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Farooq

Archive by Category "Oil Production"

HomeArchive by Category "Oil Production"

By Femi Asu The participation of local firms in the Nigerian oil and gas industry may have fallen significantly as the slump in global crude oil prices has left many of them without contracts. The sharp drop in prices has forced oil companies, including the big ones, to cut capital expenditure budgets, lay off employees […]

  • gas opportunities

It is official: Lagos state has finally become an oil-producing state, and will join states who get 13 percent derivation from the federation account. PUNCH reports that Yinka Folawiyo Petroleum Company Limited (YFP), a wholly-owned indigenous firm and operator of the OML 113 offshore Lagos, on Tuesday announced the commencement of production of crude oil from […]

DUBAI/LONDON, May 3 (Reuters) – OPEC has yet to agree on a long-term strategy as Saudi Arabia objects to a proposal from arch-rival Iran that the exporter group aim for tighter control of the oil market, sources said, pointing to deep divisions over the way forward. The OPEC board of governors met on Monday in […]

ABUJA May 2 (Reuters) – Nigeria plans to begin exploratory drilling in search of oil in the northeastern Chad Basin region by October, the head of the state oil company has said. Emmanuel Ibe Kachikwu, who last year said Africa’s biggest crude exporter may be on the verge of a significant oil find in the […]

By Alex Lawler LONDON, April 29 (Reuters) – OPEC’s oil output rose in April to close to the highest level in recent history, a Reuters survey found on Friday, as production increases led by Iran and Iraq more than offset a strike in Kuwait and other outages. Top exporter Saudi Arabia, however, made no major […]

By Ugo Nwagwu The best time for Nigeria to industrialize was 35 years ago. The second best time; NOW! Pre Independence Malaysia was rich in natural resources such as porcelain, spices (which were then traded as currency) and large deposits of Tin. As part of the British Empire, the British took over administration of the […]

  • gas opportunities

Amid improving market sentiment and a weakening dollar, the World Bank is raising its 2016 forecast for crude oil prices to $41 per barrel from $37 per barrel in its latest Commodity Markets Outlook, as the oversupply in markets is expected to recede. The crude oil market rebounded from a low of $25 per barrel […]

ABU DHABI, April 25 (Reuters) – Indonesia’s governor to the Organization of the Petroleum Exporting Countries said on Monday that oil at $45 a barrel was “not bad” and that there would be no urgency to freeze output if crude remained at that price. Despite failure to reach a deal to curb oil output and […]

LONDON, April 25 (Reuters) – Nigeria’s initial oil export plan for June showed crude loadings poised to fall to the lowest level so far this year, according to a compilation of loading programmes on Monday. The exports, on 52 cargoes, totaled 1.57 million barrels per day (bpd), compared with a revised May programme of 1.6 […]

  • gas opportunities

LONDON, April 25 (Reuters) – * Angolan crude for June loading has not attracted much spot buying interest yet as offer levels fail to tempt buyers. * Nigerian differentials were steady. The full set of June loading programmes has not been issued yet. ANGOLA * Few spot sales of June-loading Angolan cargoes have come to […]