Category: Oil & Gas
Port Harcourt, Kaduna refineries are not working —NNPC
By Energy Worth The latest operational performance of the nation’s refineries as released by the Nigerian National Petroleum Corporation shows that two of the plants in Kaduna and Port Harcourt have been dormant. According to the NNPC, while the two refineries cannot refine any crude oil, the one in Warri is performing better, as its…
Is the oil world in panic mode?
By Dan Dicker Oil markets have shown tremendous weakness in recent days, losing nearly seven dollars before rallying back a bit on Thursday. What’s causing it? Market analysts have been struggling to find a single reason for it, preferring to cite a cocktail of negative news and rumor to explain the downdraft. There have been…
Oil prices at risk of economic meltdown
By Nick Cunningham Oil prices have retreated as disrupted supply from Libya has started to come back online, threatening the recent gains in oil prices. But a bigger threat to crude over the second half of 2018 and into 2019 is a slowdown in the global economy. The International Monetary Fund warned in its latest…
NNPC engages Cross River community on 14mw oil palm-biodiesel project
By Energy Worth The Nigerian National Petroleum Corporation (NNPC) has commenced comprehensive community integration and stakeholders’ engagement to sensitize dwellers of Iwure, Ojor and Osomba/Akin communities of Cross River State ahead of planned oil palm-based biodiesel project in that part of the state. A release by Corporation’s Group General Manager, Group Public Affairs Division, Ndu…
OPEC to rule oil markets till peak demand
By Tsvetana Paraskova OPEC will continue to play a key role in oil supply and prices in the global oil market through 2040, despite the relentless oil production in the Permian and expectations for production increases in the United States and other non-OPEC countries in the 2020s. That’s the takeaway from Wood Mackenzie’s latest long-term…
Savannah Petroleum makes third oil discovery in Niger
By Tsvetana Paraskova UK-based independent oil and gas company Savannah Petroleum has made a third oil discovery in Niger in as many months and is extending its drilling campaign in the area. Savannah Petroleum has discovered oil bearing reservoir sandstones in the Kunama-1 exploration well it had drilled in the Agadem Rift Basin in Southeast…
Buhari’s NLNG signature project back on track
By Energy Worth President Muhammadu Buhari has congratulated the board, management, staff and shareholders of the Nigerian Liquefied Natural Gas company (NLNG), the NNPC and other Joint Venture partners, Shell, Total and AGIP on the signing of the contracts for the Front End Engineering Design (FFED) of Train 7 of the Nigeria Liquefied Natural Gas…
$5.1bn cash call dispute with Nigeria over —IOCs
By Energy Worth The $5.1bn joint venture cash call argument between the Federal Government and international oil companies operating in Nigeria is over, the IOCs have said. In 2016, the IOCs gave the Nigerian National Petroleum Corporation (NNPC), which represents the Federal Government in different JV partnerships, a discount of $1.7bn from the $6.8bn cash…
NLNG seeks $7bn for Train 7 expansion, sustainability
By Energy Worth NIGERIA LNG Limited, NLNG, is seeking $7 billion from the global financial markets for the sustainability of its operations and expansion project which will increase its production capacity from 22 Million Tonnes Per Annum, MTPA to 30 MTPA. This is part of the moves targeted at ensuring that the taking of Final…
Oil prices crash as Libya resumes production
By Nick Cunningham Oil prices fell sharply on Wednesday on news that Libya was suddenly set to restore hundreds of thousands of barrels per day, and the U.S. struck a softer line on Iran sanctions. Brent sank more than 6 percent during midday trading on Wednesday, as Libya’s National Oil Corp. (NOC) said that it…