Oil & Gas

Oil and gas coys drag OGZFA to court over regulatory incursions

Ihesiulo Grace 19 May 2020 0

Some oil and gas free zone firms have dragged the Oil and Gas Free Zones Authority (OGFZA) to court over insistence to regulate it’s activities.The firms are seeking judicial intervention over alleged attempt by the agency to regulate the oil and gas operations within Snake Island

Oil & Gas

OPEC: All allies except Mexico agree on drop in oil production

Ihesiulo Grace 10 April 2020 0

The Organization of the Petroleum Exporting Countries (OPEC) announced on Friday that a webinar meeting between global energy ministers, with the exemption of Mexico, had resulted in an agreement to reduce oil production to stabilize the market. In a meeting that stretched late into Thursday evening, members of the OPEC+ cartel outlined a plan to […]

Oil & Gas

Filling stations in Jos yet to adjust to new pump price

Ihesiulo Grace 21 March 2020 0

 Most filling stations in Jos and environs are yet to adjust to the new price regime of N125 per litre for Premium Motor Spirit (PMS). READ ALSO: Pump price: Minister tasks commercial drivers to slash cost of transport fares The News Agency of Nigeria (NAN) reports that the Federal Government on Wednesday reduced the pump […]

Oil & Gas

Oil crashes after Saudi Arabia starts price war amid slumping demand

Ihesiulo Grace 9 March 2020 0

Oil prices plummeted around 30% on Monday after Saudi Arabia slashed its official selling prices and set plans for a dramatic increase in crude production next month, starting a price war even as spread of the coronavirus erodes global demand growth. Prices fell by as much as a third following Saudi Arabia’s move after Russia […]

Oil & Gas

Oil producers debate production cuts as virus outbreak weaken demand

Ihesiulo Grace 5 March 2020 0

The Organisation of the Petroleum Exporting Countries (OPEC) and allied oil producers (AOP) on Thursday set to meet in Vienna to coordinate their production policies as global energy demand is expected to fall. On Thursday, oil ministers from the 14 OPEC countries are gathering at the cartel’s headquarters to discuss possible output reductions. READ ALSO: […]

Foreign Oil & Gas World

Oil steady as fears over U.S.-Iran conflict ease, focus turns to trade deal

Ihesiulo Grace 13 January 2020 0

Oil prices held steady on Monday as fears of conflict between the United States and Iran eased, with investors shifting their focus to this week’s scheduled signing of an initial U.S.-China trade deal, which could boost economic growth and demand. READ ALSO: Oil prices fall as alarm over Iran rocket strike fades Brent crude LCOc1 […]

Foreign Oil & Gas World

Oil hits $70 a barrel as Iran, Trump trade threats

Ihesiulo Grace 6 January 2020 0

Oil prices rose a further 2 per cent on Monday, pushing Brent above 70 dollars a barrel, as rhetoric from the United States, Iran and Iraq fanned tensions in the Middle East after a U.S. air strike which killed a top Iranian military commander. Brent crude futures LCOc1 soared to a high of 70.74 dollars […]

Oil & Gas

Kaduna explosion: DPR to sanction illegal gas operators

Ihesiulo Grace 6 January 2020 0

 The Department of Petroleum Resources (DPR) has threatened to sanction all unlicensed LPG retail outlets and operators with stiff penalties. The DPR North West Zonal Operations Controller, Mr Isa Tafida, made this known to newsmen in Kaduna while reacting to Saturday’s gas explosion at Sabon Tasha, Chikun Local Government Area of Kaduna State. READ ALSO: […]

Oil & Gas World

Sri Lanka to double crude oil tank capacity by 2020

Ihesiulo Grace 16 December 2019 0

Sri Lanka aims to double its crude oil tank capacity by 2020 while a tripartite LNG terminal and power plant agreement would be signed with India and Japan by mid 2020. The Minister of Transportation, Power and Energy, Mahinda Amaraweera, disclosed this in a statement on Monday in Colombo. If every nation on earth was […]

Oil & Gas

30 ships with petroleum products, food items expected in Lagos — NPA

Ihesiulo Grace 11 December 2019 0

The Nigerian Ports Authority (NPA) says it is expecting 30 ships laden with petroleum products, food items and other goods from Dec. 11 to Jan 4, 2020. READ ALSO: IPMAN urges FG to reopen petroleum products supplies to Enugu NNPC depot The NPA made this known in its publication, `Shipping Position’, a copy of which […]

