The independent oil and gas companies may have been breaching on the nation’s petroleum regulations with the high level of defaults in payment of royalties and taxes on the operated oil fields. The Department of Petroleum Resources (DPR), which revealed this at the Nigeria Oil and Gas
Oil & Gas
Shell Petroleum Development Corporation (SPDC) and its joint venture partners are to generate about $50 million from the SPDC’s Afam Vl power plant. The Afam VI power plant began generating electricity, fed by natural gas from the Okoloma gas plant in October 2008. The power plant began producing over 400 MW to the national grid, […]
Shell has warned that fiscal stability is crucial to survive the current low oil price climate, else investments could dry up fast with production levels declining shortly afterwards. Vice President, Nigeria and Gabon Shell Up-stream, Markus Droll, made this assertion in his presentation on at the on-going Nigeria Oil and Gas (NOG) conference in Abuja, […]
The Chief Executive Officer of Total’s Nigerian producing unit, Elizabeth Proust has said that the French oil firm plans to see to the completion of two major projects in Nigeria this year that will add 60,000 barrel per day (b/d) of oil output to its portfolio despite the fall in oil prices. Proust said on […]
The federal government has disclosed that it has turned its main focus to Asian markets as the United States has stopped buying crude oil from Nigeria and other African oil producers, having attained self-sufficiency. The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Joseph Dawha made this disclosure in Abuja while making […]
The Federal Government has expressed confidence that the Petroleum Industry Bill, (PIB), before the National Assembly will be passed before the end of the current political dispensation which terminates by May 29. Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke who was represented by Group Managing Director, Nigerian National Petroleum Corporation, NNPC, Mr.
The domestic production of both natural gas and crude oil fell in February on a year-on-year basis. Natural gas production in the country fell 8.1 per cent for the month of February 2015 while crude oil production fell 1.9 per cent, according to the data released by the Ministry for Petroleum and Natural Gas. The […]
Brent will average $52/bbl in 2015 and $58/bbl in 2016 according to Bank of America Merrill Lynch Global Commodity Research. “In the past 15 years, the global economy was defined by rising commodity prices, zero interest rate policy, and a weak USD. “This cycle has now gone into reverse with a decelerating industrial economy in […]
U.S. shale drilling may be slowing, but not fast enough for OPEC to change policy at its June meeting or to prevent oil prices maybe falling more, in the view of the group’s Gulf members. Actual oil output from the United States could prove harder to beat back, sources in the Gulf say after poring […]
Total U.S. petroleum deliveries (a measure of demand) rose 1.5 percent from February 2014 to average 19.3 million barrels per day. This was the highest February demand since 2008.“Greater demand for gasoline and jet fuel and a colder-than-usual February brought total February deliveries back to pre-recession levels,” said API Chief Economist John Felmy. “At the […]
Thirteen ships laden with petroleum products, general cargo and food items have arrived the Lagos ports, waiting to berth, NAN reports. The Nigerian Ports Authority (NPA) stated this in its daily publication, `Shipping Position’ made available to newsmen on Thursday in Lagos. According to the publication, seven of the ships sailed into the ports with petrol, […]
Sharp differences in export diversification and foreign net asset positions help explain why some oil-producing countries are likely to weather sustained oil price pressure much better than others, according to Fitch Ratings. A Fitch study of sensitivity to an extended USD50/bbl West Texas Intermediate (WTI) crude oil price shock employed a simplified graphical approach to
The Nigerian crude oil industry is not only oily but also crude. That was the damning verdict of the Emir of Kano, HRM Muhammadu Sanusi 11, while speaking on the Cable News Network (CNN) on Wednesday. The emir, the immediate past Governor of the Central Bank of Nigeria (CBN), identified the unresolved controversy over kerosene […]
ConocoPhillips has announced its 2015 to 2017 capital budget and growth outlook, in which it says the oil prices will remain unstable in the near future, thereby making the company to reduce its three year spending plan from $16 billion per year to $11.5 billion. Chairman and Chief Executive Officer, of the company, Ryan Lance […]
