Oil

Crude oil prices brushed off the Energy Information Administration inventory report today, which saw a 7-million-barrel build in crude oil inventories for the week to April 5. The authority also reported a reduction in gasoline…

Chibisi Ohakah with Agency reports Comparable grades of Nigerian oil has been largely swept away and put under pressure in Europe by the rising tide of light U.S. shale oil from American shores. However, steady Indian and Indonesian demand…

Pita Ochai As oil price return to $70/bbl, exporting countries are on the jubilation side. Production cuts by the Organisation of Petroleum Exporting Countries, OPEC, and its partners, a coalition that pumps about half of the world’s oil,…

Peace Obi The Organization of Petroleum Exporting Countries, OPEC has commended the effort Nigeria and some other African countries have put up helping to stabilize prices in the global oil market by sticking to the Organisation’s…

The Daily Consulting has released an authoritative Report - Where to invest in Nigeria’s oil and gas industry - targeted at guiding investors, potential investors, financiers, consultants, contractors, advisers, policy makers and other…

Kenechukwu Obiajuru, Yenagoa A joint operation by troops of the joint military force deployed to protect oil facilities in the Niger Delta has confiscated a thug boat 'Aya Oba Olori II and a barge Christened 'Rampage 13' laden…

…puts on sale oil and gas fields worth $3bn Chibisi Ohakah, Abuja The oil and gas industry in Nigeria was rattled yesterday as world largest oil exploration company by market value, ExxonMobil, confirmed its divesting from Nigeria.…

Pita Ochai Bayelsa, Nigerian’s oil-rich state, is set to tackle multinational oil companies operating in the region who have polluted its environment through oil spills. The state government recently started an inquiry into the human and…

Pita Ochai The Federal Government of Nigeria is set to harmonise oil and gas revenue and production of data of earnings from all sectors of the economy. To achieve this, the government through the Ministry of Petroleum Resources has set up…

The investments needed to ensure stability in the global oil industry are returning after a downturn, but the pace is still slow, OPEC Secretary General Mohammed Barkindo said. Barkindo was talking to Reuters and an Azeri TV station Real…

 …Angola Government set to establish new Investment Program Peace Obi The Angola Oil & Gas 2019 Conference & Exhibition has been described as a critical launch pad for the Angola Government’s ambitious efforts to transform her…

    ...Kachikwu to present group’s foundational reforms    Chibisi Ohakah, Abuja New oil and gas discoveries throughout Africa, from Mozambique and Namibia to Senegal and Mauritania, are believed to be sparking fresh interests…

Nigerian Oil and Gas Opportunity Fair (NOGOF) another milestone achievement by the Nigerian Content Development and Monitoring Board, NCDMB to maximize investments into the Nigerian oil and gas industry for the benefit of the Nigerian…

Chibisi Ohakah, Abuja Nigeria is believed to have pumped more crude oil in February than the quota allocated to the country by the Organisation of Petroleum Exporting Countries (OPEC). Last December, OPEC and 10 non-OPEC countries agreed…

    …Pay only $180m of the $1bn cleanup fund Chibisi Ohakah, Abuja International oil companies (IOCs) have been accused of holding up the orchestrated Ogoni Cleanup fund, having contributed just about $180 million (about N64.8 billion) of…

Chibisi Ohakah, Abuja Security agencies are on the trail of oil marketers who had underpaid for petroleum products supplied to them from Petroleum Products Marketing Company (PPMC) Kaduna Depot, of which assets worth over N771million have…

Peace Obi South Sudan, an African country whose economy is heavily dependent on oil revenue has made a remarkable achievement in its effort to diversify her economy as the country earned about US$ 14.2 million in non-oil revenue for first…

   ...Sets to propose a charter By Ngozi Egenuka and Elizabeth Uwandu As the tussle for balance in oil pricing and its stability continue, the Organisation of Petroleum Exporting Countries (OPEC) has lamented that…

Pita Ochai Nigerian government has expressed willingness to go along with Saudi Arabia in the initiative to limit oil output to push up prices in the global market. While receiving the Saudi Arabian minister of state for African Affairs…

Pita Ochai Nigeria is about to ship the first cargo of crude oil from a new deposit about 90 mi off its coast. The 1 MMbbl consignments, which will head toward the Dutch port of Rotterdam, comes at a tricky moment for the country, given…

