Oil broadly flat as higher inventories balance out less OPEC supply

March 7, 2019

Oil prices were broadly unchanged on Thursday as OPEC-led supply cuts and U.S. sanctions against exporters Venezuela and Iran counteracted record U.S. crude output, rising inventories and falling estimates of global demand growth. U.S. West Texas Intermediate (WTI) crude oil futures were at $56.44 per barrel, up 22 cents. Prices were supported by efforts by […]

NNPC to penalise defaulters of Procurement Act

March 6, 2019

Maikanti Baru, group managing director of the Nigerian National Petroleum Corporation, on Wednesday, warned the management and staff of the oil firm against any action that contravenes the provisions of the Public Procurement Act in the award of contracts. According to Baru, severe penalties await any defaulter of the stipulations in the Procurement Act. He […]

No force majeure on Bonny Light crude- Shell

March 5, 2019

Royal Dutch Shell has said it has not declared a force majeure on Nigeria’s highest crude grade, Bonny Light following explosion within the vicinity of Nembe Creek Well 7 in Bayelsa State on Friday. Reuters reported that, the firm released a statement on Monday, debunking reports that it had stopped the export of the crude […]

Heavy crude to be in high demand in 2019 – IEA

Bukola OdufadeFebruary 20, 2019

Heavy, sour crude oil might be in high demand in the coming months as the global market struggles to adjust to the recent US sanctions on Venezuelan state oil company PDVSA.  The major focus would be on crude quality rather than quantity, the International Energy Agency has said, as sanctions against Iran and Venezuela, along […]

Oil cut: Saudi Arabia’s Falih says compliance by OPEC members unquestionable

February 20, 2019

OPEC kingpin Saudi Arabia said it has received pledges of commitment from OPEC members and its allies to cut production levels in line with their current output agreement. According to Khalid al-Falih, Saudi Arabia’s energy minister, compliance by some key producers to the cut commitment, agreed to run between January and June, has been “unquestionable.” […]

AEDC commissions €2m automated equipment to improve customer service,  cut losses

Nse Anthony-UkoFebruary 12, 2019

Abuja Electricity Distribution Company (AEDC) has commissioned a €2.4 million (about N982m) integrated commercial management systems (InCMS)  automated platform to improve customer service experience and reduce its losses. James Momoh, chairman of the Nigerian Electricity Regulatory Commission (NERC), who commissioned the automated system tasked the other 10 distribution companies (DisCos), to adopt such automated process. […]

Blackouts cripple South Africa again as Eskom stumbles

February 12, 2019

South Africa grappled with traffic gridlock and shuttered businesses after the struggling state power utility cut supply for a third day to prevent a total collapse of the grid. The return to blackouts compounds worries about Eskom Holdings SOC Ltd.’s precarious position and the threat it poses to the economy. It’s also an embarrassment for […]

With Iran squeezed out, U.S. oil takes on new rivals in Europe

Chris IkosaFebruary 11, 2019

 When the global oil trading industry gathered for its biggest annual meeting in Asia in September last year, U.S. oil producing companies came well prepared. U.S. giant Exxon Mobil and European rival Royal Dutch/Shell prepared brochures for oil buyers detailing various U.S. crude grades and why they were suitable to replace part of Asia’s long-standing […]

Chevron ties executive pay to methane and flaring reduction targets

February 7, 2019

Chevron Corp plans to set greenhouse gas emissions targets and tie executive compensation and rank-and-file bonuses to the reductions, the oil major said in its latest climate report released on Thursday. The move is a first for a U.S. oil major and focuses on the company’s oil fields. More investors have been pressuring San Ramon, […]