Nigeria’s oil, gas exports hit $3.71bn in 13 months

Nigeria’s oil, gas exports hit $3.71bn in 13 months

Nigeria exported crude oil and gas worth $3.71bn from August 2019 to August 2020, latest statistics released by the Nigerian National Petroleum Corporation have shown. The NNPC also stated that Nigeria’s total crude oil and gas export sale increased in the month of August 2020 by 64.84 per cent to $139.5m when compared to what…

Read More
Lekoil restates commitment to long term growth & investment in Nigeria

Lekoil restates commitment to long term growth & investment in Nigeria

Lekoil, an oil and gas exploration and production company with focus on Nigeria and West Africa, has restated its commitment to long term growth following the release of its unaudited interim results for the six months ended 30, June 2020. Within the period, the company successfully completed site survey operation on OPL 310. While Otakikpo…

Read More
Oil demand to peak in 2028 accelerated by Covid-19 and energy transition –  Rystad

Oil demand to peak in 2028 accelerated by Covid-19 and energy transition – Rystad

The Covid-19 pandemic and energy transition are expected to expedite peak oil demand to 2028 and cut demand levels to 102 million bpd, according to Norwegian energy intelligence firm Rystad Energy. The Covid-19 pandemic and the acceleration of the energy transition have led Rystad Energy to significantly revise its long-term oil demand forecast. The virus…

Read More
Nigeria loses N343bn as oil firms flare 265bcf of gas in 9 months

Nigeria loses N343bn as oil firms flare 265bcf of gas in 9 months

Despite Nigeria’s struggle with declining revenue, poor power supply and environmental degradation, oil and gas firms operating in the country flared 265.18 billion standard cubic feet, bcf, of gas between January and September 2020. This, however, represented a decline of 23.6 per cent compared to 347.15 bc of gas flared in the corresponding period of…

Read More
Nigeria produces 155m bbls of oil in three months

Nigeria produces 155m bbls of oil in three months

Amidst dwindling oil revenue occasioned by the coronavirus pandemic, Nigeria produced 155,062,220 barrels of crude oil and condensate for the months of July, August and September. According to data from the Department of Petroleum Resources, the country produced a daily average of 1,701,738, 1,704,669 and 1,648,786 for the months of July, August and September 2020,…

Read More
Oil price slump threatens Nigeria’s 2021 budget – FG

Oil price slump threatens Nigeria’s 2021 budget – FG

The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said the resurgence of COVID-19 in Europe, which has caused oil prices to decline in the international market, may affect the 2021 budget estimate. The 2021 budget is predicated on $40 per barrel but the current price in the market stands at $37. Ahmed…

Read More
Shell shuts down leaking pipeline in Rivers State

Shell shuts down leaking pipeline in Rivers State

The Shell Petroleum Development Company (SPDC) has shut down its leaking pipeline located between Agbada FS and Nkpoku Manifold in Rivers State. Shell’s Media Relations Manager, Bamidele Odugbesan, said the company received a report of the leak on Wednesday and immediately activated its Emergency and Spill Response Team. He said the team isolated and depressurised…

Read More
Oil price drops amid European lockdowns, U.S. election uncertainty

Oil price drops amid European lockdowns, U.S. election uncertainty

Oil prices fell nearly 1% on Thursday, weighed down by the steady rise in coronavirus infections and as the outcome of the U.S. presidential election had still not been settled. Brent crude LCOc1 settled down 30 cents, or 0.7%, at $40.93 a barrel and U.S. West Texas Intermediate (WTI) crude CLc1 was down 36 cents,…

Read More
Fire guts tank farm belonging to Oando in Lagos

Fire guts tank farm belonging to Oando in Lagos

A tank farm belonging to Oando Plc located at Marine Beach, Ijora, Lagos State was on Thursday gutted by fire. Mr. Ibrahim Farinloye, the Acting Zonal Coordinator, southwest Zonal Office, (NEMA) confirmed the development to the News Agency of Nigeria (NAN) in Lagos. Farinloye said the cause of the fire which started at the depot…

Read More