Oil prices on Wednesday regained little ground lost in the previous session, weighed down by industry data suggesting U.S. crude inventories fell less than expected. Brent crude futures gained 64 cents to $64.99 a barrel by 1357 GMT. West Texas Intermediate crude futures were up 34 cents at $57.96 a barrel. Both benchmarks shed more…
The head of Italian oil group Eni has sued a former legal adviser to the company for defamation after excerpts of the lawyer’s written testimony relating to a Nigerian corruption case were published in several newspapers on Wednesday.Eni said Chief Executive Claudio Descalzi had taken the legal action after newspapers quoted from the testimony, which…
The people of Ogoni in Rivers State have thrown its weight behind the 23months occupation of Belema Flow Station and Gas Plant in OML 25, which is operated by the SPDC/NNPC JV in Kula, Akuku-Toru Local Government Area of the state. The people of OML25 host communities since August 2017, have continued to lay a…
The Managing Director of Nigeria LNG Limited, NLNG, Mr. Tony Attah, says the upcoming NLNG Train 7 project will, at the peak of construction, employ over 10,000 personnel on site in Bonny Island and that more than 80 percent of this number will be Nigerians. Attah, who spoke at the recent Nigerian Oil and Gas…
Abuja — Nigeria earned N3.922 trillion from the export of crude oil and derivatives of petroleum in the first quarter of 2019, according to data obtained from the National Bureau of Statistics, NBS. In its Foreign Trade Statistics for the first quarter of 2019, the NBS noted that petroleum products export accounted for 86.48 per cent…
Energy 360 Africa, an indigenous downstream petroleum technology firm, has launched a portfolio of innovative fuel management systems that help small, medium and large businesses optimise fuel consumption thereby boosting revenue and maximizing profit. The Chief Executive Officer of Energy360 Africa, Abayomi Elebute, who made this known during the unveiling of the technology solutions in Lagos,…
The Nigerian Content Development and Monitoring Board, (NCDMB) has said the execution of Total Exploration and Production Nigeria’s Ikike Field Development Project would gulp at least $500 million and the project is expected to deepen Nigerian Content implementation, create huge work opportunities for local service companies and thousands of employment prospects for qualified young Nigerians….
Though the oil market witnessed significant surplus in the first half of 2019, much larger than previously expected, supplies are set to tighten in the second half of the year, but that may only be a hiatus before the glut returns, the International Energy Agency’s latest Oil Market Report has shown. According to the IEA…
THE National Bureau of Statistics (NBS), says the average price per litre paid by consumers for National Household Kerosene increased to N316.43 in June 2019 from N315.91 in May 2019. The bureau said this in its “National Household Kerosene Price Watch (June 2019)’’ obtained from its website in Abuja. The NBS said the price of…
THE Department of Petroleum Resources (DPR) has sealed three petrol service stations for under dispensing their products to customers in Gombe metropolis. Mr Benard Amos, Head of Operations, Gombe field office, stated this while briefing newsmen on Tuesday in Gombe. He said they had embarked on surveillance to ensure that filling stations abided by the rules and regulations….
