ExxonMobil Fuels incurs highest crude oil refinery maintenance globally in 2019

January 22, 2020

By Samson Echenim    ExxonMobil Fuels and Lubricants Co (ExxonMobil Fuels) had the highest crude oil refinery capacity under maintenance (both planned and unplanned) among all the refinery operators globally in 2019, according to GlobalData, a leading data and analytics company. The operator had a total refining capacity of 1.7 million barrels per day (mmbd) […]

NNPC gets EITI’s endorsement over monthly financial accounts

November 25, 2019

NNPC gets EITI’s endorsement over monthly financial accounts

Nigerian National Petroleum Corporation (NNPC), the state-owned oil behemoth, has received an endorsement from global transparency body, the Extractive Industries Transparency Initiative (EITI), as being one of the global leaders in the area of financial accounts and data publication. The endorsement and commendation was given by no less a person than the executive director, Mark […]

NNPC saves over $3bn from arbitration

, November 6, 2019

NNPC saves over $3bn from arbitration

By Moses Obajemu The Nigerian National Petroleum Corporation has saved over $3bn from arbitration, Mele Kyari, the oil firm’s group managing director,  announced on Tuesday in Abuja. Kyari disclosed this when he engaged workers of the corporation in a town hall meeting that also involved the participation of the corporation’s outstation staff. He commended the […]

We may have to worry about peak oil demand soon

November 4, 2019

We may have to worry about peak oil demand soon

By Mudashir Tunde   A peak oil demand might continue to result in its rise in value for the next ten years if the world leaders implement low-carbon policies more strictly according to the Head of the Oil Industry & Markets Division at the International Energy Agency (IEA), Neil Atkinson. Speaking to  CNBC today, Neil said, “If the world does […]

Oil prices retreat from 2-month high as U.S-China trade dispute looms

Businessam StaffMarch 26, 2018

Oil prices reversed earlier gains on Monday, retreating from their best level in two months, as concerns of a looming trade dispute between the United States and China weighed on global markets. The possibility of a full-blown trade war between the United States and China battered Asian shares on Monday. The falls came after U.S. […]

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

Businessam StaffDecember 7, 2017

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

Businessam StaffSeptember 22, 2017

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

Oluwafemi OgunjobiAugust 8, 2017

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 […]