Crude settles At $70.60 A Barell

Crude settles At $70.60 A Barell

Geopolitical concerns and the energy market U.S. oil prices dropped for a ninth consecutive session on Thursday, falling into a bear market, on further signs of growing supply even as data showed record Chinese oil imports. Crude prices have plunged over the last five weeks, buffeted by October’s broader market slump, signs of deteriorating demand and rising output from key producers. The decline continued earlier this week after the Trump administration announced it would issue waivers to eight countries, allowing them to continue importing Iranian crude for the next 180…

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NNPC Declares $470 Million Rise In Crude Oil & Gas Sale

NNPC Declares $470 Million Rise In Crude Oil & Gas Sale

Group Managing Director of the NNPC, Dr. Maikanti Baru The Nigerian National Petroleum Corporation on Wednesday announced that its crude oil and gas export sale in August 2018 was $470m, indicating an upsurge of about $78m in comparison to July oil and gas export figures of $391.91m. The NNPC monthly financial and operations report for August 2018, which was released in Abuja on Wednesday by the corporation’s Group General Manager, Public Affairs Division, Ndu Ughamadu, indicated that crude oil export sales contributed $337.62m, representing 71.83 per cent of the dollar…

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Kaduna Refinery Dormancy Attributed To NNPC’s N10.96 Billion Loss

Kaduna Refinery Dormancy Attributed To NNPC’s N10.96 Billion Loss

The Kaduna Refining and Petrochemical Company, one of the country’s crude oil refineries being managed by the Nigerian National Petroleum Corporation, has remained dormant. According to the corporation, the refinery’s capacity utilisation has remained at zero for months, as the KRPC is not refining crude oil despite receiving the commodity. In its latest monthly oil and gas report for June 2018, the NNPC also stated that its group trading surplus dropped from N18.11bn in May to N7.15bn in June this year. This implies that the oil firm lost N10.96bn in…

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Brent Crude Slips To $76.38 On Oversupply Fears

Brent Crude Slips To $76.38 On Oversupply Fears

Saudi Arabia’s OPEC governor said on Thursday that the oil market could face oversupply in the current quarter. “The market in the fourth quarter could be shifting towards an oversupply situation as evidenced by rising inventories over the past few weeks,” Adeeb Al-Aama told Reuters. Saudi Arabia Energy Minister Khalid Al-Falih said there could be a need for intervention to reduce oil stockpiles after increases in recent months. U.S. crude oil stockpiles rose last week for the fifth consecutive week, while gasoline and distillate inventories fell, the Energy Information Administration…

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Crude Oil Prices Tumble After Global Sell-Off

Crude Oil Prices Tumble After Global Sell-Off

Tuesday’s massive sell-off in the global crude oil markets spread on Wednesday to the Middle East crude oil complex, where prices for December cash Dubai—the nearest month trading in October—plunged by 4.42 percent at close of business in Singapore in the biggest drop since June, traders tell S&P Global Platts. The most actively traded international oil benchmarks, Brent and WTI, plunged on Tuesday to a two-month low, with both WTI Crude and Brent Crude slumping by 4 percent—the worst one-day drop since July. The decline was prompted by a broader equity market sell-off earlier on…

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Nigeria’s Unproven Gas Reserves About 600 Trillion Cubic Feet – NNPC

Nigeria’s Unproven Gas Reserves About 600 Trillion Cubic Feet – NNPC

Nigeria’s current proven gas reserve has gone up to 202 trillion cubic feet (tcf) from the initial figure of 199tcf, the Nigerian National Petroleum Corporation (NNPC) has disclosed. The corporation also stated that the country’s unproven gas reserves is now about 600tcf. It explained that based on these numbers, Nigeria had almost 10 times the gas reserves base of Trinidad and Tobago, and could be in the same league as Iran, Qatar, and Russia. Providing an update on Nigeria’s gas credentials, the Group Managing Director of NNPC, Dr. Maikanti Baru,…

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NLNG Train 7 Project To Be Carried Out In-Country

NLNG Train 7 Project To Be Carried Out In-Country

The engineering, procurement and construction of the planned $4.3bn Nigeria LNG Limited Train 7 plant will be done in-country by mostly indigenous companies, the Nigerian Content Development and Monitoring Board has said. According to the Executive Secretary, NCDMB, Simbi Wabote, the fabrication of pressure vessels, pipes, flare stack and other opportunities related to the Train 7 project will be domiciled in Nigeria. Wabote, who stated this at a public workshop on the Nigerian content aspect of the NLNG Train 7 in Abuja on Tuesday, warned that the era of building…

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500 Million SCF Gas Lost To Power Sector Shut-In

500 Million SCF Gas Lost To Power Sector Shut-In

The Nigerian National Petroleum Corporation stated on Monday that on a daily basis, over 500 million standard cubic feet of gas were being shut in by producers as a result of the problems in the power sector. According to the corporation, the non-evacuation of electricity has resulted in shut-in of gas producer wells, adding that this was a critical challenge for Nigeria’s gas industry. The Group Managing Director, NNPC, Maikanti Baru, stated this in a keynote address at the Nigerian Gas Association’s 11th International Conference and Exhibition in Abuja. “It…

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Oil Marketers Reiterate Need For Review Of Petroleum Price

Oil Marketers Reiterate Need For Review Of Petroleum Price

Motorists queue for petrol on Lagos-Ibadan Expressway as black markerteers sell fuel… on Saturday. Photos: Stanley Ogidi. The Major Oil Marketers Association of Nigeria has said the pricing template for Premium Motor Spirit should be reviewed regularly to ensure that the price of the commodity reflects the reality on the ground. It was reported that the landing cost of the PMS being imported into the country had risen to at least N205 per litre on the back of the recent increase in global oil prices, putting more pressure on the Nigerian…

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NNPC Records 36% Rise In Crude Oil, Gas Sale

NNPC Records 36% Rise In Crude Oil, Gas Sale

The Nigerian National Petroleum Corporation on Thursday announced total crude oil and gas export sale of $416.07m for June 2018, which was 35.78 per cent higher than what was recorded in the previous month. Details of the figures contained in the just released June 2018 edition of the NNPC Financial and Operations Report also indicated that the crude export sale contributed $274.95m, which translated to 66.08 per cent of the dollar transactions compared with $244.72m contribution in the previous month. The gas export sale for the month was $141.12m, the…

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