Emerging from the coronavirus lockdown, China’s oil refiners are buying ultra-cheap spot cargoes from Alaska, Canada, and Brazil, taking advantage of the deep discounts at which many crude grades are being offered to China with non-existent demand elsewhere. The discounts of spot cargoes of Canada’s Cold Lake blend, Alaska North Slope, and Brazil’s Lula grades […]
NNPC Upstream COO, Bello Rabiu, explains why it has been difficult for the government to renegotiate the PSC with the IOCs.
The Nigerian President, Muhammadu Buhari, has promised that his administration will undertake appropriate reforms and implement fresh policies to boost national income from oil and gas production. Read more
Some experts in the Nigerian oil and gas industry on Monday called on the leadership of the new National Assembly to review the Petroleum Industry Bill (PIB) passed by the 7th House of Representatives. Read more
As the nagging oversupply of physical oil takes its toll, official prices for Nigerian crude have hit their lowest in at least a decade. The Nigerian National Petroleum Corp (NNPC) lowered the official selling price for its largest crude oil stream Read more
A Federal High Court in Port Harcourt, Rivers State, has rejected an argument by oil firm, Agip, questioning the court’s powers to hear a gas plant maintenance contracts suit, brought by a local company, Arco. Read more
BUSINESS Monitor International has said the prices of oil consumption in Nigeria is expected to increase from 311 000 bpd last year to 400 000 bpd by the end of 2023. Business Monitor International risk analysis and forecasts, market research on leading industries, and multinational company research is relied upon by corporate bodies, banks, government […]
Some fishermen in the Niger Delta have urged president-elect Muhammadu Buhari to ensure the payment of recommended compensation to victims of Bonga oil spill when he assumes office. Read more
Chief executives from major oil companies and senior government officials from several oil-producing countries met in the United States of America at the weekend and demonstrated a commitment to end the practice of routine gas flaring at oil production sites globally latest by 2030. Read more
The International Monetary Fund (IMF) has said that the impact of the oil price fall has had a negative effect on a number of countries and also raised the risks to global financial stability. Read more