Energy

NNPC, Cheveron wrap up $1.7bn Deal

Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited (CNL)have executed the second and final phase of an Alternative Financing Agreement. A statement signed by the Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, on Sunday in Abuja said the agreement was signed in London, over the weekend. He said that the Group Managing Director Dr Maikanti Baru ...

Read More »

Brazil’s Petrobas to sell Nigerian business

Brazil’s state-owned oil company Petroleo Brasileiro SA (Petrobras) is leading an effort to sell Petrobras Oil and Gas BV (Petrobras Africa),involved in two deepwater oil exploration blocks off the coast of Nigeria. The blocks are Akpo and Agbami producing fields and are operated by Total SA and Chevron Corp respectively. Petrobas is being joined in the sale by shareholders Grupo ...

Read More »

NNPC Commences Oil Search in Benue Trough

The Nigerian National Petroleum Corporation (NNPC) has commenced mobilization for oil exploration in the Benue State sector of the Benue Trough. A statement issued on Thursday in Abuja said the Group Managing Director of NNPC, Dr. Maikanti Baru, led a delegation from the Corporation to the Governor of Benue State, Mr. Samuel Ortom. The statement was signed by the NNPC Group ...

Read More »

Iran Sanctions, Iraq Conflict Trigger Crude Oil Price Rise

Oil markets jumped on today (Monday) on concerns over potential renewed U.S. sanctions against Iran over a disagreement on its nuclear programme as well as conflict in Iraq. An explosion at a U.S. oil rig and reduced exploration activity also supported prices there. Brent crude futures, the international benchmark for oil prices, were at 57.85 dollars. There were also concerns ...

Read More »

Fuel Price Hike Hits America

United States has been hit by petrol or gasoline shortage as the effect of Tropical Storm Harvey and the flood it brought to Texas and environ disrupted production on the Gulf Coast. Retail U.S. gasoline prices rose 2.8 percent from Friday to Saturday as refineries warned customers about the fuel-supply shortage. They were at $2.59 a gallon, according to motorists ...

Read More »

Nigeria’s Forte Oil in Talks on Refinery Deal to Boost Capacity

Nigeria’s Forte Oil said on Friday it was in talks with a major refinery to form a strategic partnership for local refining of petroleum products in Africa’s top oil exporter, its chief executive said. Nigeria has been pushing to refurbish its decrepit refineries, as the country is still mainly dependent on exporting crude oil for imports of refined products. It ...

Read More »

IMF Sees Oil Making Up 4 Percent of Battered Uganda Economy

Uganda’s new-found oil reserves may account for as much as 4 percent of its economy annually in coming years if managed well, the International Monetary Fund’s country chief says. IMF Mission Chief for Uganda Axel Schimmelpfennig writes in a blog post that the country also needs some strategic infrastructure investment and better debt management. Uganda’s economy has taken a hit ...

Read More »

Search here