In 2018, Ghana earned a total of US$ 813.95 million from crude oil exports representing lifting proceeds received into the Petroleum Holding Fund (PHF). This is according to Bank of Ghana’s (BoG’s) Petroleum Holding Fund and Ghana Petroleum…

Even with crude oil at a seven-year low in early December 2015, oil companies are still recruiting on college campuses and interviewing students with the fields of study most in demand. The wave of early…

...As Obsolete oil, gas laws leads to loss of $18 billion Pita Ochai The Nigeria Natural Resource Charter (NNRC) has revealed that Nigeria has lost an estimation of $18 billion to obsolete oil and gas laws she has kept. That Nigerians…

Pita Ochai The global oil market will struggle this year to absorb fast-growing crude supply from outside OPEC even with the group’s production cuts and U.S. sanctions on Venezuela and Iran, the International Energy Agency said in a…

Chibisi Ohakah The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has said that the newly adopted Crude Oil Liquefied Natural Gas Tracker (COLT) has already yielded results with the recovery of about N1.2 trillion in royalty…

Chibisi Ohakah, Abuja The Institute of Chartered Accountants of Nigeria (ICAN) has said that whereas the projections for crude oil price and production as captured in the proposed budget were very ambitious, and that the…

Pita Ochai ... Indigenous operators’ contribution to national oil production now at 11% Reveals indigenous operators’ contribution to national oil production to be around 11% The need to raise funds and grow the contributions of…

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, said that the Federal Government is targeting about two billion dollars from the oil and gas lease licences renewal. Kachikwu disclosed this while fielding questions from…

By Kenechukwu Obiajuru, Yenagoa The Bayelsa State Security Council has prohibited the use of assets, personnel and security operatives on attachment to surveillance contractors of oil and gas firms and any other personnel for political…

he Joint Task Force, Operation Delta Safe, OPDS, has decried incessant fake reports of oil facilities’ attacks by militants in the Niger Delta, saying such stories were fabricated to diminish the operations of the JTF. Coordinator, Joint…

Oil prices fell on Thursday as the prospect of increased crude production from Saudi Arabia and Russia prompted profit-taking the day after futures hit four-year highs on a boost from imminent U.S. sanctions on OPEC’s No. 3 producer Iran.…

By Karin Matussek Moses Mozart Dzawu  and Olivier Monnier A ruling by the International Tribunal for the Law of the Sea will keep Tullow Oil Plc’s offshore fields under Ghana’s jurisdiction following the end of a boundary dispute with…

Oge Obi In readiness for the marginal oil field bid round scheduled to take place later this year or early next year, the Federal Government through the Department of Petroleum Resources (DPR) has set the guidelines, Orient Energy Review…

Dr. Ibe Kachikwu Nigeria’s oil minister said the government launched a fund on Thursday with an initial value of $200 million to support local oil and gas firms, part of a government drive to improve access to low-cost credit…

ADIPEC Programme Will Include Downstream Industry for the First Time 900 Speakers Scheduled for More Than 200 Technical and Strategic Conference Sessions Abu Dhabi, UAE – 28 August 2017 – Organisers of the annual Abu Dhabi…

Total and CNOOC Limited have confirmed their support for the 3rd Uganda International Oil & Gas Summit (UIOGS) 2017 (www.UIOGS.com), partnering as lead sponsors and co-hosts to the event when it returns 27-28th September at…

Lagos, August 23, 2017: Chevron Nigeria Limited (CNL), the operator of the NNPC/CNL Joint Venture recently completed a 12-month on-the-job-training of seven (7) Nigerian graduates at CNL’s office and field locations. The training was part…

Hyperdynamics and its partner South Atlantic Petroleum will be given two years for appraisal work in the event of an oil discovery in the Fatala-1 well, offshore Guinea. Hyperdynamics said that the letter granting the assurance for the…

Nigeria's acting president will meet again with community leaders from the Niger Delta oil heartlands next week, his spokesman said on Tuesday, in a bid to shore up a fragile truce between militants and the government there. With…

UIOGS 2017 Continues to Build Momentum as International Support Grows KAMPALA, Uganda, August 9, 2017/ -- Total and CNOOC Limited have confirmed their support for the 3rd Uganda International Oil & Gas Summit (UIOGS) 2017…

Oil traded near $44 a barrel as investors weighed the likelihood and potential effectiveness of Libya and Nigeria capping production. Futures traded in a $1.07 range in New York, following last week’s 3.9 percent tumble. The two…