China coronavirus could push oil down by $3
Businessam Staff
6 hrs
The outbreak of a coronavirus in China that is now an international threat could cut oil demand by 260,000 bpd, which would translate into a price drop of almost $3 per barrel, Goldman Sachs has said. Most of the demand loss will come from jet fuel as the risk of disease discourages travelers from getting […]
NNPC will be accountable to Nigerians, says Kyari
Businessam Staff9 hrs
Mele Kyari, the group managing director of the Nigerian National Petroleum Corporation (NNPC), has reiterated that the corporation will be an accountable and transparent institution under his leadership. Kyari spoke on Monday night in Lagos at a social function. According to him, public funds will always be utilised for public goods. He also stated that […]
Subsidy may rise as fuel marketers demand higher margins
Businessam Staff9 hrs
The federal government may have to spend more on petrol subsidy as oil marketers in the country have called on the Petroleum Products Pricing Regulatory Agency to increase margins on the product now to prevent the a collapse of the nation’s fuel distribution system. According to the petrol pricing template of the PPPRA, margins for […]
ExxonMobil Fuels incurs highest crude oil refinery maintenance globally in 2019
Samson Echenim9 hrs
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) […]
Better funding will boost deep water drilling fluids engineering in Nigeria
Kenneth AforJanuary 20, 2020
ADEDAPO ADESINA is a University of Ibadan petroleum engineering graduate. He is a trained drilling fluids engineer with over 19 years professional experience in domestic oil and gas exploration and production operations. He currently works with one of the multinational oil and gas companies. In this interview with KENNETH AFOR, he provided insight on the […]
Florida buys Everglades land to prevent oil drilling
Businessam StaffJanuary 16, 2020
Florida has agreed to buy part of the Everglades wetlands to protect the sensitive ecosystem from oil drilling, Reuters reports, citing an announcement by the Florida governor. The deal, which will involve 20,000 acres, will be the largest acquisition of wetlands in Florida in ten years. The seller is Kanter Real Estate LLC, which had requested a permit […]
Buhari meets NNPC GMD, Mela Kyari again over oil prices
Businessam StaffJanuary 16, 2020
President Muhammadu Buhari, has again met with the Group Managing Director of the Nigeria National Petroleum Corporation, Mela Kyari, at the Presidential Villa, Abuja on Thursday. It has been reported that the president had on January 8, met behind closed doors with Kyari, who declined comment on the outcome of the meeting. The agenda of […]
Nigeria’s daily oil production plunges to 1.57m barrels
Businessam StaffJanuary 16, 2020
Nigeria’s crude oil production fell to a record low of 1.57 million barrels per day last month, the Organisation of Petroleum Exporting Countries has said. The producer group said in its monthly oil market report published on Wednesday that the country’s oil output stood at 1.66 million bpd in November, based on direct communication. The […]
Solution to poor electricity beyond recapitalisation of Discos, says electricity group
Businessam StaffJanuary 16, 2020
A group, the All Electricity Consumers Protection Forum, says the solution to the power challenges preventing stable electricity supply in the country lies beyond recapitalisation of the 11 Distribution Companies (Discos). Its National Coordinator, Mr Adeola Samuel-Ilori, made the assertion on Thursday in Lagos while reacting to the push for the recapitalisation of the Discos […]
Oil prices surge as US-China trade deal nears
Kenneth AforJanuary 14, 2020
Kenneth Afor with agency report