Oil and Gas

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General News Oil and Gas

Oil jumps 3% on demand optimism as China borders reopen

London, Jan. 9, 2023 (Reuters/GBN) – Oil extended gains on Monday, rising about 3 per cent after China’s move to reopen its borders boosted the outlook for fuel demand and overshadowed global recession concerns. The rally was part of a wider boost for risk sentiment supported by both the reopening of the world’s biggest crude importer and hopes for less-aggressive increases to U.S. interest rates, with equities rising and the dollar weakening. Brent crude was up $2.29, or 2.9% at $80.86 a barrel by 1150 GMT, while U.S. West Texas Intermediate crude rose by …

Business Planning General News Oil and Gas

2023 Budget benchmarked on $75 per barrel oil price – official

Abuja, Dec. 29, 2022 – The 2023 federal budget is predicated on $75 per barrel benchmark against the $70 dollars per barrel proposed in the budget estimate presented by President Mohammadu Buhari. The National Assembly, however, retained other parameters of 1.69 million barrels of oil production per day, N435.57 to the US dollar exchange rate, 3.75 per cent GDP growth rate and 17.16 per cent inflation rate. The size of the budget was also increased by the National Assembly from the N20.51 trillion to N21.82 trillion proposed by the president. …

Oil and Gas

U.S. to become net exporter of crude oil in 2023

Houston, Dec. 28, 2022 (Reuters/GBN) – The United States has become a global crude oil exporting power over the last few years, but exports have not exceeded its imports since World War II. That may change next year. Sales of U.S. crude to other nations are now a record 3.4 million barrels per day (bpd) with exports of about three million bpd of refined products like gasoline and diesel fuel. The U.S. is also the leading Liquefied Natural Gas (LNG) exporter, where growth is expected to soar in coming years. …

General News Vogue

God’s Speed and Haste-Driven Humanity

*By Paul Ejime Almost from infancy, humans are made to think and believe that “time waits for no one” and that “time is of the essence,” hence the idiomatic expression “to make hay, while the sun shines.” With this emphasis on haste, the exhortation “to make haste slowly,” is considered an afterthought, such that impatience virtually controls most human thinking and activities. Thanks to human inventions dating back more than 6,000 years, time and timekeeping, have evolved from manuscripts to clocks of the modern civilization and the present digital era. …

Oil and Gas

Shell to pay 15m euro compensation to Niger Delta farmers

Lagos, Dec. 23, 2022 – Shell on Friday said it would pay 15 million euros to Niger Delta farmers to compensate them for damage from pipeline leaks. After 13 years of legal battles, a Dutch appeals court ruled last year that Shell’s Nigerian branch must pay out for a series of leaks and that the parent company must install new pipeline equipment to prevent further devastating spills. Shell said Friday that it had reached a deal with the Dutch environmental group Milieudefensie that has helped the affected communities. “Under the …

Money market Oil and Gas

I will scrap fuel subsidy, multiple exchange rates – Tinubu

Lagos, Dec. 23, 2022 – Chief Bola Tinubu, the Presidential Candidate of All Progressives Congress (APC), on Thursday said he would scrap multiple exchange rates and remove petroleum subsidy if elected in the 2023 election. He also promised to fix power, guarantee ease of doing business in the country and introduce student loans. Tinubu, who spoke in Lagos at a luncheon with business entrepreneurs, said he would mobilise Nigerians to turn current challenges into opportunities to foster development, stressing that business and insecurity could not be good companions. Tinubu said …

General News Oil and Gas

Peter Obi will resolve petrol scarcity in Nigeria  – survey

Lagos, Dec.19, 2022 – Mr Peter Obi, the Presidential Candidate of Labour Party, will resolve the perennial scarcity of petroleum products in Nigeria, a market survey indicated. A market survey conducted by Proshare reported that Obi scored the highest out of the 18 presidential candidates in 2023 polled on the resolution of the perennial problem of petrol scarcity in the country. Proshare is a research and market information services company in Nigeria. The survey’s outcome was published in latest edition of Proshare’s “Analysts’ Note”, a copy of which was made …

Oil and Gas

Nigeria re-emerges as largest oil producer in Africa

Lagos, Dec. 15, 2022 (Proshare/GBN) – Nigeria has regained its position as the largest crude oil producer in Africa, producing 1.186mb/d ahead of Algeria’s 1.021mb/d and Angola’s 1.088mb/d in November 2022. According to the December 2022 Monthly Oil Market Report (MOMR) of the Organisation of Petroleum Exporting Countries (OPEC), Nigeria’s oil output increased by 171,000 b/d from 1.014mb/d in October to 1.186mb/d in Nov 2022. The report shows that Angola and Algeria had produced more crude oil than Nigeria for months on Nigeria’s dwindling output. Similarly, according to secondary sources, …

Oil and Gas

Oil slips as U.S. crude stock build stirs doubts on demand

Singapore, Dec. 14, 2022 (Reuters/GBN) – Oil prices fell on Wednesday after industry data showed a surprise build in U.S. crude inventories against analysts’ forecast of a decline, reinforcing fears about weakening demand even as supply tightens. Brent crude futures dropped 18 cents or 0.2% to $80.50 per barrel at 0727 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 34 cents or 0.2% to $75.05. Market players are also taking profits as risks persist ahead of a U.S. Federal Open Market Committee meeting, said Tina Teng, a CMC …

Politics Vogue

“I did not approve tweet on death of Deborah Samuel”  – Atiku

Lagos, Dec. 12, 2022 – Alhaji Atiku Abubakar, the Presidential Candidate of Peoples Democratic Party, says his tweet condemning the murder of Deborah Samuel, a student who was allegedly lynched for blasphemy in Sokoto, was deleted because he did not approve of it. Deborah, a Christian 200-level student of Shehu Shagari College of Education in Sokoto, was killed by fellow students in May 2022 for allegedly blaspheming Prophet Muhammad. After the alleged lynching of Debora,  Atiku was said to have tweeted:  “There cannot be a justification for such gruesome murder. …


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