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Oil & Gas
Crude Oil Prices could average $74/bbl in 2022 – World Bank
The World Bank, in its latest Commodity Markets Outlook forecast, has projected the average crude oil prices at $74 a barrel of crude oil (bbl) in 2022.
According to the report, Crude oil…
Oil workers face job loss on IOCs’ divestment
Some Nigerian oil workers at the local units of International Oil Companies (IOCs) are staring at a bleak future as the planned sale of onshore and shallow waters assets could leave…
Oil holds near $80 a barrel as Omicron fears begin to ease
Oil held near a one-month high after industry data pointed to another drop in U.S. crude inventories and traders bet the fast-spreading omicron virus variant would prove to be less severe…
More pain for Nigeria as Shell declares force majeure on Forcados crude
Shell Production Development Company (SPDC), a subsidiary of Shell in Nigeria, has declared force majeure on exports of Nigerian Forcados crude oil after the obstruction of a tanker path by…
Again, Nigeria misses from oil price gain as Shell shuts Forcados export terminal
Shell has declared force majeure on shipments of crude oil from Forcados, one of Nigeria’s largest export terminals and the disruption is helping oil prices hit a level not seen in weeks.…
NNPC generates N203bn revenue from petroleum products sale in July
A total sum of N203.73billion was made on the sale of white products in the month of July 2021 by the Petroleum Products Marketing Company (PPMC), a downstream subsidiary of the Nigerian…
Oil prices slide by $3 as Omicron spread weakens demand
Surging cases of Omicron variant of COVID-19 in Europe and the United States have crashed the price of Brent, the benchmark for Nigeria’s crude by $73.
This development has fuelled…
ECOGAS opens new gas station in Abeokuta to deepen use of clean energy, create jobs
In its continued efforts to ensure all households have access to Liquified Natural Gas (LPG), popularly known as cooking gas, the ECOGAS Energy Resources Limited has acquired NUGO Gas Ltd…
Petrol price rises to $1.29 a litre in Zambia as Govt abolishes fuel subsidies
Zambia increased fuel pump prices as it scrapped subsidies to secure a bailout from the International Monetary Fund. Gasoline and diesel rose respectively by 20% to 21.16 kwacha ($1.29) per…
AGF backs midstream, downstream petroleum regulatory authority
The accountant-general of the federation, (AGF) Ahmed idris has pledged the support of the treasury to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to help…