Oil rises above $70 amid US, Iran face-off
Businessma StaffJanuary 7, 2020
Oil prices surpassed $70 per barrel on Monday for the first time in more than three months as the United States warned of increased threats to energy facilities in the Middle East after the assassination of an Iranian general, Qassem Soleimani, last week. The international oil benchmark, Brent crude, jumped 1.5 per cent to as […]
Another war looming? What will happen to oil prices
Businessam StaffJanuary 4, 2020
The world needs to remember how prices for US crude oil spiked $10 per barrel overnight as fighting began in the second war in Iraq. That would have meant a profit of $50,000 if a trader had made the smallest purchasing trade possible. Or, just as big a loss if the trader had decided to […]
Oil prices soar following US killing of Iran’s top general
Businessam StaffJanuary 3, 2020
Oil prices soared early on Friday morning after US forces in Iraq assassinated Iran’s most powerful and visible military leader, Qassem Soleimani. The United States killed the Iranian general in an airstrike early on Friday morning according to Pentagon reports. Influential Iraqi militia commander and advisor to Soleimani, Abu Mahdi al-Muhandis, was also killed in […]
NLNG pays $7bn tax, $15bn dividend to FG
Businessam StaffJanuary 2, 2020
The Nigeria LNG Limited says it has paid over $7bn as taxes and issued more than $15bn as dividend to the Federal Government since it started operations. NLNG’s Managing Director, Tony Attah, who disclosed this recently in Abuja, also stated that the company had the target of expanding its LNG production trains from six to […]
Why the Saudis suddenly agreed to Kuwait’s mega oil deal
Businessam StaffDecember 31, 2019
Strange, is it not, that an agreement has suddenly been reached between Saudi Arabia and neighbouring Kuwait on the oil and gas fields that they share in the ‘Neutral Zone’ after a bitter dispute that showed no sign of ending after nearly five years? Aside from the pure peculiarity of this sudden announcement, there is […]
IOCs delay $58.4bn oil, gas projects in Nigeria
Businessam StaffDecember 31, 2019
A number of oil and gas projects valued at $58.4bn are facing an uncertain future as international oil companies operating in the country have failed to sanction them several years after they were announced. Industry experts said the regulatory and security challenges in Nigeria, as well as the slump in global oil prices, had put […]
Rivers takes on Akwa Ibom, Imo in N21.6bn oil revenue battle
Businessam StaffDecember 30, 2019
Governor Wike denies waging oil war with neighbouring states Ben Eguzozie, in Port Harcourt With Soku oil wells worth over $2 billion now in his kitty, thanks to the Federal High Court Abuja ruling of December 16, 2019, Governor Nyesom Wike is in court again over oil related issues. This time, he is fighting to […]
Oil prices surge on large crude draw
Businessam StaffDecember 27, 2019
Crude oil prices rose higher after the Energy Information Administration reported an inventory draw of 5.5 million barrels for the week to December 20 in its last weekly petroleum status report for 2019. At 441.4 million barrels, inventories were some 2 percent above the seasonal average, the EIA said. The authority also reported average refining rates of […]
Petrol subsidy rises to N47.5/litre as oil price hits $67.86
Businessam StaffDecember 27, 2019
The subsidy on premium motor spirit, popularly known as petrol, has risen to N47.5 per litre as the expected open market price of the commodity hit N180.78 on Monday, latest data from the Petroleum Products Pricing Regulatory Agency showed. Brent, the international benchmark against which Nigeria’s oil is priced, appreciated on Thursday to $67.86 per […]
FG reverses decision to sell oil asset stake
Businessam StaffDecember 26, 2019
For the second year in a row, the federal government has failed to carry out its planned sale of some of its stake in joint venture oil assets. The federal government did not include the sale of the JV oil asset stakes as a source of expected revenue in the highlights of the 2020 budget […]