Category: Oil & Gas

By Nick Cunningham The upcoming OPEC meeting on June 22 is shaping up to be a contentious one, after news broke that the U.S. government asked Saudi Arabia to increase oil production before Washington pulled out of the Iran nuclear deal. Earlier last week, news surfaced that the U.S. government asked Saudi Arabia to boost…

By Tsvetana Paraskova Oil market analysts are looking into the global supply and demand picture to guess where the price of oil is heading, and opinions and forecasts always vary widely. While oil bulls are focusing on the loss of supply from Venezuela and a potential reduction of Iranian exports to justify their view that…

By Energy Worth About $51 billion worth of investment opportunities currently exists in Nigeria’s gas sector. This investment could be spread to Free Trade Zones (FTZ), central gas processing facilities, fertilizer plants, gas exploration & production, pipe milling & local fabrication yards.Other available investment areas are virtual pipelines, gas transmission, and power plant projects, flare…

By Energy Worth The National Assembly is set to transmit the final harmonised copy of the Petroleum Industry Governance Bill (PIGB) to President Muhammadu Buhari for assent.This followed the adoption of the report of the Conference Committee of PIGB at Senate plenary, three months after the upper legislative chamber initially adopted the report. The initial…

By Nick Cunningham Venezuela might have to declare force majeure on its oil exports as production plunges and its ports are unable to ship enough crude. The ongoing meltdown in Venezuela’s oil sector could tighten the oil market more than expected. Reuters reported Tuesday that Venezuela is considering declaring force majeure, a legal declaration made…

By Nick Cunningham The Trump administration has sent a request to Saudi Arabia for it and the rest of OPEC to boost oil production by 1 million barrels per day (mb/d), according to a Bloomberg report. It wasn’t the first time that the U.S. has asked Saudi Arabia to ratchet up supply in an effort…

By Energy Worth The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, has said that the oil firm cannot provide the information being sought by a human rights lawyer, Femi Falana (SAN), on fuel importation and sundry matters. Baru, through an external solicitor, Mr. O. B. Omale of Omale O. B. & Co.,…

By Tsvetana Paraskova In a tight oil market reacting with price gains to concerns about supply shortages, the leaders of the OPEC and non-OPEC nations part of the production cut deal—Saudi Arabia and Russia—hinted last week that easing the cuts was an option that they had discussed and that would be up for talks at…

By Oke Peter   Nine months after the Senate resolved to investigate alleged $25b contract scam in the Nigerian National Petroleum Corporation (NNPC), no positive step has so far been taken to provide details to anxious Nigerians. After its inaugural meeting in October 2017, the committee soon buckled under pressure, allegedly mounted on it by…

By Tsvetana Paraskova Shell said on Thursday that it had started early production at a deepwater subsea development in the U.S. Gulf of Mexico a year ahead of schedule and at a forward-looking, break-even price of less than $30 per barrel of oil. Shell began early production at the Kaikias development that has an estimated…