News Oil & Gas

FG to release LPG pricing template in 2020

Ihesiulo Grace 10 December 2019 0

Mr Olasupo Agbaje, General Manager, Gas and Renewable Energy, Petroleum Products Pricing Regulatory Agency, said the agency would release a Liquefied Petroleum Gas (LPG),  known as cooking gas, pricing template latest by mid  2020. Agbaje disclosed this at an interactive retreat on understanding the dynamics of downstream sector of the petroleum industry in Abuja on […]

Oil & Gas

70% of gas facilities in Ado-Odo/Ota LG, Ogun illegal-DPR

Ihesiulo Grace 10 December 2019 0

Alhaja Muinat Bello-Zagi, Operations Controller, Department of Petroleum Resources (DPR), Abeokuta Field Office, on Tuesday said that 70 per cent of gas facilities in Ado-Odo/Ota Local Government Area of Ogun were illegal. Bello-Zagi made this known while speaking at the 2nd Annual General Meeting of the DPR, Abeokuta Field Office, held in Abeokuta. Remove power […]

News Oil & Gas

Dangote Refinery good example of local content- Wabote

Ihesiulo Grace 4 December 2019 0

The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDM), Mr Simbi Wabote, says the 650,000 barrels per day Dangote Refinery project is an actualisation of Local Content development in Nigeria. Wabote made this known while fielding questions from newsmen at the ongoing 9th Practical Nigerian Content Forum in Yenagoa on Wednesday. Shell, Chevron,

Featured News Oil & Gas

Oil Theft: We have lost 4m barrels in 2019 says Aiteo

Ihesiulo Grace 4 December 2019 0

Aiteo Eastern Exploration and Production, operators of OML 29, says the activities of oil thieves have assumed alarming proportions, leading to loss of about four million barrels of crude in 2019. Mr Victor Okoronkwo, Managing Director of the oil firm spoke on the sidelines of the ongoing Practical Nigerian Content Exhibition and Conference with the […]

News Oil & Gas

NCDMB sponsored modular refinery to begin operations in July 2020 – Wabote

Ihesiulo Grace 3 December 2019 0

Waltersmith modular refinery, a 5,000 barrels per day production capacity facility being promoted by Nigerian Content Development and Monitoring Board (NCDMB), will commence operations in July 2020,  an official says. The Executive Secretary of NCDMB, Mr Simbi Wabote, made the fact known at the opening ceremony of the 9th Practical Nigerian Content conference and

Business Oil & Gas Politics

Senate to support $10bn NLNG investment

Ihesiulo Grace 8 November 2019 0

The Senate is throwing its full weight behind the 10billion dollars Train seven Project investment in the nation’s gas sector, by the Nigeria Liquefied Natural Gas ( NLNG). It also urged Nigerians to actively participate in the project which would create 10,000 new jobs and expand gas production capacity by 35 per cent. READ ALSO: Gas, future oil of

Oil & Gas

Oil slips on uncertainty over U.S.-China trade deal, surging inventories

Ihesiulo Grace 8 November 2019 0

Crude oil futures fell on Friday amid lingering uncertainty on whether, and when, the U.S. and China will agree a long-awaited deal to end their bitter trade dispute, the gloom compounded by rising crude inventories in the United States. Brent crude, the global benchmark, was down 16 cents, or 0.3 per cent, at 62.13 dollars […]

Oil & Gas

Nigeria will soon achieve non-oil export-oriented economy – minister

Ihesiulo Grace 7 November 2019 0

Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo says the country will soon achieve a non-oil export-oriented economy. Adebayo said this in statement by his Special Assistant on Media, Mr Julius Toba-Jegede made available to newsmen in Abuja on Thursday. READ ALSO: FG mulls 80% revenue from non-oil sector, says Fowler The minister spoke […]

Business Oil & Gas

Nigeria can’t recover lost ground from Amended Deep Offshore Act – Expert

Ihesiulo Grace 7 November 2019 0

Prof. Wunmi Iledare, former President Nigerian Association for Energy Economists (NAEE), says Nigeria will not recover its lost revenue with the signing into law the Amended Deep Offshore Act. Iledare disclosed this in an interview with the News Agency of Nigeria (NAN), in Abuja, on Tuesday President Muhammadu Buhari on Monday in London, signed the […]

Business Oil & Gas

OPEC fully supports Paris climate pact – Barkindo

Ihesiulo Grace 5 November 2019 0

OPEC Secretary-General Mohammad Barkindo said on Tuesday that the oil producer group fully supports the Paris Agreement on climate change, a day after the Trump administration said it had filed paperwork to withdraw the U. S. from the pact. “OPEC is fully engaged with the Paris Agreement,” Barkindo said at the launch of the Organisation […]