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Oil And Gas
Get the latest news in the Oil and Gas industry from Nigeria and across Africa.
Our coverage includes exploration, production, drilling, oil and gas companies, training and more.
Court Dismisses Attempt to Stop FG from Auctioning 10 Marginal Oil Fields
A Federal High Court sitting in Lagos has said that the Department of Petroleum Resources (DPR) can go on auctioning 10 marginal fields whose licenses have been revoked. The court had rejected an interlocutory injunction application filed…
RED ALERT: Rights Group Urges Buhari to Stop Sale of 4 Oil Blocks Worth $22bn
A human rights group, representing erstwhile managers of four oil wells in Nigeria has signaled to enter into legal battle with the Nigerian government as the country engages battle gear to auction the oil wells hitherto in the hands of…
NNPC in $1.5bn Oil Prepay Deal with Two World Oil Traders
Nigeria’s state oil firm NNPC has signed a $1.5 billion prepayment deal led by Standard Chartered (STAN.L) and backed by oil traders Vitol Group and Matrix Energy, two sources close to the matter said, the first such agreement since the…
Delta Gets New Modular Refinery as FUPRE, Oil Firm Sign MoU
In about six month’s time, a new modular refinery with the production capacity of 20,000 barrels per day for a start will be unveiled in Delta State, Onose Deep Oil and Gas Nigeria has assured.
Also, a plant where all the parts needed…
Violation of Local Content, Cabotage Laws: Lawmakers Summon Sylva, Kyari and Amechi
Concerned over the influx of foreign vessels on Nigeria’s waterways, the Senate joint committees on local content, downstream petroleum and legislative compliance have invited the Minister of State for Petroleum Resources, Chief, Timipre…
Oil Price Slide as Tension Rise Over US, China Feud
Oil prices slid down yesterday as the Covid19 pandemic and tensions arising from the US and China feud pushed investors towards what investors described as safe-haven assets.
The slide in oil prices mirrored moves in broader financial…
India’s Reliance Displaces Exxon Mobil as World’s No. 2 Energy Firm
India’s Reliance Industries Ltd. has shot ahead of Exxon Mobil Corp. to become the world’s largest energy company after Saudi Aramco. Bloomberg reported yesterday that lured by the Indian firm’s digital and retail forays investors are now…
Ghana Awaits Double on Budget Deficit Following Oil’s Price Drop
Battered by the effect of COVID-19 on state income and economic growth, as well global oil price drop, Ghana’s budget deficit is being projected to become more than double the initial forecast.
The Finance Minister Ken Ofori-Atta…
Oilfield Service Firms Can Rely on Renewable Markets to Boost Lagging Revenue – Analysts
A Rystad Energy analysis has stated that the oilfield service market is not likely to rebound to last year’s activity level until 2023, following the impact of the Covid-19 downturn, Offshore Energy reported last weekend.
The analysts…
Equinor’s Domestic Oil Output, Trading Gains Cushions Q2 Earnings Drop
A surge in domestic oil output and a jump in trading income cushioned Norway’s state-controlled Equinor against collapsing commodity prices in Q2, the company said July 24, as it plunged to a loss and warned of more volatility ahead.
…
COVID-19 Forces Mozambique to Abandon Gas Exploration Exercise
Mozambique’s National Hydrocarbon Company (ENH) has been forced by the raging COVID-19 pandemic to interrupt the exploratory opening of wells in the country’s Buzi district, in the central province of Sofala, a report at the weekend by All…
PGS Data Flaunts 2D, 3D Seismic Coverage for Nigeria’s 2020 Bid Round
The PGS Nigeria MultiClient data library has said that it is providing excellent 2D and 3D seismic coverage on the recently announced blocks in the 2020 Marginal Fields Bid Round by the oil and gas authorities in Nigeria.
MegaSurveys…
Nigeria’s Oil Export Margins May Remain Negative for Some Time
A new report from the Oxford Institute for Energy Studies (OIES), has stated that the margin for exporting oil products remain negative, and could remain so for the duration of 2020, even with glut in the Liquefied Natural Gas (LNG)…
Nigeria Loses N281bn to Gas Flare in 6 Months
Nigeria lost N281 billion ($779.9 million,) in six months, as oil and gas companies operating in the country flared 222.8 billion standard cubic feet (bscf) of gas from January to June 2020, data obtained yesterday from the Nigeria’s…
XOCEAN Out to Transform the Way Subsea Data is Collected
The three-year-old company based in Ireland provides turnkey underwater data acquisition services with its growing fleet of innovative unmanned surface vessels (USVs) which deliver an unprecedented combination of safety, versatility,…
Again, Stakeholders Demand for Efficient Fiscal Policy for Oil, Gas Sector
Stakeholders in the Nigerian oil and gas sector have called for an efficient and attractive fiscal policy in the oil and gas sector to help drive investment and infrastructure development in the country.
This was disclosed during a…
Provide Suitable Location for Cooking Gas Sellers, DPR to Kogi State Govt
The Department of Petroleum Resources (DPR) has appealed to the Kogi State Government to provide suitable location in Lokoja for sellers of cooking gas.
The state Controller of DPR, Mr Idris Mohammed, who made the appeal on…
Payment for Nigerian Oil Block Transparent, says Eni
Eni, an Italian oil major, said on Wednesday that payment for the Nigerian offshore oil block, Oil Prospecting Licence 245, acquired by it and Shell was made directly to the Federal Government through transparent means.
Eni and Shell…
NNPC, Partners Spent $360 Million on Delta Cleanup
Nigeria’s state oil company and its joint venture partners have spent $360 million on cleaning up the Niger Delta oil heartland in the past two years, the Nigerian National Petroleum Corporation (NNPC) said on Monday, but locals said…
Chevron to Acquire Noble Energy in $13 billion Deal
Chevron Corporation has entered into a definitive agreement with Noble Energy to acquire all of the outstanding shares of Noble Energy in an all-stock transaction valued at $5 billion, or $10.38 per share.Based on Chevron’s closing price…