is an indication that the nation maintained…
Oil prices close higher on last day of 2018
Oil prices climbed on the last trading day of the year on Monday, mirroring gains in stock markets, but were on track for the first yearly decline in three years amid lingering concerns of a persistent supply glut. Hints of progress on a possible U.S.-China trade deal helped bolster sentiment, which has been battered by…
NNPC records trading surplus of N9.85bn
The Nigerian National Petroleum Corporation (NNPC) has announced a trading surplus of ₦9.85billion for the month of September 2018, a figure which is higher than the previous month’s deficit of ₦3.90 billion. Details of the report which is contained in the newly released September 2018 edition of the NNPC Monthly Financial and Operations Report indicated…
World’s largest floating LNG platform begins production in Australia
Royal Dutch Shell said on Wednesday it has begun output at its Prelude Floating Liquefied Natural Gas facility in Australia, the world’s largest floating production structure. It is also the last of a wave of eight LNG projects built in the country over the last decade. The project started up later and cost more than…
NNPC reserves three billion litres of PMS for Yuletide
Damilola Shittu – Abuja Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, on Monday assured of uninterrupted supply of fuel during the Christmas and New Year celebrations and beyond, saying it has 60-day fuel in stock. He said the corporation imports about 60 million litres of fuel daily, while it…