by Bloomberg Heesu Lee Oil faltered below $70 a barrel as Saudi Arabia said it has no intention of using its oil wealth as a political tool and as American crude stockpiles were seen gaining for a fifth week. (Bloomberg) -- Oil faltered below $70 a barrel as Saudi Arabia said it has no intention …
NNPC Washes Hands of Abia Oil Pipeline Explosion
The Nigerian National Petroleum Corporation (NNPC) has refuted the allegation that negligence on its part caused the oil pipeline fire incident Friday last week in Umuaduru and Umuimo communities in Osisioma Ngwa Local Government Area of Abia State. A release by the NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, today in …
Continue reading "NNPC Washes Hands of Abia Oil Pipeline Explosion"
Nigerian Senate to Probe $3.5 Billion Spent by State Oil Firm
by Bloomberg Tope Alake & Sophie Mongalvy | inShare Lawmakers in Nigeria will investigate $3.5 billion allegedly spent by the state oil firm on gasoline subsidies and expressed concern that the sum was not included in the national budget. (Bloomberg) -- Lawmakers in Nigeria will investigate $3.5 billion allegedly spent by the state oil firm …
Continue reading "Nigerian Senate to Probe $3.5 Billion Spent by State Oil Firm"
Analysts Forecast Oil Prices to 2022
by Andreas Exarheas Rigzone Staff | Analysts at Fitch Solutions forecast that the price of Brent Crude Oil will average $91 per barrel in 2022. Analysts at Fitch Solutions forecast that the price of Brent Crude Oil will average $91 per barrel in 2022, a new report has revealed. Brent is forecasted by the Fitch …
Nigeria China Memorandum of Understanding On the 7th of May 2018, Wang Shoujun the Chairman of China National Nuclear Corporation, met with Prof. Simon Mallam, Chairman of Nigeria Atomic Energy Commission. After the meeting, under the leadership of both parties, Zhongyuan Company and Nigeria Atomic Energy Commission signed a memorandum of understanding on nuclear energy …
NNPC Launches Virtual Gas Pipeline System
… AS Nigeria’s Proven Gas Reserves Hit 202 Trillion Cubic Feet A major stride in the drive for optimization of the nation’s vast gas resources has been recorded with the execution of a novel contract between the Nigerian National Petroleum Corporation (NNPC) and a private firm for the activation of virtual gas pipeline network for …
Continue reading "NNPC Launches Virtual Gas Pipeline System"
Exclusive: Don’t mention the oil price – U.S. legal threat prompts change at OPEC
Dmitry Zhdannikov, Rania El Gamal LONDON/DUBAI (Reuters) - OPEC has urged its members not to mention oil prices when discussing policy in a break from the past, as the oil producing group seeks to avoid the risk of U.S. legal action for manipulating the market, sources close to OPEC said. Proposed U.S. legislation known as “NOPEC”, …
Continue reading "Exclusive: Don’t mention the oil price – U.S. legal threat prompts change at OPEC"
IEA: Oil demand and supply close to new peaks
Both global oil demand and supply are now close to new, historically significant peaks at 100 mb/d, and neither show signs of ceasing to grow any time soon, the International Energy Agency (IEA) has said. Oil platform; Image source: BSEE – used under a public license According to IEA’s report from last Friday, fifteen years ago, forecasts …
Continue reading "IEA: Oil demand and supply close to new peaks"
Crude Rises as Mystery of Missing Saudi Critic Strains Alliance
by Bloomberg Samuel Robinson | Oil advanced amid growing international outrage over the disappearance of a prominent Saudi Arabian critic. (Bloomberg) -- Oil advanced amid growing international outrage over the disappearance of a prominent Saudi Arabian critics that put relations between the U.S. and kingdom on a knife edge. Futures rose 0.6 percent on Monday …
Continue reading "Crude Rises as Mystery of Missing Saudi Critic Strains Alliance"
Oil Pipeline Fire in Nigeria Kills 60
by Valerie Jones Rigzone Staff | A Nigerian oil pipeline fire last week has claimed dozens of lives, according to news reports. A fire that broke out on an oil pipeline in Abuja, Nigeria last week has seen its death toll rise to 60, Reuters reported Oct. 15. On Oct. 12, the Nigerian National Petroleum …
Energy Network 