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Relief for Nigerian economy as OPEC extends oil output cut by 9 months to squeeze glut

OPEC Ibe kachukwu

Chances of sustaining the economy and even driving the 2017 budget got brighter yesterday, Thursday following the decision of Organisation of Petroleum Exporting Countries (OPEC) to extend cuts in oil output by nine months to March 2018. Economic analysts are upbeat that granted steady production in the Niger Delta, coupled with the rising output and continued enjoyment of cut exemptions, ...

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SNEPCo hails indigenous contractors on successful FPSO TAM

Bonga

Shell Nigeria Exploration and Production Company (SNEPCo) has confessed the merits of Nigerian local content policy in the oil and gas sector following the use of local contractors to successfully complete Turnaround Maintenance (TAM) on its deep-offshore Floating, Production, Storage and Offloading (FPSO) at Bonga. It would be recalled that Bonga oil field has produced about 702 million barrels of ...

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OPEC membership swells as Equatorial Guinea joins cartel yesterday

OPEC Vienna

One of the highlights of the Thursday’s meeting of Organisation of the Petroleum Exporting Countries (OPEC) members in Vienna, Austria can be said to be the admission of Africa’s third-biggest oil producer, Equatorial Guinea, who has been accepted as a new member of the global oil cartel. Equatorial Guinea had said in January it was seeking to become OPEC’s 14th ...

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Tracking Now: Senate passes Part 1 of Petroleum Industry Bill (PIB) dealing on governance

oil rig

The Nigerian Senate today, Thursday, May 25, 2017, passed the Petroleum Industry Governance Bill (PIGB). The part, which can be said to be among the least controversial segment of the entire bill, only seeks to reform issues of corporate governance in the nation’s oil and gas industry. Business Hilights recalls that the PIGB is the first of four bills that ...

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Ubah & N11Bn Petrol: Lawyers disagree with DSS over mention of death penalty

Ubah Capital Oil

Since the Department of State Services (DSS), mentioned that the discovery that Ifeanyi Ubah, chief executive officer, Capital Oil and Gas Limited, allegedly diverted about 80 million litres of Premium Motor Spirit (petrol), kept in his custody by the Nigerian National Petroleum Corporation (NNPC), amounted to economic sabotage punishable by death, the assertion has begin to attract condemnation and debate ...

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New rule on cleaner fuel by July may spark off pump price hike soon—Survey

NNPC Headquarters

The chances of the Nigerian National Petroleum Corporation (NNPC) to begin to import less sulphur content come July, the agreed terminal date for end of dirty fuel are looking very slim considering paucity of fund which may force it to revert to old order. Otherwise, indications are rife that NNPC, the current sole importer of PMS may keep buying cheaper, ...

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Worst disruptions in oil communities over, we look ahead to 2.2mbpd soon—Oando

oando-logo

Relying on the sustained peace in oil producing communities since the visit of Acting president some months ago, the chief executive of Oando Plc is upbeat that production could reach 2.2 million barrels per day (bpd) by the end of June. Business Hilights recalls that at the return of hostilities in oil rich Niger Delta, Acting President, Yemi Osinbajo summoned ...

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3 more days for SERAP to sue Fashola, Discos over hoarding of prepaid meters

Babatunde Fashola

Today, May 25, will make it four days into the prevailing 7-Day Ultimatum handed down to the Minister of Power, Works and Housing, Mr. Babatunde Fashola to either compel electricity distribution companies (DisCos) to provide Nigerians with free pre-paid meters or face legal action. A non-governmental organisation (NGO), the Socio-Economic Rights and Accountability Project (SERAP), had on Monday, May 22 ...

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Nigeria’ll continue to import petrol in 2019 and Kachikwu’ll not resign, says analysts

Ibe Kachikwu

Recent pronouncement by the Minister of state for Petroleum that he would resign come 2019 if Nigeria failed to stop importing refined petroleum products has raised reactions from industry experts. Whereas many of them argued that he may be swept away in the next cabinet reshuffle, other say he did not ‘watch his back’ well before the comment. According to ...

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Anxiety as OPEC mulls asking Nigeria to cut oil production

OPEC barkindo

At a time the Nigerian economy is looking onto rising output and oil price to rescue the economy from recession, indication has emerged that the Organisation of Petroleum Exporting Countries (OPEC) may be convinced soon to ask Nigeria and Libya to join others in observing cuts so as to further stabilize oil price. Already, Jabar Ali al-Luaibi, Iraq’s oil minister, ...

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