Author Archives: steph

Brent Crude Drops To $77.78pb As Us-china Trade War Escalates

  Prices of oil at the international market dropped yesterday as the latest escalation in the Sino-US trade war clouded the outlook for demand, although concerns over tightening supply offered prices some support. Brent crude futures had declined 27 cents, or 0.35 per cent, to $77.78 per barrel while US West Texas Intermediate (WTI) crude […]

Oil majors expect first ruling in Nigeria’s $1.3b oilfield scandal

  • NNPC urges expansion of pipeline infrastructure International oil companies, Shell and Eni, are carefully monitoring a first ruling this week by a Milan judge in one of the energy industry’s biggest corruption scandals for clues to what might be around the corner for them.   The two firms are embroiled in a long-running […]

OPEC/non-OPEC discussions intensify ahead of key summit

  With a critical meeting in Algiers fast approaching, a fractured OPEC and its allies are still searching for consensus on how members with spare output capacity can equitably distribute the extra barrels they intend to pump without upsetting those unable to produce more.   The Saudi and Russian energy ministers met over the weekend […]

High oil price pushes petrol subsidy to N65.6 per litre

  Petrol supply figures sighted yesterday in Abuja indicated that the amount of financial subsidy Nigeria currently absorbs to keep the pump price of petrol at N145 per litre instead of the expected open market price might have gone up to N65.6k.   This is following the rising price of crude oil in the international […]

Nigerians paid more for petrol in August – NBS

  Many Nigerians paid more for petroleum products, including Premium Motor Spirit (petrol), last month, according to data from the National Bureau of Statistics.   The average price paid by consumers for petrol increased by 1.7 per cent year-on-year and 0.1 per cent month-on-month to N146.90 per litre in August from N146.80 in July.   […]

Poor resource use raises economic woes

  Nigeria has, over the years, displayed lack of governance in the management of crude oil proceeds, which has, till date, become an albatross to the development of the economy, with the sector’s outlook constantly dictating the pace and direction of standard of living, fiscal and monetary operations and growth. Despite being the largest producer […]

Fed Govt urged on domestic gas consumption

ONE way to improve gas consumption is by reviewing the product’s price, the former Managing Director, Nigerian Liquefied and Natural Gas Limited, Mr. Godswill Ihetu, has said.   He said when the Federal  Government reviews the price, the volume of gas used in-country would increase.   In an interview with The Nation, Ihetu said gas […]

NLNG CEO confident of Train 7’s viability for Nigeria despite increased competition

  The depth of Nigeria LNG’s focus on promoting the Train 7 expansion of its LNG export plant on Bonny Island, which would lift output by over 8 million tonnes a year (t/y) from the 2017 level to 30m t/y by 2023, is underlined by managing director and chief executive officer Tony Attah’s tireless efforts […]

BP, others shun Nigeria’s crude oil over prices

Nigerian crude oil differentials were largely unchanged yesterday, after a series of offers from Shell for October-loading cargoes drew no buyers, and even BP, which has been an active bidder this week, showed unwillingness to pay higher prices. Shell was said to be offering at least 10 cargoes with a variety of Nigerian grades, including […]