Category: Oil & Gas
Africa Oil Week ends with promising outlook for oil and gas industry
By Oke Peter The leading event dedicated to the African Oil and Gas industry, Africa Oil Week (AOW) 2018 has come to an end, after a five-day content-packed conference and exhibition in Cape Town, South Africa. The intelligence business platform saw over 1,500 delegates from around the world exchanged thoughts and latest insights taking place…
Nigeria to grow by 1.9% due to fewer distruptions in oil production
The International Monetary Fund (IMF), says Nigeria is expected to grow by 1.9 per cent in 2018, up from 0.8 per cent in 2017, mostly owing to fewer disruptions in oil production. Mr Amine Mati, the IMF Senior Resident Representative for Nigeria, said this while presenting the “Fall 2018 Regional Economic Outlook for Sub-Saharan Africa’’…
USA now world’s biggest crude oil producer
The United States is now the world’s biggest crude oil producer, pushing Russia and Saudi Arabia to the back seat. In the week ending November, the U.S. crude production hit a whopping 11.6 million bpd, according to Energy Information Administration (EIA) data released on Wednesday. That’s a threefold increase from the U.S. low reached a…
365,000 bpd shut in after tanker collides with Norwegian warship
By Irina Slav An Aframax oil tanker traveling under a Maltese flag has collided with a Norwegian frigate in the North Sea, Norwegian media have reported, with the frigate in danger of sinking. There were 23 people on board of the Sola tanker. Most of them have been evacuated as well, save for a crew…
NNPC oil, gas export sale rises to $470m
Damilola Shittu – Abuja The Nigerian National Petroleum Corporation (NNPC) on Wednesday announced that its crude oil and gas export sale in August 2018 was $470m, indicating an upsurge of about $78m in comparison to July oil and gas export figures of $391.91m. The NNPC monthly financial and operations report for August 2018, which was…
Nigeria still flares commercial gas, loses N128bn in five months
Damilola Shittu – Abuja Nigeria lost $416.224 million, about N127.78 billion to gas flaring in the first five months of the year, as oil and gas companies operating in the country flared a total of 130.07 billion standard cubic feet of gas from January to May 2018. A gas flare site in Niger Delta. According…
EFCC deletes Benedict Peters’ name from wanted persons list
By Oke Peter The Economic and Financial Crimes Commission (EFCC) has removed Mr Benedict Peters’ name from the wanted persons’ list published on the official website of the commission. The delisting of the Executive Vice Chairman of AITEO Group, came about seven months after an Abuja High Court, Bwari, presided by Justice Othman Musa, declared…
Experts brainstorm as 25th Africa Oil Week holds in Cape Town
By Oke Peter The leading business intelligence and transaction platform for Africa’s Oil and Gas sector, Africa Oil Week commenced its 25th anniversary on Monday, as delegates converged to celebrate successes recorded in the oil and gas discussion and investment drive in Africa. The first session on Economic Outlooks opened with key speakers including the…
Senate probes NNPC diversion of $1.05bn NLNG dividend
Damilola Shittu – Abuja The Majority Leader of the Senate, Senator Ahmad Lawan, said the probe of the 1.05 billion dollar NLNG dividend fund should be left for the ad hoc committee The Senate on Tuesday mandated its Committee on Gas Resources to investigate an alleged diversion of $1.05 billion by the Nigerian National Petroleum…
End of year fuel scarcity rumour untrue —DPR
The Department of Petroleum Resources (DPR) says government is leaving no stone unturned to ensure surplus of Premium Motor Spirit (PMS) and stall the speculated end-of-the-year scarcity. The Zonal Operations Controller of DPR, Lagos Zonal Office, Mr Wole Akinyosoye, stated this at the 2018 Annual DPR and Petroleum Marketers Meeting in Ibadan on Tuesday. News…