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Recently, when the price of crude oil was within the $60-$70 range, the Group Managing Director (GMD), Nigerian National Petroleum Corporation (NNPC) said the rising price may be inimical to the economic health of the country. Now that crude oil is hovering around $75bpd, should Nigeria be worried? It would seem so, especially in other …
Continue reading "Rising crude oil price: $75bpd threshold and its many worries for Nigeria"
Shell Mulls Sale of Largest US Oil Field by Bloomberg|Riley Griffin Royal Dutch Shell Plc is reviewing its holdings in the largest oil field in the U.S., a possible sale that could raise as much as $10 billion, according to Reuters. The potential sale could include all of Shell’s 260,000 acres in the Permian Basin, …
With twenty three fuel price increases, six reductions and one decisive price reversal, the Nigerian National Petroleum Corporation (NNPC) persistent upward review product price, often with reasons that lack credibility, always put pressure on the macro and micro economic breath of Nigeria. At the receiving end of each experience is the average Nigerian. Each fuel …
Continue reading "Fuel Price Increases: NNPC’s impunity against Nigerians’ humanity"
FPSO operator BW Offshore has informed that two workers have died following an incident onboard its FPSO Espoir Ivoirien located offshore Ivory Coast. FPSO Espoir Ivoirien; Source: BW Offshore At 13:30 local time on Thursday, an incident occurred whilst work was being performed in a cargo tank onboard the FPSO Espoir Ivoirien operating on the Espoir field …
Continue reading "Two dead after incident on BW Offshore FPSO"
 By Pospectus Mojjido, in Abidjan With the conclusion of the takeover of Seven Energy assets, a widely known South African Insurer now owns a piece of a grid length, natural gas pipeline in Nigeria. African Infrastructure Investment Managers (AIIM) is a member of the Alternative Investments unit of the Old Mutual Group, the South …
Continue reading "Old Mutual Takesa Piece of Nigerian Gas Infrastructure"
WTI and Brent crude oil futures declined for the fourth consecutive trading day. West Texas Intermediate (WTI) and Brent crude oil futures declined for the fourth consecutive trading day. The WTI for August delivery lost $1.48 Thursday, settling at $55.30 per barrel. At one point, the light crude marker fell to $54.72. At the …
U.S. oil firm Anadarko Petroleum expects to make the final investment decision for its Mozambique LNG project next month. A drillship offshore Mozambique / Image source: AnadarkoThe company, in takeover talks with Oxy after Chevron decided to pull out on Thursday, has said that the FID for the Mozambique project, designed to develop offshore gas deposits, would be …
Continue reading "Mozambique: Anadarko sets date for giant gas project sanction"
Tower Resources bringing Topaz Driller rig back to Cameroon Tower Resources has via its Cameroon subsidiary hired the Topaz Driller jack-up rig from Vantage Drilling for drilling operations offshore Cameroon in 2019. The rig is expected to start the NJOM-3 well at Tower’s Thali license in the second quarter of 2019. The Thali PSC, where the …
Oil Holds Gain Near $52 by Bloomberg|Heesu Lee Oil held gains near $52 a barrel on optimism the OPEC+ coalition's production curbs will clear a supply glut. (Bloomberg) -- Oil held gains near $52 a barrel on optimism the OPEC+ coalition’s production curbs will clear a supply glut that’s already showing signs of decreasing. Futures …
Aker Bullish on Offshore Ghana by  Matthew V. Veazey|Rigzone Staff      Phased development could deploy several production units, says CEO. Aker Energy, which operates the Deepwater Tano Cape Three Points (DWT/CTP) block offshore Ghana, reported Thursday that it will soon complete a successful appraisal well drilling operation in the block’s Pecan …
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