The federal government has said that four of the five oil wells discovered in Badagry legitimately belong to Lagos State, for which the state would be entitled to 13 per cent derivation from the Federation Account. However, it disclosed that Aje 3 oil well falls beyond the 200-mile isobaths and therefore cannot be legitimately attributed to the state. The Chairman … Read More
Naira Weakens Against the Dollar Despite Oil Price Rise
The Naira, yesterday, depreciated against the dollar at the parallel market, just as crude oil price hit five-week high, gaining about 10 per cent in a three-day rally to close at $48.05 as speculations intensified over potential producer action to support prices amid a crude glut. Data from market intelligence firm, Genscape, estimating a draw of more than 350,000 barrels … Read More
NNPC Highlight Obstacles to Nigeria’s Reserve, Production Target
The Nigerian National Petroleum Corporation ( NNPC ) has hinged the inability of the country to reach the Four million production and 40 billion reserve target on funding constraints, infrastructure vandalism, security concerns and a host of others. The Group Managing Director of NNPC, Dr. Maikanti Baru, who made this disclosure during the conference organised by the Society of Petroleum … Read More
OPEC Predicts Oil Price Rise, Meets in September
The Organisation of Petroleum Exporting Countries (OPEC), is hopeful that oil prices will rise in September through December, following expectations of higher oil demand. Analysts have said this should put pressure on oil producing nations to raise production for the expected increase in demand which will prompt the price increase. OPEC president, Mohammad Al-Sada, who made the projection, yesterday, also … 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