Category: Oil & Gas

By Tsvetana Paraskova  Libya has restarted three small oil fields and added around 10,000 bpd to its oil production—which has been steadily rising over the past two months—a spokesman for Libya’s National Oil Corporation (NOC) told Reuters on Wednesday. Late on Tuesday, Libya restarted the al-Bayda oil field, an engineer told Reuters, while the NOC…

Esther Abiola with Agency Report Dangote Oil Refinery Company (DORC) says the 650,000 barrels per day refinery has been designed to process a variety of light and medium grades of crude and produce extremely clean fuels that meet Euro V specification. Nigeria has remained a home for dirty fuels (with sulphur), which results in vehicle…

By Irina Slav  Crude oil prices have gone up high enough to begin hurting demand for the commodity, the chief of the International Energy Agency, Fatih Birol, said as quoted by Reuters on the sidelines of an industry event in Singapore. Birol noted the adverse effect of higher oil prices on large emerging economies in…

By Oke Peter The Nigerian National Petroleum Corporation (NNPC), its subsidiary, Nigerian Petroleum Development Company (NPDC), and companies in the oil and gas sector are yet to remit $22.06 billion and N481.75 billion into the Federation Account, the Nigeria Extractive Industries Transparency Initiative (NEITI) declared on Monday. NEITI made the disclosure at a remediation conference…

The United Kingdom’s Serious Fraud Office, on Monday, said two former top executives of a collapsed oil company, Afren Plc, were sentenced to up to six years in prison after they were found guilty of fraud and money laundering offences over a $300m business deals in Nigeria. Afren, an oil and gas exploration and production…

The Nigerian Navy said its men have begun an investigation and search and rescue operation for the 11 crew of MV Pomerania Sky, a container ship. The men were kidnapped in the attack by pirates, operating off-Lagos. A Navy spokesman said an update would be provided soon. Pirates boarded the container ship off the coast…

By Irina Slav Iraq should be exempted from United States sanctions against Iran because of the heavy reliance of the former on the latter for gas and electricity supplies, a senior Iraqi official told a Kuwaiti newspaper, as quoted by news agency Mehr. “Iraq is connected to Iran given the longest common borders, high trade…

Damilola Shittu – Abuja The Nigerian National Petroleum Corporation (NNPC) is to pay about $8 billion in arbitration claims to some of its Production Sharing Contractors (PSC). Group General Manager, Corporate Planning and Strategy (CP& S) of the Corporation, Mr. Bala Wunti, disclosed this in the 2018 quarter two publication of the NNPC. PSC was…

Depot and Petroleum Products Marketers Association (DAPPMA), said on Sunday, that unpaid subsidy arrears of over N650 billion by the Federal Government posed huge financial challenges to the downstream operations. DAPPMA Executive Secretary, Mr Olufemi Adewole, told the News Agency of Nigeria (NAN) in Lagos that the settlement of the debts owed them would save…

The lack of timely investments in building the LNG carrier fleet threatens market development and security of supply, which could materialize earlier than insufficient liquefaction capacity, Keisuke Sadamori, Director of the Office for Energy Markets and Security at the International Energy Agency, said earlier this week. The Paris-based energy watchdog’s comments come against the backdrop…