NNPC, Chevron Seal $1.7bn Deal To Increase Crude Oil Production In Nigeria

NNPC, Chevron Seal $1.7bn Deal To Increase Crude Oil Production In Nigeria Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited (CNL) have executed the second and final phase of an Alternative Financing Agreement that would increase crude oil production in the country by about 39,000 barrels per day.The agreement, which was signed in London at the weekend, is also expected to achieve an incremental peak production of about 283mmscfd of gas.Group Managing Director of th …
20th Nov 2017 Anthony Ubong Fidelis

Total OPEC Basket Of 14 Crude Oil Production Averaged 32.75 Million Bpd In September, Price Stood At $54.23 A Barrel

Total OPEC Basket Of 14 Crude Oil Production Averaged 32.75 Million Bpd In September, Price Stood At $54.23 A Barrel The Organisation of Petroleum Exporting Countries, OPEC, crude oil output has risen from 32, 659 million barrel per day (bpd) to 32.748 million (bpd), showing an increase of 88,000 bpd or 0.3 percent in September 2017, Vanguard have learnt.In its monthly oil market report released, yesterday, the organisation stated: ‘’The total OPEC basket of 14 crude oil production, accordi …
13th Oct 2017 Anthony Ubong Fidelis

NNPC: Demand For Nigeria’s Crude Oil Exceeds The Current Supply

NNPC: Demand For Nigeria’s Crude Oil Exceeds The Current Supply The Nigerian National Petroleum Corporation has said the demand for the nation’s crude oil outstrips the current supply, as reported by PUNCH.Last year, Nigeria saw a resurgence of militant attacks in the Niger Delta that caused the nation’s oil production to plummet to a near 30-year low of 1.4 million barrels per day from about 2.2 million bpd.“As we speak now, even the demand for Nigeria’s crude oil is over-subscri …
28th Sep 2017 Anthony Ubong Fidelis

Maersk Oil (Danish Oil Company) lost $2.1bn in 2015

Maersk Oil (Danish Oil Company) lost $2.1bn in 2015Danish oil company Maersk Oil made a loss of $2.1bn in 2015, compared to a loss of $861 million in the full year 2014. According to the oil firm, the result was negatively affected by impairments after tax of $2.6 billion due to the low oil price expectationsn reports Offshore Energy TodayThe underlying profit was down to $435 milion, from $1 billion a year ago, negatively impacted by lower average oil prices but positively impacted by a h …
10th Feb 2016 Chikamara Ukaejiofo

Fred Olsen Energy terminates its contract with Hyundai Heavy Industries

Fred Olsen Energy terminates its contract with Hyundai Heavy Industries Fred. Olsen Energy has informed that its dispute with Hyundai Heavy Industries (HHI) regarding a contract for the design and construction of a semi-submersible drilling rig Bollsta Dolphin is subject to arbitral proceedings. In October 2015, South Korea’s rig builder Hyundai Heavy asked for more time and money from Fred. Olsen Energy to complete building the rig. Days later, Fred. Olsen Energy terminated the contra …
3rd Feb 2016 Chikamara. N. Ukaejiofo