Reps to consider host communities’ interest in PIB

Businessam StaffJune 1, 2017

The House of Representatives says it would pass a more holistic Petroleum Industry Bill (PIB) that will encompass interests of host communities and fiscal regulation of the oil industry, reports News Agency of Nigeria (NAN). Victor Nwokolo (Delta-PDP), Chairman of the House Committee, Petroleum Upstream, stated this on Thursday, while speaking to journalists at the […]

French union says deal reached to end petrol shortage

Businessam StaffJune 1, 2017

France’s CGT trade union said a strike by transporters of hazardous materials that has caused fuel shortages could be wound down by the weekend after talks on Wednesday with the transport ministry. The hardline CGT called the strike, which triggered panic-buying at petrol stations across the country, demanding wage increases and better working conditions for […]

W. African oil to China slides to 9-month low in June, India offsets

Businessam StaffJune 1, 2017

China’s West African crude oil loadings are on track to slide to a nine-month low in June as buying in the key outlet wanes after months of voracious importing, a Reuters survey of shipping fixtures and oil traders showed on Thursday. According to Reuters report, loadings are expected to fall to just over 1 million barrels per day (bpd) in […]

World Bank to provide Senegal $29 million to bolster oil sector

Businessam StaffJune 1, 2017

The World Bank will provide $29 million to help Senegal as it negotiates oil and gas contracts with producers, it said on Wednesday. Oil firms including BP and Total are developing previously untapped oil and gas fields off Senegal’s Atlantic coast that could bring billions of dollars of profits to the impoverished country in the […]

Nigerian Senate votes to halt Eni’s Port Harcourt refinery deal

Businessam StaffMay 31, 2017

Nigeria’s Senate voted on Tuesday to halt a concession agreement with the local unit of Italian oil firm Eni to repair, operate and maintain Port Harcourt refinery, saying the deal lacked transparency, Reuters reports. Eni was in talks to work with Nigerian energy company Oando on the deal, part of an effort to lift refining […]

Oil fell on oversupply worries despite OPEC deal

Businessam StaffMay 30, 2017

Oil prices fell on Tuesday on concerns that output cuts by the world’s big exporters may not be enough to drain a global glut that has depressed the market for almost three years. According to Bloomberg, Benchmark Brent crude LCOc1 dropped $1.10 a barrel, or more than 2 percent, to a low of $51.19 before […]

OPEC ponders how to co-exist with U.S. shale oil

Businessam StaffMay 26, 2017

OPEC Businessamlive

First, they ignored each other. Then, they went into a bruising fight. Finally, they are talking, albeit with opposing agendas. The history of the relationship between OPEC and the U.S. shale oil industry has evolved a great deal since the cartel discovered it had a surprise rival emerging in a core market for its oil […]

Oil traders punish OPEC for promising too much

Businessam StaffMay 26, 2017

As OPEC’s latest meeting wrapped up in Vienna on Thursday night, ministers congratulated each other on its rare spirit of amity and consensus. The talks were, without a doubt, a success. But two hours later, one veteran delegate was staring in despair at the numbers flashing red on his smartphone showing crude down some 5 […]

Nigeria LNG launches three-cargo sell tender – sources

Businessam StaffMay 26, 2017

Nigeria’s liquefied natural gas (LNG) export facility has launched a tender to sell three cargoes loading during June, trade sources said, Reuters reports.  Bids for the tender are due on June 1 and the specific cargo loading dates are June 14, June 20-June 30, and June 25-July 4, the trade sources said.