Oil & Gas

Failure to hit 2.3mbpd oil target puts 2019 budget under pressure

Sep 16, 2019

The funding constraints rocking Nigeria’s N8.916 trillion 2019 budget may take a worst turn in the months ahead following the Federal Government’s inability to meet its oil production benchmark set at 2.3 million barrels per day (bpd) in the budget. The concern is however being aggravated by recent developments in the global oil market including declining…

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Uncertainty lingers over 211 idle oil blocks

Sep 16, 2019

The country has over 211 oil blocks awaiting allocation. There is, however, an air of uncertainty surrounding the fate of the oil blocks under reference as Department of Petroleum Resources (DPR), the agency saddled with the responsibility of looking into the nation’s priced assets is undecided on what to do reports Ibrahim Apekhade Yusuf At…

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NNPC, Chinese lender agree to $2.5bn financing deal for pipeline project

Sep 16, 2019

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has disclosed that the corporation has agreed to a $2.5 billion financing with a Chinese lender for pipeline project in Nigeria. Kyari also said that the attacks on Saudi Arabia’s crude processing plant and fields can be a “big challenge” for…

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Nigeria targets U.S. investors for gas flare business opportunities

Sep 16, 2019

The Federal Government hopes to attract investors from the United States and the US government to participate in the gas flare commercialisation programme being pursued in Nigeria. Latest information from the Federal Ministry of Petroleum Resources in Abuja on Friday indicated that the Federal Government was set to unveil opportunities in the Nigerian Gas Flare…

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Trump orders release of U.S. oil reserves following Saudi attacks

Sep 16, 2019

United States President Donald Trump said on Sunday he authorised the release of oil from the US Strategic Petroleum Reserve (SPR) if needed in a quantity to be determined because of Saturday’s attack on Saudi Arabia’s oil facilities, Reuters reported. “Based on the attack on Saudi Arabia, which may have an impact on oil prices,…

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Oil prices surge after attacks cut Saudi output

Sep 16, 2019

Oil prices saw a record surge Monday after attacks on two Saudi facilities slashed output in the world’s top exporter by half, fuelling fresh geopolitical fears as Donald Trump blamed Iran and raised the possibility of a military strike on the country. Brent futures surged $12 in the first few minutes of business — the…

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Baker Hughes sees year on year increase in worldwide offshore rig count

Sep 15, 2019

BHGE splits its rig counts into international and North America rig counts, which combined make the worldwide rig count. Baker Hughes reported on Monday that the international rig count for August 2019 was 1,138, down 24 from the 1,162 counted in July 2019, and up 130 from the 1,008 counted in August 2018. The international…

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Nigeria’s domestic gas utilisation hits 78,000MT in July

Sep 15, 2019

The Executive Secretary, Petroleum Products Pricing Regulatory Agency (PPPRA) Abdulkadiri Saidu, has stated that domestic gas utilisation hit 78,000 metric tonnes in July this year. He said in a statement the country has recorded steady growth in Domestic LPG Utilisation. He noted that the efforts of government, industry Operators and Regulators in deepening LPG Penetration…

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OPEC lauds Nigeria’s commitment to oil market stability

Sep 14, 2019

The Organisation of the Petroleum Exporting Countries (OPEC) has commended Nigeria’s unwavering commitment to the stability of the global oil market which spanned many years of its membership of the organization. This commendation came from the Chairman of OPEC’s 16th Joint Ministerial Monitoring Committee (JMMC), Prince Abdulaziz Bin Salman, in Abu Dhabi, United Arab Emirates,…

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Local miners may provide supplies of barite to IOCs

Sep 13, 2019

Indications emerged on Thursday that international oil companies in the country may be compelled by the Federal Government to purchase barite as a separate item from Nigerian miners, instead of importing the mineral as a component of drilling mud with other chemicals used in oil exploration. The Federal Government is considering unbundling barite from chemicals…

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