Oil & Gas

Cooking gas price skyrockets by 73% as yuletide approaches

Nov 11, 2019

Unless urgent steps are taken, consumers may have to pay more for Liquefied Petroleum Gas (LPG), popularly called cooking gas during the yuletide as price of the commodity has skyrocketed by 73 per cent. Confirming the development to Daily Sun, the Branch Secretary of Liquified Petroleum Gas Retailers (LPGAR) Branch of NUPENG, Mr. Olukayode Solomon,…

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No dispute between Bauchi, Gombe over oil discovery – Governor

Nov 11, 2019

Governor Bala Mohammed of Bauchi State says there is no conflict between Bauchi and Gombe states over oil discovery in border communities of the states. The News Agency of Nigeria (NAN), reports that some Gombe elders had called on President Muhammdu Buhari to intervene in a lingering tension between the two states over ownership of…

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OPEC foresees its market share shrinking in coming years as shale surges

Nov 10, 2019

OPEC slashed estimates for the amount of oil it will need to pump in coming years, projecting that its share of world markets will shrink until the middle of the next decade amid a flood of U.S. shale supplies. The producer group expects that demand for its oil will slide by about 7% over the…

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Dangote, Africa’s biggest refinery, set to run by 2021 – ED

Nov 10, 2019

Nigeria’s Dangote refinery — set to be Africa’s biggest at 650,000 b/d plant — was expected to be ready to process crude by early 2021, officials said Monday. The plant, being built by Nigerian conglomerate Dangote Group and which will use Nigerian crude, was previously set to come on stream in 2020. But officials said…

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Nigeria’s rig count rose by two, as OPEC increased by five in September

Nov 9, 2019

Nigeria took a two-rig leap as its rig count rose to 17 in September, as against 15 recorded in August. This is coming at a time the Organisation of Petroleum Exporting Countries, OPEC, took a five-rig leap, having recorded 585 in September, as against 580 recorded the previous month, according the latest OPEC monthly oil…

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Nigeria’s quest for higher oil revenue could hurt investments

Nov 8, 2019

Nigeria’s newly signed law to govern deep offshore oil operations set a record for the fastest bill so far passed under President Muhammadu Buhari. First presented to lawmakers on Oct. 2, it went through Parliament within two weeks before returning for Buhari’s signature, which he appended on Nov. 4. Under the new regulations, energy producers…

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Technology holds key to Nigeria, Africa’s oil & gas future – Obasanjo

Nov 8, 2019

Olusegun Obasanjo, former president of Africa’s biggest oil producer, Nigeria, has urged countries in the continent to adopt new technologies to extend the longevity of oil and gas. Speaking at the Africa Oil Week in Cape Town, Obasanjo said technology had vast potential to make the production of the commodities cheaper and enable them to…

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Savannah Petroleum’s Seven Energy transaction progresses to completion stage

Nov 8, 2019

Savannah Petroleum, the British independent oil & gas company focused around activities in Niger and Nigeria, has provided an update in relation to the Seven Energy Transaction. Final long-form documentation in relation to the Seven Energy Group financial restructuring has been agreed, and either signed, held to order in escrow or with a contractual obligation on parties to…

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Chevron highlights Nigerian gas success story

Nov 8, 2019

The development of Nigeria’s vast gas resources has been one of the major policy thrusts of successive governments in Nigeria.  It is worthy of note that Nigeria is blessed with resources for growth and global competition in gas. According to the Department of Petroleum Resources (DPR), Nigeria has the largest gas reserves in Africa and is…

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Ogun State Governor calls for oil sector deregulation

Nov 8, 2019

The Governor of Ogun State, Prince Dapo Abiodun has called for deregulation of the petroleum sector in order make funds available to execute basic infrastructural amenities in the country. Gov.  Abiodun said this on Wednesday when he received members of the Depot and Petroleum Marketers Association of Nigeria (DAPPMAN) who paid him a courtesy visit…

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