Asking prices for West African grades have been inching down after buyers balked at relatively high rates in December, with very little trading preceding the holiday period. According to Reuters, State oil company Sonangol shaved around 50 cents from its sizable handful of February-loading cargoes on Thursday. It was offering Dalia at dated Brent plus $2.50,…
…worth $14.8bn, only African on top 100 world richest African richest man Aliko Dangote has significantly moved up in the World billionaires’ list as he emerged 96th richest person in the world, with an estimated worth of $14.8 billion, as against his previous ranking of 103rd in the world. Dangote, who remains the richest man…
The International Energy Agency, IEA, has predicted that the global oil market will witness surplus, leading to low prices in early 2020. The report is coming at the time many member states and associates, including Australia, Austria, Belgium, Canada, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Japan, Korea, Luxembourg, Mexico, New…
The Nigerian National Petroleum Corporation (NNPC) has announced a trading surplus of ₦13.23billion in October 2019, representing an increase of 54 percent vis-à-vis the ₦8.59billion surplus posted in September last year. The NNPC, in a release signed by its Acting Group General Manager, Group Public Affairs Division, Mr. Samson Makoji, explained that the figures contained…
LEKOIL, the oil and gas exploration and production company with a focus on Nigeria and West Africa has secured $184m to finance the appraisal drilling and initial development programme activities on the Ogo field within OPL 310. In a statement sent to The Daily, the company stated: “Lekoil 310 Limited, a wholly owned subsidiary of…
The Minister of State for Petroleum Resources, Chief Timipre Sylva, has stated that the Petroleum Industry Bill will be passed in mid-2020.In a statement made available to the News Agency of Nigeria, he stated: “We thank every Nigerian, all our key stakeholders, heads of agencies of the ministry: Nigerian National Petroleum Corporation, Department of Petroleum…
Dr Akinwumi A. Adesina On Dec 2, 2019 Vice Chancellor, Registrar, Members of the University Council, Members of the Senate, Deans of Faculties, Senior Officers of the university, lecturers, parents, families and friends of the students, and most importantly, the great students of Bowen University! Congratulations to you all on the 13th convocation ceremony of…
Nigeria’s power sector lost about N13 billion in seven days, due to constraints arising from insufficient gas supply, distribution and transmission infrastructure, according to statistics from the advisory power team, office of the Vice President. The revenue loss covered a seven day period; December 21 to 27, 2019 with the dominant constraint being unavailability of gas…
As part of efforts to reduce the country’s oil production cost, the Nigerian Content Development and Monitoring Board (NCDMB) has announced plans to facilitate the establishment of an oil and gas logistics base in Brass, Bayelsa State. Executive Secretary of NCDMB, Mr.Simbi Wabote, made the disclosure during the inauguration of a modular science laboratory to Model…
…says 40% of marine vessels owned by Nigeria The Nigerian Content Development and Monitoring Board, (NCDMB) says it target over 300,000 direct jobs in its 10 years development plans just as it disclosed that 40 percent of Vessels operating currently offshore are owned by Nigerians. According to the agency, 10 years from now, it is…
