FG Attracts $500m to Gas Value Chain Via Network Code
The Department of Petroleum Resources (DPR) has stated that the Nigerian Gas Transportation Network Code (NGTNC) introduced last year to guide open-access transportation of natural gas, has already attracted investment proposals of over $500 million.
OPEC+ Raised Output By 1,141Kb/d over 2-Month
The Organisation of Petroleum Exporting Countries (OPEC) and allies (OPEC+) has agreed to gradually boost oil output in May 2021 by 350 kiloliters barrel per day (kb/d), in June 2021 by 350 kb/d and in July 2021 by 441 kb/d. In addition, Saudi Arabia will reduce voluntary outputs cuts of one million per day that started in February 2021.
16.5Bn Fuel Imports: NNPC Submits to Forensic Audit
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.
Oil Tumbles below $100/Barrel on Expected Output Hike
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.
Shell considers safety, schedules 200,000 bpd Bonga FPSO TAM for October
Shell Nigeria Exploration, and Production Company Limited (SNEPCo) on Sunday said its 200,000 barrels per day capacity Bonga Floating Production Storage and Offloading (FPSO) vessel has been scheduled for Turnaround Maintenance (TAM) in October.
Oil Rises as Prospect of Iran Deal Dims
Oil prices rise on supply concerns triggered by declining prospects of an Iran deal while an estimated increase in the United States (US) inventories capped further price upticks, raising demand woes.
Buhari Reverses Consent on Seplat-ExxonMobil Acquisition Deal
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.
Oil Prices Rebalance as Market Awaits US Fed Minutes
Oil prices are mixed on midweek ahead of the release of December meeting minutes of the Fed's Federal Open Market Committee (FOMC).
Nigeria Crude Oil Production Averaged 1.451 mb/d in September – OPEC
The Organisation of the Petroleum Exporting Countries ( OPEC) says Nigeria’s crude oil production averaged 1.451 million barrels per day in September 2021. OPEC made this known in its Oil Market Report for October 2021on Wednesday in Lagos.
Ekpo Wades Into Cooking Gas Supply, Price Hike Challenges
The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, has waded into the challenges of constant price increment of Liquefied Petroleum Gas (LPG) in the country’s domestic market.
