Category: Oil & Gas
Can The Netherlands keep its natural gas promise
By Vanand Meliksetian The Netherlands has been the source of cheap energy for northwest Europe for the past decades. The discovery of the Groningen gas field, the 9th largest in the world, provided a reliable source of energy in a period when the oil market was rocked by embargos due to the Yom Kippur War…
FG targets $23 per barrel for cost of oil production —Kachikwu
By Energy Worth The Minister of state for Petroleum Resources, Dr Ibe Kachikwu has disclosed that the Federal Government is making effort to ensure that cost of crude production is reduced to 23 dollars per barrel from about 35 dollars. Kachikwu disclosed this at the on going Nigerian Oil and Gas conference and Exhibition on…
Nigeria plays leadership role in OPEC —Barkindo
Secretary-General, Organisation of Petroleum Exporting Countries (OPEC), Dr Mohammed Barkindo, has said that Nigeria has assumed a strong, proactive role in the oil industry globally. Barkindo said this while delivering a keynote address at the 17th edition of the annual “Nigeria Oil and Gas Strategic Conference and International Exhibition’’ in Abuja on Tuesday. The News…
How ISIS sold oil to Assad, Turkey —Report
By Tsvetana Paraskova Islamic State was selling oil and gas to the Syrian regime and to Turkey, while the militants were ruling over large areas in Syria and Iraq over the past three years, a senior ISIS commander said in an interview with the Kurdistan 24 news outlet on Sunday. “Oil and gas obtained by…
Lagos tanker fire death rises to 12 …My son will return alive —Missing boy’s mum
The death toll in Thursday’s oil tanker fire on the Otedola Bridge end of the Lagos-Ibadan Expressway, Lagos, has risen to 12. PUNCH Metro had reported that a truck loaded with petrol crashed on the bridge and spilled its content on the expressway, causing fire that destroyed 54 vehicles and killed nine persons. The Lagos…
Otedola bridge fire accident: Lagos govt bars tankers …Trailers now to ply designated route
Following the tragic tanker explosion on Otedola Bridge inward Ojodu Berger along Lagos-Ibadan Expressway which claimed lives and property, the Lagos State Government on Sunday restricted movement of Fuel Tankers to designated trailer route going forward. The government also said it was now mandatory for all articulated trucks coming into Lagos to obtain the Ministry…
NNPC/FIRST E&P JV conclude $724m Schlumberger oil finance deal …Nigeria to earn $5.60bn in taxes
By Energy Worth One year after signing the tripartite term sheet for the financing and technical services arrangement between NNPC/FIRST E&P JV and Schlumberger for the Anyalu and Madu fields under Oil Mining Licence, OML 83 and OML 85, offshore Nigeria, a final nod was given to the package over the weekend in London with…
Sanctions on Iran may send oil prices above $90 soon
By Tsvetana Paraskova According to Bank of America Merrill Lynch, oil prices will hit $90 a barrel by the second quarter of 2019, as Iranian oil barrels are removed from the market and other supply disruption risks threaten the tightening oil market. The United States signaled this week that it would look to take as…
NNPC denies oil discovery in Bida Basin
By Energy Worth The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has said that the speculations that oil has been found in commercial quantity in the Bida Basin should be discountenanced, stressing that the search for oil in the basin is still ongoing. Dr. Baru made this submission while…
Crescent Petroleum boss, Majid Jafar decries lack of investment by the oil industry
Crescent Petroleum’s chief executive, Majid Jafar, in an interview with CNBC on Thursday at the just-concluded 7th OPEC summit in Vienna, Austria, that Global demand for oil is so high at present that the world needs to find another Iraq or North Sea to make up the shortfall. The Chief Executive Officer of the United Arab Emirates-based…