Category: Oil & Gas

By Oke Peter Nigeria’s oil and gas sector recorded total revenue of $4.29billion (N1.554trillion) from exports between January 2017 and January 2018.On a monthly basis, total export sale of $439.60million was recorded in January 2018, representing 1.79 per cent lower than the previous month. The Nigerian National Petroleum Corporation (NNPC), which made this known in…

By Energy Worth The Nigerian National Petroleum Corporation (NNPC) has recommended the splitting of petroleum licences into two components for prospecting and production phases under the draft Petroleum Industry Administrative legislation currently before the National Assembly. In a presentation at the Public Hearing organized by the House of Representatives Committee on the Petroleum Industry Administrative…

The doubt over the quantity of daily petrol consumption has prompted a decision to effect the closure of filling stations that are 10 kilometres on the border to monitor actual consumption. The Sub-Committee of the National Economic Council (NEC) on Remittance to Federation Account on Wednesday directed that the filling stations be closed down immediately….

By Energy Worth The Nigerian National Petroleum Corporation (NNPC) has issued the 2018/2020 crude export contracts to 50 local and international oil traders, including Vitol, Trafigura and Glencore, Energy Worth has learnt. It will be recalled that this is part of the efforts to encourage local participation in the lifting contracts, the corporation selected 20…

By Energy Worth Following the approval of a new gas and oil policy, the Federal Government is working to improve business environment, leading to increased investor activity and energy supply, thus improving prices of goods and services. The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, who made this disclosure at Light up Nigeria…

By Nick Cunningham Brent is nearing $80 per barrel and some analyst see $100 not far off. That raises the question about how much of a dent high oil prices will make in the U.S. economy. $100 oil is not as painful as it once was. There are a few reasons for that. The U.S….

The Nigerian National Petroleum Corporation has announced that it has increased the supply of gas to the power sector by 88.89 per cent. According to the oil firm, the increase was recorded between January 2017 and January 2018. The NNPC disclosed this in its monthly financial and operations report for January 2018, which was released…

By Energy Worth Shell Nigeria Exploration and Production Company on Sunday, said it had delivered a total of 763 million barrels of oil from the Bonga field between first production in 2005 and 2017. SNEPCo, according to a statement, is also expanding the field with further drilling of wells in Bonga phases 2 and 3…

By Nick Cunningham The path to higher oil prices seems pretty clear, but it isn’t inevitable. There are plenty of reasons why the oil market is suddenly on edge, and why oil prices are at their highest level since 2014. Venezuela’s oil production is falling off of a cliff, and could fall faster now that…

By Energy Worth The Nigerian National Petroleum Corporation (NNPC) has disclosed that the nation recorded 194 cases of pipeline vandalism between January 2017 and the corresponding period of this year.During the release of its January financial and operational report yesterday in Abuja, the agency noted that gas supply to the power sector during the period…