Iraq’s and Nigeria’s oil ministers pledged on Thursday to reduce oil output to comply with their OPEC output targets. In a statement, the OPEC+ said it was important for all countries to reach full conformity with cuts. It also said OECD oil stocks remained above the five-year average. Market monitoring will continue ahead of the…
Oil slipped to around 60 dollars a barrel on Friday as concern about a slowdown in the global economy and oil demand outweighed hints of progress in the U.S.-China trade dispute. The Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) both issued reports this week pointing to an oil surplus…
Ocean Marine Solutions Limited (OMS), a leading asset company saddled with the responsibility of protecting the country’s resources from graft and illegal activities, has reiterated it’s committed towards effective securing and retrofitting of Oil Mining Lease 40 (OML 40) facility from Opuama to Otumara. The company’s media consultant, Mr Omoruyi Akpata said in a statement that the…
Electricity consumers on Tuesday expressed their reservations on the Nigerian Electricity Regulatory Commission (NERC) move to increase tariffs for Eligible Customers (ECs) under the Competition Transition Charge (CTC). The consumers made their views known at a stakeholders consultative forum on CTC in Lagos on Tuesday. The CTC is a new rule to make prospective ‘Eligible…
The Federal Government says it has plans to deliver Final Investment Decisions (FIDs) on at least four key projects within the nation’s oil and gas industry by the end of last quarter of 2019. President Muhammadu Buhari disclosed this during the ongoing 24th World Energy Congress (WEC) in Abu Dhabi, United Arab Emirates on Tuesday….
The Nigerian Liquefied Natural Gas Ltd (NLNG) has awarded N216 million to 12 graduates to pursue Master’s degrees at different universities in the United Kingdom. The company’s Manager of Corporate Communications and Public Affairs, Mrs Sophia Horsfall, disclosed this on Tuesday in a statement in Port Harcourt. She quoted Mrs Eyono Fatayi-Williams, General Manager, External…
The Chief of the Naval Staff (CNS), Vice Admiral Ibok-Ete Ibas has prescribed pragmatic measures for ship owners and seafarers to adopt in order to improve their safety and security at sea. Navy Director of Information, Commodore Suleman Dahun, disclosed this in a statement on Tuesday in Abuja. He said Ibas, represented by the Chief…
OPEC’s Joint Ministerial Monitoring Committee (JMMC) may discuss new metrics for the global oil cuts deal when it convenes in Abu-Dhabi on Sept. 12, TASS cited OPEC Secretary-General Mohammad Barkindo as saying on Monday. The group, known as OPEC+, uses certain targets, or metrics, for its deal, such as 5-year average oil stocks in the…
South Australia has embraced the circular economy with a state-wide ban of single-use plastics, a commitment to renewable energy and a roster of reputable companies driving reuse. SAGE Automation General Manager Paul Johnson loading one of Semi Auto Return Terminals they have developed for Container Deposit Systems in South Australia. Although the United Nations reports…
please Use the Africa oil week logo and Somalia flag As part of its efforts, Somalia is expected to honour most legacy contracts LONDON, United Kingdom, September 9, 2019/ — Following the signing of a new Petroleum Law and Revenue Sharing Agreement in May of this year, as well as the unveiling of its first…
