U.S. oil drillers added rigs for the sixth-straight week, marking the longest period of expansion in a year, as the shale patch revives from the worst downturn in a generation. Rigs targeting crude in the U.S. rose by 7 to 381 in the past week, Baker Hughes Inc. said on its website Friday. Explorers have now added 51 rigs since June 24, … Read More
Major Marketers Lament Impact of Deregulation
Major marketers of petroleum products in Akwa Ibom State have lamented the negative impact of the deregulation in the oil industry, which resulted in the removal of subsidy for petrol, saying sales have dropped drastically. Before now, price differentials existed between major and independent marketers in the sale of petroleum products, particularly that of premium motor spirit (PMS), popularly called … Read More
Forte Oil To Raise N50 Billion For Expansion
Forte Oil Plc is to raise N50 billion fresh capital through the debt instrument before the end of 2016 for the expansion of its operations. The Group Chief Executive Officer of the Forte Oil, Mr Akin Akinfemiwa made this known recently at the company’s Fact Behind the Figure presentation on the Nigerian Stock Exchange (NSE) in Lagos. Akinfemiwa said, “We … Read More
NNPC Posts N26.51 Billion Loss in June 2016
After recording a trading surplus of N274 million in May 2016, the Nigerian National Petroleum Corporation (NNPC) could not sustain the tempo as it posted a loss of N26.51bn in June, its latest financial report has shown. The report, which was released on Sunday, showed that the corporation’s loss was due to a decrease in its revenue. The national oil … Read More
Why Kerosene Sells For N200/Litre – NUPENG
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) says the Nigeria National Petroleum Corporation (NNPC) has fixed N150 per litre as the official depot price of kerosene. Tokunbo Korodo, the South-West Chairman of the union, disclosed this in an interview with the News Agency of Nigeria (NAN) in Lagos on Saturday. According to him, the price will encourage … Read More
NNPC Moves To Increase Refining Capacity
Nigerian National Petroleum Corporation, (NNPC), said it was currently undergoing transformation which includes increasing the corporation’s refining capacity. Group managing director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Kachalla Baru, who disclosed this while receiving the Spanish ambassador to Nigeria, Mr Alfonso Barnuevo, to the NNPC Towers in Abuja, Thursday, also said that the country was strengthening bilateral … Read More
Production Disruptions From Nigeria and Libya Lower OPEC’s Output in July 2016
OPEC’s crude oil output was disrupted in July, by militant attacks in Nigeria and political disputes in Libya, according to a Bloomberg News survey. Output from the 13 established members of the Organization of Petroleum Exporting Countries, excluding new entrant Gabon, fell by 80,000 bpd last month, a Bloomberg survey of analysts, oil companies and ship tracking data showed. Nigeria led … Read More
Nigerian Oil & Gas Companies Face Possible Zero Revenue Generation
The recent upsurge in militant attacks on oil & gas infrastructure in the Niger Delta has significantly reduced production activities of indigenous companies, industry players have said. The Managing Director, Seplat Petroleum Development Company Plc, Mr. Austin Avuru, said about 70 per cent of the nation’s production from the traditional terrain of onshore and shallow water had been locked in. … Read More
Federal Government Recommences Payments To Repentant Militants
The Federal Government has resumed cash payments to repentant militants in the restive Niger Delta, in a calculated bid to end the wave of militant attacks on oil and gas facilities. It had, in February, stopped the payments to former militants who had agreed, under a 2009 amnesty programme, to stop bombing crude oil pipelines in exchange for cash, Reuters quoted a … Read More
Local Content Act To Prevent $80 Billion In Capital Flight
Hon. Emmanuel Okon, chairman of the senate committee on Local Content said during the inspection of a shipyard and fabrication complex operated by West African Ventures (WAV) at Onne in Rivers State that poor patronage of WAV shipyard, fabrication complex and marine facilities belonging to indigenous companies have worsened capital flight in the oil and gas industry. The committee has … Read More