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The ‘not so good’ awaiting Nigeria Oil industry amid the threat of falling prices in 2016

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This coming year is shaping up to be a difficult one for economies that are disproportionately dependent on oil. This is especially true for Nigeria, where there’s a possibility…

OPEC says Oil prices will recover by 2020

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By agencies… Oil producers’ group Opec has said it expects oil prices to recover to $70 a barrel by 2020. Prices have fallen from more than $110 a…

Here is why market analyst Goldman Sachs says Oil prices may fall to $20 per barrel in 2016

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Agencies… American market analyst Goldman Sachs sees further weakness for oil due to the worsening of already weak fundamentals after OPEC held back from cutting production at its…

Crude Oil price shocks the world, trades below $35 per barrel in New York

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By agencies… Oil fell below $35 a barrel in New York for the first time since 2009 as Iran reiterated its pledge to boost crude exports, bolstering speculation…

Crude Oil Prices are likely to fall below $40 in 2016 says Market analysts

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Agencies… As crude oil prices continue their dramatic decline after a refusal by the Organization of Petroleum Exporting Countries (OPEC) to cut production, the key question now is,…

All Not well in Norway’s Oil Town as the ‘low price effect’ hits harder

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By AFP… Sparkling wine instead of champagne, companies cancelling their Christmas celebrations, unemployment soaring and real estate prices flagging: with crude prices plunging from record highs, Norway’s oil…

Oil Majors rash as Iran announce 70 Oil and Natural gas projects Valued at $30 billion

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Agencies… Total SA, Royal Dutch Shell Plc and Lukoil PJSC are among the leading international companies in the rash as Iran, the holder of the world’s fourth-largest crude…

Hope as Indian refineries Clear African Crude Oil off the shelf

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By agencies… Indian refineries continued to moped cargoes of West African crude oil, underpinning what was otherwise a saturated market. Refineries HPCL and BPCL together booked at least…

Shell and Eni Paid $1.1bn ‘behind closed door’ to acquire Oil exploration rights in Nigeria, says Global Witness

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Oil majors Shell and Eni paid US$1.1bn to an Illegal company and secured exploration and production rights for one of West Africa’s largest oil fields, situated off the…

Tanzania to start Advanced Oil search in Lake Tanganyika

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Tanzania Petroleum Development Corporation (TPDC) will start an advanced search for oil in Lake Tanganyika, Uganda Oil has learnt. From its first stages of surveys across Lake Tanganyika…