Category: Oil & Gas
Can oil demand really peak within 5 years?
By Nick Cunningham Oil demand could peak as soon as five years from now. Predicting the point at which the world reaches peak oil demand has become something of a cottage industry. The estimates range, but tend to fall somewhere around 2030 or later. However, two new predictions – just out this week – put…
Bank of Industry obtains $500m facility for modular refineries
Energy Worth with Agency Report The Bank of Industry has signed a memorandum of understanding with the Export-Import Bank of China for the provision of a $500m facility towards the establishment of modular refineries in Nigeria. The establishment of modular refineries is part of the Federal Government’s plan to end importation of petroleum products and…
Shell to shed $2bn Nigerian oil licences to local bidders
Oil giant, Shell, has reportedly initiated negotiations with local oil producers for selling two of its Nigerian oil licences in the Niger Delta, collectively worth $2 billion. Vanguard has reported. The Anglo-Dutch petrochemical giant is in talks about selling its oil mining licenses 11 and 17, reports confirmed. Sources close to the matter revealed that…
NUPENG ultimatum: NNPC allays fear over fuel scarcity
By Energy Worth The Nigerian National Petroleum Corporation (NNPC) on Friday, allayed fears of possible hitch in petroleum products supply in parts of the country, stating that it has already commenced moves to resolve the issue that might lead to an interference in supply fuel. This, according to a statement by the corporation in Abuja,…
OPEC/NOPEC to discuss 1m bpd production boost Tuesday
By Tsvetana Paraskova A joint panel of OPEC and non-OPEC representatives will discuss next Tuesday how the group could distribute among them the 1 million bpd production increase that was agreed in June Reuters reported on Friday, citing sources familiar with the plans. OPEC and its Russia-led partners of non-OPEC producers in the production cut…
NNPC, China sign MoU on Oilfield Services, Research and Development
The Nigerian National Petroleum Corporation (NNPC), has signed a Memorandum of Understanding (MoU) in China with the China National Offshore Oil Corporation (CNOOC) towards developing Nigeria’s oilfield services as well as boosting research and development in the oil and gas industry. The MoU signing, the third in the series within the week, by the NNPC…
NUPENG stops fuel distribution in Delta over sack of 3,000 workers
By Energy Worth Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, on Thursday, announced immediate stoppage of fuel distribution and supply in Delta State, following alleged forceful evacuation of about 3,000 workers from the rigs by five drilling oil rigs being operated by Sterling Energy Exploration Company, SEEPCO, and its drilling arm, British Oil…
Platts survey: OPEC production jumps to 10-month high
By Tsvetana Paraskova As OPEC has been easing the production cuts, the cartel’s crude oil production hit a 10-month high in August, as Iraq including Kurdistan pumped at record levels and Libya recovered from weeks of port blockades, according to the monthly S&P Global Platts survey. Total OPEC-15 oil production came in at 32.89 million…
China guarantees funding for AKK pipeline projects
By Energy Worth The China National Petroleum Corporation (CNPC) has assured Nigeria of its unflinching commitment towards securing funding for the financing and execution of the Ajaokuta-Kaduna-Kano (AKK) pipeline project. The Nigerian National petroleum Corporation (NNPC) disclosed this in a statement signed by its Spokesman, Mr Ndu Ughamadu, in Abuja on Monday. It said that…
US sells 11m barrels of oil from reserve
Six companies, including ExxonMobil Corp, bought a total of 11 million barrels of oil from the U.S. Strategic Petroleum Reserve, in a sale timed to take place ahead of U.S. sanctions on Iran that are expected to remove oil from the global market. The oil sold in a range of $67.66-$69.05/bbl, according to the Department…