Barely 24 hours after the members of the Petroleum and Natural Gas Senior Staff Association (PENGASSAN) and the National Union of Petroleum and Natural Gas workers (NUPENG) declared a nationwide strike, the Nigerian National Petroleum Corporation (NNPC) yesterday dismissed mounting insinuation of possible scarcity of petroleum products as a result of the strike. Group general…

Nigeria’s road network is the elephant in the room for Dangote’s new oil refinery – as well as for free trade in Africa. Dangote Group director Devakumar Edwin spoke to reporters last week about the date petroleum products from the giant project will hit the market. “Middle of next year, we start the commissioning process,…

The Nigeria Liquefied Natural Gas (NLNG) Limited, a joint venture between Nigerian National Petroleum Corporation (NNPC), Shell Gas, Total and Eni has called for the debottlenecking of the country’s gas value chain in order to drive massive industrialisation. Speaking at the Association for Consulting Engineering in Nigeria (ACEN) Annual Conference and General Meeting in Abuja,…

Renewed European lockdowns will delay demand recovery in the global oil market, particularly if these measures are extended into 2021 or further restrictions are re-introduced in the US or other regions, Fitch Ratings says. However, OPEC+ supply adjustments should mitigate the impact of demand volatility on oil prices. We expect global demand to be stronger…

The Cluster Management Committee/President Generals Forum of Oil Mining Lease (OML) 30 in Delta State, has shut down operations of Heritage Energy Operational Services Ltd (HEOSL), operators of OML 30. The committee made this known in a communiqué signed by its chairman and secretary, Dr Harrison Obogor and Mr Ibuje Joseph respectively yesterday, after its…

Oil surged about 8% on Monday, its biggest daily gain in more five months, after Pfizer announced promising results for its COVID-19 vaccine. Brent crude LCOc1 settled at $42.40 a barrel, up $2.95, or 7.48%, while U.S. West Texas Intermediate crude CLc1 settled at $40.29 a barrel, rising $3.15, or 8.48%. Oil markets also rose…

To further deepen its Liquefied Petroleum Gas (LPG), popularly called cooking gas, NIPCO Plc has announced plans to deploy skids and bottling plants across Nigeria. Its Managing Director, Mr Suresh Kumar, disclosed this on the sidelines of the company’s 16th Annual General Meeting held recently in Abuja. He said the company was able to make…

Key members of OPEC are wary that strains in the OPEC+ alliance could reemerge with Joe Biden as U.S. President, sources close to the organisation said, and would miss President Donald Trump who went from criticising the group to helping bring about a record oil output cut. Biden could modify U.S. diplomatic relations with three…

Biden’s victory could end up reshaping the U.S. energy sector in years to come, although the president-elect may have limited room to maneuver given that control of the Senate remains unclear. The president-elect has pledged to spend trillions of dollars to speed up the transition from fossil fuels, slash emissions and curb climate change. Biden…