Oil and Gas

Lagos, June 19, 2023-ExxonMobil has appointed Mr. Shane Harris as its new Chairman and Managing Director in Nigeria. Harri, as the country manager in Nigeria, will lead the company’s three affiliates in Nigeria – Mobil Producing Nigeria Unlimited, Esso Exploration and Production Nigeria Limited, and Esso Exploration & Production Nigeria (Offshore East). In a press statement on Twitter, ExxonMobil said the appointment followed the retirement of Richard Laing, a seasoned executive with over 30 years of service to the company. It highlighted the significance of this leadership change, entrusting Harris …

By Irina Slav for Oilprice.com Lagos, June 14, 2023 – Crude oil prices inched lower today after the Energy Information Administration reported an estimated inventory build of 7.9 million barrels for the week to June 9. This compared with a modest inventory draw of half a million barrels for the previous week and an estimated build of just over 1 million barrels for the week to June 9 as reported on Tuesday by the American Petroleum Institute. Analyst expectations for the weekly change ranged from a draw of 2.5 million barrels to a …

Lagos, June 9, 2023 – Some experts have advised Nigerians to turn to gas-powered vehicles as alternative to petrol-powered vehicles due to the current high price of petrol in the country. The cost of petrol in the country now ranges between N500 and N600 per litre from the old price of N195 per litre since the removal of petrol subsidy on June 1. Proshares, an investment and market information service company, shared the views of some its analysts in the latest edition of its “Analyst Note”. “Following the subsidy removal …

Abuja, June 7, 2023 – Nigeria’s crude oil production increased to an average of 1.51m barrel per day in the first quarter of 2023. The National Bureau of Statistics (NBS) reported this in its latest report on  “Nigeria Gross Domestic Product Report Q1 2023”.. It reported that oil production in the country had moved above one million barrels per day for the first since the third quarter of 2021. The NBS also reported that the country’s Gross Domestic Product  (GDP) grew in real terms by 2.31 per cent in the …

Lagos, June 6, 2023 – Russian crude oil export data in recent weeks have not reflected any cuts and OPEC+ allies are increasingly frustrated with its non-compliance Russia’s crude oil exports by sea continue to stay high as the latest four-week average shows that shipments are inching up, much to the frustration of its partners in the OPEC+ deal. In the four weeks to June 4, the four-week average Russian crude exports by sea rose to 3.73 million barrels per day (bpd), up from a revised 3.68 million bpd in …