US seeks $3 billion to boost oil producers as prices plunge
The Trump administration said Thursday it is seeking $3 billion from Congress to top up the country’s strategic petroleum reserves, potentially propping up U.S. oil producers after crude prices crashed globally. President Donald Trump had directed the Energy Department last week to fill the United States’ emergency stash of crude oil to the top, over […]
Nigeria’s oil earnings dip by 2.6% to N3.97trn in 9 months ― CBN
By Michael Eboh Nigeria’s earnings from the oil and gas industry declined by 2.62 per cent to N3.973 trillion in the first nine months of the year, from January to September 2019, according to data obtained from the Central Bank of Nigeria, CBN. The CBN, in its Economic Report for the Third Quarter of 2019, […]
Oil prices fall as U.S. crude stocks jump
Oil prices fell on Wednesday after industry data showed an unexpected build-up of U.S. crude inventories and as investors waited to see if a fresh round of tariffs by Washington on Chinese goods would come into force on Sunday. Brent futures LCOc1 fell 34 cents to $64 per barrel by 1430 GMT. West Texas Intermediate […]
Crude Oil Theft: NEITI calls for review of legislation, use of technology
Gov Obaseki urges FG to lease pipelines As NNPC suffers brunt with 45, 347 pipeline vandalism incidents By Gabriel Ewepu – Abuja The Nigerian Extractive Industry Transparent Initiative, NEITI, Tuesday, called for a review of legislation and use of sophisticated technology in the oil and gas sector to reduce vandalism of pipelines, crude oil theft […]
CRIES FROM DELTA CREEKS: Otuaro, Dep Gov in dilemma over security agents burning crude oil
DEPUTY Governor of Delta State, Deacon Kingsley Otuaro, is in a tight spot over the rampant manner security agents, both Army and Navy personnel, set ablaze crude oil and barges impounded from oil thieves and discharge the contents into the river, oblivious of the danger to residents of riverine communities.
BURNING OF CRUDE OIL: Waterborne diseases hit Delta oil communities
ACTIVISTS in Delta State, weekend, raised a fresh alarm that waterborne diseases have erupted, leading to water scarcity in many riverine communities in the state, while inhabitants are at the mercy of windstorm, following alleged burning of impounded crude oil, barges and forests by security agents.
Oil rises as data shows surprise drop in U.S. crude inventories
Oil rose on Thursday after industry data showed a surprise drop in U.S. crude inventories, while comments from an OPEC official about lower-than-expected U.S. shale production growth in 2020 also provided some support. Prices, however, were capped by mixed signs for oil demand in China, the world’s biggest crude importer, as industrial output rose more […]
Local Content ”ll cut Nigeria’s crude production cost – Sylva
The Federal Government will deepen the implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act because it is an effective strategy for lowering Nigeria’s high crude oil production cost, the Minister of State for Petroleum Resources, Chief Timpre Sylva has said.
Iran discovers new oil field with 50 billion barrels of crude
Iran, one of the largest oil-producing nation in the world has announced Sunday it has discovered a new oil field in its Khuzestan province. The announcement was made by the country’s President, Hassan Rouhani as he revealed the new oil field is capable of producing more than 50 billion barrels of crude oil. According to […]
$30/barrel crude oil production cost, no longer acceptable — FG
The Federal Government, Tuesday, insisted that the high cost of crude oil production in Nigeria would no longer be tolerated, while it called for an urgent reduction in the cost from the current $30 per barrel to around $10 per barrel.
Over $30 crude oil production cost not sustainable — Slyva
The Minister of State for Petroleum Resources, Chief Timipre Sylva, says that the over 30 dollar crude production cost in Nigeria is unsustainable and must be reduced to drive growth and development.
