Saudi Aramco targets top end valuation of $1.7trn
Businessam StaffDecember 4, 2019
Saudi Arabia’s oil giant Aramco is assessing setting the final offer price of its initial public offering at the top of the indicative range, which would raise $25.6 billion and surpass the current record for the biggest IPO ever, Bloomberg reported on Wednesday, quoting people familiar with the discussions – per Tsvetana Paraskova of oilprice.com Aramco has set an indicative […]
Nigeria still flaring 8bn cubic metres of gas worth $2.5bn annually, says environmentalist
Businessam StaffDecember 3, 2019
Buhari promised to end flaring by 2020
African Energy Chamber calls for better fiscal terms, incentives to encourage oil exploration
Businessam StaffDecember 3, 2019
By Samson Echenim
Oil prices surge as Saudi seeks more supply cuts
Businessam StaffDecember 3, 2019
Kenneth Afor
Nigeria owes IOCs $3.501bn in cash-call – NEITTI
Businessam StaffDecember 2, 2019
Nigeria has significantly reduced the accumulated debt it owes International Oil companies (IOCs) for cash-call for oil and gas production from $5.510 billion to $3.501 billion, the Nigeria Extractive Industries Transparency Initiative (NEITI) has said. NEITI, in its latest 2017 oil and gas audit report, indicated that as at October 2018, the country’s total cash […]
Oil prices to average $62.50 in 2020 as oversupply to persist
Businessam StaffNovember 29, 2019
Uncertainty over global economic and oil demand growth will continue to weigh on oil prices next year as the oversupply in the market will likely persist, the monthly Reuters poll of economists and analysts showed on Friday, per an oilprice.com report by Tsvetana Paraskova. According to 42 experts, Brent Crude will average $62.50 per barrel in 2020, just slightly […]
Chevron puts two Nigerian offshore blocks up for sale
Businessam StaffNovember 29, 2019
Chevron has launched the sale of its stakes in two Nigerian offshore oil and gas blocks, a sale document seen by Reuters shows, as the company seeks to dispose of aging assets to focus on its fast-growing US production. A Chevron spokesman confirmed the sale process. The US energy giant is offering its 40% stake […]
Nigeria saves 30% of petrol use, says Customs CG
Businessam StaffNovember 29, 2019
Nigeria’s fuel consumption has reduced by 30 per cent since the stoppage of petrol sale at towns/villages within 30 kilometres of the country’s land borders. Hameed Ali , comptroller general of customs, stated this on Thursday when he appeared before the House of Representatives Committee on Customs. Ali said the directive banning sales of petroleum […]
Oil prices edge high as cautious trade-pact optimism provides a floor
Businessam StaffNovember 27, 2019
Oil prices edged higher Wednesday, on a path for a fifth gain out of six sessions, as cautious optimism for a trade pact between the US and China has propped up commodities prices and sent stock markets to records. Crude-market gains came despite an unexpected rise in a weekly snapshot of U.S. supplies out late Tuesday […]
Nigeria, other African countries to deepen investments in gas as future energy leader
Businessam StaffNovember 26, 2019
By Samson Echenim