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
Oil & Gas Industry Records 26 Percent Job Cut Globally
Data obtained from the United States, US, Energy Information Administration, EIA, has put the continued decline of employment in the oil and natural gas production across the world at 26 percent between 2014 and 2016. The report, which captured between October 2014 and May 2016, stated that employment in oil and gas production reached a height of 538,000 jobs in … Read More
Shale Drillers Add Oil Rigs for Longest Streak In 1 Year
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