OIL

by Harrison Madu he Managing Director of Shell Petroleum Development Company of Nigeria Limited (SPDC), Mr. Osagie Okunbor has said there is the need to balance the economic realities of the time with the challenges of the coronavirus pandemic. He said this during the inaugural meeting of the Edo State COVID-19 Fundraising Committee held virtually, to mobilise resources to buffer ...

by Abisoye Shola The move by ExxonMobil to kick off the building of a multi-million dollars petrochemical plant in post coronavirus China has raised hopes that countries with the right enabling environment after this global pandemic will experience fast economic recovery. The $10 billion petrochemical plant were some of the planned foreign investment pre-coronavirus in china. Accordingly China has also ...

by Jenifer Dike The United States SEC has drop charges against Eni over it’s involvement in the Nigerian controversial Malabu oil deal and that of the Congo. U.S SEC said it has closed its investigation into Eni ENI.MI over the Italian oil major’s activity in Nigeria and the Congo without recommending further action. “Based on the information currently available to the SEC, it ...

by Ben Ndubuwa The Nigeria National Petroleum Corporation (NNPC) has posted crude oil and gas export sale of $434.85 million in the month of January this year an increase of 94.30 percent compared with that of December last year. The statement by the corporation’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, said the month’s crude oil export ...

Oil prices went down in the international market early this week as demand for energy collapses amid the coronavirus pandemic and traders are concern that the glut may result to shortage of storage facilities and do not want to get stuck owning crude with nowhere to store it. Tanks could hit their limits within three weeks, according to Chris Midgley, ...

An industry expert, in the down stream petroleum sector, Ms Ronke Onadeko, has said that the Petroleum Products Pricing Regulatory Agency (PPPRA), should review the policy on fuel pricing modulation in the country. Onadeko gave the advice at a virtual workshop for journalists on the oil sector reforms in Abuja. The Agency had adopted a monthly pricing modulation style that ...

The umbrella body of oil markeeters called Major Marketers Association of Nigeria (MOMAN)  is advocating for price liberalization in place of “price modulation” being favoured by the Federal government for Premium Motor Spirit (PMS) commonly known as petrol. Its Chairman,  Mr Tunji Oyebanji made the disclosure in a statement issued on Thursday and made available to newsmen in Lagos, declaring ...

Petroleum Exporting Countries, its allies (OPEC+) and other top oil producers, in addition to the intervention of US President, Donald Trump, the volatility of the crude oil market still continues unabated. Available reports from oilprice.com shows that crude oil prices fell by about 5% at $28 per barrel on Wednesday, April 15, 2020. This could be attributed to persistent oversupply ...

Borr Drilling Ltd. has issued an update on its offshore drilling rig fleet.rr Drilling Ltd. has issued an update on its offshore drilling rig fleet. The company has received letters of award for work in the Asia/Pacific region for two of its premium jackups, of which one is a newbuild being activated. The contracts’ estimated duration, excluding options, are expected ...

Nigeria has signed a new pact with other OPEC+ counterparts to cut down its oil production in a bid to stabilize the fluctuating oil price as a result of the global Covid-19 pandemic. Nigeria is participating in this oil cut commitment following the framework of the Declaration of Cooperation entered on 10th December 2016 and further endorsed in subsequent meetings ...