Global LNG export to reach 650bcm by 2022, IEA
Phillip Isakpa
July 13, 2017
The International Energy Agency (IEA) said in its annual report released Thursday that global export capacity for liquefied natural gas (LNG) would rise and reach 650 billion cubic meters (bcm) a year by 2022, compared to less than 452 bcm a year in 2016. Nigeria, a leading LNG exporter in Africa, would be expected to […]
Shell selling stake in Ireland’s Corrib gas field for $1.23 billion
Businessam StaffJuly 12, 2017
Royal Dutch Shell Plc said it would sell its 45 percent stake in the Corrib gas venture to a unit of Canada Pension Plan Investment Board (CPPIB) for up to $1.23 billion, marking the oil company’s exit from the upstream business in Ireland, according to a monitored Reuters report. The deal includes an initial consideration […]
Numbers show huge challenges facing OPEC members
Businessam StaffJuly 12, 2017
The price of a barrel of Brent crude has more than halved over the past five years, triggering an existential crisis for the world’s biggest oil producers. It’s also forced the withdrawal of billions of petrodollars that have been circulating throughout the global economy while providing a windfall to consumers in the form of lower […]
Goldman sees risk of oil below $40 without OPEC ‘shock and awe’
Businessam StaffJuly 11, 2017
OPEC needs to “shock and awe” the oil market for prices to gain, according to Goldman Sachs Group Inc. The Organization of Petroleum Exporting Countries must increase output cuts aimed at shrinking a global glut with little public announcement in order to jolt investors, the bank said in a July 10 report. Without such action […]
OPEC caps for Libya, Nigeria crude output not enough to fix oil glut
Businessam StaffJuly 11, 2017
A proposal that Libya and Nigeria could have to accept limits on their crude production probably would not be enough to put OPEC’s faltering efforts to eliminate a global supply glut back on track, Bloomberg reports. The two African nations — which were exempt from the supply curbs agreed last year due to internal strife […]
U.S. pledges support for digital transformation of Nigeria’s oil and gas industry
Businessam StaffJuly 10, 2017
The Foreign Commercial Service of the United States Diplomatic Mission to Nigeria, in collaboration with Hewlett Packard Enterprise (HPE) Nigeria and its leading local partner, Manifold Computers, has introduced an innovative technology, Synergy and Aruba, for use in the Nigerian oil and gas industry. Speaking during a public presentation of the technology product at an […]
Erin Energy announces farm-out deal approval with FAR in The Gambia
Businessam StaffJuly 6, 2017
Erin Energy Corporation has announced that the Government of the Republic of The Gambia has approved the farm-out agreement with FAR Ltd., an Australian Securities Exchange listed oil and gas company, whereby FAR will acquire an 80% interest and operatorship of Erin Energy’s offshore A2 and A5 blocks in The Gambia, African Business Community reports. […]
NLNG CEO sees price of Nigeria cooking gas falling 20% in weeks
Businessam StaffJuly 5, 2017
Tony Attah, the chief executive officer of Nigerian Liquefied Natural Gas (NLNG) Limited has given signs yet of a likely drop in the price of domestic cooking gas in the country, according to multiple sources following him on a facility tour of liquefied petroleum plants in Lagos. The fall in price is expected in the […]
NLNG says amendment Act amounts to double taxation, threat to FDI into Nigeria
Businessam StaffJuly 4, 2017
Liquefied natural gas (LNG)-producing company, NLNG has stated that making amendments to the NLNG Act would amount to double taxation since gas suppliers to NLNG already pay the Niger Delta Development Commission (NDDC) a 3% levy. Tayo Oginni, NLNG production general manager, told a group of international journalists during a visit to the NLNG facility […]
Baker Hughes, GE Oil & Gas in business combination to create a full-stream oil and gas company
Businessam StaffJuly 4, 2017
Baker Hughes and GE have announced that the transaction combining GE’s oil and gas business with Baker Hughes is complete. The new company, BHGE, according to a statement issued Tuesday, would be the first and only to bring together industry-leading equipment, services and digital solutions across the entire spectrum of oil and gas development. “Disruptive […]