Crude Oil Prices Shoots above $65

Brent crude oil prices jumped above $65 per barrel after the shutdown of the Forties North Sea pipeline knocked out significant supplies from a market that was already tightening due to OPEC-led production cuts. Brent crude futures on Tuesday, the international benchmark for prices of crude, were at $65.07 dollars a barrel at 0211 GMT. U.S. West Texas Intermediate (WTI) ...

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Nigerian Government Orders NNPC to Clear Fuel Queues by Weekend

…As Ekiti Filling Stations Remain Under Lock and Key The Nigerian National Petroleum Corporation (NNPC) has been ordered to clear fuel queues in Lagos and Abuja not later than Saturday. The nation’s Minister of Information, Lai Mohammed, who disclosed this to State House Correspondents after the FEC meeting presided over by Vice President Yemi Osinbajo at the Presidential Villa Wednesday, ...

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Fuel Scarcity Looms in Nigeria, as IPMAN Threatens Showdown with NNPC

Independent petroleum marketers in Lagos State have threatened to withdraw their services from Dec. 11 over NNPC’s breach of bulk purchase agreement to sell fuel to them at N133.28k per litre. The Independent Petroleum Marketers Association of Nigeria (IPMAN), Lagos State Chapter, on Wednesday said it was set for a showdown with NNPC over irregular fuel supply at Ejigbo satellite ...

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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 ...

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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 ...

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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 ...

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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 ...

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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 ...

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