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Oil Prices Rally Stopped By Chinese COVID-19 concerns

Oil prices fell at the start of the week on growing concerns related to demand. China is encouraging its population not to travel over the Lunar New Year period due to new Covid-19 cases, a time when millions of people travel. BP cuts exploration team. BP’s (NYSE: BP) exploration team is down to less than…

Energy shares plunge as oil rally stops

Oil posted some losses at the close of the week, with Brent dipping back below $55 per barrel and WTI down below $52. More travel restrictions in Hong Kong, Shanghai, and the UK led to demand pessimism, and a temporary jump in the dollar also weighed on crude. Biden’s first actions on energy. As expected,…

NNPC Records $120.49m Crude Oil Receipt in September

The Nigerian National Petroleum Corporation (NNPC) has announced a total export receipt for crude oil and gas valued at $120.49 million for the month of September 2020. A press release by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru, stated that the figure is contained in the September 2020…

96 Firms Jostle For Downstream Rehabilitation Contracts

… Reinforces NNPC’s Commitment to Transparency, Accountability, Performance Excellence At least (96) prominent and reputable companies from various jurisdictions have indicated interest in undertaking the rehabilitation of the Nigerian National Petroleum Corporation’s (NNPC) downstream infrastructure ranging from critical pipelines to depots and terminals through the Build, Operate and Transfer (BOT) financing model. This was disclosed…

MOMAN, Other Downstream Players Hail FG, Pledge Support for Deregulation

…As Kyari Assures of Resolution of Forex Issues Stakeholders in the Downstream Sector of the Nigerian Oil and Gas Industry, including the Major Oil Marketers Association of Nigeria (MOMAN), have lauded the Federal Government for the courage to tackle the challenges in the Downstream Sector frontally. A press release by the Corporation’s spokesman, Dr. Kennie…

Oil price on front burner as Buhari visits S’Arabia, Qatar

President Muhammadu Buhari is starting one week state visit to Saudi Arabia and Qatar. President Buhari, who will be accompanied by a high delegation of the Federal Government, including the Minister of State (Petroleum) and Group Managing Director of the Nigerian National Petroleum Corporation, (NNPC), Dr. Ibe Kachikwu, will first fly to Riyadyh for talks…

PPMC wades into Lagos tanker drivers’ crisis to stave off fuel supply shortage

Nigerian National Petroleum Corporation (NNPC) has disclosed that the management of its midstream subsidiary Pipeline and Products Marketing Company (PPMC) has intervened in the leadership tussle between the Mobil branch and national office of the Petroleum Tanker Drivers Union (PTD) that has affected the supply of petroleum products in Lagos and its environ. Consequently, the…

Kachikwu: I didn’t say petrol will sell for N97

Minister of State for Petroleum Resources and Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu, has dismissed insinuations in some quarters that the Federal Government has concluded plans to increase the pump price of fuel from N87 to N97 per litre as from January 2016. Speaking during a media parley…

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