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Lagos, South Africa and New York
Saturday, June 6, 2020

UPDATED: Nigeria’s Shell operated Bonga oil export terminal shut for maintenance

Nigeria’s Bonga crude oil export terminal has begun routine maintenance, its operator Shell told Reuters on Tuesday, adding it aimed to have the work done in “record time”. The Shell Nigeria Exploration and Production Company (SNEPCo) said in an email that maintenance on the Bonga...

Total secures $14.4 billion funding for Mozambique LNG -sources

PARIS - French energy major Total has secured $14.4 billion funding for its Mozambique liquefied natural gas project in Mozambique, two sources said on Wednesday. A source with knowledge of the matter said Total has reached a financing agreement with a group that includes...

Oil supply cut will hurt Nigeria’s economy – Fitch ratings

Fitch, an international rating, agency has stated that reduction in Nigeria’s oil supply into the market will affect growth, and impact on the nation’s external finances. In its revised outlook, the rating agency stated that it expects the Nigeria’s economy to contract by 3% in...

W. Africa Crude-Differentials rise broadly but demand still uncertain

LONDON, May 20 - Prices for both Nigerian and Angolan crude oil continued their steady climb in recent days on hopes of recovery in global fuel consumption but lacklustre European refining margins and steady differentials elsewhere added some uncertainty. ...

Publish Bidding firms involved in Oil Licensing deal, CSOs tell FG

Civil society organisations want the federal government to ensure details of the beneficial owners of prospective bidders are included among key conditions for those interested in participating in the licensing round for the marginal oil and gas assets planned for later this year. Rising from...

U.S. Shale’s Bear Seem attack Oil Market Recovery Bulls

Oil markets have taken a beating around the globe, but nowhere has the pummeling been worse than in the United States shale patch, where the oil price crash plunged the West Texas Intermediate crude benchmark to nearly $40 below zero per barrel last month...

“Speedily prioritise action on PIB to boost investors on Nigeria’s transparency

Stakeholders have called on the federal government to ensure openness, transparency and wide-range inclusion in the process leading to the enactment of a legislation for the petroleum industry in Nigeria. The stakeholders particularly tasked the National Assembly to “speedily prioritise action on the PIB in...

Oil price jumps 6%, posts third week of gains amid signs of demand pickup

Oil prices rose on Friday, posting their third week of gains, as data showed demand for crude picking up in China after the easing of curbs to stem the coronavirus outbreak, boosting hopes that the global supply overhang may start to fade. Brent crude was...

Oil supply expected to hit 9-year low after demand collapses

Oil supply is expected to fall to a nine-year low this month, the International Energy Agency said, as global producers make big cuts to offset a record collapse in demand. May production is expected to fall by 12m barrels a day, the Paris-based body said...

Goldman believes oil will return to $65 next year

Oil prices have rebounded from their recent lows and Jeffrey Currie, Goldman Sachs' head of commodities research, says the worst is now over. "This market appears to have already turned the corner. We are in the inflection right now as we speak," he said Thursday...