The first stage of President Donald Trump’s Middle East peace plan will be launched on Tuesday at a conference the White House touts as a bid to begin drumming up 50 billion dollars in investment, but which Palestinians deride as an “economy first” approach doomed to fail. The two-day international meeting in Bahrain, led by…
Oil fell on Tuesday amid concerns over the outlook for crude demand, but prices were supported after Washington announced new sanctions on Iran amid mounting tensions in the Middle East. Benchmark Brent crude futures were down 34 cents or 0.5 per cent at 64.52 dollars a barrel by 0639 GMT. They dropped 0.5 per cent…
Port Harcourt — The Shell Petroleum Development Company of Nigeria Limited, SPDC, has expressed optimism over the directive issued by the Rivers State Governor, Nyesom Ezenwo Wike, for the Belema flow station and gas plant in OML 25 operated by SPDC/NNPC JV to be reopened in the next seven days. The Belema flow station located in Akuku-Toru…
*The President will be presented the award during the conference, during which he will also present the keynote address Cape Town, South Africa —Africa Oil & Power will present the award to H.E. Macky Sall at its annual conference in Cape Town; H.E. Macky Sall is renowned for his efforts to revive Senegal’s economy and create…
Lagos — The oil and gas industry is gearing up to deploy robotics across a wide range of applications in the upstream, midstream and downstream segments, primarily to drive productivity and efficiency amid volatility in crude prices, according to GlobalData, a leading data, and analytics company. The company’s latest thematic report: ‘Robotics in Oil & Gas’…
Port Harcourt — Eight ships carrying various products including 6,000metric tonnes of Liquefied Petroleum Gas, LPG, are expected to berth at the Port Harcourt seaports between today and Wednesday, 26th June 2019. The Nigerian Ports Authority, NPA, in its daily shipping position on revealed that two of the incoming vessels would discharge 32,000 metric tones of…
Lagos — The global high-voltage direct current, HVDC, converter stations market growth is set to more than double from US$3.24bn in 2018 to US$6.88bn in 2023, primarily driven by growth in China, according to GlobalData, a leading data, and analytics company. The company’s latest report ‘HVDC Converter Stations, Update 2019 – Global Market Size, Competitive Landscape…
Lagos — Economic tension could heighten in Nigeria going by the recent drop in its crude oil production by 92,000 barrels per day in May, according to data from OPEC quoting secondary sources. The country gets major revenue from the export of crude oil, through which it funds its national budgets, with this year’s set at N8.92 trillion,…
OSLO — Exxon Mobil is considering selling all of the stakes it holds in oil and gas fields off the Norwegian coast, a spokeswoman said. Two years ago the U.S. major – the world’s largest oil company – sold its operated assets in the area. But it has retained stakes in more than 20 other fields,…
Lagos — Despite lower economic growth rates across the world, the Organization for the Petroleum Exporting Countries, OPEC, has forecast a growth of 1.2 million barrels per day in global oil demand for the second half of this year. The group’s Monthly Oil Market Report, MOMR for June, said world oil demand growth will improve “seasonally”,…