Crude oil price to hit $90 per barrel in 3 months — Experts
By Prince Okafor As the prices of crude continue to leap, due mainly to shortages in the United States and recovery from the coronavirus pandemic, experts have predicted further rise to $90 per barrel, from $78 in the global market. An energy analyst with Goldman Sach Group, Damien Courvalin, said: “While we have long held […]
Nigeria to lose $24bn oil, gas investments in six years — AEC
Says NLNG Train 7 feedgas projects, others’ll suffer delay By Michael Eboh Nigeria will lose $24 billion in investments in the oil and gas sector between 2020 and 2025, due to effects of the COVID-19 pandemic on the global petroleum industry, according to a report published by the African Energy Chamber, AEC. The AEC, in […]
Plateau IGR shoots by over N500m despite lockdowns
By Marie-Therese Nanlong – Jos The Plateau State Internal Revenue Service, PSIRS has surpassed its revenue target by over N500m and promised that despite scourge of the COVID-19 pandemic, the Service would evolve strategies to ensure that revenues are harnessed and collected from the few economic activities that are ongoing in the State. Chairman of […]
Saudi Aramco reports 44.6% dive in Q3 profit
Energy giant Saudi Aramco on Tuesday posted a 44.6 per cent slump in third-quarter profit, as the coronavirus pandemic weighs heavily on demand for crude oil. “Net income for the third quarter of 2020 was 44.21 billion Saudi riyals ($11.79 billion),” the company said in a statement, compared to $21.3 billion in the same period […]
Ijaw elders head for court over marginal field bid round
Due to the failure of the Federal Government to respond to its demand to put on hold the 2020 marginal field bid round pending the determination of some contentious issues, Ijaw Elders Forum has issued a notice of intention to go to court to challenge the bidding process and seek appropriate redress.
Egina gains hold as one of Nigeria’s premier crude oil grades
By Ediri Ejoh There are indications that Nigeria’s newest crude from Egina has emerged as one of the country’s flagship main export crudes in less than two years, as refiners prize its versatility and reliability, according to Platts. It would be recalled that the 200,000 barrels daily, b/d, Egina deepwater field came on stream in […]
Nigeria’s cocoa more valuable than gold, crude oil ― Dr Ofuka
By Ike Uchechukwu – Calabar Dr Oscar Ofuka, the Special Adviser to Cross River Governor, Ben Ayade, on Cocoa development, has asserted that Nigeria’s cocoa is more valuable than crude oil and gold even at the world market and needs more attention to give us the actual economic benefit that can lead to real growth […]
Oil down after US crude inventories rise against expectations
Oil prices fell on Wednesday after an industry group reported a surprise rise in US crude, adding to worries about demand that led to a steep selloff earlier in the week. Brent crude was trading down 30 cents or 0.7 per cent at $41.42 a barrel by 0347 GMT, after gaining 28 cents on Tuesday […]
FG reiterates plan to end fuel import, inspects 12,000bpd modular refinery
By Michael Eboh Minister of State for Petroleum Resources, Chief Timipre Sylva has reiterated the determination of the Federal Government to ending fuel importation in the next couple of months, by encouraging investments in local refining of crude oil. Speaking during an inspection of the first hydro-skimming private modular refinery, being built in Yenagoa, Bayelsa […]
Dangote Refinery 71% complete— DPR
Construction of the $12 billion Dangote Refinery, which has the capacity to refine 650,000 barrels per day/bpd, has reached 71 percent completion stage. The Department of Petroleum Resources, DPR, stated this in its latest report— List of Valid Refinery Licences— obtained by Vanguard.
Plans on to maintain four refineries — NNPC chief, Kyari
By Udeme Akpan & Nkiruka Nnorom ABUJA—The Nigerian National Petroleum Corporation, NNPC, Thursday, said it has concluded plans to rehabilitate and build new plants, as all the four refineries are currently down, thus forcing the government to import petroleum products from the global market. The Group Managing Director, NNPC, Mallam Mele Kyari, made the disclosure […]
