Oil & Gas

MARKET UPDATE: Oil price to average $79 per barrel in second half of 2023, $84/b in 2024 — EIA By Eyo Nsima The United States Energy Information Administration, EIA, has put the average spot price of Brent at $79 per barrel (b) in the second half of 2023 (2H23) and $84/b in 2024. In its

JUST IN: Depots owners pledge support, set agenda for President Tinubu’s govt By Eyo Nsima The Chairman of Depots and Petroleum Products Marketers Association of Nigeria, DAPPMAN, Dame Winifred Akpani, has tasked the President, Bola Tinubu, to adopt measuring capable of ending the fuel crisis while achieving stability in Nigeria’s downstream sector. Akpani, who visited

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