Category: Oil & Gas

The downward slide of crude price may hamper current economic prospects in the country, particularly if the development refuses to abate, oil and gas analysts have said. The prices of oil had fallen on Friday with Brent oil inventory for January delivery, sliding 6.1 percent to $58.80 per barrel, while West Texas Intermediate (WTI) dropped…

Although the Nigerian Government is yet to prosecute and convict many individuals and entities involved in the alleged monumental fraud running into billions of Naira in the controversial Oil Prospecting Lease 245, the United Kingdom has returned the sum of $73 million seized in connection with the fraud to the Nigerian Government. However, the name…

Oil prices slumped to 2018 lows on Friday in thin but volatile trading, dropping over concerns of a global supply overhang amid a bleak economic outlook. Even plans by the Organisation of the Petroleum Exporting Countries (OPEC) producer group to start withholding supply in 2019 to rein in any glut did not provide much support…

By Oke Peter The Nigerian National Petroleum Corporation (NNPC) says it is devising new ways to attract more funding for operators in Nigeria’s oil and gas industry to launch them into a new phase of exploration. The operators have been grappling with funding challenges which has cut down investment in oil exploration. Group Managing Director…

French oil giant Total has called for enforcement of use of life jackets by sea farers before embarking on trips on waterways to minimise accidents. The Executive General Manager, Corporate Social Responsibility of Total Upstream Companies in Nigeria, Mr Vincent Nnadi, made the call at the 2018 Marine Safety Awareness Campaign for River Niger waterways…

Russia is planning to sign a partnership agreement with Organisation of Petroleum Exporting Countries (OPEC), Energy Minister Alexander Novak said on Monday. Novak said the deal would be discussed at the OPEC December 6 meeting. The News Agency of Nigeria (NAN) reports that on September 11, Novak said that he believed OPEC and their allies within…

Oil marketers on Sunday appealed to Federal Government to effect quick payment of its outstanding N800 billion subsidy debts. The marketers, under the aegis of Major Oil Marketers Association of Nigeria (MOMAN) and Depot and Petroleum Products Marketers Association (DAPPMA), made the appeal in a joint interactive session with journalists in Lagos. They urged government…

By Irina Slav A presidential candidate from the Peoples Democratic Party (PDP) in Nigeria, has said the Niger Delta region could keep all of the revenues the oil-rich province produces. In an interview with the Africa Report, former Vice President Atiku Abubakar suggested a sharing scheme might still be better for everyone. “States can get…

Damilola Shittu – Abuja PRESIDENT Muhammadu Buhari has said that his administration will continue to implement policies that attract investment and spark competition in critical sectors of the economy for employment creation and growth. The President also said that he has developed interest in the oil sector, which is the main stay of the nation’s…

By Tsvetana Paraskova  OPEC’s member Venezuela—which is sitting on the world’s largest crude oil reserves but which is suffering the worst loss of oil production in history outside of war-induced outages—is getting ready to share macroeconomic data with the International Monetary Fund (IMF) to avoid penalties including possible exclusion from the IMF. The Central Bank…