oil and gas
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News
Cattle more valuable than Oil, gas – Adamu Garba
A former presidential aspirant, Adamu Garba, has claimed that cattle have more economic value than the oil and gas industry in Nigeria. Garba said this while supporting the call for all Fulani in Southern Nigeria to return to the North. Adamu explained that cows alone can solve all Northen problems and the North should sell cattle all over the world…
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Energy & Environment
Savannah announces cash flows for 2019
Savannah reported $16.9 million of gas sales and $0.9mn of liquids sales in 2019. Production in Nigeria reached 17,200 barrels of oil equivalent per day on a full year basis, up from 13,000 boepd in the previous year. “We completed the Nigerian asset acquisition in November 2019, which transformed Savannah into a highly cash flow generative full cycle energy company,”…
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Energy & Environment
Again, oil dips as COVID-19 infections surge
Oil prices fell on Monday on a record daily rise in global coronavirus cases, with big spikes in infections over the weekend in the United States, while traders await an OPEC meeting expected to recommend an easing of supply cuts. Brent crude LCOc1 fell 22 cents, or 0.5 per cent, to $43.02 a barrel by 1340 GMT, though prices have…
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NEWS
Nigeria’s increase in petrol price hailed as ‘good move’
The increase in the pump price of petrol by the Federal Government from N123.50k/litre to a price band of N140.80 to N143.80 on Wednesday is an attempt to get out of the stranglehold of having to pay subsidy all the time. This revelation was made by former Imo State Finance Commissioner, Prof Uche Uwaleke. Uwaleke said exiting the subsidy regime…
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Energy & Environment
Again, oil falls, as COVID-19 cases inch up
Oil prices slid on Monday as sharp spikes in new coronavirus infections around the world forced some countries to resume partial lockdowns, raising concerns about the pace of economic recovery and fuel demand. Brent crude LCOc1 dropped 84 cents, or 2%, to $40.18 a barrel by 0833 GMT, and U.S. crude CLc1 fell 72 cents, or 1.8%, to $37.77. “Both…
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Energy & Environment
Pass PIB Now,Group tells NASS
The Federal Government has been advised to pass the Petroleum Industry Bill (PIB) in good time,given the threat the novel Coronavirus poses to the nation’s oil and gas sector. Making the call via statement on Thursday in Abuja, a non-governmental organisation, Centre for Transparency Advocacy (CTA), through its executive director, Faith Nwadishi,said that the passage of the PIB should be…
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Energy & Environment
Angola’s Energy Sector Opens Up Opportunities for Local Content
Angola, Africa’s second largest producer of oil, standing at 1.4 million barrels per day pre-COVID-19, has revealed that, in the face of the COVID-19 Pandemic, it is opening up its oil and gas sector to encourage local content. Rising from a public webinar hosted by the African Energy Chamber, industry leaders unpacked strategies to set Angola on its 2021 growth…
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Energy & Environment
NNPC GMD Focused on Ensuring Sufficient Fuel Supply, Says Wunti
The Group General Manager, National Petroleum Investment Management Services (NAPIMS), Mr. Bala Wunti, has said the focus of the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr. Mele Kyari, presently is to ensure that Nigerians have sufficient supply of petrol despite the disruption in the country due to the COVID-19 pandemic. Wunti said this during an interview…
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News
NNPC refineries dormant for 3 months
The three ailing refineries managed by the Nigerian National Petroleum Corporation (NNPC) have failed to process crude oil for three months now. Also, the consolidated financial performance of the facilities recorded losses for 13 months back to back. The Warri Refining and Petrochemical Company, Port Harcourt Refining Company and Kaduna Refining and Petrochemical Company were reportedly inactive between July and…
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News
Dangote Refinery Becomes World’s Largest Single-Train Refining Column
Capt. Rajen Sachar, Head, Maritime and Ports Infrastructure of Dangote, told newsmen at the arrival of the equipment in Lagos that it was the biggest single-train facility used for refining crude oil, the atmospheric equipment which was manufactured by Sinopec company in China is the primary unit processor of crude oil into fuels. He said: “Crude oil enters the top…
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NEWS
India is Nigeria’s top oil customer
India has taken over from the US as the largest importer of Nigerian oil, the West African state’s national oil company has said. The US has “drastically reduced” its demand for Nigeria’s crude oil in recent months, the Nigerian National Oil Corporation said. The country is currently buying about 250,000 barrels a day. India now buys considerably more – about…
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