Breaking News

Oil & Gas Summiteer

Economic reforms envisioned in Saudi Aramco IPO

Nigerian Stock Exchange

The Crown Prince of Saudi Arabia, Mohammed bin Salman, MBS in January, 2016 broke the news that global oil giants, Saudi Aramco would float a US$2 trillion Initial Public Offering, IPO in 2018. Described as the most lucrative in history, three stock greats, the New York Stock Exchange, the London Stock Exchange and Hong Kong out of the 16 ‘Trillion Dollar Club’ members globally, jostled to win the listing of Aramco shares.

Read More

Global oil reality 2019

It was a sunrise 12 days ago, with a new year. We take a global peek of what this year may have in store for oil. As forecasted by the International Energy Agency, IEA in its Oil Market Report, global demand is projected to increase to 100.8 million barrels per day this year from a daily average of 99.3 million barrels per day in 2018. But another belief is that global oil supply will outpace demand throughout 2019. 

Read More

US: From largest oil consumer to biggest producer

The United States oil nudged in the 11 million barrels per day, mbpd mark to position it as the world’s biggest producer of crude oil in September 2018. From the Short Term Energy Outlook, STEO, records of the United States Energy Information Administration, EIA, it appeared technology and resilient policies of the United States have given a soared domestic production of about 11.6 million barrels of crude oil per day. 

Read More
Abia pipeline explosion

The Osisioma Ngwa pipeline inferno

There were fatalities associated with a Nigerian National Petroleum Corporation, NNPC oil pipeline inferno in Osisioma Ngwa, in Abia State last week. Osisioma is close to the NNPC Depot in Aba. NNPC’s preliminary report indicated alleged activities of vandals who hacked into the line to intercept flow of premium motor spirit, PMS in its System 2E pipeline network from Port Harcourt to Aba.

Read More

Geopolitical disruption risks without oil spare capacities

Last week oil prices spiked to an all time high in four years since 2014.  The international benchmark ICE Brent for December settled at US$86.29 per barrel Wednesday October 3, up US$1.49 per barrel from Tuesday, October 2. The West Texas Intermediate, WTI crude the U.S. benchmark oil futures, rose by US$1.18 per barrel to settle at US$76.41 a barrel on the New York Mercantile Exchange, NYMEX. With rising demand and no spare capacity to be deployed to boost global supply the bullish prediction of oil prices hitting the US$100 mark appear imminent. Many believe that another spike may cripple the industry. The oil market looks up to Saudi Arabia, its allies in  the Organization of the Petroleum Exporting Countries, OPEC and Russia would do to calm market supply worries that have contributed to a rise in oil prices above US$86 a barrel last week.   

Read More