OIL

by Jenifer Dike…………….. There are strong indication that the OPEC+ expected oil production of about 170 million barrels will flood the market next month causing a second glut this year occasioned by low demand due to the pandemic According to industry analysis the assumption that oil demand will not rebound as quickly as previously thought due to the persistent expansion ...

by James Ikenna……….. First Exploration & Petroleum Development Company Limited, First E&P, has announced the arrival of the Abigail-Joseph Floating Production Storage and Offloading, FPSO, unit to the shores of Nigeria First E&P said prior to her sail-away, the FPSO underwent upgrade, refurbishment and life extension works in Keppel Shipyard, Singapore, to meet specified standards and specifications, noting that “the ...

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has warned against proposed plans to scrap the Petroleum Equalisation Fund (PEF). IPMAN’s national secretary Danladi Pasali said scrapping the fund would put the petroleum sector in crisis and harm the nation and its stability The association said Nigerians in many parts of the country would be forced to buy petroleum products ...

The value of petroleum imports into Nigeria exceeded by 26 percent in value about $58.5 billion within a five-year period, the latest figures from the Organisation of Petroleum Exporting Countries have shown. In its 2020 OPEC Annual Statistical Bulletin released recently, the oil cartel said Nigeria’s petroleum imports from 2015 to 2019 was valued at $264.57bn, while its exports during ...

AVEVA, a global engineering and industrial software firm said that it has agreed to form a digital twin alliance for the upstream oil and gas sector with engineering and project management company DORIS Group and energy management and automation specialist Schneider Electric. Digital twins virtually represent a physical product, process or ecosystem. Such models provide a feasible approach to altering ...

The Nigerian National Petroleum Corporation (NNPC) has cultivated 2,675 hectares of cassava plantations for the processing of bioethanol in Kebbi state. Kebbi state government committee on Biofuels revealed in a statement on Thursday through its Chairman, Prof. Mohammad Ka’oje. Ethanol is a biofuel processed from starchy crops like Maize and Cassava and can be used as biofuel mainly in Brazil ...

by Abisoye Shola…………… Eni, the Italian multinational oil firm has kicked against the Public Prosecutors request that the Chief Executive of Eni, Claudio Descalzi and Paolo Scaroni be sentenced to eight years imprisonment over birbery allegations in the controversial Malabu oil deal. The Italian prosecutors are also requesting a ten-year prison sentence for Dan Etete, Nigeria’s former petroleum minister over ...

by James Ikenna………….. Vitol, which holds a fifth of Nigeria’s total crude and condensate production in Nigeria has declared interest to move into US shale basins as it hold sway in Nigeria’s deepwater blocks OML 127 and OML 130, which include the major deepwater fields of Agbami, Akpo and Egina is now set to acquire mature, producing oil and gas ...

by Jenifer Dike…………… The Department of Petroleum Resources (DPR) has put on hold pre-qualification bid round of oil firms owing taxes to government According to DPR those companies that did not make the pre-qualification bid due to tax defaults have until Friday 24, July, 2020 to meet up the requirements. DPR in its notifications to companies that were prequalified for ...

The Nigeria National Petroleum Corporation (NNPC) has increased the prices at which two of the country’s major crude oil grades would be sold in August. Most of the country’s September loading programmes emerged on Monday, but traders were still waiting for Angolan allocations, according to Reuters. The NNPC on Monday raised its August official selling prices for Bonny Light and ...