Category: Oil & Gas

CNOOC Limited on Friday announced its key operational statistics for the first quarter of 2018. The Company achieved total net production of 120.1 million barrels of oil equivalent (“BOE”) for the first quarter of 2018, representing an increase of 0.8% year over year (“YoY”). Production from offshore China decreased 1.2% YoY to 77.5 million BOE,…

OPEC and Russia will meet in Saudi Arabia this week after all but banishing a global oil glut. While looming political crises threaten to tighten supplies further, the group seems determined to keep its cuts in place. Almost 16 months of output curbs by OPEC and its partners have seen crude rally to a three-year…

By Energy Worth  Nigerian National Petroleum Corporation (NNPC), on Thursday, said funding remains a major challenge hindering the growth of the national oil company. Group Managing Director of NNPC, Maikanti Baru, said on Thursday, in Abuja that though the state owned company was working hard to become an integrated energy company but funding has continued…

The Star Deepwater Petroleum Limited (a Chevron Company) and all the parties in the Agbami Field, Famfa Oil Limited, Nigerian National Petroleum Corporation (NNPC), Statoil Nigeria Limited and PetroleoBrasileriro Nigeria Limited, on Monday in Jos disclosed that they have so far invested over N8.4 billion in the Agbami Medical and Engineering Professional Scholarships (AMEPS) in…

Human rights lawyer, Femi Falana (SAN), on Tuesday, stated that the daily petrol consumption claim by the Minister of State for Petroleum Resources, Ibe Kachikwu, was untenable. In a letter to the minister entitled, ‘Request for information on fuel importation and sundry matters’, Falana explained that the Nigerian National Petroleum Corporation had in December 2017…

The International Monetary Fund (IMF) has predicted that Nigerian economy will grow from 0.8 per cent in 2017 to 2.1 per cent by the end 2018, while warning of possible crash in crude oil prices. According to its latest World Economic Outlook (WEO) Report launched in Washington DC on Tuesday, the Fund projected that Nigeria…

The Petroleum Technology Development Fund (PTDF), has called for the creation of a single national platform for the co-ordination of all collaborative activities in human capital development in the oil and Gas sector. The Executive Secretary of the Fund, Dr Bello Aliyu Gusau disclosed this in a statement issued by Mr Kalu Otisi, Head, Press…

The Group Executive Director, Finance and Account of the Nigerian National Petroleum Corporation (NNPC), Mr Isiaka Abdulrazak has disclosed that the corporation recorded a trading surplus of N250 billion in 2016. Abdulrazak said this in a quarterly publication of the NNPC, a copy of which was obtained by the News Agency of Nigeria (NAN) on…

By Oke Peter The National Engineering and Technical Company Limited on Friday announced that its profit before tax for the 2017 financial year dropped by 34 per cent to N3.26bn when compared with the previous year. NETCO, a subsidiary of the Nigerian National Petroleum Corporation, stated that the PBT decreased by 34 per cent when…

ExxonMobil has announced that production of liquefied natural gas (LNG) has safely resumed at the PNG LNG project in Papua New Guinea following a temporary shutdown of operations after a severe earthquake occurred in the region on Feb. 26. LNG exports are expected to resume soon. One train is currently operating at the LNG plant…