Category: Oil & Gas
Is $90 oil price real?
By Nick Cunningham The first round of U.S. sanctions on Iran just took effect, a slew of measures targeting Iran’s currency and its financial sector. The U.S. sanctioned the trading of bank notes issued by the Iranian government, the trade of gold and precious metals, any transactions involving the Iranian rial, Iran’s sovereign debt and…
Iran’s oil exports drop for third consecutive month
By Tsvetana Paraskova Iran’s oil exports dropped by 7 percent to 2.32 million bpd in July—their lowest level in four months—as South Korea and Europe are slashing imports ahead of the return of the U.S. sanctions on Tehran, data from S&P Global Platts showed on Tuesday. However, Iranian oil exports to its top two customers—China…
Iran’s oil exports drop for third consecutive month
By Tsvetana Paraskova Iran’s oil exports dropped by 7 percent to 2.32 million bpd in July—their lowest level in four months—as South Korea and Europe are slashing imports ahead of the return of the U.S. sanctions on Tehran, data from S&P Global Platts showed on Tuesday. However, Iranian oil exports to its top two customers—China…
We ‘re not funding alleged impeachment plot against Saraki —NNPC
The Management of the Nigerian National Petroleum Corporation (NNPC) has distanced the national oil company and its Group Managing Director, Dr. Maikanti Baru from the ongoing political tango in the National Assembly and the trending reports in some section of the media insinuating that the Corporation’s helmsman had doled out funds to effect the impeachment…
Russia accused of illegally selling oil to North Korea
By Tsvetana Paraskova While most of the sanction-bypassing oil trade with North Korea is thought to be originating from China, oil sales from Russia to Kim Jong-un’s regime may be much larger than official figures suggest, as shell companies have been set up for illicit oil flows to Pyongyang, The Asan Institute for Policy Studies…
Our refinery’ll boost Nigerian crude oil sale —Group Executive Director, Dangote Industries Limited, Devakumar Edwin
By Energy Worth The Group Executive Director, Dangote Industries Limited, Devakumar Edwin, has said the oil refinery being built by the company will provide a ready market for the nation’s crude oil. Edwin was quoted in a statement as saying that the construction of the 650,000 barrels per day refinery would help Nigeria save over…
We’re committed to ending gas flaring —Chevron
By Energy Worth Chevron Nigeria Limited has said it is committed to ending routine gas flaring, boosting domestic supply, diversifying and commercialising gas resources through gas-based industries gas-based industries. The Chairman/Managing Director, CNL, Mr Jeff Ewing, said this, stressing that the oil major had contributed immensely to the Nigerian government’s gas master plan through the…
Will China stop buying Iranian crude oil despite US request?
By Irina Slav Beijing has declined a request by U.S. envoys to stop importing crude oil from Iran, Bloomberg reports, citing unnamed sources in the know. While this is a major setback in President Trump’s quest of cutting Iranian oil exports to zero by November 4, Beijing, according to the sources, agreed to not increase…
NNPC tasks RMAFC to help in recovery of excess revenues
By Energy Worth Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, has urged the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), as an independent arbiter, to ensure recovery of revenues borne by the corporation on behalf of the Federal Government. Baru, who spoke on Wednesday, during a courtesy visit by…
Mexico’s president-elect, AMLO promises $9.4bn investment into oil
By Nick Cunningham Mexico’s President-elect Andres Manuel Lopez Obrador, or AMLO, has promised to invest around 175 billion pesos ($9.4 billion) into the state-owned energy companies. One of the goals is to reverse the decade and a half of declining oil production. “Fourteen years ago, oil production was 3.4 million barrels a day. Now it’s…