Category: Oil & Gas

By Tsvetana Paraskova As soon as next month, OPEC may decide to reverse some of the production cuts in place since the beginning of 2017, to respond to supply concerns over plummeting Venezuelan production and the potential loss of some of Iran’s oil exports due to the return of U.S. sanctions, sources at OPEC and…

Nigeria crude oil production which generates the bulk of the country’s government revenue is up to 2.0 million barrels per day, which is the highest level in over a year, according to the statistics bureau. While growth rate in the non-oil sector was a meager 0.8 percent despite slowing inflation and higher oil prices, surprising…

By Nick Cunningham Electric vehicles will become cheaper than the internal combustion engine in a half decade, while electric buses will completely “dominate” its sector by the late-2020s, according to Bloomberg New Energy Finance (BNEF), which just published its Electric Vehicle Outlook 2018 report. EV sales will top 1.6 million in 2018, up from just…

ExxonMobil and its employees contributed more than $170,000 to institutions of 6 higher education across New Mexico as part of the ExxonMobil Foundation’s 2017 Educational Matching Gift Program. ExxonMobil employees, retirees, directors and surviving spouses contributed more than $42,700 to 6 New Mexico colleges and universities, which was matched by more than $128,000 in unrestricted…

Energy Worth with Agency Report Some of the world’s biggest fund managers are ratcheting up the pressure on oil and gas companies, expressing fear that a lack of action over tackling climate change could risk their investments. The comments come days before major oil companies kick off annual shareholder meetings, where they are already facing…

By Energy Worth Failure by the President Muhammadu Buhari-led administration to reform the oil and gas sector has pushed the Nigerian National Petroleum Corporation (NNPC)’s revenue loss to over N546 billion. The trend does not only represent the loss of potential revenue for government but also constitutes a major challenge for the 2018 budget expectations…

By Tsvetana Paraskova WTI Crude prices have recently surged to their highest level in three and a half years—just above $70 a barrel. In theory, that’s higher than the average breakeven costs of all key U.S. shale plays. Even $60 WTI is higher than the average breakeven prices, as per the latest quarterly Dallas Fed…

By Tsvetana Paraskova Vitol, Glencore, and Shell—the three biggest oil traders in the world—are in the running to buy the Nigerian oil assets of Brazil’s state oil firm Petrobras, Reuters reported on Thursday, quoting banking and industry sources in the know. As part of its asset sale program aimed at raising billions of U.S. dollars…

By Nick Cunningham On Thursday, Brent topped $80 per barrel for the first time since November 2014, breaching a psychological threshold amid tightening inventories and widening geopolitical risk. Yet, even as oil prices have rallied to their highest point in three and a half years, investors have pared back their bullish bets on oil futures….

By Energy Worth The National Economic Council (NEC) has directed the Nigerian National Petroleum Corporation (NNPC) and other agencies in the country to refund unremitted revenues in the sum of N8trillion (about $21billion) and another N526billion into the Federation Account. The council, headed by Vice President Yemi Osinbajo, consists of governors of the 36 states…