Oil and Gas

New York, May 19, 2023 – Oil prices rebounded on Friday from losses of more than 1% the previous day as investors turned cautiously optimistic over the fading risk of a U.S. debt default. Brent futures rose 73 cents or 1.0% to $76.59 a barrel by 0650 GMT, while U.S. West Texas Intermediate crude climbed 62 cents or 0.9% to $72.48. “I think markets have been pricing out the risks of a U.S. debt default, which translates to a more risk-on environment and some dip-buying in Brent crude from previous …

Lagos, May 18, 2023 – Nigeria needs $12 billion to clean up decades-old oil spills in southern Bayelsa state over a 12-year period, a new report said on Tuesday, and singled out Shell and Eni for being responsible for most of the pollution. Bayelsa is one of the major oil producing states in the Niger Delta, a region blighted by pollution, conflict and corruption related to the oil and gas industry. Oil majors in Nigeria have long faced legal challenges over Niger Delta spills, which they mostly blame on sabotage …

New York, May 18, 2023 – Oil prices eased on Thursday as traders warily watched for signs of progress on talks to raise the U.S. debt ceiling, after surging in the previous session on optimism over U.S. fuel demand. Brent crude futures dipped 37 cents, or 0.5%, to $76.59 a barrel as of 0841 GMT. U.S. West Texas Intermediate crude dropped 34 cents, or 0.5% to $72.49 a barrel. A sharp plunge in U.S. gasoline inventories due to demand surging to the highest levels since 2021, and optimism surrounding negotiations …

Singapore, May 15, 2023 – Oil prices fell on Monday as concerns about fuel demand in the top global oil consumers, the United States and China, offset bullish sentiment about tightening supplies from OPEC+ cuts and a resumption in U.S. buying for reserves. Brent crude futures fell 26 cents, or 0.35%, to $73.91 a barrel by 0638 GMT, while U.S. West Texas Intermediate crude was at $69.34 a barrel, down 20 cents, or 0.29%. Last week, both benchmarks fell for a fourth consecutive week, the longest streak of weekly declines …

Abuja, May 12, 2023 – The Federal Government is to deploy five million solar power connections in communities that are not connected to the national grid under the solar power Niger programme of the rural electrification agency. The REA implementing agency disclosed this in Abuja during an investors forum to provide opportunities for potential investors to pitch their financial offerings to developers. The programme will start with the electrification of unserved and underserved communities to boost economic growth through the supply of electricity. The agency said that the solar power …

Lagos, May 12, 2023 -Nigeria’s crude oil production fell below one million mark in April to 998,602 barrels per day, the lowest in seven months, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The production figure fell to 998,602 barrels per day (bpd), a 21.26 percent decline compared to March, when output was 1,268,202 bpd. In breaking down the figures, the country produced 998,602 barrels per day of crude oil, 66,317 barrels per day of blended condensates and 180,110 barrels per day of unblended condensates in the month of …

Tokyo, May 12, 2023 – Oil prices fell on Friday, set for their fourth weekly decline, as renewed economic concerns in the United States and China revived anxieties about fuel demand growth in the world’s two largest oil consumers. Brent crude futures dropped by 48 cents, or 0.64%, to $74.50 a barrel by 0635 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 39 cents, or 0.55%, to $70.48. Both benchmarks are set to fall by about 1.1% for the week, which would be the longest streak of weekly …

Abuja, May 9, 2023 -Transcorp Group has fully acquired the Abuja Electricity Distribution Company (AEDC) The National Council on Privatisation (NCP) has approved the group’s preferred bid for the troubled Abuja Electricity Company. Vice President Yemi Osinbajo announced this on Tuesday while speaking at the inauguration of the 240MW Afam Three Fast Power Plant ongoing in Port Harcourt, Rivers State. Osinbajo described the development as a significant breakthrough in the power sector. “A major breakthrough of our privatisation process, which of course, as you know, started in 2005-2006, was and …

Lagos, May 8, 2023 -Dangote Refinery is to be inaugurated by President Muhammadu Buhari on May 22. Reports quoted the Special Assistant to the President on Digital Communications, Bashir Ahmad, to have said this. Ahmad had tweeted: “Efforts by the Federal Government to make Nigeria self-sufficient in local refining of crude oil and save the scarce foreign exchange used in the importation of petroleum products have received a boost. “The 650,000 barrels per day Dangote Refinery, the world’s largest single-train refinery, is set for inauguration on May 22nd 2023, by …