Tag Archives: Oil

One of the sad realities of Nigeria’s economy today is that it still remains a mono-economy depending on crude oil as its mainstay. That has been the albatross hanging on our neck as a nation from the time oil was discovered in Oloibiri, Bayelsa State in 1956. This reality has however made governments over the years to introduce programmes and policy instruments that would help enhance non-oil …

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Honourable Frederick Agbedi is the representative of Sagbama/Ekeremor Federal Constituency of Bayelsa State in the House of Representatives. Agbedi, a former Chairman of the Peoples Democratic Party (PDP) in the oil-rich state is now contesting the ticket of his party at the upcoming governorship primary election. The politician who prides himself as the best candidate for the job said he …

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Oil prices fell on Friday after the United States reported its crude output hit a record 12 million barrels per day (bpd), undermining efforts by Middle East-dominated producer club OPEC to withhold supply and tighten global markets. International Brent crude futures were at 66.87 dollars per barrel at 0326 GMT, down 20 cents, or 0.3 per cent, from their last …

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The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, says government is targeting about two billion dollars from the oil and gas lease licences renewal.  Kachikwu disclosed this while fielding questions from newsmen at the just concluded Nigerian International Petroleum summit, on Wednesday in Abuja. “We projected for the licences renewal probably around two billion dollars; right now, we …

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The African Energy Chamber has urged the Organization of the Petroleum Exporting Countries (OPEC) members and other global oil producers to continue with the historic production cuts at the December 6, 2018 OPEC meeting. This is to stabilize the oil price in the global market, according to a statement on Friday. Oil prices have dropped by about 20 percent in …

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The African Oil and Gas industry is showing signs of an auspicious future; there is renewed investor interest and burgeoning confidence in the continent and sector following continued upward movement in oil prices and recent oil and gas discoveries.  This was very apparent by the host of panel discussions, country and company presentations at the recently concluded 25th edition of …

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This year, Africa Oil Week (AOW) the continent’s leading oil and gas gathering bringing over a thousand key industry players annually, celebrates its 25th year. In the past 25 years, AOW has provided a platform for Government officials, national and international oil companies, independents, investors, corporate players and financers, to share their strategies for growth, better national participation in the …

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In the light of NNPC’s proposal to construct two 100,000 bpd greenfield refineries in Delta and Imo States, BudgIT, a civic technology organization at the forefront of raising the standards of transparency, citizen engagement and accountability, has asked the Federal Government to first do a root cause analysis on the abandonment of Nigeria’s greenfield refineries earlier announced for Kogi, Bayelsa, …

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Crude oil prices dropped by over one per cent wednesday with the global benchmark crude, Brent slumping by $1.7 or 1.2 per cent, while the United States crude declined by $1.07 or 1.7 per cent after data showed that the United States’ crude inventories rose unexpectedly. While the US West Texas Intermediate (WTI) dropped 1.2 per cent to $67.60 per …

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Oil prices hit $80 a barrel on Thursday for the first time since November 2014 on concerns that Iranian exports could fall due to renewed U.S. sanctions and reduce supply in an already tightening market. Brent crude futures LCOc1 reached an intraday high of $80.18 while U.S. West Texas Intermediate (WTI) crude futures were up 57 cents at $72.06 a …

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