Brent crude led oil prices higher, extending gains into a third day after Saudi Arabia suspended crude shipments through a strategic Red Sea shipping lane and as data showed U.S. inventories fell to a 3-1/2 year low. Brent crude futures had risen 66 cents, or 0.9 percent, to $74.59 a barrel by 0019 GMT, after…
Thursday’s trading activities on the floor of the Nigerian Stock Exchange for energy companies witnessed a marginal increase in the prices of Oando and Capital Oil’s shares. They recorded 0.05k and 0.02k gains, respectively. Japaul dropped by 0.02k. Eterna and Mobil Oil were unchanged. Gainers Oando: 0.05k CapOil: 0.02k Top Loser Japaul: -0.02k
Rivers State Governor, Chief Nyesom Wike, says the state is acquiring mobile cancer screening equipments to detect cancer-related ailments arising from the air pollution from hydrocarbon soot in the state. Black soot in Rivers State is believed to be caused by incomplete combustion of hydrocarbons by artisanal oil refiners and security agencies who sets ablaze…
The Department of Petroleum Resources, DPR, has said it approved 16 new oil and gas fields’ development plan, FDP, in 2017. According to a document obtained from the agency on Thursday at the ongoing three-day workshop for media practitioners in Lagos, the approval of the new fields will increase the nation’s oil and gas production by…
The Nigerian Content Development and Monitoring Board (NCDMB) and the Bank of Industry (BOI) have scheduled meetings with oil and gas service companies, community contractors and commercial banks in a bid to address the factors responsible for the slow disbursement of the US$200 million dollars Nigerian Content Intervention Fund (NCI Fund). NCI Fund is a…
Hon. Dr. Emmanuel Ibe Kachikwu, Minister of State, Petroleum Resources to speak at Africa Oil & Power event in Cape Town, South Africa. AOP 2018 takes place on September 5-7, 2018 and brings together 500 public and private sector delegates from Nigeria and around Africa. This year’s conference features a Nigeria-themed exhibition area and on-stage…
Oil prices stabilised on Monday as worries over production losses were outweighed by concerns that trade disputes would reduce economic growth and hit global energy demand. Benchmark Brent crude oil LCOc1 was up 15 cents at 73.22 dollars a barrel by 7.50 GMT while U.S. light crude CLc1 was unchanged at 68.26 dollars. Finance ministers…
Shell Exploration and Production Mauritania (C-10) B.V. and Shell Exploration and Production Mauritania (C-19) B.V. (“Shell”) today signed two Production Sharing Contracts with the government of Mauritania for the exploration and potential future production of hydrocarbons in the offshore blocks C-10 and C-19. “This move represents Shell’s entry into the West African Atlantic Margin exploration…
Malabo, Equatorial Guinea —The Ministry of Mines and Hydrocarbons of Equatorial Guinea has mandated all petroleum operators to cancel all contracts with Canadian-based CHC Helicopters, over noncompliance with the country’s national content regulations. Some of these operators include Noble Energy, Exxon Mobil, Kosmos Energy, Trident, Marathon Oil Corporation and others. “It is the responsibility of the Ministry of Mines…
Nigeria and the Republic of Niger, Tuesday signed an agreement for the construction of a petroleum pipeline and refinery. The Memorandum of Understanding, MoU, for the project was signed by Nigeria’s Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, and Niger Republic’s Minister of Energy, Foumakaye Gado, at a ceremony in Abuja. The pipeline is expected to run…
