Category: Oil & Gas

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has said that the target of the corporation is to make its foremost upstream subsidiary, the Nigerian Petroleum Development Company (NPDC), the number one exploration and production company in Nigeria. Dr. Baru, who spoke on the sidelines of the 18th Annual…

By Energy Worth The Federal Government has said that two of the 38 modular refineries granted licences to operate in the Niger Delta region will be completed and ready for inauguration by December this year. It noted that the President Muhammadu Buhari administration’s resolve to establish modular refineries was part of the long-term plan to…

By Oke Peter The Senate has declared as illegal the current payments by the Nigerian National Petroleum Corporation (NNPC) to augment the differentials between the landing cost of the Premium Motor Spirit (petrol) and the pump price. The legislature asked the corporation to stop further payment of subsidy, but should clear the arrears owed marketers…

Oil prices rose on Thursday, fuelled by expectations the United States will re-impose sanctions against Iran, a decline in output in Venezuela and ongoing strong demand. Brent crude oil futures were at 74.27 per barrel at 0643 GMT, up 27 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures…

Royal Dutch Shell on Thursday, reported a 42 percent rise in first-quarter profit, its highest in over three years, boosted by higher oil prices and production. Expectations are high for Shell to continue to generate strong profits and cash flow after the Anglo-Dutch company beat larger rival Exxon Mobil on both fronts in 2017 thanks…

By Oke Peter There are strong indication that the expected open market price of Premium Motor Spirit (petrol) being imported into Nigeria may have risen above N190 as crude oil price climbed towards a four-year high of $75 per barrel. As of March 20, 2018, when the international benchmark for oil prices, Brent, traded around…

Data from Russia’s Federal Customs Service shows they might be after Germany paid less for natural gas from the world’s largest exporter than most other buyers. Only the UK, which produces most of its own gas, had lower import costs among the biggest offtakers, according to the figures obtained by Bloomberg and detailed in the…

Shell Offshore Inc. (Shell), a subsidiary of Royal Dutch Shell plc, today announces the final investment decision for Vito, a deepwater development in the U.S. Gulf of Mexico with a forward-looking, break-even price estimated to be less than $35/bbl. This decision sets in motion the construction and fabrication of a new, simplified host design and…

United States oil producers are reaping the benefits of OPEC’s efforts to balance the crude market by flooding Europe with a record amount of crude, hurting traditional suppliers such as Nigeria. Russia paired with the Organization of the Petroleum Exporting Countries last year in cutting oil output jointly by 1.8 million barrels per day (bpd),…

Helen Reid – London Formerly skeptical investors are buying back into oil majors in the hope that upcoming results will mark a turning point for energy stocks which have failed to keep pace with a surge in crude prices. Oil stocks could begin to close that gap if results live up to lofty expectations, with…