Oil and Gas

London, Aug 8, 2023 – Oil prices fell by more than 1.5% on Tuesday after data showed China’s imports and exports fell much more than expected in July in yet another sign of a sluggish post-COVID rebound for the world’s largest oil importer. Brent crude futures were down $1.33, or about 1.6%, at $84.01 a barrel at 1047 GMT. U.S. West Texas Intermediate crude was down $1.23, or about 1.5%, at $80.71. China’s July oil imports were down 18.8% from the previous month to the lowest daily rate since January, but still …

London, Aug 1, 2023 – Oil hovered around three-month highs on Tuesday as investors focused on tightening global supplies and demand growth in the second half of the year. Brent crude futures for October were at $85.43 a barrel at 1152 GMT, down 20 cents. Front-month Brent settled at its highest since April 13 on Monday. U.S. West Texas Intermediate crude futures were at $81.53 a barrel, down 27 cents from the previous session’s settlement, which was its highest since April 14. “Oil prices may face a correction risk as …

Akure, July 31, 2023 – The Nigerian National Petroleum Corporation Limited (NNPCL) and Total Energies Upstream Nigeria have donated a skills acquisition centre to Ondo State. Mike Sangster, the Managing Director of Total Energies, said, during the inauguration in Akure, that the project was part of 84 projects planned for the six geopolitical zones. Sangster said the project was executed as part of its corporate social responsibility projects and borne out of the need to bridge the gaps in qualitative and technical education, maternal and child health, women and youth empowerment.  Represented by Mrs. Evi Ifekwe, the Executive Director of People …

Port Harcourt, July 30, 2023 – Dr. Samuel Ogbuku, the Chief Executive of Niger Delta Development Commission (NDDC), has assured leaders of Niger Delta ex-agitators and other stakeholders that President Bola Ahmed Tinubu will bring positive changes to the Niger Delta. Ogbuku urged them to play their part in sustaining the peace in the region so as to encourage development and attract investors. Ogbuku gave the assurance when leaders and members of Phases one, two and three ex-agitators and beneficiaries of the Presidential Amnesty Programme (PAP) visited him at the …

Abuja, July 30, 2023 -The Nigerian National Petroleum Company Limited (NNPCL) discovered 162 illegal oil pipeline connections and illegal refineries in the Niger Delta, particularly in Bayelsa in the last one week. This was reported by a documentary titled ‘War on Crude oil Theft’ by the company and shared through the social media. The documentary said the illegalities were discovered through a maritime intelligence system. According to the documentary, 93 illegal pipeline connections and 69 illegal refineries were discovered from Aboa and Gbokoda between July 15 and July 21 and …

Abuja, July 17, 2023 -Nigeria will need up to $1.5 billion between now and 2030 to reduce methane emissions in the country’s oil and gas operations, the latest report by the International Energy Agency (IEA) has shown. According to the 2023 report titled: “Financing Reductions in Oil and Gas Methane Emissions”, oil and gas majors operating in the largest economy in Africa had a responsibility to contribute $300 million to meet the targe It said the Nigerian National Petroleum Company Limited and other investors in Nigeria’s oil and gas industry …