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Discover latest news and analysis, headlines, blogs and videos about Nigeria’s Niger Delta Regions, Nigeria’s Oil wells and locations, Nigeria’s Key Oil companies and local refinery news and updatss

Fitch analysts see Low Oil Price, Coronavirus Hit Sub-Saharan Africa Oil Producers

The collapse in oil prices and the coronavirus shock is worsening the fiscal and external balances of sub-Saharan African oil producers, Fitch Ratings says. While we expect most countries to be able to close their financing gap with the support of official creditors, liquidity...

Address host communities’ issues in new PIB – Expert

By Edith Ike-Eboh Abuja, Aug. 2, 2020 Mr Ken Henshaw, Executive Director, Center for Social Studies and Development (CSSD) says a decent Petroleum Industry Bill (PIB) must address major concerns that will drive economic growth of oil...

Modular refinery will drive industrial revolution in Edo- Official

By Kevin Okunzuwa Benin, Aug. 2, 2020 Edo Government says the ongoing Modular Refinery project at Ologbo in Ikpoba-Okha Local Government Area of the state, will on completion, drive the state’s industrial revolution quest. Mr Crusoe Osagie, Special Adviser to Gov. Godwin Obaseki on Media and...

Expert canvasses 10-year tax break for renewable energy dealers

By Simon Akoje Lagos, July 31, 2020 An energy expert, Mr Yemi Kolawole, has urged the Federal Government to grant a 10- year tax break to dealers of alternative energy in order to grow the sector. Kolawole, who is the CEO of Topian Energy Services,...

Oil trading boosts Glencore’s 2020 expectations

LONDON (Reuters) - Switzerland-based Glencore expects a stellar performance from its oil trading arm to help the division hit the top end of its full-year target for operating income, it said on Friday. Glencore’s large marketing division makes the group more resilient than most mining...

Shell writes down Nigerian oilfield licence at heart of Italian bribery trial

LONDON, July 30 - Royal Dutch Shell said on Thursday its second-quarter writedowns include the OPL 245 licence for an offshore oilfield in Nigeria which it holds alongside Eni and which is at the centre of an ongoing corruption court case in Italy. Italian...

Nigeria to cut 1.412 mln bpd output to meet OPEC quota -oil minister

LAGOS, July 30 - Nigeria expects to comply with an oil output quota of 1.412 million barrels per day for May, June and July, the minister of state for petroleum resources said on Thursday. Timpire Sylva made the comments during a webinar organised by Nigerian...

U.S. shale investors shamed by oil price crash, posts worst quarter since 2016

HOUSTON  - U.S. shale oil producers, whose weak returns in recent years had them out of favor with investors even before the coronavirus pandemic crushed oil prices and decimated production, are expected to post their worst second-quarter results since 2016. Oil  is down about 35%...

Oil Market Optimism May Be Hammered by IOCs Q2 Financials

By Cyril Widdershoven The American Petroleum Institute (API) report yesterday evening a 6.83 million-barrels draw in crude oil inventories for the week ending July 24, in stark contrast to market expectations of a 450, 000-barrel rise. The verdict however is still out, as today more...

Crude Oil Price Strengthens Over $41.72, Weakens Under $41.24

U.S. West Texas Intermediate crude oil prices are little changed early Wednesday as record increases in COVID-19 infections in some U.S. states raised concerns about fuel demand in the world’s biggest crude user, erasing earlier gains that were driven by a surprise drop in...
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