Aramco plans to buy Shell’s stake in Saudi refining JV: sources

April 17, 2019

Saudi Aramco plans to buy Royal Dutch Shell’s 50 percent stake in Saudi refining complex SASREF, a joint venture between the firms, two sources said on Wednesday. One of the sources said an agreement has been reached between Aramco and Shell. Aramco and Shell declined to comment. Saudi Aramco Shell Refinery Co (SASREF), based in […]

OPEC may raise oil output if prices increase, shortages mount: sources

April 11, 2019

OPEC may raise oil output from July if Venezuelan and Iranian supply drops further and prices keep rallying, because extending production cuts with Russia and other allies could overtighten the market, sources familiar with the matter said. Venezuelan crude production has dropped below 1 million barrels per day (bpd) due to U.S. sanctions. Iranian supply […]

Prepare for $80 oil this summer as ‘wounded bulls’ rise, RBC warns

Chris IkosaApril 11, 2019

International oil prices will average $75 a barrel in 2019, and consumers may find themselves contending with bouts of $80 crude this summer, RBC Capital Markets says. The global investment bank revised its oil price forecast higher Thursday, pointing to a cocktail of market conditions. Those include steep OPEC supply cuts, robust demand, geopolitical risk […]

FG plans FID on Ibot, Ikike, LNG train 7 in 2019 

April 8, 2019

 …As NCDMB presents 80 opportunities worth $100bn The federal government andthe international oil companies, IOCs, plan to take final investment decision, FID, on three projects – ExxonMobil’s Ibot, Total’s Ikike and NLNG Train 7 – before the end of 2019. Simbi Wabote, the executive secretary, Nigerian Content Development and Monitoring Board, NCDMB, who disclosed this […]

Unlocking the $162 billion climate finance opportunity for ‘Corporate Nigeria’

Bukola OdufadeApril 2, 2019

The time has come for ‘Corporate Nigeria’ to divest its interests from the hydrocarbon industry and tap into the  multi-billion dollar climate financing opportunity awaiting local investors who are willing to look into the future that will be dominated by clean technologies and climate finance. Climate change is already influencing the context in which corporate […]

State-owned Ibom Power’s 150mw waste away on poor evacuation infrastructure

Ben EguzozieApril 1, 2019

Ibom Power plant, a wholly Akwa Ibom State owned electricity generating firm located in the state’s oil-bearing Ikot Abasi, has seen recent impressive generating capacity, churning out 150 megawatts of electricity into the national power grid. But this sadly appears to be a wasted effort, it has emerged. It was discovered that less than half […]

Global CO2  emission hits 33.1 gigatons in 2018-EIA

March 28, 2019

By Bukola Odufade, with agency report Global carbon emissions reached 33.1 gigatons last year, breaking their previous record, despite the push for a shift from fossil fuels to renewables, the International Energy Agency said in its new Global Energy & CO2 Status Report. Though the annual increase was relatively modest, at 1.7 percent, the increase came […]

Oil prices rise on potential lengthy OPEC-led oil supply curbs

Adesola AfolabiMarch 19, 2019

Oil prices Monday rose to four-month highs, aided by the prospect of prolonged OPEC-led oil supply curbs and signs of inventory declines in U.S. crude stockpiles. Brent crude settled at $67.54 a barrel, while U.S. West Texas Intermediate crude settled at $59.09 a barrel. The Organization of the Petroleum Exporting Countries (OPEC) and its allies […]

Price of cooking gas increased in February – NBS 

March 15, 2019

The National Bureau of Statistics (NBS), said the average cost of refilling a five kilogramme (kg) cylinder of liquefied petroleum gas (cooking gas) increased from N2,039.82 in January to N2,067.68 in February. The bureau disclosed this on its “Liquefied Petroleum Gas (Cooking Gas) Price Watch’’ for February released on its website. It said the price […]