24.9 C
Lagos, South Africa and New York
Wednesday, October 28, 2020

Egina oil field remains Nigeria’s premier crude oil grades for exports

By Ediri Ejoh There are indications that Nigeria’s newest crude from Egina has emerged as one of the country’s flagship main export crudes in less than two years, as refiners prize its versatility and reliability, according to Platts. It would be recalled that the 200,000 barrels...

Deloitte Energy Experts Gives Bleak US Oil Job Prediction

(Bloomberg) -- Almost three-quarters of the pandemic-driven jobs losses in the U.S. petroleum and chemical sectors may not come back before the end of next year, according to Deloitte LLP. The collapse in oil demand and prices spurred the fastest rate of oil- and chemical-industry...

Fitch Analysts Maintains Brent Oil Price Forecast

Fitch Solutions has maintained its Brent oil price forecast to 2024, the company’s latest oil price outlook report has revealed. Analysts at the company expect Brent to average $44 per barrel in 2020, $51 per barrel in 2021, $53 per barrel in 2022, $55 per...

Nigeria at 60: Sanusi supports FG on subsidy removal

Lagos, Oct. 1,2020 Former Emir of Kano, Sanusi Lamido Sanusi, on Thursday supported the Federal Government’s removal of fuel subsidy, stressing that it was in the nation’s interest. Sanusi, who was also a former Governor of the Central Bank of Nigeria (CBN) gave the support...

FACTBOX: Key provisions in Nigeria’s oil reform bill

Nigeria's oil reform bill is now with the National Assembly. Due to the political alignment of the legislature with the presidency, it has the best chance of passing into law in the 20-year history of reform efforts. Experts and international companies say it is...

Data Emerges as Crucial Component of Post-COVID-19 Oil Industry Recovery

The COVID-19 pandemic has accelerated technology adoption as an integral component of oil and gas projects CAPE TOWN, South Africa, September 29, 2020/ -- The ‘Leveraging the Power of Technology for Oilfield Optimization’ webinar was organized by Microsoft in partnership with Africa Oil & Power...

A look at the Nigerian Clean Energy Bill 2020

By Ayo Akinfe As we stand, the whole world is moving away from fossil fuels. By 2050, our crude oil will be useless as no one will want it. I can even see the UN introducing new environmental; regulations that may limit its use....

Nigeria @60: FG urged to pass PIB to strengthen deregulation of oil downstream – Expert

By Edith Ike-Eboh Abuja, Sept. 26, 2020 Mr Bank-Anthony Okoroafor, former Chairman of Petroleum Technology Association of Nigeria (PETAN), has urged the Federal Government to sign the Petroleum Industry Bill (PIB) into law for the desired development in the oil...

Oil refiners worldwide struggle with weak demand, inventory glut

By Sonali Paul, Ahmad Ghaddar, Laura Sanicola MELBOURNE/LONDON/NEW YORK (Reuters) - Global oil refiners reeling from months of lackluster demand and an abundance of inventories are cutting fuel production into the autumn because the recovery in demand from the impact of coronavirus has stalled, according...

IEA says oil demand recovery set to slow for rest of 2020

By Noah Browning LONDON, Sept 15 (Reuters) - The International Energy Agency (IEA) trimmed its 2020 oil demand forecast on Tuesday, citing caution about the pace of economic recovery from the pandemic. The Paris-based IEA cut its 2020 outlook by 200,000 barrels per day (bpd) to...
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