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Nigeria extends deadline for marginal oilfield bid round

LAGOS, June 11 - The deadline to register to bid for Nigeria’s marginal oilfields has been extended by a week, the Department of Petroleum Resources said on Thursday. The DPR launched the first marginal field award round in nearly 20 years on June 1....

How Prospective investors Can Obtain Marginal Oil & Gas Field In Nigeria

The Nigerian Department of Petroleum Resources (DPR) recently released guidelines on the 2020 licensing round. Under the 2020 licencing round, a total of 57 fields located onshore, swamp, and shallow offshore terrains are on offer; while the ongoing Nigerian Marginal Fields Bidding Round is...

Why we selected UniPort for Construction of NLNG Train-7 phased for safe mobilisation

Port Harcourt — The Nigerian Liquefied Natural Gas Limited, NLNG, has announced that its Train-7 construction is being phased, to ensure a safe mobilization following the COVID-19 pandemic. The company also disclosed that the University of Port Harcourt has been selected as a centre of...

Nigeria to make additional OPEC+ cuts compliance by mid-July

LONDON, June 10 - Nigeria did not fully comply with a pact by oil producers to rein in output to balance markets but will make additional cuts to make up for the lapse by mid-July, the head of the Nigerian National Petroleum Corporation...

Nigeria ready to compensate OPEC for overproduction in May-June

LONDON, June 6 - Nigeria said on Saturday it was ready to make additional oil output cuts from July to September to compensate for producing more than its quota in May and June, when OPEC and its allies implemented a deal to curb supply...

Foreign demand for Nigerian crude rise amidst OPEC press on cut

LONDON - Interest in Nigerian crude set to rise as the country faces pressure from fellow producers to rein in output as Angolan crude continued to sell well, traders say. Angola has cut the number of oil cargoes that it will ship to Chinese...

NNPC chief explains factors behind Nigeria’s high cost of crude production

Chief Operating Officer (COO), Ventures and Business Development of the NNPC, Mr. Roland Ewubare, Friday, disclosed that pipeline vandalism, crude oil theft, among others, were the major contributors to the high cost of crude oil production in Nigeria. In a statement by the NNPC in...

EIA data suggests official U.S. oil stockpile figures are too high

NEW YORK (Bloomberg) --Oil traders and analysts scrutinizing U.S. inventory data for signs of a market recovery are being confronted by an odd situation: the math just doesn’t add up. Various government data sets including stockpiles, production, imports and exports are signaling that current official...

Underperforming offshore wells rack up over $100 billion in abandonment liabilities worldwide

RIO DE JANEIRO (Bloomberg) - Aging offshore oil wells that once brought market prominence to Europe, the U.S. Gulf and Brazil are increasingly money losers that companies want shut down amid low oil prices and a struggling global economy. But the effort won’t be...

Natural gas prices could go negative on global oversupply

SINGAPORE (Bloomberg) - The specter of negative prices is hanging over energy markets more than a month after oil’s unforgettable crash below zero. While crude has staged a rapid recovery after a deal by the biggest producers to curb a surplus, the $600 billion global...
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