Upswing in crude futures not yet ‘mission accomplished’- Saudi oil minister
Businessam Staff
April 20, 2018
Khalid al-Falih, Saudi Arabia’s energy minister, warned oil traders Friday that a dramatic upswing in crude futures was little reason to become complacent. Speaking to reporters in Jeddah, the OPEC kingpin said, “We have to be patient. We shouldn’t jump the gun, we shouldn’t be complacent and listen to some of the noise such as […]
Oil price remains close to three-year highs as ongoing supply cuts reduce inventories
Businessam StaffApril 20, 2018
Oil prices were firm on Friday near three-year highs reached earlier this week as ongoing OPEC-led supply cuts gradually drawn down excess supplies. Brent crude oil futures were at $73.69 per barrel at 0129 GMT, down 9 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures were down 7 cents at $68.22 […]
BudgIT decries govt’s lack of political will to control gas flaring as Nigeria loses N2.5bn yearly
Businessam StaffApril 19, 2018
BudgIT has advised the Nigerian government against the effects of gas flaring, which continues to contribute to irreversible environmental degradation, posing hazards to human health and loss of revenue in the country. In a statement released in Lagos on Thursday, the firm said it observed some progress in the fight against routine gas flaring over […]
Nigeria’ state oil company awards Oando, Oilserv Ajaokuta-Kaduna-Kano gas pipeline project
Businessam StaffApril 19, 2018
By Afolabi Oluwaseun A two-party consortium consisting of Oando Plc., in conjunction with its midstream affiliate, Axxela Limited (formerly known as Oando Gas & Power), and Oilserv Limited, has been awarded the engineering, procurement, construction (EPC) mandate for the Ajaokuta – Abuja portion (Lot 1) of the Ajaokuta-Kaduna-Kano pipeline system (AKK Pipeline) by the Nigerian […]
Saudi Arabia’s Aramco partners French company Total to build giant $9bn oil complex
Businessam StaffApril 11, 2018
Saudi Arabia’s state oil giant Aramco is partnering with French energy company Total to build a giant petrochemical complex in the city of Jubail. The announcement came as Saudi Crown Prince Mohammed bin Salman visits Emmanuel Macron, French President in Paris. The joint venture will “exploit operational synergies” and see $9bn (£7.2bn) invested in the […]
Nigeria state oil company signs contract agreements for 614km AKK project
Businessam StaffApril 9, 2018
The Nigerian National Petroleum Corporation (NNPC) has executed contracts for the engineering, procurement, construction, commissioning and financing for Lots 1&3 of the 40inch x 614km Ajaokuta – Kaduna – Kano gas pipeline and stations with a consortium of indigenous and Chinese companies under a 100 percent contractor financing model. Under the terms of the contract, […]
Bahrain discovers 80bn barrels of shale oil, significant amounts of tight gas
Businessam StaffApril 4, 2018
Bahrain, the Arabian Gulf island nation, has announced that it has discovered 80 billion barrels of oil and significant amounts of tight gas. If claims are true, it is as much as Russia’s oil reserves. The Persian Gulf country also claimed that the find is its biggest oil discovery since 1932. “The other discovery is […]
Trade war effect on oil prices to be minor- minister
Businessam StaffApril 4, 2018
Suhail Al Mazrouei, the United Arab Emirates energy minister said Tuesday that he is not concerned about the international trade war upsetting the crude oil market as such might not have significant effect on the prices. The minister who said the trade war could affect the cost of drilling, the cost of completion, also admitted […]
Downstream already up in arms over single regulatory commission for industry
Bukola OdufadeApril 2, 2018
The rationale behind the need for two regulatory commissions instead of the proposed one in the Petroleum Industry Governance Bill (PIGB) is not far-fetched for the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Olufemi Adewole, its executive secretary, , told business a.m. in an interview. Last week the lawmakers passed the Petroleum Industry […]
Natural gas price dips after limited storage decline
Businessam StaffMarch 29, 2018
Natural gas stocks decreased by 63 billion cubic feet for the week ending March 23, according to the U.S. Energy Information Administration (EIA) on Thursday. Analysts were expecting a storage withdrawal of about 87 billion cubic feet. The five-year average for the week is a withdrawal of 46 billion cubic feet, and last year’s storage […]