U.S. energy firms this week cut the number of oil and natural gas rigs operating for a sixth week in a row for the first time since July 2020, energy services firm Baker Hughes Co BKR.O said in its closely followed report on Friday.
Nigeria’s downstream oil regulator has alleged ExxonMobil Corp was involved in the illegal lifting of petroleum products from an offshore terminal, according to a letter of complaint to the petroleum ministry seen by Reuters.
The oil and gas industry is a dynamic and ever-evolving sector that has seen a lot of changes in recent years.
The Chairman of the commission, Mohammed Shehu, in a statement in Abuja, said that the subsidy regime was not transparent.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says its focus is to exceed the Organisation of Petroleum Exporting Countries (OPEC)’s oil production quota of 1.74 million barrels per day (bpd).
President Bola Ahmed Tinubu’s Policy Advisory Council has proposed the sale of the major stakes of the Nigerian National Petroleum Company Limited (NNPC) in the upstream, midstream and downstream sectors of the oil and gas industry.
Long-been promoted as an efficient means of increasing foreign direct investment, facilitating commerce and creating employment in both developing and developed countries, the number of Special Economic Zones (SEZ) in Africa is growing, particularly in West Africa, which hosts the second largest number of free zones in Africa (24%).
The primary exploration target for wells 25/2-24 S and A was to prove and delineate remaining petroleum deposits in the Frigg Formation in the Øst Frigg Beta structure, which produced gas from 1988 to 1997.
Invictus Energy has raised over US$23 million for the next phase of Cabora Bassa oil and gas exploration and appraisal.
WTI Midland, the light sweet US grade, is being blended with heavy Brazilian grades to produce a cheaper Nigerian lookalike, which is undercutting the Nigerian crude grades in Europe and pushing down buying interest for Nigerian cargoes, multiple trading sources told S&P Global Commodity Insights.