crude oil
-
Featured
PENGASSAN vows to end scourge of crude oil theft
The Petroleum and Natural Gas Senior Association of Nigeria (PENGASSAN) says it will not relent, until victory is achieved in the fight against crude oil theft. The President of the association, Festus Osifo, stated this on Wednesday in Abuja at the 2024 PENGASSAN Energy and Labour Summit (PEALS 2024). The News Agency of Nigeria (NAN) reports the summit themed: “The…
Read More » -
economy
FG to begin crude oil sales in Naira October
The Federal Government says it will begin crude oil sales in Naira to Dangote Refinery and others in October. This is according to a statement by the Director Press and Public Relations, Federal Ministry of Finance and Economic Planning, Mr Mohammed Manga in Abuja on Monday. Manga said that the inaugural meeting the implementation committee to fast track the transaction…
Read More » -
Featured
NNPC Ltd. unveils new crude oil grade, begins export to Spain
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has announced the introduction of Utapate crude oil blend, a new oil grade into the international crude oil market. The NNPC Ltd. said from Oil Mining Lease (OML) 13, fully operated by NEPL, NNPC Ltd’s upstream subsidiary, the Utapate crude oil blend commenced operations in July 2024, as its first cargo headed…
Read More » -
Defence
Crude oil marketers partner NSCDC to curb product theft in Imo
Crude oil marketers in Imo are partnering the state command of the Nigeria Security And Civil Defence Corps (NSCDC) to curb oil theft in the state. Mr Ifeanyi Obi, Chairman, Independent Crude Oil Marketers Association of Nigeria (ICOMAN), Imo chapter, said this when the executive of the association visited the Imo NSCDC Headquarters in Owerri, on Tuesday. Obi said that the…
Read More » -
Defence
Military rejigs operations against crude oil theft – DHQ
The Defence Headquarters says it is rejigging on-going operations to combat crude oil theft in the Niger Delta region through comprehensive approach. The Director of Defence Media Operations, Maj.-Gen. Edward Buba, stated this on Friday in Abuja, while giving an update on the operations of the military across the country. Buba said the redesigned strategy aims to curb the menace…
Read More » -
Energy & Environment
Brent oil rises to $40
The price of crude oil rose on Wednesday, with Brent at $40 for the first time since March, as optimism mounted that major producers will extend production cuts and recovery from the coronavirus pandemic will spur fuel demand. Brent crude futures for August rose 43 cents, or 1.1 per cent, at $40 a barrel, by 0252 GMT. The contract climbed…
Read More » -
Energy & Environment
Oil rises on signs of firmer demand, fall in U.S. crude stocks
Oil prices rose on Wednesday amid signs of improving demand and a drawdown in the U.S. crude inventories but worries over the economic fallout from the coronavirus pandemic capped gains. Brent crude futures for July delivery were up 23 cents, or 0.7 per cent, at $34.88 per barrel at 0347 GMT. The U.S. West Texas Intermediate (WTI) crude futures for…
Read More » -
Energy & Environment
U.S. crude oil nosedives, touches lowest price in 3 decades
United States crude oil prices fell sharply, plummeting to their lowest levels since 1986, as a collapse in demand because of the coronavirus and the resulting economic shutdowns comes atop shortages in storage capacity. West Texas Intermediate, the U.S. benchmark, dropped to nearly 10 dollars a barrel, a 45-per-cent decline, before ticking up a couple of percentage points. However, longer…
Read More » -
NEWS
Ghana company says it discovers 1.5 bln barrels of offshore oil
Ghana’s Springfield E&P said on Wednesday that it had discovered 1.5 billion barrels of oil and 0.7 trillion cubic feet of gas off the West African country’s Atlantic coast. The discovery is a significant one in a country that currently produces about 200,000 barrels of oil per day (BPD), about half of it from British company Tullow’s Jubilee field. Springfield,…
Read More » -
News
NUPENG rebrands to curb fraudsters and impersonation.
Read More » -
Nigeria Says It Has Budget Plans for Oil Price as Low as $45
Nigeria’s Finance Ministry isn’t wedded to an oil benchmark price of $65 per barrel estimated in this year’s budget and has plans on how it will respond if crude drops lower. The government has a “scenario-based approach with accompanying adjustment measures, given the uncertainty as to where the oil price would eventually settle,” Paul Nwabuikwu, spokesman for the ministry, said…
Read More »