Oil prices: More concerns trail OPEC’s no-cut strategy
With the growing concerns about the Organisation of Petroleum Exporting Countries (OPEC) strategy of holding output steady amid plunging prices, the cartel may be divided ahead of its next meeting in June.
Oyo oil well set for production, says CAMAC
Nigeria’s oil and gas production may soon receive a boost, courtesy CAMAC Energy Incorporation, following the completion of drilling operations on its Oyo-8 well in the offshore basin.
‘LED bulb cannot save 1,200MW of electricity’
The minister recently called for ledification of homes and streets. Do you think that is what the country needs right now? LED bulbs can be utilized in Nigeria in view of their advantage over the popular incandescent bulbs presently in use in Nigeria. Because LEDs are made from a solid material, they are much more durable than incandescent bulbs. Dropping or bashing an LED by accident is not as big a risk as it is with an incandescent light which will smash, rendering it inoperable and dangerous due to broken glass.
Crude oil production to rise by less than 0.1mbpd in 2015
OPEC non-crude liquids production, which averaged 6.4 million bpd in 2014, is expected to increase by less than 0.1 million bpd in both 2015 and 2016, led by increases in Qatar and Kuwait.
Nigeria’s oil sector contributes 8.97 per cent to GDP in fourth quarter
Nigeria’s oil sector contributed approximately 8.97 per cent to real Gross Domestic Product (GDP) in the last quarter of 2014, according to National Bureau of Statistics.
How merger, acquisition options strengthen Nigerian content in oil, gas sector
BARELY five years after passing the Nigerian content bill into law, the indigenous oil and gas firms across the value chain may have exhibited strong commitment to the sector via several prevailing investment strategies.
Challenges before Buhari’s administration in petroleum industry
NIGERIA is the largest oil producer in Africa and is among the world’s top five exporters of LNG. Despite the relatively large volume of crude oil reserves, the country’s oil production is hampered by instability and supply disruptions, while the natural gas sector is restricted by the lack of infrastructure to monetize natural gas that is currently flared (burned off).
Exploration, drilling activities in petroleum sector hit record low
This may be as a result of the non-passage of the Petroleum Industry Bill (PIB) and the uncertainty in the crude oil market. Specifically, as at November and December last year, only Shell Petroleum Development Company (SPDC) and Addax carried out exploration/drilling activities during the months under review.
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.
Hurdles to domestic gas sector’s liberaliation
The quest for optimal utilization of the nations abundant gas resources has continued to unravel the need for more investment and infrastructural facilities that would aid such national agenda.Nigeria’s natural gas reserves are recently estimated at about 187 trillion cubic feet. The gas reserves are three times as substantial as the crude oil reserves, which were put at 38 billion barrels.