Nigerian firm, Oranto Petroleum, wins oil exploration deal in Uganda
Businessam Staff
October 10, 2017
Nigeria’s Oranto Petroleum has signed two production-sharing agreements with Uganda to explore for oil and gas around Lake Albert, the company said on Tuesday. Oranto was among several companies, including Australia’s Armour Energy, that last year bid in Uganda’s first competitive oil exploration licensing round. “We are excited to enter this agreement … Lake Albert is […]
Saudis to make deepest cut to crude supply amid strong demand
Businessam StaffOctober 10, 2017
Saudi Aramco plans to make “the deepest customer allocation cuts in its history” in oil supplies in November to help reduce global inventories and balance the market. State-run Saudi Arabian Oil Co., known as Aramco, will make an “unprecedented” cut of 560,000 barrels a day in its allocations to customers next month, the Saudi energy […]
Nigeria made N118trn from crude production in 53yrs – NBS
Businessam StaffOctober 5, 2017
The National Bureau of Statistics (NBS) says Nigeria has realised more than N118 trillion from crude oil production and refining since 1961. The NBS report, which has additional data from the Nigerian National Petroleum Corporation (NNPC), collated its statistics from 1961 till 2014. “The petroleum statistics on crude oil production and oil refining reflects that […]
OPEC oil output rises in September as Libya, Nigeria recover
Businessam StaffOctober 2, 2017
OPEC nations pumped slightly more crude in September as Libya’s biggest oil field returned to production. Output from the Organization of Petroleum Exporting Countries was 32.83 million barrels a day in September, a gain of 120,000 barrels a day from August, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. Production […]
Black out as Nigeria’s national grid collapses
Businessam StaffSeptember 30, 2017
The Transmission Company of Nigeria (TCN) said a total system collapse of the national grid was recorded on Sept. 28 at 8:03 p.m., resulting in temporary loss of electricity generation. A statement from TCN’s management on Friday in Abuja said that reports obtained from power stations and the sequence of events generated by the Supervisory […]
Indigenous oil and gas companies have capacity to achieve 80 percent of engineering design – NCDMB
Businessam StaffSeptember 28, 2017
Simbi Wabote, executive secretary of Nigerian Content Development and Monitoring Board (NCDMB), says Nigerian oil and gas companies have the capacity to achieve 80 percent of engineering designs. Wabote disclosed this while delivering a keynote address at Nigeria Oil and Gas Industry Research and Development Fair and Conference coordinated by NCDMB in Lagos on Thursday. […]
It’s a dangerous moment for OPEC
Businessam StaffSeptember 27, 2017
Oil prices are recovering. U.S. storm damage and strengthening economies may have finally dislodged sentiment away from resignation to a future of low oil prices. That’s the story, but it isn’t the whole picture. And while OPEC and other countries that have cut production will undoubtedly take comfort from Brent near $60 a barrel, they […]
Citigroup calls for readiness on oil squeeze
Businessam StaffSeptember 26, 2017
Those in the oil market fearing a flood of OPEC supply next year will probably be better off preparing for a shortage, according to Citigroup Inc. Five countries in the group — Libya, Nigeria, Venezuela, Iran and Iraq — may already be pumping at their maximum capacity this year, Ed Morse, the bank’s global head […]
Oil holds gains above $50 as OPEC, Russia signal cuts working
Businessam StaffSeptember 25, 2017
Oil held gains above $50 a barrel as OPEC and Russia said they were well on the way to clearing a global glut and urged producers to stay focused on curbing supply. Futures slipped 0.3 percent in New York after climbing 1.5 percent last week. The OPEC-led group implemented more than 100 percent of its agreed cuts last month […]
Citigroup to use only renewable energy by 2020
Businessam StaffSeptember 21, 2017
Citigroup Inc has pledged to purchase and produce all of its energy from renewable sources by the year 2020. Micheal Eckhart, Citigroup’s head of environmental finance issued the statement at the Climate Week New York, an annual energy and climate event held to correspond with the United Nations General Meeting. Citigroup will be joining 110 […]