Category: Oil & Gas
Oil under threat as global economy struggles
By Nick Cunningham Warning signs about the slowing of the global economy continue to crop up, and market jitters are taking the steam out of oil prices. U.S. corporate earnings are no longer sky-high, with a range of factors starting to cut into margins. The U.S.-China trade war has not made headlines in the same…
Kachikwu wins Burj award
By Oke Peter Minister of State for Petroleum Resources, Dr. Emmanuel Kachikwu, has received the Burj CEO Award for leader-ship, won by Dr. Hage Geingob, President of the Republic of Namibia in 2017. Dr. Kachikwu was unanimously selected by the screening team and awarded the prestigious African Leadership Award of the Year at an event…
NSCDC recovers 200 drums of crude oil, navy seizes truckloads of diesel
The Cross River State command of the Nigeria Security and Civil Defence Corps on Wednesday arrested seven suspected oil thieves with over 200 drums of adulterated crude worth over N10m. The Punch has reported. The state Commandant of the NSCDC, Mr Stephen Lar, at the Jebbs area in Calabar South, said the arrest was made…
NSCDC impounds 45,000 litres of illegally refined fuel
The Nigeria Security and Civil Defence Corps (NSCDC), Edo State Command, has intercepted a truck laden with 45,000 litres of suspected illegally-refined petroleum products. The State Commandant of the NSCDCM, Mr Makinde Ayinla, made the disclosure to the News Agency of Nigeria (NAN) in Benin on Tuesday. Ayinla said that the truck was intercepted at…
Oil price losses mount after API eports huge inventory build
By Julianne Geiger The American Petroleum Institute (API) reported a huge build of 9.88 million barrels of United States crude oil inventories for the week ending October 19, compared to analyst expectations that this week would see a hefty build in crude oil inventories of 3.694 million barrels. Last week, API reported a surprise draw…
Norway to increase investment in Nigeria’s oil sector
By Energy WorthThe Ambassador of Norway to Nigeria, Jens-Petter Kjemprud, has expressed the readiness of his country to deepen its ties in Nigeria, especially in the oil and gas sector. Speaking at a stakeholder’s meeting to promote investment opportunities and incentives for Nigerian investors in Norway on Thursday, the diplomat advised the Federal Government to…
Saudi Arabia, Russia partner on new era for oil
By Nick Cunningham Saudi Arabia and Russia could formalize a strategic partnership that would last indefinitely, potentially marking a new era for the oil market. In a wide-ranging interview with TASS, Saudi oil minister Khalid al-Falih said that he hopes to setup an official OPEC+ governing body, including a Secretariat, likely to be based in…
Dangote’s $2b refinery will boost downstream –LCCI
By Oke Peter The Organised Private Sector (OPS) under the auspices of Lagos Chamber of Commerce and Industry (LCCI) said Dangote Oil Refining and Petrochemicals will transform the downstream oil sector of the petroleum industry. Beyond that, the group said the economic benefits of the oil refinery, when completed would have far reaching positive effects…
Brent oil rises back above $80 as Iran sanctions loom
Brent crude oil prices rose back above $80 a barrel on Monday as markets were expected to tighten once U.S. sanctions against Iran’s crude exports are implemented next month. According to the News Agency of Nigeria (NAN), Benchma Brent crude oil futures LCOc1 were at $80.26 a barrel at 0646 GMT, up 48 cents, or…
Total, CNOOC strengthen long-term cooperation in LNG
Total and CNOOC1 have signed an amendment to their existing sale and purchase agreement (SPA) for liquefied natural gas (LNG) supply to further strengthen their cooperation in the LNG business. The partners have increased the contract volume from 1 million tons per annum (Mtpa) to 1.5 Mtpa of LNG, sourced from Total’s global LNG portfolio,…