Oil and Gas

Singapore/New Delhi, Jan. 29, 2024 – Oil prices climbed on Monday after a drone attack on U.S. forces in Jordan added to worries over supply disruption in the Middle East as Houthi rebels stepped up their attacks on vessels in the Red Sea, hitting a Trafigura-operated fuel tanker. Risks of a widening conflict in the Middle East come at the same time that Russian refined product exports are set to fall, with refineries and a major oil terminal under repair following drone attacks by Ukraine. Brent crude futures rose 26 cents, …

Abuja, Jan. 24, 2024 – Chevron Nigeria Ltd (CNL) has secured $1.4 billion financing for drilling projects across the NNPCL/CNL JV infill drilling programme scheduled for 2022 and 2026. The projects involve the drilling of 37 wells in the shallow offshore and onshore Escravos region, along with the construction of associated facilities.  Mr Clay Neff, the Leader of a Chevron Delegation, disclosed this to President Bola Tinubu during a meeting at the State House in Abuja on Tuesday.   He said the company would continue to adhere to the highest standards, …

Lagos, Jan. 23, 2024 – The Dangote Petroleum Refinery has registered members of three oil marketer groups as distributors. Dangote Group said this on Tuesday via its X, formerly Twitter, handle.  It listed the marketers to include members of the Depot and Petroleum Products Marketers Association of Nigeria, Major Oil Marketers Association of Nigeria and Independent Petroleum Marketers Association of Nigeria. The company said it was still considering other marketers. The refinery started production on January 12, 2023. (GBN)

New Delhi (India), Jan 22, 2024 – Oil prices lost more ground on Monday as economic headwinds pressured the global oil demand outlook and offset geopolitical concerns in the Middle East and an attack on a Russian fuel export terminal over the weekend. Brent crude fell 23 cents, or 0.3%, to $78.33 a barrel by 0732 GMT after settling down 54 cents on Friday. The front-month U.S. West Texas Intermediate crude futures, for February delivery, were down 28 cents to $73.13 a barrel with the contract set to expire later …

Abuja, Jan. 22, 2024 – The Nigerian National Petroleum Company Limited (NNPCL) says it will use the $3.3 billion loan from the African Export-Import Bank (Afreximbank) for operational needs and meet tax and royalties obligations. NNPCL disclosed this in a “Frequently Asked Questions – Project Gazelle, released by Olufemi Soneye, the NNPCL Chief Corporate Communications Officer, on Sunday. It said part of the loan would be used to stabilise the foreign exchange market by increasing the foreign reserve. NNPCL said this would provide immediate solution to the liquidity problems in …

 Lagos, Jan. 17, 2024 -Crude oil production in Nigeria rose 7.7 percent in December to 1.4 million barrels per day from 1.3 million in November, 2023. The statistics was reported by the Monthly Oil Markets Report of the Organisation of Petroleum Exporting Countries (OPEC). OPEC, however, said the statistics were derived from secondary sources. By the statistics, Nigeria continues to be the largest oil-producing and exporting country in Africa, while Equatorial Guinea finishes bottom with only 55,000 bpd. Some of the problems militating against optimal crude oil production in Nigeria …

Abuja, Jan. 16, 2023 – Shell is set to conclude nearly a century of operations in Nigerian onshore oil and gas after agreeing to sell its subsidiary there to a consortium of five mostly local companies for up to $2.4 billion. The British energy giant pioneered Nigeria’s oil and gas business beginning in the 1930s. It has struggled for years with hundreds of onshore oil spills as a result of theft, sabotage and operational issues that led to costly repairs and high-profile lawsuits. Since 2021, Shell has sought to sell its Nigerian oil …