International Oil Companies (IOCs) in Nigeria have instructed contractors to cut their rates by almost half as the industry responds to the dramatic slump in crude prices. The Nigerian National Petroleum Corporation (NNPC), has told producers, “to take immediate steps to reduce our operating costs, budgets and re-negotiate our contracts downward by 40% in the…
London (CNN Business)The spectacular collapse in oil markets is showing no signs of easing, as the coronavirus crisis saps demand and producers run out of places to store all their excess barrels of crude. What’s happening: US oil prices plunged, falling below $0 Monday to $-37.63 a barrel. That’s the lowest level since NYMEX opened oil futures…
With demand at near-paralysis, oil and fuel tanks around the world are close to brimming. U.S. crude oil prices dropped by almost 300 percent to turn negative for the first time as plunging demand pushed storage facilities to their limits. May delivery for the U.S. benchmark crude, West Texas Intermediate, sank to a new low…
This year’s Africa Energy Forum (AEF) has been rescheduled to take place in Amsterdam, the Netherlands from 20-22 October 2020. Previously due to take place in July, the move comes in the interests of all attendees’ safety after monitoring the COVID-19 situation and its impact on global economies. In a statement released on Thursday by…
Power generation and distribution companies on Thursday said they were unaware of any N200bn that was paid to the power sector by the Federal Government in the past three days. Group Managing Director, Nigerian National Petroleum Corporation, Mele Kyari, had announced on Wednesday that the Federal Government paid over N200bn for power supply in Nigeria….
The oil marketers, under the umbrella of Major Marketers Association of Nigeria (MOMAN), on Thursday called for full price liberalisation of Premium Motor Spirit (PMS), commonly known as petrol, instead of price modulation. Its Chairman, Mr Tunji Oyebanji, who made the call in a statement on Thursday in Lagos, said that declaring full price deregulation…
The House of Representatives and stakeholders in the power sector on Wednesday agreed to set up a joint implementation committee on the proposed two-month free power supply to poor Nigerians as stimulus package. The stimulus package is aimed at alleviating the effects of Coronavirus (COVID-19) pandemic in the country. In a statement in Abuja, the…
Ms Ronke Onadeko, a downstream petroleum industry expert, has advised the Petroleum Products Pricing Regulatory Agency (PPPRA), to review its policy on fuel pricing modulation in the country. Onadeko gave the advice at a virtual workshop for journalists on the oil sector reforms in Abuja. The Agency had adopted a monthly pricing modulation style that…
The Nigerian Content Development and Monitoring Board (NCDMB) has asked the Nigeria LNG Ltd (NLNG) to evaluate the capabilities of the beneficiaries of Project 100 programme and engage them in the execution of its Train 7 project and other related services. This request is contained in a recent letter by the Executive Secretary of NCDMB,…
Patricia Simon-Hart is the founder and Managing Director of Aftrac Limited, an oil and gas service company that has been in operation for over 20 years. She is the current Secretary to the Executive Board of PETAN (Petroleum Technology Association of Nigeria) and a co-founder/ Vice President of Women in Energy Network. The former Commissioner…