Oil adds more than $1

03 February 2015 - Oil rose further on Tuesday on solid US manufacturing data and a weaker dollar, building on gains sparked by expectations that output will suffer following reports of declining rig counts and cuts in capital expenditure. Oil has risen more than 13% since Thursday after data showed the number of US drilling […] More »

Oil rises on record US rig slump

02 February 2015 - Crude oil prices rose on Monday as investors shrugged off bearish Chinese data and news of a US refinery strike and focused on a falling US rig count that signalled lower production down the line. “There were a lot of people on the sidelines waiting for an opportunity to buy,” said […] More »

Install meters or disconnect us from national grid, consumers tell Ikeja Electric

02 February 2015, Lagos – Some electricity consumers in Agbado Oke-Odo Local Community Development Area (LCDA), Lagos, on Monday demanded installation of prepaid meters in the area from the Ikeja Electric (IE) or be disconnected from the national grid. They told newsmen that they could no longer continue to pay “crazy bills.” Mr Adebayo Alaye, […] More »

OPEC daily basket price close at $44.83/b

02 February 2015, Sweetcrude, Vienna, Austria – The price of OPEC basket of twelve crudes stood at 44.83 dollars a barrel on Friday, compared with $43.88 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), […] More »

Six years after, govt renews Chevron’s licence for 20 Years

02 February 2015, Lagos - Exactly six years after the operating licence for Chevron’s Oil Mining Leases (OMLs) 83, 85, 88, 89, 90, 91 and 95 expired in December 2008, after 40 years of issuance, the federal government has renewed the licence for these seven leases for another 20 years, THISDAY has learnt. Chevron Nigeria […] More »

nya: Tullow scales down Lokichar oil search

02 February 2015, Nairobi - TULLOW Oil said yesterday it has scaled down its exploration and appraisal activities in the oil-rich Lokichar Basin of Turkana county as it gears up for the development phase. The British oil company that jointly operates blocks 10BB, 13T and 10BA with Canadian Africa Oil Corporation has since February 2012 […] More »

NNPC pipeline on fire in Ogun town

02 February 2015, Lagos — An oil pipeline belonging to the Nigerian National Petroleum Corporation (NNPC) at Arepo and Imagbon both in Lagos and Ogun states respectively are presently on fire. The fire is said to have started at about 5 am on Sunday. Public Relations Officer (PRO) of the National Emergency Management Agency (NEMA) […] More »