Oil & Gas

Oil prices slide past 13-month low as coronavirus pandemic fears spread

Feb 28, 2020

Oil continued to plunge after closing at a 13-month low as more new coronavirus cases were reported outside of China, adding to fears the world is on the brink of a pandemic that will stunt economic growth. Futures fell as much as 5.3% in New York on Thursday and headed for the worst weekly loss…

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DPR sets bid benchmark for 45 gas flare sites

Feb 28, 2020

The Department of Petroleum Resources (DPR) yesterday announced the minimum floor price bid for its 45 flare gas sites (first stage) under the Nigeria Gas Flare Commercialization programme (NGFCP). This was even as the regulator announced that the Bid Submission Due Date (BSDD) of the Request for Proposal (REP) has been extended by six (6)…

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Reps pledge to pass PIGB in June

Feb 27, 2020

House of Representatives Wednesday said it would pass the Petroleum Industry Governance Bill (PIGB) before the end of June. The Speaker of the House, Hon. Femi Gbajabiamila, said though PIGB has been in the National Assembly for years, the current 9th Assembly was committed to putting it to rest. Gbajabiamila stated this wednesday when a…

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Seplat announces closed period

Feb 27, 2020

Seplat Petroleum Development Company Plc issued a public disclosure earlier today informing the general public about the commencement of its closed period. According to the statement that was signed by the Company Secretary, Edith Onwuchekwa, and published on the Nigerian Stock Exchange website, the closed period will last for one month, starting from February 24,…

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Greenville liquefied gas facility near PH shut by community

Feb 27, 2020

Community members in a liquefied gas facility in Rumuji town near Port Harcourt have shut down the facility. The community alleges threat to lives and unsure provision for safety. The facility is thus is facing prolonged shutdown following community action in Emohua local council area. The crisis may linger to weeks if Greenville Liquefied Natural…

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Nigeria faces up to grim prospects of coronavirus impact on oil prices

Feb 27, 2020

With the deadly Coronavirus spreading faster around the world and battering global oil markets, Nigeria is waking up to face the an uncomfortable truth: revenues and foreign exchange earnings in 2020 are likely to get even worse before they get better. The internationally traded benchmark crude, Brent collapsed to just $52.69 a barrel Thursday and…

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Delay in PIB passage costly for Nigeria’s oil, gas sector – FDC

Feb 27, 2020

Investors in the oil and gas industry are awaiting the outcome of the passage of the Petroleum Industry Bill (PIB), especially the clarity of its fiscal terms, analysts at the Financial Derivatives Company (FDC) have stated in a report. The analysts, in the February edition of the economic bulletin of the firm released yesterday, noted…

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Nigerians consume 38.2m liters of petrol daily – DPR

Feb 27, 2020

After many years of opacity and difficulty in determining the country’s actual fuel consumption, the regulatory authority of the Nigerian petroleum industry, the Department of Petroleum Resources, DPR, yesterday, put national demand for Premium Motor Spirit, also known as petrol, at 38.2 million daily. Determining Nigeria’s actual fuel consumption had over the years, been a…

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Nigeria leads in African new-build refining capacity growth – GlobalData

Feb 27, 2020

Nigeria is set to lead refining capacity additions from planned and announced (new-build) projects in Africa by 2024, reports GlobalData. The company’s report, ‘Global Refining Industry Outlook to 2024 – Capacity and Capital Expenditure Outlook with Details of All Operating and Planned Refineries’, reveals that Nigeria would add 1.8 million bpd of planned and announced…

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NNPC set to double Nigeria’s domestic gas supply, export fuel by 2023

Feb 27, 2020

The Nigerian National Petroleum Corporation (NNPC) is to expand its domestic gas footprint with the delivery of the Escravos-Lagos Pipeline System (ELPS) II to double capacity from 1.1 billion standard cubic feet of gas to 2.2 BSCF. A statement by its Acting Group General Manager, Group Public Affairs Division, Samson Makoji, in Abuja, said the…

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