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…
The Federal Government and some oil firms lost an estimated $67.92m (N24.45bn) in revenue in eight days following the suspension of exports of Forcados, one of the nation’s largest crude oil grades. Shell declared force majeure on Forcados loading programme on April 6 after the Trans Forcados Pipeline was shut down on April 4 by…
The Managing Director of LADOL Free Zone (LADOL) Dr. Amy Jadesimi says working or collaborating with other African countries can help battle COVID-19 pandemic. Dr. Jadesimi who is a Supergroup founding member of the African Influencers for Development Initiative (AIDI), which is a coalition set up with the United Nations Development Programme (UNDP) disclosed…