Audit report shows Niger Delta ministry spent N423bn in six years – Minister

He said, “To find that N423 billion had been expended in the region with the type of results we see shows that there is something tangibly and obviously wrong with how procurement had been carried out in the ministry." More »

OPEC daily basket price close at $48.69/b

01 June 2017, Sweetcrude, Vienna, Austria — The price of OPEC basket of thirteen crudes stood at $48.69 a barrel on Wednesday, compared with $49.39 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 »

Exxon shareholders approve measure on climate-change report

01 June 2017, Houston — Exxon Mobil shareholders Wednesday pushed the company to report and disclose whether regulations designed to reduce climate change will hurt the oil giant’s business. Investors holding 62 percent of shares voted at the company’s annual meeting favored more disclosure around the impact of global policies aimed at limiting global warming […] More »

UAE pays Iran over $4B in gas dues

01 June 2017, Abu Dhabi — Reports say Iran has received over $4 billion from the United Arab Emirates (UAE) for purchases of gas condensate made before sanctions were imposed against Iran in 2011. The payments have been made by Emirates National Oil Company (ENOC), reported Al Jazeera on its website. The report quoted an […] More »

Petroleum sector attracts $821m foreign investments in 15 months

Ike Amos 31 May 2017, Sweetcrude, Abuja — The Nigerian oil and gas sector attracted $821.23 million, about N303.855 billion foreign investments, in 15 months, between January 2016 and March 2017, according to data obtained from the National Bureau of Statistics, NBS. In its Nigerian Capital Importation Report for the First Quarter of 2017, the […] More »

Indonesia indicate interest in Nigeria crude

Michael James 01 June 2017, Sweetcrude, Lagos — Indonesia, has indicated interest to purchase more crude oil from Nigeria. Indonesian Ambassador to Nigeria, Mr. Harry Purwanto, who stated this in Abuja when he paid a courtesy visit to the Group Managing Director of Nigerian National Petroleum Corporation, NNPC, Dr. Maikanti Baru, explained that his Country’s […] More »

Total, Exxon express interest in oil and gas exploration off Crete

31 May 2017, Crete, Greece — A consortium that includes Total and Exxon Mobil has submitted an expression of interest in oil and gas exploration and exploitation in two sites off the Greek island of Crete, the energy ministry said on Wednesday. Greece’s Hellenic Petroleum is the other company in the consortium. Greece has launched […] More »