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 […]
Elite Economics and Commonsense
NNPC Upstream COO, Bello Rabiu, explains why it has been difficult for the government to renegotiate the PSC with the IOCs.
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
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
BARELY five years after passing the Nigerian content bill into law, the indigenous oil and gas firms across the value chain may have exhibited strong commitment to the sector via several prevailing investment strategies. As many independent operators gather momentum to hold enviable stakes in the nation’s hydrocarbon wells, Read more
The nation earned $30.3 billion from crude oil, gas sales in 2012, according to NEITI oil and gas audit report. “Nigeria earned a total of $62.9 billion from oil and gas in the year 2012. This is made up of $30.3 billion from crude oil and gas sales, $26.9 Billion from taxes, royalties, rents and […]
The Petroleum Products Pricing Regulatory Agency, PPPRA, branch of the Petroleum and Natural Gas Senior Staff Association of Nigeria, has called for the adjustment of the current fuel pump price to accommodate fuel tax. Consequently, the association has proposed the adjustment of the cost component of the pricing template to accommodate a N1.50 fuel tax. […]
The Federal Government said that the implementation of Nigeria Oil and Gas Park Scheme (NOGaPS) would facilitate local manufacturing of goods for the oil and gas industry. The Head of Civil Service of the Federation, Mr Danladi Kifasi, said this on Thursday in Abuja at the 15th Nigerian Oil and Gas Conference and Exhibition. Read […]
A new $9 billion oil refinery producing 500,000 barrels per day being developed by Africa’s richest man, Aliko Dangote, is expected to come on stream in Nigeria by 2017, a senior Dangote Group official said yesterday. The refinery, to be located in Lagos, will cut Nigeria reliance on international markets for refined petroleum products, which […]
Chevron Corporation is planning to increase its asset sales by 50 percent to $15 billion and curtail new investment for the next two years after plunging oil prices squeezed cash flow for the second-biggest U.S. energy producer.