Oil & Gas

OIL MARKET UPDATE: Prices leap on account of China’s huge imports By Eyo Nsima Crude oil prices rose, Wednesday, following the appearance of data indicating that oil imports from China, a very fast growing economy, increased in May 2023 from the relatively low level recorded in April. The data obtained by The Daily, www.thedaily-ng.com indicated that China’s […]

OIL MARKET: Saudi Arabia, Russia, Iraq to produce 38.9% of OPEC+ over 40 mb/d in 2024  By Eyo Nsima The Organisation of Petroleum of Petroleum Exporting Countries, OPEC and its allies, popularly known as OPEC+, Sunday, resolved to produce over 40 million barrels per day, mb/d from January 2024. Three nations – Saudi Arabia, Russia

OIL MARKET: We shall depend on IHS, Wood Mackenzie, and Rystad Energy data to review outputs of DoC nations — OPEC+ By Eyo Nsima The Organisation of Petroleum Exporting Countries, OPEC and non-OPEC Participating Countries, popularly known as OPEC+ said it will depend on three independent sources – IHS, Wood Mackenzie, and Rystad Energy –

African Refinery Port Harcourt Limited, The NNPC Joint Venture Partner in the 100,000 barrels per day refinery currently being developed within the Port Harcourt Refinery Complex has lauded the bold action of the newly inaugurated Bola Ahmed Tinubu government in removing the petroleum subsidy.   In a press statement, African Refinery’s Chief Executive Officer Mr

Congo’s Ministry of Hydrocarbons signed a cooperation agreement with French energy services provider Technip Energies during the Invest in African Energy Forum in Paris. Signed by Minister H.E. Bruno Jean-Richard Itoua and Technip Energies COO Marco Villa, the deal will see the parties expand cooperation on capacity building in the fields of onshore and offshore

By Eyo Nsima The downstream sector of Nigeria’s oil industry has been thrown into confusion as a document, currently in circulation puts the retail price of petrol at over N500 per litre. The document, obtained by The Daily, https://thedaily-ng.com puts petrol prices in Abuja, Lagos and Kano at N537, N488 and N540 per litre respectively.

Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter, is pleased to announce that the Company’s 80% indirectly owned subsidiary, Accugas Limited, has entered into a Natural Gas Sales and Purchase Agreement (the “NGSPA”) with Amalgamated Oil Company Nigeria Limited (“AMOCON”) for gas produced in the OML 156 sole risk

MOMAN, DAPPMAN support subsidy removal   The Major Oil Marketers Association of Nigeria (MOMAN) and Depot and Petroleum Marketers Association of Nigeria (DAPPMAN) have declared their support for President Bola Tinubu’s pronouncement to phase out the petrol subsidy regime. The oil marketers gave their support in a joint statement issued on Tuesday in Lagos. According