OPEC daily basket price close at $52.19/b

01 February 2017, Sweetcrude, Vienna, Austria — The price of OPEC basket of thirteen crudes stood at $52.19 a barrel on Tuesday, compared with $52.78 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light […] More »

ExxonMobil doubles Permian acreage in $5.6b deal

01 February 2017, Houston — ExxonMobil proved its faith in the prolific Permian Basin this month, electing to spend at least $5.6 billion in the less-developed New Mexico, Delaware basin side of the Permian. It’s a move that’s expected to pay off – for decades to come. Buying out the Bass family’s 250,000 acres will […] More »

Oil markets range-bound as supplies remain plentiful amid OPEC-led cuts

01 February 2017, Singapore — Oil dipped on Wednesday, weighed by ongoing high supplies despite an OPEC-led production cut, but prices remained within a narrow range that has bound the market since late January. Brent crude futures LCOc1, the international benchmark for oil prices, were trading at $55.48 per barrel at 0140 GMT, down 10 […] More »

NUPENG vows to resist petrol price increase

The marketers also stated that the Federal Government owed them billions of naira and that if the money was paid, many dealers would delve into the business of PMS importation as against the current situation where only the Nigerian National Petroleum Corporation imports more than 90 per cent of the product. More »

Nigeria: 20 mining firms sanctioned over non-compliance with regulations

“Honestly speaking, the level of mining companies compliance with the ministry’s law and regulation is very low. We have started a sensitisation programme across all the zones, educating them on why it is mandatory to adhere to our law to avoid sanctions,” he said. More »

Nigeria: Oil firms lift $18bn crude oil in 12 months

Ike Amos 01 February 2017, Sweetcrude, Abuja — Oil companies operating in Nigeria lifted crude oil valued at $18.2 billion over a 12-month period, from November 2015 to October 2016, according to data released by the Nigerian National Petroleum Corporation (NNPC). The NNPC in its Monthly Financial and Operations Report for November 2016, listed the […] More »

Seplat: Nigeria’s Trans Forcados pipeline to reopen near end 2Q

01 February 2017, Florence/London — Nigeria’s Trans Forcados Pipeline which has been shut for most of the last year could reopen “towards the end of the second quarter”, Seplat Chief Executive Austin Avuru said. The pipeline, operated by the Nigerian Petroleum Development Company (NPDC), has been hit by several militant attacks, the first on a […] More »