By Ikenna Omeje A surge in domestic oil output and a jump in trading income cushioned Norway’s state-controlled Equinor against collapsing commodity prices in Q2, the company said on Friday, as it plunged to a loss and warned of more volatility ahead. Equinor’s Norwegian oil output increased 33 percent on the year in the second-quarter…
By Ikenna Omeje The Minister of State for Petroleum Resources, Timipre Sylva and the Saudi Arabian Minister of Energy, Abdulaziz Bin Salman, have reiterated their firm commitment to the agreement of Organisation of Petroleum Exporting Countries and its allies, known as OPEC+ , to cut production output for oil market rebalancing. It would be recalled…
By Ikenna Omeje Around $90 billion, or 40 percent of the revenue from the top 50 global service market, could potentially be replaced by energy transition projects, such as clean energy infrastructure and renewable energy production development services, Rystad Energy has said. The independent energy research and business intelligence company providing data, tools, analytics and consultancy…
By Ikenna Omeje The Federal Government has saved $400 million by removing fuel subsidy from the 2020 budget, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has said. Speaking in an interview with ThisDay Newspaper, the NNPC Boss said it is unlikely that fuel subsidy will return despite the rising…
One of the biggest pipeline projects to be executed in Nigeria is the Obiafu/Obrikom to Oben Node Gas Transmission Pipeline System which forms part of the Nigerian Gas Master Plan. Following on its heels is the recently launched Ajeokuta-Kaduna-Kano (AKK) gas pipeline project. Both projects are being executed by the same contractor, Oilserv Limited, an…
Abuja, Nigeria, Friday, July 3rd, 2020 —- The Nigeria Natural Resource Charter (NNRC), a non-profit policy institute, committed to effective natural resource governance in Nigeria calls on the Federal Government to use the opportunity provided by the prevailing socio-economic situation nationally and globally to embark on complete overhaul of the country’s oil and gas sector,…
…projects to create 1500 jobs The Nigerian Content Development and Monitoring Board (NCDMB) on Friday signed equity investment agreements with two companies-Duport Midstream Company for the establishment of an Energy Park in Egbokor, Edo State and Eraskon Nigeria Limited, for a lubricating oils blending plant in Gbarain, Bayelsa State. The Board’s investments will catalyse industrialization, with the two partnerships expected…
THE Nigerian National Petroleum Corporation, NNPC, has called on members of the public to discountenance reports of a possible fire outbreak from a vandalized point on its pipeline at Aboru Canal in Alimosho Local Government Area of Lagos State, saying that the there is no such hazard as the line in question has since been…
The Nigerian National Petroleum Corporation (NNPC) has said that 218.37billion Cubic Feet (BCF) of natural gas was produced in March 2020, translating to an average daily production of 7493.65Million Standard Cubic Feet per Day (mmscfd). This was contained in the NNPC Monthly Financial and Operations Report for March, 2020 released through the corporation’s Group General…
By Ikenna Omeje Nigeria has raised its July official selling prices for two of its crude grade – Bonny Light and Qua Iboe crude to dated Brent plus 19 cents and plus 22 cents per barrel, respectively. Reuters reports that the country issued its official selling prices and commenced issuance of its latest loading programmes…
