Oil prices eased marginally by one per cent in volatile trade following weak economic news from the U.S. and Germany. Earlier in the day, crude prices were on track to close at 12-week highs on support from a weaker U.S. dollar and as a winter storm boosted demand for energy to heat U.S. homes and…
BUA Group, an industrial conglomerate, has denied claims that its 200,000 barrels per day refinery in Akwa Ibom is 90 percent completed. In a statement yesterday, the management said the construction is progressing steadily. “Whilst the refinery is not at 90per cent completion, we are however on track to meet our delivery timelines in collaboration…
Global oil prices inched upward on Tuesday, rebounding slightly from earlier losses as an optimistic market outlook offered support despite subdued trading ahead of the Christmas holiday. Brent crude futures rose by 42 cents, or 0.6 per cent, settling at $73.05 per barrel, while U.S. West Texas Intermediate (WTI) crude gained 38 cents, or 0.6…
Oil prices climbed by more than one per cent on Monday as top importer China flagged its first move toward a loosened monetary policy since 2010 aiming to bolster economic growth, state media reported citing a Politburo meeting, themorningstar.com.ng reports citing Reuters. Brent crude futures were up 84 cents, or 1.18per cent, to $71.96 per…
Oil major, Shell has restated commitment to the development of Nigerian companies through contract awards and scaling up of expertise. The commitment was given at the 13th edition of the Practical Nigerian Content forum in Yenagoa, Bayelsa State where Shell companies in Nigeria are among more than 700 oil and gas entities taking part. The…
Eni’s subsidiary Nigerian Agip Exploration Limited (NAE) and STAC Marine have celebrated one year of successful collaboration for the operation and maintenance of the Floating, Production, Storage and Offloading (FPSO) facilities located in the offshore deepwater of ABO field. This milestone reaffirms NAE’s commitment to partnering with local companies that excel in safety and operational…
About five years after it went moribund, the Nigerian National Petroleum Company (NNPC) Ltd has announced the successful re-streaming of the Port Harcourt Refining Company (PHRC). This was disclosed in a statement by the Chief Corporate Communications Officer NNPC Ltd.,Olufemi Soneye, on the company’s official X handle. Soneye explained this achievement, marked by the commencement…
The Nigerian National Petroleum Company Limited (NNPCL) has said there is no disparity between its crude oil production figure and that of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).Chief Corporate Communications Officer at the state-run but “oil behemoth” Mr. Olufemi Soneye, in a statement on Monday, explained: “The NNPC Ltd has clarified that there is…
Seplat Energy Plc has said Nigeria’s development would require significant improvements in access to energy because lower-cost, more reliable energy will drive job creation, prosperity and social development and achievement of the United Nations’ Sustainable Development Goals (SDGs). Its Chief Executive Officer, Roger Brown, in his keynote at the ongoing 42nd Nigerian Association of Petroleum…
