Importation problem not going away soon
Bukola Odufade
August 13, 2018
Domestic petrol Nigeria’s quest to stop the importation of refined petroleum products by 2020 appears to need a reconfiguration in the minds of the population as this quest may not be realized anytime soon. The major reason for this is that sources familiar with the matter have said that the messianic saviour on which the […]
Iran accuses OPEC, allies of improper distribution of crude production quotas
Bukola OdufadeAugust 8, 2018
Iran is accusing the organization of petroleum exporting countries (OPEC) and its allies of improperly redistributing crude oil production quotas, as United States’ sanctions against the crude oil producer takes effect. Bijan Zanganeh, Iranian oil minister in a letter to Suhail al-Mazrouei, UAE energy minister and OPEC president said that the OPEC and non-OPEC committee […]
Nigeria to tap alternative financing options for its JV operations
Bukola OdufadeAugust 7, 2018
Nigeria is looking into alternative financing options to fund its Joint Venture (JV) obligations as the state owned oil company looks to revamp the oil and gas industry. According to Maikantu Baru, group managing director of Nigerian National Petroleum Corporation (NNPC) who spoke at the ongoing society of petroleum engineers’ conference in Lagos, Nigeria had […]
OPEC, IEA seeing differently on outages, sanctions
Bukola OdufadeAugust 6, 2018
International energy bodies have offered differing positions on the expected impact of sanctions and production outages in Iran, Venezuela, and Libya on oil capacity. While the Organisation for Petroleum Exporting Countries (OPEC) said rising capacity from its rivals will easily meet the global demand, International Energy Agency’s monthly report has projected that capacity could be […]
Nigeria’s crude production rises slightly in July as Shell lifts force majeure on Bonny light.
Bukola OdufadeJuly 31, 2018
Nigeria’s crude oil output rose slightly by 50,000 barrels per day in July, as a result of the lifting of force majeure on its premium crude, Bonny Light by Shell Petroleum Development Company of Nigeria Limited, a survey conducted by Reuters has shown. Shell had declared force majeure on the high grade crude in May […]
Total signs agreement with Tata to improve its refinery performance
Bukola OdufadeJuly 17, 2018
International oil company, Total of France, Tuesday announced a partnership agreement with Indian based Tata Consultancy Services (TCS) aimed at improving its refinery performance, by building an innovative center in the country. According to a statement released by the oil giant, the partnership will initially focus on the use of disruptive technology to revamp the […]
Gas flaring up slightly in Nigeria but slows down worldwide, says World Bank
Bukola OdufadeJuly 17, 2018
Gas flaring by oil and gas companies in Nigeria is still costing Nigeria as much as $2.5 billion annually but the World Bank says the practice is on the decline globally. According to data seen by business a.m. gas flaring rose by four percent in Nigeria in 2017. Much of the natural gas associated with […]
Oil prices could hit $100 despite increased production from OPEC, allies
Bukola OdufadeJuly 16, 2018
The highly volatile oil market might be faced with more volatility in the coming months as oil analysts say that there is a chance crude prices might hit triple digits. Increased production from OPEC and its allies can’t replace production from Iran, which would reduce by 500,000 to one million barrels per day once sanctions […]
Co-operation central to stability in global oil and gas industry
Bukola OdufadeJune 20, 2018
Major stakeholders in the global oil and gas industry have all stressed the importance of co-operation in tackling issues such as an economic development of developing countries, evolving energy future, oil industry challenges, and investments amongst others at the 7th OPEC International seminar in Vienna. Ibe Kachikwu, Nigerian minister of state for petroleum resources who […]
Saudi Arabia struggles to convince OPEC members, Gulf allies to raise oil output
Businessam StaffJune 20, 2018
Saudi Arabia is finding it difficult to convince fellow OPEC members and Gulf allies on the need to raise oil output, sources said on Wednesday, adding to complications ahead of an OPEC meeting this week, Reuters reports. The Organization of the Petroleum Exporting Countries meets on Friday to decide on output policy amid calls from […]