An increase in the number of new refining capacity, expected to extend till the end of 2024, signifies major competition ahead for the oil industry, with possible shutdowns, the International Energy Agency (IEA), said in its Oil 2019 Report. The IEA noted specifically that such a capacity expansion will require shutdowns to balance, estimating that…

Organization of the Petroleum Exporting Countries (OPEC), has warned that slowing global economic growth would weaken oil demand for 2019, providing support to calls by some of the bloc’s members to extend price-bolstering crude production cuts set to expire in June. In its monthly oil market report for March released yesterday, OPEC revised downward its…

A new production sharing contract (PSC) yesterday entered into by Nigeria, Sao Tome and Principe Joint Development Authority (JDA) and Total Nigeria Plc is to exploit over 500 million untapped barrels of crude oil in West Africa. Coming 18 years after an earlier treaty was struck, Total and major stakeholders from the two nations as…

The first phase of the nation’s elections may have gone, but the results and allegations of irregularities have raised new risk calculations for investors, as they still see the political environment as vague. Besides, the return of the president is seen as a continuation of a government based on regulatory interference and security challenges, with…

The price of oil sank Monday after US President Donald Trump urged the OPEC crude producers' cartel to help cut "high" prices and aid the "fragile" world economy.

Every so often someone asks me: “What’s your favorite country, other than your own?” I’ve always had the same answer: Taiwan. “Taiwan? Why Taiwan?” people ask. Very simple: Because Taiwan is a barren rock in a typhoon-laden sea with no natural resources to live off of — it even has to import sand and gravel…

While many countries were frequently re-configured by schismatic replacement of the old by the new order through earthquakes and wars, there are also evidences of continual world renewal and societal development across civilizations from inter-continental migration. But it appears that only black Africa experienced emigration of human and material resources as migrants from other continents…

Oil bearing communities in Akwa Ibom state have decried the high permit fee of N350, 000 charged by Department of Petroleum (DPR) before youths and others in oil bearing communities can gain employment. Speaking on behalf of the oil communities, a stakeholder and Peoples Democratic Party (PDP) candidate for Eket/Esit Eket/Onna/Ibeno Federal Constituency, Patrick Ifon…

Born in Lagos and raised in California, USA, Abisola Kola-Daisi is the founder and CEO of FH Luxury. An astute entrepreneur, she earned her first degree in Finance from California State University, Northridge in Los Angeles. Her work experience has spanned the banking, oil and gas, and shipping industries before deciding to follow her passion…

The Organisation of Petroleum Exporting Countries (OPEC) has said demand for crude oil would fall to 30.59 million barrels per day this year due to global economic realities. While increasing forecast for non-OPEC production by 80,000 bpd to 2.18 million bpd on the backdrop of output from the U.S. Gulf of Mexico, the cartel’s monthly…

The Central Bank of Nigeria (CBN) made $14.51 billion in the fourth quarter of 2018 from government’s debts and crude oil proceeds, its economic report for the period has shown. Also, other non-oil receipts like interests on reserves and investments, unutilised funds from foreign exchange (forex) transactions and money from international money transfer operations contributed…

Amid criticisms of slow budgetary implementation, the Minister of Budget and National Planning, Senator Udoma Udo Udoma, told select senior editors in Lagos that due to the long term nature of some infrastructure development, significant impact will be felt once the projects are completed. He also used the forum to speak on the benefits of…