Oil & Gas

Ogun state won’t allow Benin Republic to take oil rich Tongeji Island – Governor

Jul 13, 2019

Ogun State Governor, Dapo Abiodun, has declared that his administration would not allow the oil rich Tongeji Island that shares boundary with the Republic of Benin, to be taken away by Nigeria’s neighbouring country. Abiodun said his administration is determined to do all in its power to make life meaningful for the citizens of the…

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OPEC sees oil production drop in June on new supply outages

Jul 12, 2019

OPEC’s oil production dropped by another 68,000 bpd to 29.83 million bpd in June, as output from Iran and Libya—exempt from the production cut pact—and other members offset large increases in Saudi Arabia and Nigeria. According to secondary sources in OPEC’s closely watched Monthly Oil Market Report published on Thursday, the cartel’s output hit a new…

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Eland expects Gbetiokun field to hit 12,000 bpd this month

Jul 12, 2019

Eland Oil & Gas PLC (AIM:ELA), an oil & gas production and development company operating in West Africa with an initial focus on Nigeria, is pleased to announce that a remedial tubing patch has been installed on the Gbetiokun-3 well in licence OML40. As previously announced (“OML40 Operational Update”, 25 June 2019) we have been…

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Automation system distribution helping to monitor petroleum product distribution across Nigeria – PEF

Jul 12, 2019

The executive secretary, the Petroleum Equalization Fund (PEF), Alhaji Ahmed Bobboi, has said the automation  of distribution system now helps to effectively monitor movements of petroleum products across the country. Bobboi disclosed this at the one year anniversary of Valuechain Magazine, Lecture and Award, in Abuja, noting that the move has helped in stabilising products distribution…

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Tinubu highlights Oando’s growth strategy, evolution

Jul 12, 2019

The recently concluded Nigeria Oil & Gas Conference, 2019 themed ‘Driving Nigeria’s Oil & Gas Industry Towards Sustained Economic Development and Growth’, has been described as insightful and eye-opening. In a presentation at the event, Oando Plc’s Group Chief Executive, Wale Tinubu, about Oando’s evolution from a downstream company, to an integrated energy solutions provider.…

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Sobering 2020 outlook faces Nigeria, others as oil output set to rise

Jul 12, 2019

Organisation of the Petroleum exporting Countries (OPEC’s efforts to boost oil prices look set to become even more challenging next year, with increasing competition for market share from higher non-OPEC output, the group’s first 2020 forecast shows. Already, compliance on production within the cartel quotas fell sharply in June, as output gains in the month…

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FG approves Nigerian Gas Flare Commercialization Programme report on SOQs evaluation exercise

Jul 12, 2019

The Federal Government has approved the Statements of Qualification (SOQs) Evaluation Report presented by the Inter-Ministerial Committee of the Nigerian Gas Flare Commercialization Programme (NGFCP). Permanent Secretary, Ministry of Petroleum Resources, Dr. Folasade Yemi-Esan conveyed the Ministry’s approval on Monday in her supervisory capacity over the affairs of the Ministry following the successful completion of…

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US zeros oil imports from Nigeria, Venezuela and Kuwait as Canada flows surge – EIA

Jul 11, 2019

Crude oil flows between the US and Canada continued at or near record levels this month, as US importers zeroed out all imports from Venezuela, Kuwait and Nigeria for the first time since the US Energy Information Administration began tracking import data. Overall, the US imported about 7.3 million b/d of crude oil for the…

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NNPC dispels rumour of imminent petrol price hike

Jul 11, 2019

The Nigerian National Petroleum Corporation (NNPC) has advised motorists and other petroleum products consumers to disregard trending rumour of a planned hike in the pump price of Premium Motor Spirit (PMS). NNPC in statement by Group Managing Director, Mallam Mele Kyari, at the National Assembly Thursday did not suggest any plan to increase the price…

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Nigeria losing $12bn annually to oil theft – NNRC

Jul 11, 2019

Nigeria loses between $7 billion and $12 billion to crude oil theft annually, a study by the Nigeria Natural Resource Charter (NNRC) has found, prompting reactions from stakeholders on the implications for the country’s critical sectors like health and education. Speaking at a seminar on advocacy against crude oil theft, the Managing Director of New…

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