Chevron triples low-carbon investment, pledges $10 billion through 2028
U.S. oil producer Chevron Corp on Tuesday pledged to triple to $10 billion its investments in low-carbon fuel and projects through 2028 amid pressure to boost clean-energy markets. Oil producers globally have stepped up plans to transition to a less carbon intensive production. Shareholders and governments are insisting they address their role in climate change […]
Nigeria: Diezani, NNPC Complicit in Crude Oil Sales Bribery – Former Glencore Trader
Allies of the former minister, prosecutors said, set up companies after Mrs. Alison-Madueke took office and got contracts to trade hefty oil allocations on global markets. Diezani Alison-Madueke, Nigeria’s former minister of petroleum resources, was part of a grand kickback scheme involving officials of state-run Nigerian National Petroleum Corporation (NNPC) and middlemen that delivered mouth-watering […]
OPEC revises up 2022 demand for its crude
The Organization of the Petroleum Exporting Countries, OPEC, has reported an upward review in the demand for its crude oil in 2022. The group said demand for its crude in 2022 is revised up by 1.1 million barrels per day, mb/d, to stand at 28.7 mb/d, around 1.1 mb/d higher than in 2021. OPEC, in […]
Nigeria’s crude production continues downward slide
Nigeria’s crude oil production has witnessed a consistent downward trend for the past eight months. Data from the Organization of the Petroleum Exporting Countries, OPEC’s, newly released market report for September shows reduced outputs country, from 1.7mb/d recorded last December to 1.2mb/d in August. Aside from OPEC cuts that allows the country a ceiling of […]
COVID-19 clouding world oil demand prospects –OPEC
The Organization of Petroleum Exporting Countries says world oil demand prospects going into the last quarter of 2021 is being clouded by increased risk of the COVID-19 Delta variant. OPEC made this known in its Oil Market Report for September 2021 which was obtained by the News Agency of Nigeria on Monday in Lagos. The […]
NNPC subsidiary, PPMC loses 15% revenue in 2020
A subsidiary of state oil firm, NNPC, Petroleum Products Marketing Company Limited, PPMC has reported a 15 percent drop in revenue for 2020. The newly filed audited report for the Company, said it earned approximately N28 billion in the past year, as against approximately N33 billion declared in 2019, signifying a 15 percent loss. When […]
OPEC trims 2021 world oil supply forecast
As the impact of Hurricane Ida continues to weigh on world oil market supplies, the organization of the Petroleum Exporting Countries and partners, OPEC in its new report has revised down non-OPEC liquids supply growth in 2021 by 0.17 mb/d from the previous month’s assessment. The group’s September oil market report said the downward review […]
Nigeria records 24% drop in oil, gas sector 2020 GDP contribution
Nigeria’s crude oil and natural gas sector’s contribution to its Gross Domestic Product fell by 24.16 percent in 2020. Data from the National Bureau of Statistics, NBS said the sector’s contribution dropped from N13.45tn in 2018 to N10.2tn in 2020, signifying a N3.25tn or 24.16 percent decrease. Although the sector was the major contributor to […]
Wike eulogizies Attah over NLNG Train-7 project, headquarters relocation
Rivers State Governor Nyesom Ezenwo Wike at the weekend commended the outgone Managing Director of the Nigerian Liquefied Natural Gas Limited, Mr. Tony Attah, for his role in the company’s Train-7 project. The governor particularly eulogized the former NLNG boss for ensuring that all fabrication works for the company’s $10billion Train 7 project will be […]
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