Oil Price Sinks To Lowest Level In 18 years

Oil dropped 24% to a more than 18-year low on Wednesday as the coronavirus pandemic continues to sap demand for crude, and as rising worries about a global recession lead to fears of longer-term demand destruction. U.S. West Texas Intermediate crude fell 24.4%, or $6.58, to settle at $20.37 per barrel, its lowest level since Feb. 2002. At the low of the day, the contract hit $20.06. It was WTI’s third-worst day on record. International benchmark Brent crude shed 14.1%, or $4.07, to trade at $24.67, its lowest level since 2003. Oil…

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FG Reduces Petrol Price To N125 From N145

The Federal Government may have directed the reduction in the petrol price from N145 per litre to about N125. Minister of State for Petroleum Resources, Timipre Sylva, had last week said the government was in consultation with relevant stakeholders on the possibility of reducing the petrol price following the crash in crude oil prices in the international market. It was learned that the government may have approved the new petrol price after a presentation by Sylva to the ongoing meeting of the Federal Executive Council (FEC) being presided over by…

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NNPC Reveals Cause Of Lagos Explosion

Mele Kyari, the Group Managing Director, Nigerian National Petroleum Corporation, has sympathized with victims of Sunday’s explosion which occurred at Abule Ado near Festac Town, Lagos State. Kyari also reiterated the NNPC’s commitment to removing all structures on the NNPC pipeline right of way across the country to prevent such incidents in the future. The reports have that Kyari spoke during an inspection visit to the scene of the explosion, which led to the death of 15 persons and destruction of over 70 buildings in the area. No fewer than…

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OPEC Backs Biggest Oil Cut Since 2008 Crisis, Awaits Russia

OPEC has agreed to cut oil output by an extra 1.5 million barrels per day in the second quarter of 2020 to support prices that have been hit by the coronavirus outbreak. The Organisation of the Petroleum Exporting Countries also made its action conditional on Russia and others joining in. The oil demand outlook has been pummelled by global measures to halt the spread of the virus, prompting it to consider its deepest cut since the 2008 financial crisis. Demand growth forecasts in 2020 have been slashed as factories have…

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FirstBank wins 2019 Oil & Gas Award

First Bank of Nigeria Limited was recently presented with the Oil and Gas Banker of the Year 2019 award at the Patrons’ Dinner and Industry Awards of the Nigeria International Petroleum Summit held recently at Transcorp Hilton, Abuja. The four-day event, comprising conference and award dinner, is acclaimed to be Nigeria’s Government official platform for the petroleum industry gathering which has evolved to become Africa’s premier business and technology conference for not just oil and gas but for other industries in the economy, notably; maritime, automobile, banking and finance, power…

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Oil Tanks As Trump Claims Iran Is Standing Down

Oil prices fell on Wednesday afternoon after US President Donald Trump announced that Iran was backing off its retaliatory stance, and was, as the US President put it, “standing down”. Oil prices were trading sharply down following Trump’s announcement. WTI, which had spiked to over $65 on Tuesday, had already started to fall earlier on Wednesday after President Trump sent a reassuring tweet that all was well. But prices fell continued to fall, and started to plummet well below pre-spike levels. WTI was trading hands at $59.45 per barrel by 1:40pm EST—a 5.18%…

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Nigeria To Become World’s Third Biggest Supplier Of Liquefied Natural Gas – Association

Nigeria’s liquefied natural gas has stated that plans are on the way to make Nigeria become the third-highest supplier of liquefied natural gas. In a statement issued to the media and signed by Kayode Atanda, the Interim Chairman NLNG alumni association
Grant Akata, Chairman BOT, NLNG alumni association, the group commended NLNG for its efforts towards navigating the sector to a laudable objective. It stated: “Today’s decision by NLNG shareholders is a strategic door opener for the stronger Nigerian economy as it will create jobs and bring foreign investment into the…

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NLNG Seals Train 7 Project Deal

Nigeria LNG Limited (NLNG) on Friday in Abuja took the Final Investment Decision (FID) for its Train 7 Project, which will increase its production by 35% and its competitiveness in the global LNG market. This decision allows the expansion to increase the capacity of NLNG’s six-train plant from the extant 22 Million Tonnes Per Annum (MTPA) to 30 MTPA, with the award of contracts for the engineering, procurement and construction activities to follow the closure of bank and Export Credit Agency (ECA) financing, and the finalization of some key supporting…

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Rivers Govt Wins Back Oil Well From Bayelsa

  The Federal High Court, Abuja has ordered the transfer of the Soku oil field from Bayelsa to its rightful owner, Rivers. Justice Inyang Ekwo gave the order on Monday while delivering judgment in a suit instituted by Rivers Government against the Attorney-General of Bayelsa and the Attorney-General of the Federation. Ekwo ordered the National Boundary Commission, (NBC) to rectify the error in its 11th Edition of Administrative Map which designated San Bartholomew River as the boundary between the two states, instead of River Santa Barbara. The Counsel had submitted…

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Lagos Joins The League Of Oil-Produceing States

Lagos, which joined the league of oil-producing states in the country in 2016, received a total of N131.94m as its share of the 13 percent derivation fund from January 2018 to October 2019; data from the National Bureau of Statistics have shown. Oil-producing states are entitled to a 13 percent derivation fund from the Federation Account. Others are Abia, Akwa Ibom, Bayelsa, Delta, Edo, Imo, Ondo, and Rivers. First oil was achieved in the Aje field offshore Lagos in May 2016, 20 years after it was discovered. January to October…

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