Category: Oil & Gas

By Energy Worth Crude oil price has risen from $72.50 to $74.17per barrel in the international market as a result of limited inventories in the United States and Iran sanctions. In its report obtained by Vanguard, yesterday, the American Petroleum Institute stated that US crude stocks fell last week by 5.2 million barrels. The development,…

By Energy Worth Following the rally in global crude oil prices, Nigeria has recorded a significant increase in oil export revenue as the country earned an estimated $26bn in the first seven months of this year. The country saw its oil export revenue rise by 30 per cent to $34bn in 2017 from $26bn in…

By ZeroHedge A tanker with 19 crew members on board is feared to have been hijacked after it went missing in pirate-plagued waters off Gabon in West Africa and no word has been heard from it for a week, the ship’s managers and the crew agency said on Wednesday. Communication was lost with the Panama-registered…

By Nick Cunningham  Saudi Arabia is still clearly in control of the oil market. The narrative that decisively took hold over the oil market in August was one of cracks in emerging market demand, concerns over the health of the global economy and fears over the fallout from the U.S.-China trade war. Turkey’s currency crisis…

Concerned stakeholders in the country’s petroleum industry have appealed to the Federal Government to spell out the timetable for the implementation of the Petroleum Industry Governance Bill (PIGB) if it eventually becomes a law. The bill is current with the Presidency, awaiting the assent of President Muhammadu Buhari. A panel of energy experts who spoke…

The directives by Vice President Yemi Osinbajo aimed at easing traffic congestion in the Apapa area of Lagos State and ensuring the relocation of oil companies’ headquarters to the Niger Delta have not been complied with. Some oil companies have insisted there is no need to move to the region as they already have robust…

By Energy Worth The shutdown of the Trans-Ramos Pipeline since May has cost the Federal Government, Shell, Total and Nigeria Agip Oil Company Limited at least $640m (N195bn) in lost revenue. Shell Petroleum Development Company of Nigeria Limited announced on May 25 that it had shut down production following the discovery of leaks on the…

By Julianne Geiger The American Petroleum Institute (API) reported an extra-large oil inventory draw of 5.17 million barrels of United States crude oil inventories for the week ending August 18, compared to analyst expectations that this week would see a smaller draw in crude oil inventories of 1.497 million barrels. Last week, the American Petroleum…

By Energy Worth The Nigerian National Petroleum Corporation has called for the sensitization of the populace on the Petroleum Industry Governance Bill, PIGB, which is currently on the desk of the President. The Group Managing Director, NNPC, Dr. Maikanti Baru in his key note address at the annual conference of the Association of Energy Correspondents…

By Tsvetana Paraskova Saudi Arabia may be looking to build an oil port in Yemen’s southeast al-Mahra governorate, where the Saudi-led coalition troops are present, Al Jazeera reported on Monday, quoting sources and a document it has obtained. Saudi Arabia-based marine construction company Huta Marine has sent a letter to the Saudi ambassador to Yemen…