The downstream refining sector has rebounded a bit, shrugging off the glut of gasoline seen earlier this year. But another product surplus could be looming in the second half of 2019 and into 2020. Refiners worked at elevated levels last year, helping to produce a global gasoline surplusthat ran into the early part of this year….
Nigeria holds 37 per cent of total proved gas reserves in Africa, the largest by any country within the continent. With current estimated population of above 200 million and projected population of 450 million over the next three decades, Nigeria is Africa’s largest market. While government has focused considerably on power in recent years, there…
With financial stress setting in for U.S. shale companies, some are trying to drill their way out of the problem, while others are hoping to boost profitability by cutting costs and implementing spending restraint. Both approaches are riddled with risk. “Turbulence and desperation are roiling the struggling fracking industry,” Kathy Hipple and Tom Sanzillo wrote…
The Nigerian National Petroleum Corporation (NNPC) said it recorded a trade surplus of N6.33 billon for the month of May, 13 per cent higher than the N5.60 billion surplus made in April . The corporation disclosed this in its Monthly and Operations report (MFOR) released on Sunday in Abuja It attributed the rise to the…
For more than a century, fossil fuels have accounted for a larger proportion of global energy supply sources. However, with increasing global environmental challenges, arising from the increasing concentration of greenhouse gases (GHGs) associated with fossil fuel combustion, there has been a renewed emphasis on low carbon-intensive and environmentally- friendly energy sources, e.g. natural gas,…
*The OPEC Fund for International Development, OFID, will embark on a journey to diversify its financial resources and to implement a coherent and consistent set of actions VIENNA, Austria —OFID’s highest policy-making body, the Ministerial Council, held its 40th Annual Session in Vienna, Austria, and approved the general principles of OFID’s new Strategic Framework. The new…
The Chief Executive Officer, Lekoil, Olalekan Akinyanmi, has disclosed a plan by the company to grow production volume at its Otakikpo field to 20,000 barrels per day, b/d. In a note that accompanied its newly-released 2018 financial report, Akinyanmi stated that subject to funding, production should reach gross volumes of 15,000 to 20,000b/d in the…
A total of 308 beneficiaries of the Presidential Amnesty Programme, PAP, who had graduated from educational and vocational institutions within and outside the country have been profiled for employment in the public and private sectors. Some of the profiled beneficiaries, according to the Coordinator of PAP, Prof. Charles Dokubo, have almost completed documentation for engagement…
The Federal High Court sitting in Abuja will on Monday, October 14th, 2019, ruled whether the Bureau of Public Enterprise, BPE has committed contempt, for not implementing the June 6th, 2012 judgment of the Supreme Court on the Aluminium Smelter Company of Nigeria, ALSCON. ALSCON a $3.2billion aluminium plant located in Ibekwe, Ikot Abasi Local…
*L-R: Managing Director, Nigeria Agip Oil Company, Lorenzo Fiorillo; Managing Director, The Shell Petroleum Development Company of Nigeria Limited and Country Chair, Shell Companies in Nigeria, Osagie Okunbor; Chief Operating Officer Upstream, Nigeria National Petroleum Corporation, Rabiu Bello; and Managing Director, Total Exploration and Production Nigeria, Nicholas Terraz, after signing the Final Investment Decision Charter…