OPEC will Struggle to Balance Supply and Demand in 2023 Despite recessionary fears, members of the Organisation of Petroleum Exporting Countries (OPEC) will need to increase their production output in 2023 if they are to balance oil supply and demand. The latest forecasts from the International Energy Agency (IEA), the US Energy Information Administration (EIA)…
South African Fuel Producer Sasol to Restart Refinery by End July South African fuel and petrochemical company Sasol Ltd (SOLJ.J) will restart its refinery by the end of July. The company declared force majeure at its second biggest refinery, recently due its inability to get feedstock (crude oil). Sasol is the only producer of petroleum…
Oil Prices Remain Elevated Despite Recession Fears, Covid Related Lockdown in China Despite recessionary fears and concerns over Covid-19 related lockdown in China, oil prices remain elevated. Brent crude futures for September settlement rose by $2.14, or 2.1%, to $103.30 a barrel by 1100 GMT, having gained 2.1% on Friday. U.S. West Texas Intermediate (WTI)…
Elcrest E&P Donates Relief Items to Delta Community Elcrest Exploration and Production Nigeria limited has, on behalf of itself and the Nigeria Petroleum Development Company (NPDC), Operator of the OML 40 JV, presented various relief items to communities in Gbetiokun, Delta state, to ameliorate the effects of an oil spill from MT Harcourt (A mother…
has signed a Memorandum of Understanding (MoU) with the National Fadama Development Project (NFDP) to collaborate on several activities during the planning and implementation of electrification programmes targeted at agriculture, land and water resources. A statement by REA said that the MoU is also expected to consider the Agency’s recently-launched Energizing Agricultural Programme (EAP). The…
Industry Leaders Express Concerns over Escalating Oil Theft in Niger Delta Key stakeholders in the Nigerian oil and gas industry have expressed worries over the increasing rate of oil theft in the Niger Delta region. The stakeholders who are mainly International Oil Companies (IOCs) stated their worries at the Nigeria Oil and Gas Conference and…
FG to Set Up Oil and Gas Investment Centre The Federal Government says it is working on setting up an oil and gas Investment centre which would act as a one-stop shop for oil and gas investment in Nigeria. The Acting Permanent Secretary, Ministry of Petroleum Resources, Kamoru Busari, made the disclosure at the Nigeria…
CAMAN President Leads Delegation of Cable Manufacturers to SON The Chief Operating Officer of MicCom Cables, Mrs Bukola Adubi, has led a delegation of cable manufacturers, under the auspices of the Cable Manufacturers Association of Nigeria (CAMAN), to the Standards Organisation of Nigeria (SON), to dialogue with the agency on issues affecting cable manufacturers in…
