Category: News

Inauguration of the “Data Analysis and Forensic Committee for Crude Oil and LNG Tracking to Final Destination” (COLT) by the Director DPR, represented by Mrs. Ibidun Toweh (Head, Engineering and Standards Division). In attendance were DPR Top Management Committee (TMC) Members and Staff of the Department.       SOURCE: DPR

The Nigerian Federal High Court will deliver its ruling regarding Lekoil increasing its stake in license OPL 310 offshore Nigeria in late March. OPL 310; Source: LekoilLekoil, which holds an unconditional 17.14 percent interest in the OPL 310 located in shallow water offshore Lagos, is hoping the court will resolve the long-awaited delay over a ministerial …

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by  Matthew V. Veazey | Rigzone Staff |   Oil prices changed direction this past week. West Texas Intermediate (WTI) crude oil for March delivery gained 8 cents Friday, settling at $52.72 per barrel. The front-month WTI remained below the $53-mark Friday, trading within a range from $52.08 to $52.99. Against the Feb. 1 settlement …

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by  Bloomberg | Stephen Cunningham   Legislation that would allow the U.S. government to sue OPEC for inflating oil prices cleared a key hurdle in the new session of Congress. The House Judiciary Committee, now led by Democrats, advanced the “No Oil Producing and Exporting Cartels Act" Thursday. That sets the bipartisan "NOPEC" bill, which …

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The Nigerian National Petroleum Corporation (NNPC) and the Nigeria Police have pledged to work together in a renewed drive to combat the perennial menace of oil theft and pipeline vandalism across the country. Group General Manager, Group Public Affairs Division of the NNPC, Mr. Ndu Ughamadu, stated in a release Tuesday in Abuja that the …

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...Records Monthly Trading Surplus of ₦2.06Billion A total of 735 Million Standard Cubic Feet of gas per day (mmscfd) was delivered to gas fired-power plants in November 2018 compared with October 2018 where an average of 627mmscfd was supplied, a release by the Nigerian National Petroleum Corporation Group General Manager, Group Public Affairs Division, Mr. …

Continue reading "NNPC Increases Gas Supply to Power"

by  Bloomberg | Tsuyoshi Inajima   Oil extends losses below $54 a barrel on signs of a weakening economy and an industry report pointing to rising U.S. crude inventories. (Bloomberg) -- Oil extended losses below $54 a barrel on signs of a weakening economy and an industry report pointing to rising U.S. crude inventories. Futures …

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by  Jude Clemente | Rigzone Contributor |   Offshore spending is expected to increase 4-5% in 2019 and even outgrow onshore investment. Typically the last sector to resurge when oil prices start to rise again, the global offshore oil industry appears to be in a rebound period. Offshore spending is expected to increase 4 to …

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by  Matthew V. Veazey |   Oil futures got off to a good start Monday, but their momentum tapered off. After ending last week on a positive note and sustaining that momentum earlier on Monday, West Texas Intermediate (WTI) and Brent crude oil futures faltered later in the day. The March WTI contract price lost 70 cents Monday …

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