Oil Business Archives — Page 5 of 5

January 4, 2021 No Responses

Oil Prices Drop As OPEC Warns of 2021 Q1 Downside Risks

Oil prices edged lower on Monday, the first working day of 2021 trading, ahead of a meeting of OPEC and allied producers to discuss output levels for February with fears for first-half demand seeping into the market as the coronavirus pandemic lingers.Brent crude for March...

December 3, 2020 No Responses

NLNG Wins World LNG Award

Nigeria LNG Limited (NLNG) has won the most outstanding contribution in the industry award as a joint winner at the ongoing 2020 World LNG Virtual Summit and Award. NLNG emerged the winner alongside Kplerin, a nomination group comprising British Petroleum...

September 30, 2020 No Responses

Oil Drops Further As Coronavirus Cases Prompt Demand Worries

Oil prices fell for a second day on Wednesday morning, extending big losses from the previous session amid rising concerns about fuel demand as the coronavirus pandemic worsens.Brent crude dropped 23 cents, or 0.6 per cent, to $41.03 per barrel ...

September 3, 2020 No Responses

NLC Rejects Hike In Fuel Price

The Nigeria Labour Congress (NLC) has rejected increase in Premium Motor Spirit (PMS), also known as petrol from N148. 50 per liter to N151.56 per litre. Reacting to the increase in a chat with News Agency of Nigeria (NAN), NLC...

August 4, 2020 No Responses

LNG Projects Get $31.7m Financial Support From EU

Two Spanish LNG bunkering projects have received financial backing to the tune of €27 million ($31.7 million) from the European Commission. The funds have been secured through the Connecting Europe Facility (CEF) mechanism, which promotes more sustainab...

July 14, 2020 No Responses

Nigeria, Saudi Arabia Restate Commitment To OPEC

Saudi Arabia and Nigeria have reiterated their firm commitment to the Organisation of Petroleum Export Countries and its allies known as OPEC+ agreement. The Minister of State for Petroleum Resources, Timipriye Sylva, explained that the countries also reiterat...

June 9, 2020 No Responses

BP To Cut 10,000 Jobs As Coronavirus Hits Demand For Oil

BP has announced plans to cut 10,000 jobs following a global slump in demand for oil because of the coronavirus crisis. The oil giant had paused redundancies during the peak of the pandemic but told staff on Monday that around...

June 8, 2020 No Responses

Eni In Major overhaul, Shifts Toward Renewable Energy

Italian energy giant Eni has announced a major overhaul of its business as it steps up efforts toward energy transition. The company will create two business units with one focused on oil and gas called “Natural Resources” and the second...

June 5, 2020 No Responses

PPPRA Removes Price Cap On Petrol

The Petroleum Products Pricing Regulatory Agency (PPPRA) has removed the cap on the price of Premium Motor Spirit (PMS) also known as petrol. The agency made the disclosure in a document it released in Abuja on Thursday entitled, ‘’Market Based...

June 5, 2020 No Responses

NNPC To Deepen Business Portfolios In Power, Medical

The Nigerian National Petroleum Corporation (NNPC) is firming up business portfolios in the power, medical, housing and other sectors that would strengthen the profitability of the state owned oil company. The corporation said in a statement on Thursday that t...