A Reuters Agency survey has shown that the Organization of the Petroleum Exporting Countries (OPEC) recorded its highest oil output since April 2020 in August 2021. This is in spite of involuntary losses which limited the rise in oil production output following the easing of production limits by OPEC’s top producers which they had entered Read More…
The Minister of State for Niger Delta Affairs, Tayo Alasoadura has said that international oil companies operating in Nigeria owe $4 billion to the Niger Delta Development Commission (NDDC). NDDC is the agency responsible for fostering development in the Niger Delta, the impoverished wetlands region where much of the oil and gas industry is located. Read More…
Gunmen attacked a project site in Assa, Imo State on Monday, killing a police officer, six employees of an oil and gas services company, police have said. The oil and gas workers were employees of the Nigerian oil and gas services company, Lee Engineering. Monday’s latest attack marks a crescendo of attacks on oil and Read More…
In picture above: A worker walks past storage tanks at Dangote oil refinery in Ibeju Lekki district, on the outskirts of Lagos, Nigeria August 7, 2019. Picture taken August 7, 2019. REUTERS/Temilade Adelaja Four oil firms including Nigeria’s state-oil company have approached Dangote Industries to acquire a stake in Africa’s largest oil refinery, a senior Read More…
Nigeria’s governors have called for a full deregulation of the country’s downstream oil sector so that pump price floats with global oil prices, as the West African nation cannot sustain a subsidy regime to keep fuel price stable, they said. Kaduna state’s governor, Nasir el-Rufai, said at a meeting to discuss appropriate pricing for the Read More…
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…
