Talks between OPEC and its allies are zeroing in on a delay to next year’s planned oil-output increase of three to six months, according to several delegates. Saudi Arabia and Russia, leaders of the 23-nation coalition, have already indicated publicly that they are thinking twice about easing production cuts in January as the resurgent pandemic…
Read MoreIf the lawmakers sustain the current pace of work on the Petroleum Industry Bill (PIB), the passage of the new law for the country’s oil and gas industry may not linger beyond the first quarter of 2021, the Minister of State for Petroleum Resources, Timipre Sylva, has said. The minister ,who was giving an update…
Read MoreThe oil tanker M/T Wesley averted a pirate attack when it was approached off Bayelsa State in the Gulf of Guinea by a speed boat with seven armed pirates. Armed guards aboard the M/T Wesley opened fire on the speed boat carrying seven pirates over the weekend, local sources report. According to security consultancy firm,…
Read MoreTransnational Corporation of Nigeria Plc (Transcorp) announced today that it has entered into an agreement with Sacoil Holdings Limited (now Efora Energy Limited, “Efora”) to settle all existing legal disputes around its Oil Prospecting Licence 281 (“OPL 281”). The agreement provides for the full and final settlement of all disputes and claims of both parties…
Read MoreThe management of Dangote Refinery and Petrochemicals has disclosed that the 650,000 barrels per day project will create jobs for not less than 250,000 Nigerians when completed and fully operational next year. Group executive director, Strategy and Capital Projects, Dangote Industries Limited, Mr Devakumar Edwin, said that the Refinery has potential to turn around Nigeria’s…
Read MoreThe Petroleum Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation, has increased the ex-depot price of Premium Motor Spirit, also known as petrol, to N155.17 per litre from N147.67 per litre. The PPMC disclosed this in an internal memo with reference number PPMC/C/MK/003, dated November 11, 2020, and signed by Tijjani…
Read MoreThe Gulf of Guinea, GoG, late yesterday recorded fifth pirate attacks within six days as report just released by Dryad Global, indicates that a Marshall Island flagged vessel, M/T LA BOHEME was last night at 2036 UTC, attacked by 2 skiffs 95 nautical miles off Cotonou at 2036 UTC yesterday. The crew mustered in citadel…
Read MoreWith the continued delay in the passage of the Petroleum Industry Bill (PIB) leading to a frigile fiscal regime mired by uncertainty, the African Energy Chamber (AEC), has said Nigeria and other African countries should expect a capital expenditure (CAPEX) spending cut of $30billion by next year. Specifically, the Chamber said it expects a CAPEX…
Read MoreThe Commissioner for Lagos State Ministry of Energy and Mineral Resource, Olalere Odusote, has said the government is working aggressively towards actualising a gas agenda that promotes expansion and utilisation in the state. Olalere, on the side-lines at the official launch of flash gas-on-the-go service in Lagos, said: “We are going to be doing this…
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