Category: Oil & Gas

No question, oil above $60/bbl is a big help to North American energy companies. But even with prices up about 20% from a year ago, not everyone will get big boosts in their credit lines during the appraisal season that’s now kicking into high gear. Analysts expect oil and gas companies in the Permian Basin…

The Executive Director of the International Energy Agency, Dr Fatih Birol, accompanied by a delegation of senior IEA officials, visited the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna today, and met with its Secretary General, Mohammad Sanusi Barkindo. Dr Birol and Mr Barkindo underscored the growing working relationship between both organizations…

The Nigerian National Petroleum Corporation (NNPC) has concluded arrangement for the historic groundbreaking of the 40inch x 614km Ajaokuta – Kaduna – Kano (AKK), gas pipeline and stations in the weeks ahead. The corporation said following last week’s successful execution of contract agreements for the engineering, procurement, construction, commissioning and financing for Lots 1 and…

Energy Worth with Agency Report The Programme Manager, National Gas Flare Commercialisation Programme (NGFCP), Federal Ministry of Petroleum Resources, Justice Derefaka, has disclosed that Nigeria loses approximately $10 billion of revenue through gas flaring, due to its inability to capture and commercialise flared gas in the country. He further stated that if flared gas is…

Any increase in the price of Premium Motor Spirt as a result of the five per cent levy on the product as stipulated in the Petroleum Industry Governance Bill that was recently passed by the National Assembly will not be welcomed by Nigerians, oil marketers have said. The Punch newspaper has reported. According to the…

Organization of Petroleum Exporting Countries (OPEC) crude oil production fell in March to the lowest since April 2017  as a result of declining Angolan exports, Libyan outages and a further slide in Venezuelan output, thus increasing compliance with a supply-cutting deal by the oil producers to another record. OPEC pumped 32.19 million barrels per day…

Wintershall is continuing its growth course and has now been awarded exploration licenses in Brazil. In its 15th bidding round, Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP) has awarded interests in seven licenses to Germany’s largest internationally active oil and gas producer. The company will hold the operatorship for four of these…

Oil climbed as top crude-exporting countries suggest they may extend output curbs beyond this year, adding momentum to a monthly rebound. Futures in New York posted a 5.4% increase in March, erasing February losses fueled by mounting American stockpiles. Some OPEC producers and allies are considering prolonging efforts to drain a global supply glut up…

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and its sister union, the National Union of Petroleum and Natural Gas Workers (NUPENG), say they have no reservations against the five percent fuel levy in the harmonised PIGB recently passed by the National Assembly. Recall that the National Assembly Conference Committee last week…