Oil trades near $56 after slump as U.S. gasoline stockpiles gain

Oil held losses near $56 a barrel after falling the most in two months as U.S. gasoline stockpiles expanded more than expected, offsetting a third weekly decline in crude inventories. Futures were little changed in New York after tumbling 2.9 percent Wednesday, the biggest daily drop since Oct. 6. Motor fuel stockpiles rose by 6.78 […]

Aiteo shuts Nembe creek trunk line over leakage – official

Aiteo Eastern Exploration and Production Company Friday said it had shut its Nembe Creek Trunk Line (NCTL) for emergency repairs following the detection of oil leakage. Ndiana-Abasi Matthew, the company’s Senior Manager, Corporate Communications, made this known in a statement issued in Lagos, saying that the shutdown was done on September 15 According to him, […]

Mobil Oil new owners take “11 plc” as new name for operation

The new owners of Nigeria-based petroleum marketer, Mobil Oil Nigeria, have taken on a new name for the on-going and future operations of the business, it emerged Tuesday. The company is now to be known as 11 plc (pronounced as “Double One Plc”). The name change is coming within a year of the successful completion […]