Oil And Gas

Pipeline explosion that left Oduoha community in Emohua Local Government Area of Rivers State in shock occurred in the early hours of Wednesday, Orient Energy Review learnt. The pipeline, which supplies gas through the community to a…

The Institute for Energy Security (IES) has projected that the price of fuel would increase marginally in the first pricing window of January, 2021. Institute for Energy Security stated that its projection was based on the prices…

Oil prices extended gains on Wednesday, rising to their highest since late February, after Saudi Arabia announced a big voluntary production cut, and as an industry report showed US inventories fell last week. Brent crude rose 25 cents,…

The impasse on OPEC+ production level for the months of February and March 2021 which resulted in the extension of the group’s meeting to Tuesday has been resolved with Saudi Arabia going on voluntary dipping of its oil output by one…

The weekly Market Report is provided by Gladius Commodities of Lagos, Nigeria. The full report is here. NIGERIAThe Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Alhaji Mele Kyari stated that the…

The Nigerian Electricity Regulatory Commission (NERC) has said that it did not grant any approval to electricity distribution companies in the country to increase electricity tariff by 50 per cent. NERC in a statement by its…

…Says OPEC Achieve Biggest Production Cut in 2020 The Organsiation of Petroleum Exporting Countries and its allies (OPEC+) have failed to reach a consensus on oil production output,…

Despite the gains stirred up by the news of coronavirus vaccines, the global oil demand will take another year or so to return to pre-pandemic levels—by late 2021 or early 2022, an energy expert has said. Markit vice chairman, Daniel…

A little more than a year ago, in November 2019, the European Investment Bank (EIB) declared its intention to phase out funding for fossil fuels. Specifically, it said that it would no longer grant loans for projects involving crude oil,…

The Department of Petroleum Resources (DPR) said that it has successfully shortlisted 161 companies to advance to the final stage of the bid round process for 57 marginal oilfields. The head of public affairs, DPR, Paul Osu, announced…

The non-passage of the Petroleum Industry Bill (PIB) by the Nigerian government has continued to impact the country negatively, especially as it makes the country’s oil and gas space less attractive to the investors. This is despite its…

The Egyptian Ministry of Oil and Mineral Resources has signed two production-sharing agreements (PSC) with Dutch Oil Company, Shell for areas in the Mediterranean and Red Seas. The agreements extend to a total area of 3,097 square…

The Organisation of the Petroleum Exporting Countries, OPEC on Sunday said that there will be plenty of downside risks for oil markets in the first half of 2021. OPEC’s Secretary General, Mohammad Barkindo said this a day before meeting…

The resurgence of the coronavirus at different pace, in different parts of the world is projected to occasion a 20 per cent drop in value of oil in 2020. Global crude oil markets had lost about a fifth of their value in 2020 as…

The state of trucks on Nigerian roads has been a source of concern to stakeholders in the haulage industry, stressing that the life span of the articulated vehicles that ply Nigerian roads were over 30 years.   This was made known…

Nigeria might have lost over N1.2 trillion in oil revenue following the alleged breach of the 2000/2001 fiscal incentive package conditions by SINOPEC-ADDAX. Senator Gershom Bassey in a statement at the weekend in calabar said that he…

The Institute for Energy Policies and Research (INSTEPR), an energy sector think tank, has called for the creation of two new ministries to handle power and oil and gas to ensure the effective management of the sectors. “We strongly…

The Shell Petroleum Development Company of Nigeria Limited (SPDC) has dismissed the purported takeover of Kidney Island asset of the SPDC Joint Venture in Port Harcourt by the Rivers State Government. The energy company in a statement…

Seplat Petroleum Development Company Plc has signed a crude purchase agreement (CPA) with Waltersmith Petroman Oil Limited. The Company Secretary, Edith Onwuchekwa announced the deal in a statement on Tuesday. “The CPA is for the…

President Muhammadu Buhari on Tuesday said that Nigeria has moved a step closer to the nation’s dream of full utilization of its abundant gas potential. The president said this during the inauguration of the Integrated Gas Handling…