OPEC halted 1.3bn barrels supply to raise oil price – Barkindo

OPEC halted 1.3bn barrels supply to raise oil price – Barkindo

The Secretary-General of the Organisation of Petroleum Exporting Countries (OPEC), Dr. Sanusi Barkindo, yesterday highlighted the role played by the Declaration of Cooperation (DoC), the group’s framework for supply stability, in halting an excess crude oil volume of 1.3 billion into the market in 2020. This comes as the Speaker of the House of Representatives,…

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Nigeria’s indigenous oil firms keen on expansion amid downturn

Nigeria’s indigenous oil firms keen on expansion amid downturn

Despite the current downturn in the global oil and gas sector, some indigenous operators in Nigeria are stepping up efforts to snap up more assets as part of their expansion plans, ’FEMI ASU writes While they are still smarting from the impact of the COVID-19-induced collapse in oil prices and demand, indigenous firms in the…

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Nigeria’s external reserves hit $36.23b on higher oil prices

Nigeria’s external reserves hit $36.23b on higher oil prices

Nigeria’s foreign exchange (forex) reserves rose from $34.94 billion last November to $36.23 billion by January 21, 2021 on the back of increase in global crude oil prices. Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, who spoke at the end of the Monetary Policy Committee (MPC) meeting of the bank, said the increase reflected…

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Big oil accelerates transformation plans to rebuild shareholder value – BCG

Big oil accelerates transformation plans to rebuild shareholder value – BCG

Weak shareholder returns in the oil and gas sector, coupled with a pandemic-induced demand shock, are challenging the industry. O&G companies are under pressure to choose between increased diversification and greater discipline as their primary strategy for creating value and winning back investor confidence, according to a new report released today by Boston Consulting Group…

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Oil majors anxious over possibility that Nigeria’s PIB may deter offshore investment

Oil majors anxious over possibility that Nigeria’s PIB may deter offshore investment

International energy companies working in Nigeria are worried that proposals in the country’s long-delayed oil industry law will deter investment in new offshore projects. At least half of Nigeria’s total crude output is from offshore oilfields, helping to offset declining production from mature onshore assets. But recent discoveries have remained undeveloped in the face of…

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More oil & gas companies leaning into renewable energy investments – DNV GL

More oil & gas companies leaning into renewable energy investments – DNV GL

A record two-thirds (66%) of senior oil and gas professionals report that their organization is actively adapting to a less carbon-intensive energy mix in 2021, up from just 44% in 2018. Some 57% plan to increase investment in renewables, up from 44% last year, half (48%) expect to increase investment in green or decarbonized gas.…

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OPEC+ January compliance with oil cuts reaches 85% – Petro-Logistics

OPEC+ January compliance with oil cuts reaches 85% – Petro-Logistics

OPEC+ compliance with pledged oil output curbs is averaging 85% so far in January, tanker tracker Petro-Logistics said on Monday, suggesting the group had improved its adherence to pledged supply curbs. The Organization of the Petroleum Exporting Countries and allies, a group known as OPEC+, agreed to increase output by 500,000 barrels per day in…

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Conoil pays deposit for Chevron’s stake in both OMLs 86 & 88

Conoil pays deposit for Chevron’s stake in both OMLs 86 & 88

Conoil Producing, the Nigerian E&P independent owned by the billionaire Mike Adenuga, has paid a deposit for its purchase of the 40% equity held by Chevron Corp. in Oil Mining Leases (OMLs) 86 and 88. Conoil won the drawn out bid for the two shallow water assets and had been in discussion with the California…

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Nigerian crude programmes emerging

Nigerian crude programmes emerging

More loading programmes for Nigerian crude in March were issued on Friday while differentials appeared to be under downward pressure from ample supplies in February. Bonny Light is loading six cargoes in March, while Forcados is loading seven full cargoes and two partial shipments, traders said. Even so, March supply of four main grades is…

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