Foreign financiers halt investment in Nigerian oil fields

…cut $2.7bn annual revenues flow   Foreign financiers have embargoed investments in three Nigerian deep offshore oil fields, cutting $2.7 billion annually off revenue accruable to the country. Global oil consultant, Wood Mackenzie, said in its latest report sighted yesterday that Nigeria also risked 35 per cent oil output slip without reforms. Cost increases and uncertainty in Nigeria’s crucial energy sector could lead to cut down in oil output over 10 years as companies delay investment in key oilfields, the new research due to be published today read. Wood Mackenzie…

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Oil falls to $58 over Coronavirus Worldwide spread

The global oil market was yesterday hit by the spread of Coronavirus, dipping the price of crude oil, major revenue earner for Nigeria, to $58 per barrel. Nigeria, Africa’s biggest exporter of crude depends largely on proceeds from the commodity to service over 80 per cent of its revenue. With the country’s revenue taking the hit on concerns over the potential economic impact of the coronavirus that continues to spread worldwide, the Organisation of Petroleum Exporting Countries (OPEC) hinted on yesterday of a plan to drag its scheduled meeting from…

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Oil slips as concerns over US-China trade talks drag on

U.S. oil prices fell for the second straight day on Tuesday amid market jitters over limited progress between China and the United States on rolling back trade tariffs, while expectations of a rise in U.S. inventories also jangled nerves. West Texas Intermediate (WTI) crude CLc1 dropped 32 cents or 0.56% to $56.73 a barrel by 0803 GMT, slipping further away from an eight-week high hit last Friday when hopes for the trade deal rose. Brent crude futures LCOc1 were down 26 cents, or 0.42%, at $62.18 a barrel, reports Reuters.…

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DISCOVERY OF OIL IN NORTH: Jubilation as ‘heavy machines’ move to site

Following the discovery of hydrocarbon of both gas and oil in Kolmani River 11 of the Barambu exploration site in Alkaleri Local Government Area of Bauchi State by the NNPC, the host communities have erupted in jubilation as ‘heavy machines’ move to site ahead of oil exploration in the North. However, residents of host communities stated that they didn’t want to experience what is happening in Niger Delta where decades of oil exploration have led to massive environmental degradation. Expressing joy over the proposed oil exploration, a resident of one…

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Oil drops after three-day rally amid economic growth concerns

Oil prices declined on Friday after three straight days of gains, as gloomy economic growth forecasts renewed concerns over the outlook for demand. Brent crude LCOc1 was down 36 cents, or 0.6%, at $61.31 by 0318 GMT. Having risen nearly 1% on Thursday, the global benchmark was still set for a weekly gain of more than 3%. West Texas Intermediate (WTI) crude CLc1 was down 35 cents, or 0.6%, at $55.88. The U.S. benchmark rose 0.5% in the previous session and was on track for a weekly gain of 4%,…

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PACEGATE advocates use of steel drums in oil and gas sector

PACEGATE Limited, subsidiary of Hana Group and manufacturers of steel drums has called on operators in the oil and gas industry in the country to adopt the use of steel drums to ensure efficient packaging of their solutions. Managing Director (MD), Pacegate Limited, Mr. Umesh Amarnani, stated this at a press conference to mark one year of pioneering Africa’s largest fully-automated steel drum factory in the country. Amarnani said: “At the moment, most independent lubricant blenders are using plastic drums, however, the global industry standard in the oil and gas…

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Snag as global oil industry’s job losses hit 500,000

The global oil industry job loss has hit 500,000 in two years, heightening fears of further job cuts among staff of oil firms in Nigeria. This half a million jobs were, according to Secretary-General, Organisation of Petroleum Exporting Countries (OPEC), Mohammad Barkindo, lost in the global oil and gas industry from 2014 to 2016. Quoting a consulting firm, Graves & Co, the OPEC chief revealed that the challenges facing the industry were “inherently complex,” adding that no single stakeholder possesses all of the answers or knows all of the questions.…

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Oil edges higher but on track for big weekly loss

Oil futures edged higher on Friday but were on track for a large weekly loss on fears that slower global economic growth will hurt fuel demand, while Saudi Arabia said it has fully restored oil output after recent attacks. Brent crude oil futures LCOc1 rose 8 cents, or 0.1%, to $57.79 a barrel by 0138 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 12 cents, or 0.2%, to $52.57 a barrel. For the week, Brent futures were down 6.7%, marking its largest weekly loss since December, while…

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Oil edges higher but on track for big weekly loss

Oil futures edged higher on Friday but were on track for a large weekly loss on fears that slower global economic growth will hurt fuel demand, while Saudi Arabia said it has fully restored oil output after recent attacks. Brent crude oil futures LCOc1 rose 8 cents, or 0.1%, to $57.79 a barrel by 0138 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 12 cents, or 0.2%, to $52.57 a barrel. For the week, Brent futures were down 6.7%, marking its largest weekly loss since December, while…

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Planned removal of amnesty boss: RNDA threatens to bomb oil installations

A militant group in Niger Delta, under the aegis of the Reformed Niger Delta Avengers (RNDA), yesterday warned that it would resume hostilities and bombing of oil installations in the region if the Federal Government carried out it plans removal of the Coordinator of Amnesty Programme, Prof. Charles Dokubo. RNDA, in a statement via email on Tuesday warned that any attempt from any quarter to collaborate with some powerful cabals in the presidency to remove Prof. Charles Dokubo, will be met with fierce anger, with oil installations and facilities bearing the…

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