Nigeria’s electricity concerns to ease as Forcados pipeline resumes

Fashola

Concerns over Nigeria’s epileptic power supply situation are expected to ease on the back of resumption of oil and gas production activities at the Forcados export pipeline. This is coming on the heels of Shell Petroleum lifting the Forcados force majeure. Power supply in Africa’s largest economy dropped significantly from 3,959 megawatts to 2,662mw in […]

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 […]

Total revisits interest to develop South Sudan oil-blocks, says minister

Total S.A. has re-established talk with South Sudan about re-visiting and developing two of its biggest oil blocks following the collapsed of previous talks on the fields, Bloomberg reports. The renegotiation was revealed by the the nation’s petroleum minister. “They have written to me that they are still interested” in blocks B1 and B2, Ezekiel Lol Gatkuoth said Monday […]

Qatar says it faces campaign of lies, denies interfering

Qatar said on Monday it was facing a campaign of lies and fabrications aimed at putting the Gulf Arab state under guardianship, after Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut ties with it Reuters reports. “The campaign of incitement is based on lies that had reached the level of complete fabrications,” the […]

Oil prices dip on fears Middle East spat could harm OPEC cuts

Oil prices reversed gains to trade down on Monday on concerns that the cutting of ties with Qatar by top crude exporter Saudi Arabia and other Arab states could hamper a global deal to reduce oil production, Reuters reports. Saudi Arabia, the United Arab Emirates, Egypt and Bahrain closed transport links with top liquefied natural […]

Oil jumps as Qatar ditched, London attacks hurt sterling

Oil jumped after Saudi Arabia, Egypt, the United Arab Emirates and Bahrain cut ties with Qatar on Monday while sterling slipped after the weekend attacks in London that killed at least seven people and wounded 48, just days before Britain’s general national election, Reuters reports. The coordinated move by the Middle Eastern countries, accusing the […]

Nigerian excess crude under pressure on Forcados exports return

Nigerian crude differentials were under pressure on Thursday at the close of trade in London from the prospect of more plentiful supplies due to the return of Forcados exports. An estimated 15 June-loading cargoes are reported to be available, in addition to more July-loading barrel. The country’s Qua Iboe blend was last heard to be […]

Reps to consider host communities’ interest in PIB

The House of Representatives says it would pass a more holistic Petroleum Industry Bill (PIB) that will encompass interests of host communities and fiscal regulation of the oil industry, reports News Agency of Nigeria (NAN). Victor Nwokolo (Delta-PDP), Chairman of the House Committee, Petroleum Upstream, stated this on Thursday, while speaking to journalists at the […]

French union says deal reached to end petrol shortage

France’s CGT trade union said a strike by transporters of hazardous materials that has caused fuel shortages could be wound down by the weekend after talks on Wednesday with the transport ministry. The hardline CGT called the strike, which triggered panic-buying at petrol stations across the country, demanding wage increases and better working conditions for […]