Month: June 2019

OPEC to rollover output cut deal Ejiofor Alike with agency reports Nigeria is set to export highest volume of crude oil to Europe in June following production outages being experienced by producers in the UK’s North Sea oilfields, according to oil traders. This is coming as the Organisation of Petroleum Exporting Countries (OPEC) is expected to roll over a deal on cutting crude supplies at a meeting next week and discuss deepening the production curbs that have been in place since January 1, 2019. Reuters reported that Nigeria is set to export about 905,000 barrels per day (bpd) to...

Jun 21, 2019 LEKOIL (AIM: LEK), the Africa focused oil and gas exploration and production company with interests in Nigeria, announces its final audited results for the year to 31 December 2018.   Operational Highlights Otakikpo ·      Production levels averaged approximately gross 5,345 bopd, (2,076 bopd net to LEKOIL) ·     Phase Two preparations for development commenced with acquisition of 3D seismic in February, with an updated CPR being finalised ahead of publication ·     Subject to agreement on funding with one or more industry partners, plans underway for a three to five well drilling programme, targeting to increase production levels to approximately...

Jun 21, 2019 By the editor The US has significantly reduced imports of Nigerian crude oil in the past few years as the oil produced in its shale operations is similar to Nigeria’s crude. Its oil imports from Nigeria plunged to 9.599 million barrels in the first three months of this year from 15.879 million barrels in the same period of 2018, according to latest data from the US Energy Information Administration. The North American country increased its oil exports to 2.002 million barrels per day in 2018 from 1.118 million bpd in 2017, emerging the seventh biggest exporter...

Jun 20, 2019 A serial fire outburst on major petroleum products artery operated by the Nigerian National Petroleum Corporation ( NNPC), in Lagos is causing palpable fear of possible shortage of petrol across major states in the south west and parts of north central. But the general manager, Group Public Affairs,NNPC, Ndu Ughammadu said the incident would not cause any scarcity. Ndu told LEADERSHIP that the Corporation has detailed a team of engineers to effect repair of the affected portion of the pipeline when the fire is put off. He said the pipeline was engulfed by fire about two...

By Chineme Okafor Abuja — The Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), Dr. Mohammad Barkindo, has said the upcoming meeting of the group and its non-OPEC member allies led by the Russian Federation will deliberate more on keeping the global oil market balanced and stable in the midst of threatening pressures. Mohammad, said this at the recent third Dundee Energy Forum held at the University of Dundee in the United Kingdom. He also explained there are no reputable outlook that have said renewable energy sources would overtake oil and gas in the decades ahead. OPEC...