The price of Bonny Light, Nigeria’s premium oil grade, which had risen to $40 per barrel last week, dropped to $38.70 following the prevalence of excess crude in the international market. This was even as the Organisation of Petroleum Exporting Countries, OPEC, emerged with a report, stating that it achieved 87 per cent compliance with…
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Rystad Energy is revisiting the concept of Peak Oil. The Norwegian consultancy is arguing that the effects of COVID-19 will ultimately force significant reduction in appetite for frontier exploration. The company has startling predictions for the growth or decline of crude oil reserves in African jurisdictions, especially the Top Four holders of crude. Rystad says…
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The Organisation of Petroleum Exporting Countries (OPEC) Thursday gave Nigeria and three other countries Monday deadline to submit a schedule of the oil production cut compensation plan , following their failure to fully comply with an April deal aimed at cumulatively reducing production by about 9.7 million barrels daily. The three other countries yet to…
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Seplat Petroleum Development Company Plc, the completed transfer of the business activities and assets of OMLs 4, 38 and 41 from the holding company to its wholly owned subsidiary, Seplat West Limited. In a notification to the Nigerian Stock Exchange (NSE) yesterday, Seplat said the transfer, which is effective January 1, 2020, and will not…
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The Nigerian Agip Oil Company (NAOC) has blamed the delay in responding to an August 2019 leak in its Taylor Creek oilfields at Kalaba Community in Yenagoa Local Government Area of Bayelsa State on security concerns. The community had accused Agip of operating in an environmentally unsustainable manner by leaving the site without remediation for…
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The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, says the organisation does not know the exact litres of oil being consumed in the country per day. He, however, said the NNPC has the record of the number of litre being lifted from the various depots every day. Kyari stated this at…
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Industry experts have raised concerns over the Nigeria Oil and Gas Industry Content Development (Amendment) Bill 2020 seeking to double the amount operators contribute to the Nigerian Content Development Fund, among other proposals. Currently, one per cent of the value of all contracts awarded in the upstream sector of the country’s oil and gas industry…
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The continued delay in the reform of the Nigerian petroleum industry has resulted in the loss of at least $20billion indirect investments annually, Nigeria Natural Resource Charter (NNRC) has disclosed. This information was given during a webinar conference held by NNRC and monitored by BusinessDay in Abuja. While calling for capacity development in the oil…
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UK-based C-Kore Systems has completed a successful campaign offshore Nigeria with VAYCO Oil tools and local Nigerian partner Cranium Engineering. The operation for a major oil operator in over 1,000m water depth allowed rapid testing of umbilicals and electrical flying leads (EFLs) for regulatory compliance and immediate rectification of subsea faults, saving significant man hours…
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