12% drop in oil  pipeline vandalism increases Nigeria’s earnings

Baring major downward swing in the price of crude oil at the international commodities market or shift in OPEC’s support for a sustained increase in Nigeria’s contribution to global crude oil basin, the country will be way into achieving its earnings projections from oil. Nigeria recently resumed crude oil export from Focados export terminal after […]

Oil price hedging loses steam as low prices lure airlines, shippers

The past month’s plunge in oil prices has turned the market for hedging upside down. Oil producers have scaled back locking in future prices “considerably” since February, because of a shift in options pricing driven by consumer companies like shippers and airlines Bloomberg reports citing a report by Societe Generale. “This is a significant shift […]

Libya’s oil field reopens after strike

Libya’s biggest oil field, Sharara closed down on Wednesday due to workers’ protest has been reopened and expected to  resume normal production within three days, the National Oil Corporation said in a statement early on Friday. Sharara had been producing nearly 270,000 barrels per day (bpd) before employees went on strike over a lack of medical treatment for a […]

Protesting workers shut down Libya’s biggest oil field

Libya’s biggest oil field is reportedly shut down due to a protest by workers, stalling a revival in the politically divided country’s production of crude. Sharara closed on Wednesday, according to a person with direct knowledge of the matter who asked not to be identified because they aren’t authorized to speak to the media. The field […]

Seplat bullish on recovery, growth as Forcados resumes operations

Seplat Petroleum Development Company Plc, Nigeria’s leading independent indigenous Nigerian upstream oil and gas exploration company, has expressed optimism that as the Trans Forcados Pipeline resumes full operations after its shutdown by militant activities in the nation’s Niger Delta regions, it would move quickly into the stability and growth phases of its recovery plans. The […]

Equatorial Guinea calls on African nations to join OPEC

OPEC’s newest member, Equatorial Guinea called on fellow African producers to band together in protecting the value of their oil resources and join the group, Bloomberg reports. As more discoveries are made across the continent, cooperation among producers is key, the nation’s Minister of Mines, Industry and Energy Gabriel Obiang told a conference in Cape Town. “Have […]