The rising number of COVID-19 cases among workers at Nigeria’s offshore oilfields and platforms is a growing threat to the country’s oil production, sources within the oil sector said. However, Nigeria, which failed to curb oil production quota in strict adherence with the Organisation of Petroleum Exporting Countries (OPEC) agreement in an effort to ameliorate…
Read More
The Department of Petroleum Resources (DPR) has expressed concern over non-compliance to established protocols aimed at the containing COVID-19 pandemic by some oil and gas companies. The DPR, which is the regulator of the Nigerian oil and gas industry, made this known in a circular to the companies on the management of Coronavirus. A copy…
Read More
Nigeria issued its official selling prices and started to issue its latest loading programmes on Tuesday. Nigeria raised its July official selling prices for Bonny Light and Qua Iboe crude to dated Brent plus 19 cents and plus 22 cents per barrel, respectively, reflecting a stronger market. Loading programmes for August also started to emerge…
Read More
Industry players have expressed concerns about the transparency and credibility of the 2020 marginal fields’ bid round process being handled by the Department of Petroleum Resources (DPR), Nigeria’s oil and gas regulatory agency. It was gathered that the federal government is targeting to raise over $500 million from the bid round in terms of signature…
Read More
Global natural gas output is set to fall by 2.6 per cent this year because of the impact of the COVID-19 pandemic, after previously being expected to grow, consultancy Rystad Energy said on Tuesday. Rystad Energy had expected total natural gas production to rise to 4,233 billion cubic meters (bcm) in 2020 from 4,069 bcm…
Read More
Deutsche Bank Luxembourg S.A. has completed a landmark US$3 billion Export Credit Agency (ECA)-backed hybrid corporate financing for Nigeria LNG Limited (NLNG) to develop the NLNG Train-7 Project, Global Legal Chronicle reported on Tuesday. The NLNG Train-7 is a joint venture owned by Nigerian National Petroleum Corporation (NNPC), Shell, Total and Eni. A press statement…
Read More
The Federal Government plans to review the prices of gas consumed across the country. The Minister of State for Petroleum Resources, Timipre Sylva, said the move would help deepen the use Liquefied Petroleum Gas, popularly called cooking gas, as well as Compressed Natural Gas. The Federal Government targets to move motorists from the use of…
Read More
Thousands of Nigerians are asking British judges to give them permission to sue Royal Dutch Shell Plc in London over environmental damage caused by oil spills 3,000 miles away in Africa. Lawyers for residents of the crude-rich Niger Delta believe a landmark U.K. Supreme Court ruling last year against a London-based miner should set a…
Read More
Global demand for oilfield services (OFS), measured in the total value of exploration and production (E&P) company purchases, is set for a massive 25% yearly drop in 2020 as a result of the Covid-19-caused downturn, a Rystad Energy analysis shows. Spending is expected at $481 billion this year and take the first step on the…
Read More