By JEROME ONOJA & JOSEPH CHANG With the outbreak of COVID-19 in Wuhan, the province of Hubei, China’s demand for crude oil was stifled causing a drop of about 3million b/d as at early February because many of its factories closed. Not a lot of experts predicted the scale to which the disease would escalate….
…Says R & D panacea for Nigerian oil and gas industry challenges The Executive Secretary of the Nigeria Content Development and Monitoring Board, (NCDMB) Engr. Simbi Wabote has stressed the Board’s commitment to change the narrative in research and development activities in the oil and gas industry with the implementation of the R&D Framework and…
OPEC, Russia and other oil-producing nations on April 12 finalized an unprecedented production cut of nearly 10 million barrels, or a tenth of global supply, in hopes of boosting crashing prices amid the coronavirus pandemic and a price war, officials said. “This could be the largest reduction in production from OPEC for perhaps a decade,…
Electricity Generation Companies (GenCos) comprising gas-fired and hydro stations said they could not generate 3,666 megawatts of electricity on Monday due to unavailability of gas. This information was made known in a daily energy report by the Advisory Power Team, office of the Vice President, a copy of which was obtained in Abuja on Tuesday …
Following the negative impact of the Covid-19 pandemic, the Nigerian Content Development and Monitoring Board (NCDMB) has offered survival tips to its ‘Project 100’ companies and other oil and gas service companies, especially on risk assessment and reduction. A release by the Executive Secretary of the board, Simbi Wabote, said the move became necessary because…
On recent plan by the Nigerian National Petroleum Corporation to repair its four decrepit refineries The Group Managing Director of the NNPC, Mallam Mele Kyari, last week revealed that the corporation will spend money to repair its four broken-down refineries in Warri, Port Harcourt and Kaduna, after which it would hand them over to select…
A total of 60 Nigerian crude oil cargoes have not been sold despite the reduction of the official selling prices by the Nigerian National Petroleum Corporation. A glut of Nigerian and Angolan crude weighed on the market on Tuesday with demand from China slower than in the last few weeks, Reuters reports. “It’s a buyer’s…
Over 1,000 beneficiaries emerge as firm dispenses free cooking gas to Abians By Abisola THOMPSON No fewer than a thousand Abians on Saturday benefitted from free cooking gas program rolled out by Enugu State born, Dr. Basil Ogbuanu, the MD/CEO Second Coming Gas Limited, with Headquarters in Lagos State. Mr. Ogbuanu had on Friday announced…
The G20 Energy Ministers have agreed to support the decision of the Organisation of Petroleum Exporting Countires (OPEC) and its non OPEC allies to ensure global oil market stability. The G20 ministers gave the assurance in a statement released after its Extraordinary Energy Ministers Meeting held via teleconference. “We, the G20 Energy Ministers are profoundly…
…APPO commits to oil cut deal The oil price, expected to leap over the G20 output cut remains low at $26.40 per barrel, as Mexico declined to be part of the initiative targeted at supporting the Organisation of Petroleum Exporting Countries (OPEC) to achieve market stability. A survey of the London market by Vanguard over…
