Continuous fall in oil prices sparks concern in global energy market
Kenneth AforFebruary 27, 2020
By Kenneth Afor This week’s report of a fresh threat on coronavirus outside China is giving a lot of concern in the global energy market as oil prices fell two percent Thursday for fifth consecutive days, the lowest since January. The continuous spread of the virus in some large economies may trigger an unprecedented fall […]
Nigeria to drive Africa new-build refining capacity growth, says report
Samson EchenimFebruary 26, 2020
By Samson Echenim A recent report on the global oil and gas refining capacity forecast has picked Nigeria as Africa’s lead capacity additions from New projects by 2024. The report, “Global Refining Industry Outlook to 2024 – Capacity and Capital Expenditure Outlook with Details of All Operating and Planned Refineries,” was done by Globaldata, a leading […]
U.S. crude drops below $50 as Washington warns of a global pandemic
Businessam StaffFebruary 26, 2020
U.S. crude dropped below $50 on Wednesday, the lowest level since January 2019, as Asia, Europe and oil producing countries in the Middle East reported hundreds of new coronavirus cases and the United States warned of an inevitable pandemic. Brent crude fell 89 cents, or 1.6%, to $54.06 a barrel by 1041 GMT, while U.S. […]
Gencos allege N1.7tn federal government funding shortfall
Businessam StaffFebruary 25, 2020
The electricity generation companies (Gencos) yesterday raised the alarm over the federal government’s failure to make plans on how to fund the N1.7 trillion shortfall in either the annual budget or in the 2015 multi year tariff order (MYTO) and blamed the Nigerian Electricity Regulatory Commission (NERC) for the funding gap. Electricity distribution companies (Discos) also said […]
Nigeria’s oil reserves’ll run dry in 49 years – DPR
Businessam StaffFebruary 20, 2020
The nation’s crude oil reserves of 37 billion barrels, two per cent of which is being produced annually, will be depleted in 49 years, according to the Department of Petroleum Resources. The reserves, which stood at 37.45 billion barrels in 2014, fell to 37.06 billion barrels in 2015 and 36.74 billion barrels in 2016. It, […]
Oil hits two-week high on China stimulus hopes, supply risks
Businessam StaffFebruary 19, 2020
Oil rose to a two-week high on hopes that economic stimulus from China can revive demand battered by the coronavirus, and as a number of OPEC nations faced threats to their production. Brent futures increased for a seventh day, the longest run of gains since early 2019, even as Chinese refineries slashed processing by 25% from last […]
$750m oil stolen in 2019, says NNPC
Businessam StaffFebruary 19, 2020
The Nigerian National Petroleum Corporation has said the nation lost about $750m to crude oil theft in 2019. Mele Kyari, the group managing director, NNPC, who disclosed this on Tuesday, decried the growing activities of oil thieves and pirates which he described as a threat to the operations of the corporation. Kyari spoke to members […]
FG shortlists 200 investors for gas flare sites
Businessam StaffFebruary 18, 2020
The federal government has shortlisted 200 investors to bid for gas flare sites after the evaluation of statements of qualification submitted by interested companies. The Department of Petroleum Resources disclosed this on Monday, saying that 45 gas flare sites would be put up for auction in the first phase of the Nigerian Gas Flare Commercialisation […]
Nigeria LNG signs 10-year gas deal with Galp
Samson EchenimFebruary 14, 2020
Nigeria Liquefied Natural Gas (NLNG) has signed a deal with Galp Trading SA for the supply of one million tonnes of LNG per year, the African producer said in a statement. The volumes will be supplied on a delivered ex-ship basis for 10 years from Trains 1, 2 and 3 of a six-train NLNG production […]
Oil prices push up the trend following last night’s descent
Businessam StaffFebruary 13, 2020
The latest crude oil price rally was nipped in the bud last night by the news that 15,000 new coronavirus cases had been diagnosed in the Chinese province of Hubei as the health authorities had changed their method of counting the cases, including “clinically diagnosed” patient to the total count. But oil recovered on […]