Category: Oil & Gas

By Tsvetana Paraskova Saudi Aramco’s much-hyped initial public offering is “most likely” to take place in 2019, Saudi Energy Minister Khalid Al-Falih said on Friday, likely confirming that plans for the IPO have been pushed from this year to next. “We’re simply waiting for a market readiness for the IPO,” al-Falih said at the St….

By Nick Cunningham Oil prices plunged on Friday after news broke that OPEC and its partners, including Russia, are considering allowing higher levels of oil production, which could mark the beginning of the end for the OPEC deal. With inventories back at average levels, potential outages in Iran and oil production in Venezuela falling fast,…

By Energy Worth Nigerian National Petroleum Corporation (NNPC) has assured the Nigerian Ports Authority (NPA) of its readiness to pay up all the outstanding debt owed to the authority from 2017 to date. According to a statement from the NPA, the total debt estimated at about N2.1 billion for services rendered by the NPA to…

Nigerian National Petroleum Corporation’s (NNPC) downstream subsidiary, NNPC Retail Limited, has been directed to target 30 percent market share of petroleum products distribution business in Nigeria’s downstream petroleum sector by 2020. NNPC group managing director, Maikanti Baru, handed down the directive Wednesday, in Abuja, during the unveiling ceremony of brand new logos for four of…

By Oke Peter The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has said timely approval of field development plan is a win-win situation for both the government and investors. Kachikwu, in his presentation at a technical symposium organised by the Society of Petroleum Engineers, Nigeria in Lagos, described the FDP as one of…

ExxonMobil has announced greenhouse gas reduction measures that are expected to lead to significant improvements in emissions performance by 2020, including a 15 percent decrease in methane emissions and a 25 percent reduction in flaring. The company also announced its intention to improve its industry-leading energy efficiency in refining and chemical manufacturing facilities. ExxonMobil invests…

Energy Worth with Agency Report Nigeria’s petroleum sector contributed Value Added Tax (VAT) of N12.132 billion during the first quarter of 2018, data from the National Bureau of Statistics (NBS) has shown. NBS said its first quarter VAT allocation report at the weekend, that offshore operations of the oil and gas sector generated 797.489 million;…

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…