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Seplat committed to purchasing ExxonMobil Nigerian oil & gas assets

*ExxonMobil’s oil and natural gas platform offshore Nigeria London — Seplat Energy Plc remains committed to purchasing Nigerian oil and gas assets from ExxonMobil Corp. by completing a deal that’s been held up by the […]

Treat crude oil spills as disaster, YEAC tells FG, oil operators

*Oil spill-impacted site in Nigeria’s Niger Delta Mkpoikana Udoma Port Harcourt — The Youths and Environmental Advocacy Centre, YEAC-Nigeria, has urged the Federal Government as well as multinational and indigenous oil companies in the country to […]

Oil prices gain 2% on big decline in US crude storage

*Crude oil barrels New York — Oil prices rose about 2% on Wednesday as the second straight weekly draw from U.S. crude stockpiles was bigger than expected, which offset worries that further interest rate hikes […]

Vibrant black market collapses as Nigeria scraps fuel subsidy

*A fuel black market operator Lagos — Investigations have revealed that a vibrant fuel black market in Nigeria and its neighbouring countries have collapsed following the recent abolition of fuel subsidy in the country. The […]

TotalEnergies faces second lawsuit over Uganda oil projects

Paris — Five activist groups have sued French oil major TotalEnergies (TTEF.PA) for a second time over its projects in Uganda and Tanzania in a Paris civil court, they said on Tuesday, after an earlier […]

Oil-producing states get N22.86bn derivation revenue in May

*Crude oil production line At the meeting, chaired by the new Accountant General of the Federation, Dr Oluwatoyin Madein, the Federal Government received N301.89 billion, the states N265.88 billion and the local governments N195.54 billion. […]

China refiners stoke petrochemical glut in market-share war

*Hengli Petrochemical’s new refining, petrochemical complex is seen at Changxing island in Dalian, Liaoning province, China July 16, 2018. REUTERS/Chen Aizhu – Ethylene, propylene capacity growth outpaces demand– Glut threatens Asian, European rivals– China’s producers […]

Nigeria owing traders $3bn for oil swaps

*President Bola Tinubu Lagos – Nigeria is owing trading houses up to $3 billion for fuel supplies under oil swap deals also known as Direct Purchase Direct Sale, DSDP. Reuters, quoting four traders and executives, […]

Petrol tanker fire razes bus-stop in Port Harcourt

*Petrol tanker fire at Bridge bus-stop along Aba Road, Port Harcourt Mkpoikana Udoma Port Harcourt — A heavy fire from a 33,000 litres fuel tanker has razed Bridge bus-stop near First Artillery Junction, along Port […]

Aramco & TotalEnergies award contracts for $11bn Amiral project

Dhahran/Paris – Aramco and TotalEnergies today awarded Engineering, Procurement and Construction (EPC) contracts for the $11 billion “Amiral” complex, a future world scale petrochemicals facility expansion at the SATORP refinery in the Kingdom of Saudi […]