U.S. PURCHASE OF NIGERIA’S CRUDE RISES TO 12.1MB IN FEBRUARY

The U.S., which had earlier abandoned crude oil import from Nigeria due to its shale evolution, started buying the commodity in May last year with 948,577 barrels and gradually increased to 3.9 million barrels in November 2015.

According to the latest data from the Nigerian National Petroleum Corporation (NNPC)’s Crude Oil Export Destination, Canada, which is a major crude oil producer and supplier to the U.S., has also resumed importation from Nigeria with 1.9 million barrels in February.

Read more @ The Guardian

U.S. MAY RAISE SHALE PRODUCTION OVER RALLYING OIL PRICES

A gathering storm may soon hit economies of oil producing countries, as the United States of America (U.S.) has given indications of raising the production of its shale oil, sequel to the rising crude oil prices.

The Brent crude rose to $41.39 a barrel yesterday from 40 a barrel on Monday.

Read more @ The Guardian

OIL PRICE UP AS US PRODUCTION BEGIN TO COLLAPSE, STOCKPILE ALSO DOWN

U.S. crude stocks decreased by 1.2 million barrels last week while distillate stockpiles also fell, data from industry group the American Petroleum Institute (API) showed. [API/S] The figures suggest U.S. oil production, particularly from shale, is beginning to decline in response to the collapse in prices over the last year.

Read more @ BusinesDay Online

NIGERIAN CRUDE MAY SEE RESURGENCE IN US MARKET

Nigeria’s crude oil may enjoy a resurgence in the United States as many analysts believe it is well suited to meet a current gap in the market created by lower production of shale oil.

SweetcrudeReports had reported last week that Nigerian crude appears to be enjoying a little respite lately as the Brent/WTI crude futures’ spread narrows, and arbitrage opportunities are beginning to open up for Nigerian crude to head trans-Atlantic, with a few cargoes said to be heading to US refineries, trading sources said.

 

Read more @ SweetCrude Reports

CRUDE OIL BUSINESS CHALLENGES ASSAIL NIGERIA'S ECONOMY

Nigeria's economy may face tougher times this year due to a cocktail of challenges assailing the country’s crude oil business. The country has been contending with the plummeting crude oil prices and the United State’s shale boom, which resulted to total halt in import to U.S.Besides seeing its oil revenue drastically reduced in the wake of global oil price slump and domestic production shortfalls due to oil theft and pipeline vandalism, Nigeria has been struggling to find buyers for its premium quality Bonny Light crude in recently times.

Read more @ The Guardian

DECLINE IN US SHALE, CRUDE OIL OUTPUT MAY BOOST GLOBAL DEMAND

The current drop in the shale and crude oil production by the United States may boost prospects for increased global demand, which has the potential to increase the price at the international market.

The increased production of Shale oil and crude oil by the United States had contributed largely to the country’s zero imports from Nigeria and the attendant supply glut at the global market.

 

Read more @ Thisdaylive

HOPE DIMS FOR LNG PROJECTS AS COMPETITION THICKENS

With the shale gas boom in the United States and huge discoveries in Australia and East Africa amid the sustained low global oil price, Nigeria’s LNG projects including the Train 7 face increasing competition from other projects in reaching final investment decision.

 

A new report released by LNG Industry on Wednesday said even as non-LNG exporting nations led by Mozambique and Tanzania sought to develop and monetise their recent discoveries, key Nigerian projects had not advanced in the last couple of years due to reservations over the country’s long-awaited Petroleum Industry Bill.

 

Read more @ Punchonline

GLOBAL OIL GLUT LEAVES NIGERIA WITH BRUISES ALL ROUND

Amidst the escalating and bruising duel between US shale producers and the Organisation of the Petroleum Exporting Countries (Opec) oil production, not many have been punished as hard as Nigeria, highlighting a challenge for the petroleum cartel ahead of its meeting on Friday.

 

Read more @ Businessday

DWINDLING CRUDE PRICES: HARD KNOCKS ON SHALE OIL DEVELOPMENT

The global attention towards the development of shale oil may have continued to suffer setback, as the hope of nations on the assessed world energy changer gets dimmer owing to sliding crude prices.

Indeed, oil multinationals that were wholly committed to the shale projects are now having a rethink, as the projects become more uneconomical by the day. Shale oil producing countries, such as Turkey, Ukraine and Argentina, Romaian , Poland and Hungary, Germany and South Africa, are now left at crossroads on the way forward to oil boom.

Read more @ The Guardian

FINALLY, US HALTS OIL IMPORTS FROM NIGERIA

The United States, hitherto Nigeria’s largest crude oil importer, has finally stopped the importation of Nigerian light sweet crude. The volume of Nigeria’s crude exports to US refineries had earlier witnessed drastic reduction and “on-and-off supplies” in the last one year as explorations of shale oil in the US yield more fruits.

But the Federal Government officially confirmed at the weekend that Washington has stopped buying oil from Nigeria. The Nigerian National Petroleum Corporation (NNPC), operator of government’s stake in oil business, described this crisis, which also affects other African exporters of sweet crude, as a major “market disruption.”

Read more @ New Telegraph

SHALE GAS THREAT TO OUR BUSINESS

The Managing Director and Chief Executive Officer of Nigeria Liquefied Natural Gas (NLNG) Limited, Mr. Babs Omotowa, has stated that Shale gas competition, as well as new mega LNG plants in Australia and East Africa are a threat to the company’s business.

Speaking recently at the 46th annual conference of the Chartered Institute of Personnel Management (CIPM) in Abuja, Omotowa noted that the technological improvements to Shale gas extraction have doubled the world reserves in LNG


Read more @ Thisday Live