Nigeria’s crude oil production fell below 1 million barrels per day (mbpd) in August, figures from its regulator show, as the nation grappled with widespread theft from its pipelines.
OPEC and its allies led by Russia on Monday agreed a small oil production cut to bolster prices that have slid on fears of an economic slowdown.
The Nigerian National Petroleum Company Limited (NNPC Ltd) has offered to submit itself for a forensic audit of fuel supply and subsidy management, insisting that daily fuel supply is 68 million litres.
Eterna Plc says it is investing in the colocation of Compressed Natural Gas (CNG) and Liquefied Natural Gas (LPG) skids across some of its retail outlets in the country.
ExxonMobil Nigeria has expressed commitment to maintain a significant deepwater presence in Nigeria for the next 20 years to unlock a sizeable potential value in its renewed Oil Mining Leases (OMLs)
Nigeria’s President Muhammadu Buhari has withheld his initial approval of Exxon Mobil’s sale of local offshore shallow water assets to Seplat, his spokesman said on Thursday, after the oil regulator refused to give its consent.
Crude oil prices slide lower early Tuesday, after recovering slightly at the start of the week, as recession fears force a substantial correction and nuclear deal talks conclude in Vienna, OANDA analyst Craig Erlam said in a Tuesday note.
Seplat Energy Plc has price remains steady at N1430.50, its seventh day trading print after the company gets approval to acquire the entire share capital of ExxonMobil’s interest in Mobil Producing Nigeria Unlimited.
Crude oil prices tumbled, falling below $100 per barrel, on expectations that the Organisation of Petroleum Exporting Countries (OPEC) and allies will raise output at their august meeting. The price decline is also noted to have been supported by the prospect that oil companies would ramp up output following a very good earnings season, according to OANDA analyst Edward Moya.
Mr Ado Oseragbaje, Chief Executive Officer, (CEO), Heritage Energy Operational Services Limited (HEOSL), has called on Federal Government to use its comparative advantage and work to position Nigeria as the energy hub of Africa.
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