Oil and Gas

Following widespread backlash over the award of oil infrastructure surveillance contract to an indigenous firm, Ocean Marine Solutions for the protection of the strategic 87-kilometre Trans Forcados Pipeline (TFP), the management of the Nigerian National Petroleum Corporation (NNPC) on Tuesday said breaches from the earlier contract cost the Corporation a whopping $800 million. Ndu Ughamadu, […]

Crude oil prices rallied again on Tuesday, with defiant comments by Iran’s president and the thawing of US-Chinese trade relations pushing oil prices higher, as Brent crude futures were up $1.35 per barrel to settle at $63.04 per barrel, while WTI was $1.07 higher at $54.02 per barrel. Hassan Rouhani, Iranian President on Tuesday threatened […]

ExxonMobil is looking to renewable energy sources to power its shale production in the Permian basin as it signs a deal with Orsted, a Danish renewable energy company to buy 500 megawatts (MW) of electricity produced by solar and wind farms, a Bloomberg report said. The electricity Exxon will be buying from Orsted will be […]

Nigerian Liquefied Natural Gas Limited (NLNG), the country’s owned gas company has said it is responsible in part for the stoppage of gas flaring in the country. Nigeria has been able to reduce gas flaring from two billion cubit fit per day a decade ago to 700 million cubits fit per day in 2018. Tony […]

France is blazing the clean energy trail for other developed economies to follow, as it is setting more ambitious targets to cut fossil-fuels usage by 2030 despite major fuel tax protests. Francois de Rugy, energy minister in an interview with a French radio station said “a 40 percent reduction in the use of fossil energy […]

JP Morgan has said that the Organisation of Petroleum Exporting Countries (OPEC) might have to cut its crude output by as much as 1.2 million barrels per day to rein in the spiraling oil prices after it revised its outlook on Brent crude to $73 per barrel on average from $83.50/per barrel. Oil prices continue […]

Nigeria’s oil reserves remain stagnated at 36.18 billion barrels of crude oil reserves despite a target of 40 billion barrels reserves of crude oil which was set in 2010, a decade ago. The country is currently off its target as the only major recent discovery was ExxonMobil’s Owowo oil field of about one billion barrels […]