Oil Business Archives — Page 4 of 5

June 9, 2021 No Responses

Okomu Oil, Learn Africa Top Gainers’ Table As Nigerian Stock Market Recovers N102b

Transaction on the Nigerian stock market returned to positive territory on Tuesday with investors’ net worth appreciating by N102 billion. The bullish performance was due to investors’ buy interest in industrial goods, consumer goods and oil & gas sector stocks. ...

June 4, 2021 No Responses

Timipre Sylva: Nigeria Has Achieved 35% Local Content Compliance

The Minister of State for Petroleum Resources Chief Timipre Sylva has said that Nigeria has achieved a significant 35% local content compliance in 2021 from a dismal 5% in 2010.Speaking at the maiden edition of the African Local Content Roundtable(ALCR),...

June 1, 2021 No Responses

NNPC To Acquire Equity In Six Private Refineries

By citybusinessnews@yahoo.com — The Nigerian National Petroleum Corporation has revealed that it is currently considering equity participation in a number of private refineries in the country in line with a Federal Government policy directive which ...

May 30, 2021 No Responses

Total Repositions, Shift To Renewable Energy Sources

Foremost Oil and gas giant, Total has rebranded as TotalEnergies as it shifts some of its focus towards renewable energy sources. Shareholders voted overwhelmingly in favour of the move and approved the firm’s environmental goals. &#8220...

April 29, 2021 No Responses

Crude Oil Extends Gains

Oil prices extended gains on Thursday after rising 1% the previous session, as bullish forecasts on recovering demand this summer offset concerns of rising COVID-19 cases in India, Japan and Brazil.Brent crude for June edged up 8 cents, or 0.1%, to...

April 22, 2021 No Responses

Oil Prices Drop As Covid-19 Surge Dents Demand Outlook

Oil prices fell for a second day on Wednesday, weighed down by concerns that surging COVID-19 cases in India will drive down fuel demand in the world’s third-biggest oil importer.Brent crude futures for June declined 95 cents, or 1.4%, to $65.62...

March 22, 2021 No Responses

Saudi Aramco To Prioritise Energy Supply To China For 50 years

Saudi Aramco will ensure China’s energy security remains its highest priority for the next 50 years and beyond as new and existing energy sources run in parallel for some time, CEO Amin Nasser told the China Development Forum on Sunday.Saudi Arabia,...

March 5, 2021 No Responses

Oil Extends Gains On OPEC Supply Restraint

Oil prices rose early on Friday, adding to big gains overnight after OPEC and its allies agreed to not increase supply in April as they await a more solid recovery in demand from the coronavirus pandemic.U.S. West Texas Intermediate (WTI) crude futures cl...

February 13, 2021 No Responses

Bayelsa Seeks Private Investors For Modular Refinery

The Bayelsa Government is shopping for investors to establish a modular refinery as part of measures to fasttrack socio-economic development of the State. The Technical Adviser to the Governor on Investment, Dr Jonathan Obue...

February 3, 2021 No Responses

Exxon Mobil Declares $22.4b Loss

Oil giant Exxon Mobil suffered its first annual loss in decades last year as the pandemic prompted energy use to plunge. The firm lost $22.4bn (£16.4bn) as energy prices dropped – at one point falling below zero. The downturn forced...

February 2, 2021 No Responses

Oil Prices Rise As Producers Commit To Output Restraint

Oil prices rose around 1 per cent on Tuesday after major producers showed they were cutting crude output in line with their commitments on restraint, supporting a market thrown out of kilter by weak demand during the coronavirus pandemic.Brent crude ...

January 16, 2021 No Responses

Heirs Holdings Acquires 45% Of OML 17 From Shell, Total, ENI

Heirs Holdings (HH), in partnership with affiliated company, Transnational Corporation of Nigeria Plc on Friday announced acquisition of 45% participating interest in Nigerian oil licence OML 17 and related assets, th...

January 11, 2021 No Responses

Nigerian Oil Palm Growers Condemn Illegal Importation

The Oil Palm Growers Association of Nigeria (OPGAN) has condemned what it described as the continued illegal importation of Oil Palm into the country, According to the group, the oil palm industry in Nigeria also deserves more a...

January 6, 2021 No Responses

OPEC, Non-OPEC Countries To Increase Production By 0.5mb/d In January

The Organisation of Petroleum Exporting Countries (OPEC) and the non-OPEC countries have agreed to increase crude oil production by 0.5 million barrels per day (mb/d) in January. The group reached the agreement at the 13th OPEC and non-OPEC Ministerial M...