JP Morgan sees OPEC cutting output by 1.2 million barrels
Bukola Odufade
November 27, 2018
JP Morgan has said that the Organisation of Petroleum Exporting Countries (OPEC) might have to cut its crude output by as much as 1.2 million barrels per day to rein in the spiraling oil prices after it revised its outlook on Brent crude to $73 per barrel on average from $83.50/per barrel. Oil prices continue […]
Experts advise govt to create special fund for oil exploration
Bukola OdufadeNovember 27, 2018
Nigeria’s oil reserves remain stagnated at 36.18 billion barrels of crude oil reserves despite a target of 40 billion barrels reserves of crude oil which was set in 2010, a decade ago. The country is currently off its target as the only major recent discovery was ExxonMobil’s Owowo oil field of about one billion barrels […]
OPEC, allies mull 1.4 million bpd cuts as crude prices plunge
Bukola OdufadeNovember 15, 2018
The Organization of Petroleum Exporting Countries (OPEC) and the non-OPEC allies are discussing potentially cutting oil production by as much as 1.4 million barrels per day to try to lift oil prices out of the current rout, Reuters reported on Wednesday, citing three sources familiar with the talks. A proposal to reduce oil supply by 1.4 million […]
India crude imports from Nigeria, others hit 874,000bpd
Bukola OdufadeNovember 15, 2018
India’s imports from Nigeria and other African countries jumped in October to 874,000 barrels per day, their highest level in three years. India’s increased oil imports from Africa came as the Brent crude prices over Dubai swaps made Brent-linked African grades more attractive for buyers in Asia. Indian refiners also rushed to secure more African barrels […]
IEA predicts oil glut in 2019
Temitayo AyetotoNovember 14, 2018
The global oil market is to experience a glut throughout 2019, as heightened exploratory activities lead to increased output in the face of slowing consumption. The agency retained its forecast for global demand growth for 2018 and 2019 from last month at 1.3 million barrels per day (bpd) and 1.4 million bpd, respectively, but reduced […]
Demand side of electricity on the backburner despite its importance
Bukola OdufadeNovember 9, 2018
Demand and supply remains the yin yang of an industry, one cannot work without the other, they are opposite and contrary forces but the growth and development of any industry depends on the level of interrelation between these forces and the electricity industry is no different. A lot of focus has been on the generation […]
Nigeria’s Neconde commences gas flows to domestic market
Businessam StaffNovember 8, 2018
Neconde Energy Limited and partner on OML 42, NPDC, have commenced production and delivery of gas to the domestic market through the Nigeria Gas Marketing Company. The NPDC/Neconde JV is expected to deliver about 40 Mmcf/d to the domestic gas supply network in Nigeria. The gas is coming from the successful start-up and operation of […]
Shell, NNPC, won’t build refineries in Nigeria but want oil swap contracts
Chris IkosaNovember 7, 2018
After decades of operating in Nigeria exploiting crude oil from its soil, two giant international oil companies, Royal Dutch Shell and ExxonMobil, which own refineries in other parts of the world but have failed to build any in Nigeria, now want to take part in the country’s lucrative oil swap contract arrangement. The two […]
BP Q3 earnings skyrockets, to pay for $10.5 bn acquisition in cash
Bukola OdufadeOctober 31, 2018
BP said it’s generating so much cash at the moment that, provided oil prices remain around their current range, the company will pay for its $10.5 billion acquisition of BHP Billiton Ltd.’s onshore U.S. oil and gas assets entirely in cash. Profits at oil giant BP more than doubled in the third quarter of 2018, boosted by stronger oil […]
Solar energy startup uses blockchain for energy payment in Nigeria
Bukola OdufadeOctober 31, 2018
A clean energy startup, OneWattSolar, is changing the way Nigerians can access power as it allows people to pay for solar energy using blockchain tokens without having to pay for the solar system infrastructure, which is funded through financial backers. Victor Alagbe, the company’s vice president of operations and blockchain strategy, said that the aim […]