Chevron puts two Nigerian offshore blocks up for sale
Businessam StaffNovember 29, 2019
Chevron has launched the sale of its stakes in two Nigerian offshore oil and gas blocks, a sale document seen by Reuters shows, as the company seeks to dispose of aging assets to focus on its fast-growing US production. A Chevron spokesman confirmed the sale process. The US energy giant is offering its 40% stake […]
Nigeria saves 30% of petrol use, says Customs CG
Businessam StaffNovember 29, 2019
Nigeria’s fuel consumption has reduced by 30 per cent since the stoppage of petrol sale at towns/villages within 30 kilometres of the country’s land borders. Hameed Ali , comptroller general of customs, stated this on Thursday when he appeared before the House of Representatives Committee on Customs. Ali said the directive banning sales of petroleum […]
Oil prices edge high as cautious trade-pact optimism provides a floor
Businessam StaffNovember 27, 2019
Oil prices edged higher Wednesday, on a path for a fifth gain out of six sessions, as cautious optimism for a trade pact between the US and China has propped up commodities prices and sent stock markets to records. Crude-market gains came despite an unexpected rise in a weekly snapshot of U.S. supplies out late Tuesday […]
Nigeria, other African countries to deepen investments in gas as future energy leader
Businessam StaffNovember 26, 2019
By Samson Echenim
Oil prices fall below $62pb over lingering trade war
Businessam StaffNovember 20, 2019
Kenneth Afor
OPEC, allies face ‘major challenge’ from competitors’ surging output- IEA
Businessam StaffNovember 15, 2019
The Organization of the Petroleum Exporting Countries and its allies face stiffening competition in 2020, the International Energy Agency said on Friday, adding urgency to the oil producer group’s policy meeting next month. “The OPEC+ countries face a major challenge in 2020 as demand for their crude is expected to fall sharply,” the Paris-based agency […]
Senate to review gas flaring penalties, urges govt on gas production
Businessam StaffNovember 6, 2019
Tola Akinmutimi The Senate on Wednesday mandated its committee on gas to review upwards and recommend immediately penalties for defaulters of Nigeria’s gas flaring laws. The upper chamber reached the resolution after consideration of a motion titled ‘The need to monitor the Nigerian Flare Commercialization Programme towards ending Gas Flaring by 2020’ The legislature thereby […]
Oil prices fall as crude build-up offsets hopes for U.S.-China trade talks
Businessam StaffNovember 6, 2019
Oil prices fell on Wednesday, pulled down by a larger-than-expected build-up in U.S. crude stocks, after gaining for three straight sessions on expectations of an easing in U.S.-China trade tensions. Brent crude futures LCOc1 were at 62.60 dollars a barrel by 0330 GMT, down 36 cents, or 0.6 percent. Brent settled up 1.3 percent on […]
Oil demand to fall in Western Countries, but not in India, China – OPEC
Busines StaffNovember 5, 2019
Oil demand in highly industrialised countries will shift from slight growth to a decline after 2020, while India and China will ensure that global oil consumption will grow over the next decades, an official said. This is according to an annual market outlook that the Organisation of the Petroleum Exporting Countries (OPEC) presented in Vienna on Tuesday. […]
We may have to worry about peak oil demand soon
Businessam StaffNovember 4, 2019
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 […]