Nigeria and China on Tuesday began to put finishing touches to the multi-billion dollar oil deals both countries had initiated, and which will see Chinese firms invest heavily in Nigeria’s energy sector.
As the global crude oil benchmark continued to trade above the $50 per barrel mark on Tuesday, economic and energy experts said the price rally would help soften the recession rocking the country and support economic recovery.
A Federal High Court in Abuja has restrained the Nigerian Petroleum Development Company Limited (NPDC) and Nigerian National Petroleum Corporation (NNPC) from taking any step in terminating agreement they have with Atlantic Energy Drilling Concepts Nigeria Limited and Atlantic Energy Brass Development Limited owned by businessman, Jide Omokore, in respect of the Oil Mining Leases (OMLs) 26, 30, 44 and 42 (Forcados assets) and OMLs 60, 61, 62 and 63 Brass assets).
Oil prices fell about one per cent wednesday after the Organisation of Petroleum Exporting Countries (OPEC) reported its September oil output at eight-year highs in its monthly Oil Market Report (OMR), thus eroding optimism over the carte’s pledge to bring a global crude oil glut under control.
Saudi Arabia’s Energy Minister Khalid al-Falih has said that the price of crude oil might hit $60 per barrel this year, following the decision of the Organisation of Petroleum Exporting Countries (OPEC) to cut global production.
Despite the decision of the Organisation of Petroleum Exporting Countries (OPEC) to cut crude oil production by 200,000-700,000 barrels per day to achieve price recovery, oil prices fell yesterday after the gains recorded on Wednesday.
The United States (U.S.) imported about 234,000 barrels of crude oil from Nigeria in the month of June 2016, according to the country’s Energy Information Administration (EIA).
Global refinery earnings were lower in second-quarter of 2016 compared with the same period last year and are converging among different locations globally, according to the U.S. Energy Information Administration.
Based on United States (U.S.) Energy Information Administration (EIA) price forecasts, revenue of members of the Organisation of the Petroleum Exporting Countries (OPEC), is expected to fall to $341 billion in 2016.
The Chairman, National Association of Energy Correspondent (NAEC), Yusuf Yunus (left); and Managing Director/Chief Executive Officer, Nigeria LNG Limited, Babs Omotowa; Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, acting Managing Director, Niger Delta Power Holding Company (NDPHC),Chiedu Agbo, at the NAEC yearly conference in Lagos.
This picture taken on June 8, 2016 shows a fuel storage facility in Warri, Delta State on June 8, 2016. The oil rich Delta region in Nigeria has seen the rise of a new militant group that has vowed to cripple the economy, due to the actions of the Delta Avengers Nigeria’s oil production has dropped to a 20-year low drastically affecting economy. 
The Nigeria Liquefied Natural Gas (NLNG) has warned that any move to tinker with the 2004 Act would violate bilateral agreements with international investors as well as cost the country a whooping $25 billion in Foreign Direct Investment (FDI) and fines running in billions at the International Courts.
President Muhammadu Buhari has directed the Nigerian National Petroleum Corporation (NNPC) to begin to search for crude oil and gas from the Benue Trough, NNPC’s Group Managing Director, Maikanti Baru, disclosed tuesday.
As part of the efforts to address frequent disruptions to the supply of crude oil to the Kaduna Refinery and Petrochemical Company (KRPC) as a result of the Niger Delta militancy, the Nigerian National Petroleum Corporation (NNPC) is considering importing crude oil from Chad and Niger Republic, investigations by THISDAY have revealed.
Several international oil companies and trading houses have expressed interest in purchasing the crude produced from Aje field located in Oil Mining Lease 113 offshore Lagos.
The International Energy Administration (IEA) said that record pumping rates in the Middle East and recovering flows in Nigeria have helped to consolidate the Organisation of Petroleum Exporting Countries (OPEC) market share.
The International Energy Agency (IEA) has reported that oversupply of crude oil in the international market has refused to ease, thus acting as a dampener on the prices, despite the robust growth in demand.
The United States (U.S.) Energy Information Administration (EIA) has projected that members of the Organisation of the Petroleum Exporting Countries (OPEC) net oil export revenues could fall from the $404 billion it earned in 2015 to about $341 billion in 2016.
