Tag: Oil
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Oil will remain relevant beyond 2040 – NNPC
The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, said fossil fuel would remain relevant in the global energy mix contrary to assumptions in some quarters that oil demand would be very high even beyond 2040. The NNPC chief spoke on Wednesday in his office in Abuja, when he received members of…
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Photo: Saudi Arabia reveals damage done to oil facilities
Saudi Arabia on Friday revealed extensive damage to key oil facilities following last Saturday’s aerial strikes that were blamed on Iran, but vowed to quickly restore full production even as regional tensions soar. Yemen’s Tehran-linked Huthi rebels, who on Friday announced a sudden halt to attacks on Saudi Arabia, claimed the strikes on state giant…
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Full oil production to resume by end of month, says Saudi oil minister
Saudi Arabia’s energy minister Abdulaziz bin Salman said that half of the crude oil production that was disrupted due to the weekend attack on Aramco’s oil facilities had been restored. Salman made this known at a news conference on Tuesday. “Over the past two days, we were able to contain the damage and restore more…
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Buhari condemns attacks on Saudi oil facilities
President Muhammadu Buhari said Nigeria stands in solidarity with the Kingdom of Saudi Arabia, following drone attacks on the country’s oil facilities at Khurais and Abqaiq. The president stated this in a statement by his Senior Special Assistant on Media and Publicity, Malam Garba Shehu, in Abuja on Monday. “We in Nigeria once experienced attacks…
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Oil exploration: Deal directly with us, Iko community tells SEEPCO
…alleges ill treatment by SEEPCO, NPDC Indigenes of Iko community, Eastern Obolo Local Government Area, Akwa Ibom State have vowed to use legal measures to resist any attempt by Sterling Energy Exploration and Production Company Nigerian Limited, SEEPCO to shortchange them by preventing Nigeria Petroleum Development Company, NPDC, from having a direct negotiation and agreement…
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Bayelsa oil communities reject oil companies’ MoU
Oil-bearing communities in Nembe Council Area of Bayelsa has described as fraudulent the Global Memorandum of Understanding (GMoU) drawn by the International Oil Companies (IOCs) operating in their areas. The communities said this at a stakeholders’ forum organised by the Bayelsa State Oil and Environmental Commission (BSOEC) in Yenagoa. The commission is holding a week-long…
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Oil bunkering: 5 suspects end up in EFCC net, as court jails 3 oil thieves
Justice M. L. Abubakar of the Federal High Court sitting in Port Harcourt, Rivers State has convicted and sentenced Ibrahim Abbah and Isah Magaji to six months imprisonment for conspiracy and illegal dealing in petroleum products. In the same court, another judge, Justice I. M Sani convicted and sentenced Yeri Ebikake to a fine of…
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Russia bans oil exports to Ukraine
Russian Prime Minister, Dmitry Medvedev, on Thursday said Russia has banned exports of oil and petroleum products to Ukraine, as well as certain Ukrainian imports. Relations between the former Soviet neighbours have been at an all-time low since Russia’s 2014 annexation of Ukraine’s Crimea region in retaliation for Kiev ousting its Kremlin-backed president. Medvedev cast…
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Oil slips to $71, hit by talk of higher OPEC production
Brent oil slipped to around 71 dollars a barrel on Tuesday, pressured by expectations of higher U.S. inventories and concern about Russia’s willingness to stick with OPEC-led supply cuts. Analysts on average expect U.S. crude stockpiles to have risen by 1.9 million barrels last week, the fourth straight increase. The first of this week’s stockpile…
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Oil price rises to $71 a barrel
Oil hit a five-month high above 71 dollars a barrel on Tuesday, supported by concern that violence in Libya could further tighten supply already squeezed by OPEC cuts and U.S. sanctions on Iran and Venezuela. International benchmark Brent futures hit their strongest level since last November at 71.34 dollars per barrel, before easing to 70.99…