Oil & Gas

MARKET UPDATE: Oil prices remain flat as IEA releases Report .Says World oil markets resetting By Eyo Nsima Oil prices that showed signs of bull last week remained flat Friday morning, due partly to market forces and speculation. Specifically, the prices of Brent, WTI, and OPEC Basket hovered at $75.50, $70.48, and $74.84 per barrel, […]

NGA commends Federal Government’s Refocus on Autogas in the Wake of Premium Motor Spirit subsidy removal   The Nigerian Gas Association (NGA), the umbrella body and the lead voice of the operators and players in the country’s entire gas value chain, is proud to announce its support for the Federal Government’s renewed focus on prioritising

Seplat Energy appoints Chioma Y. Afe as Director External Affairs and Sustainability   The Board and Management of Seplat Energy Plc are pleased to announce the appointment of Mrs. Chioma Y. Afe as the Director, External Affairs and Sustainability effective June 15th, 2023. Chioma is an accomplished strategic Senior Communications Executive and Business Leader with over

FUEL SUBSIDY: Oil marketers set to import petrol as CBN liberalizes forex By Eyo Nsima Oil marketers in Nigeria have concluded plans to import petrol from the global market as a result of the latest liberalization of exchange rates by the Central Bank of Nigeria, CBN. Checks by The Daily, www.thedaily-ng.com, indicated that many stakeholders, including

MARKET UPDATE: Oil prices slide on EIA report as OPEC plans anniversary in Bagdad By Eyo Nsima Crude oil prices started to drop Wednesday, due mainly to the Energy Information Administration an estimated inventory build of 7.9 million barrels. Traders considered the figure huge considering an inventory draw of half a million barrels for the

JUST IN: Iran, Saudi Arabia, Iraq lead in OPEC rig count By Eyo Nsima Three member states of the Organisation of Petroleum Exporting Countries, OPEC – Iran, Saudi Arabia and Iraq – currently lead in terms of rig count. The rig count is a major index for measuring exploration and production activities in the global

TotalEnergies announces the Ntokon oil and gas discovery on OML102 offshore Nigeria. Located in shallow waters, 60 km off the southeast coast of Nigeria, the Ntokon-1AX discovery well encountered 38 meters of net oil pay and 15 meters of net gas pay, while its side-track Ntokon-1G1 encountered 73 meters of net oil pay, in well-developed

MARKET UPDATE:  Oil prices bounce back to over $74 per barrel By Eyo Nsima Barely a few hours after the Organisation of Petroleum Exporting Countries, OPEC, had released its June Monthly Oil Market Report, MOMR, the prices of crudes bounced back to an average of $75 per barrel in the global market. Specifically, the prices of

BREAKING: Nigeria beats Angola to become Africa’s leading oil producer with 1.2 mb/d By Eyo Nsima Nigeria has emerged as a leading African oil producer with 1.1 million barrels per day, mb/d, excluding condensate. The Organisation of Petroleum Exporting Countries, OPEC disclosed this in its latest June 2023 Monthly Oil market Report, MOMR obtained by