National oil companies (NOCs) risk squandering $400 billion on expensive oil and gas projects over the next decade that may only break even if the world fails to meet the Paris climate goals, a non-governmental organisation said on Tuesday. In a new report called Risky Bet, the Natural Resource Governance Institute (NRGI) estimated that NOCs Read More…
Oil prices climbed on Tuesday as optimism that government stimulus will buoy global economic growth and oil demand trumped concerns that renewed COVID-19 pandemic lockdowns globally could cool fuel consumption. U.S. West Texas Intermediate crude was at $52.52 a barrel, up 16 cents, or 0.3%. There was no settlement on Monday as U.S. markets were Read More…
Vice President Yemi Osinbajo has urged stakeholders in the oil industry to find and agree on cheaper means of producing oil in the country. Osinbajo’s spokesman, Laolu Akande, in a statement on Wednesday in Abuja, said that the vice president spoke at a virtual meeting on the Petroleum Industry Bill (PIB) with stakeholders in the Read More…
OPEC+ resumes debate on Tuesday after talks stumbled over February policy, as Russia led calls for higher output while others suggested holding or even cutting production due to new lockdowns. Debate resumes at 1430 GMT after the group, which combines OPEC and other producers including Russia, failed to find a compromise on Monday. OPEC+ sources Read More…
The Organisation of the Petroleum Exporting Countries (OPEC) sees plenty of downside risks for oil markets in the first half of 2021, Mohammad Barkindo, its Secretary-General said on Sunday. Barkindo’s remark is coming a day before meeting allies, led by Russia, to discuss output levels for February. “Amid the hopeful signs, the outlook for the Read More…
Oil prices rose more than 2% on Wednesday, boosted by draws in U.S. inventories of crude, gasoline and distillates that lifted investors’ hopes for some return in fuel demand. U.S. crude inventories fell by 562,000 barrels in the week to Dec. 18 to 499.5 million barrels, the Energy Information Administration said on Wednesday. Gasoline stocks Read More…
Oil prices fell on Tuesday, extending sharp losses overnight, as the rapid spread of a new strain of the novel coronavirus in the United Kingdom prompted several countries to close their borders to British travellers and freight. The U.S. West Texas Intermediate crude futures dropped 30 cents, or 0.6 per cent, to $47.67 a barrel Read More…
OPEC and allies including Russia are leaning towards delaying next year’s planned increase in oil output to support the market during the second wave of COVID-19 and rising Libyan output, despite a rise in prices, three sources close to OPEC+ said. OPEC+ was due to raise output by 2 million barrels per day (bpd) in Read More…
The Federal Government’s drive to stimulate job creation has started yielding dividends with Techno Oil Ltd set to inaugurate an automated Liquefied Petroleum Gas (LPG) terminal at Kirikiri in Apapa, Lagos. It is expected to generate 2,000 jobs. The Managing Director of Techno Gas and Power, Mr Collins Onyeama, who made the disclosure while briefing Read More…
A lawsuit launched by the Nigerian government against U.S. bank JP Morgan Chase, claiming over $1.7 billion for its role in a disputed 2011 oilfield deal, will proceed to trial, London’s high court ruled on Thursday. The suit filed in the English courts in 2017 relates to the purchase of the offshore OPL 245 oilfield Read More…
