The production cuts by the Organisation of the Petroleum Exporting Countries and its allies are expected to result in a relatively balanced market next year, the United States Energy Information Administration said on Wednesday. The EIA noted that members of OPEC and 10 non-OPEC partner countries, collectively known as OPEC+, agreed on April 15 to…

Five innovative teams were at the weekend selected as the winners of the Nigerian Oil and Gas Technology (NOGTECH) Hackathon sponsored by the Nigerian Content Development and Monitoring Board (NCDMB). The teams are Fuel Intellisense, Homefort Energy, Gricd Mote, Kiakia Gas and Airsynq. Their projects were picked as the most innovative and bankable by judges,…

Irked by the barrage of sponsored advertorial titled “True position on investment in Nigeria and challenges faced from LADOL”, in several national newspapers in recent weeks by Samsung Heavy Industries Nigeria Limited, the Lagos Deep Offshore Logistics (LADOL) Base (including GRML) has described Samsung Nigeria’s claims as attempts to thwart Federal Government’s directives on local…

The Lagos State Waterways Authority on Tuesday launched its first-ever fuel station on the Lagos inland waterways. The station is an attempt to boost water transportation activities by selling petrol to boats on the Lagos inland waterways which would further discourage the use of jerry cans and kegs by ferry operators to buy fuel. This…

The Department of Petroleum Resources (DPR) says it has outlined four cardinal focus for downstream operations in its bid to continue to enable business and create opportunities in the oil and gas sector. A statement signed by Mr Paul Osu, Head, Public Affairs, DPR on Thursday said the agency’s Director, Mr Sarki Auwalu, made this…

With crude oil consumption expected to decline by about 9 million barrels per day (mbpd) to 90.6 million barrels per day (mbpd) in 2020 due to the outbreak of coronavirus, operators in oil and gas industry, especially service firms may be in for tougher days ahead. The gloomy picture is contained in the 2020 Oil…

The volume of petrol supplied in the country declined by 23.88 per cent in July to 1.02 billion litres, according to the Nigerian National Petroleum Corporation. The NNPC said the 1.02 billion litres translated to 32.95 million litres per day, down from 44.62 million litres per day in June, when 1.34 billion litres were supplied.…

Crude oil export sales by the Nigerian National Petroleum Corporation (NNPC) recorded a decrease of 66.95 per cent in July compared to June 2020, the full issue of the corporation’s monthly financial and operation report has indicated. However, the national oil company explained that despite the shortfall, the crude oil export sales contributed about 65…

The International Energy Agency (IEA) has trimmed its 2020 oil demand forecast on Tuesday, citing caution about the pace of economic recovery from the pandemic. Oil prices slumped further below $40 per barrel on Monday, close to their lowest in over 2 months, as some oil firms like British Petroleum Plc, and Trafigura Group made…