The completion of repairs of sabotaged oil facilities is set to help push up Nigeria’s crude oil exports by 575,000 barrels, per day, in the last quarter of 2016. ExxonMobil is the latest oil major to have a pipeline prepared to export Qua Iboe grade of crude, with the first cargo expected to load as early as the end of … Read More
Fracking Rumbles and Tectonic Ripples
Fracking or fracturing is the process of drilling and injecting fluid, usually water, sand and chemicals into the ground at a high pressure in order to fracture shale rocks to release natural gas trapped in it. The released natural gas is thereafter allowed to flow freely to the head of the well. Dillbytes, this week, takes a look as this … Read More
OPEC Output Rises to Record Before Talks With Russia on Freeze
OPEC’s crude production climbed to a record last month as increased output from Gulf members made up for persisting losses in Nigeria and Libya, according to a Bloomberg survey. Supplies from the Organization of Petroleum Exporting Countries rose by 120,000 bpd to average 33.69 MMbpd in August amid increases by Iran, Iraq and Kuwait, the survey of analysts, oil companies … Read More
FG Silent as Stakeholders Seek Oil Licensing Round
As some industry stakeholders continue to look forward to another oil licensing round in the country, the Federal Government has yet to unveil any plans towards awarding licences. Over the past few years, operators and other stakeholders in the oil and gas industry have decried the lack of oil licensing rounds despite the government’s quest to increase the nation’s reserves. … Read More
2016 Maybe The Worst Exploration & Production Year Since The Great Depression
According to the latest mid-year forecast assembled by World Oil magazine, only 14,430 wells will be drilled in the U.S. this year, on par with the years 1930-1934, when not a single year topped 20,000 wells drilled. In fact, this will be lowest total for exploration and production since 11,700 wells were drilled in 1933. World Oil has surveyed oil … Read More
Nigeria’s Oil Output Will Remain Low Into 2017 – U.S.
Nigeria’s crude oil production is expected to remain depressed through 2017 as a result of militant attacks, the Energy International Administration, the statistical arm of the United States’ Energy Department, has said. The EIA, in a statement on its website, said the crude oil production disruptions in Nigeria reached 750,000 barrels per day in May 2016, the highest level since … Read More
Oil Production Drops by 29%, Against Projection – FG
The Federal Government on Thursday revealed that the country’s crude oil production had dropped by 29 percent, as against the nation’s 2016 budget target of 2.2 million barrels per day, an indication that Nigeria’s current economic crisis might still linger for a longer time. The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, who disclosed this at the national … Read More
Nigeria’s Oil Production At 30-Year Low – U.S.
Nigeria’s oil production fell to 1.4 million b/d, as at May, 2016, nearly a 30-year low, the United States Energy Information Administration has said. In a report released yesterday, the agency said the Niger Delta Avengers’ (NDA) attacks resulted in immediate and severe disruptions in crude oil production, as some of them targeted key oil-gathering and export infrastructure. According to … Read More
Crude Oil Production Commences Outside the Niger Delta Basin
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
OPEC, Others Head For Oil Output Freeze
Members of the Organisation of Petroleum Exporting Countries (OPEC) and other oil producing countries are in discussion to strike an output-freeze deal next month in Algiers, Algeria as OPEC’s biggest producers are already pumping flat-out, the group’s former president said. While a similar initiative failed in April, an agreement can now be reached as Saudi Arabia, Iran, Iraq and non-member … Read More
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