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Oil & Gas Summiteer

Gas Deal: The doom-laden $9bn pejorative London judgment

IOC, Natural Gas

In William Shakespeare’s hilarious love play: A Midsummer Night’s Dream in Act 3 Scene 2, fictional character  Hermia was described as  “Though she is little, she is fierce!” One may not go into details of the characterization of Hermia who might be small in size or metaphorically weaker or smaller, but she is strong and fierce. This may essentially be about a tiny company, against a goliath of the oil industry. Process & Industrial Developments Ltd., P&ID won a London court ruling that may force Nigeria, to pay it about US$9 billion, about 20 per cent of Nigeria’s foreign reserve. On Friday last week, a London Commercial Court presided over by Justice Christopher Butcher, gave a ruling to convert an arbitration award to a legal judgment that would allow P&ID make applications to seize Nigerian international commercial assets. The country’s solicitor general Dayo Apata in response said that the Nigerian government would appeal the decision.

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Crude oil production 2017

Oil in the Sino-American trade war

Since the crude oil price peaked in April the market has become bearish losing over 20 percent from the US$70 mark it got to. Last week the China-United States trade war which effect is slowing global economy traded down oil with the global benchmark ICE Brent settling for US$57.10 (-3.12 percent), while the United States benchmark, West Texas Intermediate traded at US$51.66 (-3.67 percent) below the US$60 mark.

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Crude oil production 2017

Strait of Hormuz: Echoes of oil war and diplomacy

Britain has joined the United States-led international maritime security mission in the Persian Gulf to protect vessels travelling through the Strait of Hormuz. Heightened tensions between the United States and Iran following attacks on tankers in the Persian Gulf would have made the United States to call for a coalition of allies to protect ships passing through the Persian Gulf. Last month, Iran’s Revolutionary Guards seized a British flagged tanker, Stena Impero, near the Strait of Hormuz for alleged marine violations. It was a matter of tit-for-tat for the Iranians who retaliated two weeks after Britain seized an Iran-flagged oil tanker, the Grace 1,  off the coast of Gibraltar suspected of transporting crude oil to Syria in contravention of European Union sanctions. 

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oil revenue, Oil firms

Half the battle in global oil market dominance

In the last one week it was the usual interplay of the forces of bulls and bears in the global oil market. Tensions in the Middle East continued to weigh on oil futures.  The United States benchmark, West Texas Intermediate, WTI traded down by US$1.70 (-2.85 percent) at US$57.88 last Tuesday after reports that the US Secretary of State Mike Pompeo announced that Iran was ready to negotiate on its missile program.

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oil revenue, Oil firms

Half the battle in global oil market dominance

In the last one week it was the usual interplay of the forces of bulls and bears in the global oil market. Tensions in the Middle East continued to weigh on oil futures.  The United States benchmark, West Texas Intermediate, WTI traded down by US$1.70 (-2.85 percent) at US$57.88 last Tuesday after reports that the US Secretary of State Mike Pompeo announced that Iran was ready to negotiate on its missile program. The global benchmark, ICE Brent traded down US$1.75 (-2.63 percent) at US$64.73.

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NNPC

As Comrade MKK leads NNPC

It was at the amphitheatre on the first floor of the NNPC Towers last Monday,  July 8, 2019. The amphitheatre charged with anticipation overflowed with personalities for Mele Kolo Kyari, MKK to take the insignia of office as the 19th Group Managing Director, GMD of the Nigerian National Petroleum Corporation, NNPC. Rising debt profile, fuel subsidy
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NNPC. pays

As Comrade MKK leads NNPC

It was at the amphitheatre on the first floor of the NNPC Towers last Monday,  July 8, 2019. The amphitheatre charged with anticipation overflowed with personalities for Mele Kolo Kyari, MKK to take the insignia of office as the 19th Group Managing Director, GMD of the Nigerian National Petroleum Corporation, NNPC. It indeed, happened in a colourful ceremony that for the first time since the creation of the NNPC in 1977, a head of the national oil company would be ceremoniously pulled out on retirement for a new one to formally take office.

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