Nigeria’s government has launched a special fund worth US$100 million to take care of securing the credit that the oil industry of the country needs. Called a Nigerian Content Intervention Fund, the vehicle will be managed by the Nigerian Content Development and Monitoring Board and the Bank of Industry. Until now, Nigerian oil service companies
Global Oil Industry Analysts Goldman Sachs say Disruptions Like Nigeria Pipeline attacks Will resurrect Prices
Oil prices have been kept at low levels largely due to the glut in global supply. While low prices have been bad news for the industry and the oil-driven economies, producers have been reluctant to cut back for fear of losing market share. In the absence of voluntary production cuts, Goldman Sachs analysts say unplanned
Major Oil producers plan to meet in Russia to agree on Output as way of saving the falling Crude Prices
Key members of the Organization of Petroleum Exporting Countries (OPEC) intend to meet with other producers in Russia on March 20, 2016 to renew talks on an agreement to cap oil output, Nigeria’s petroleum minister said. Russian State Run news channel RT has also confirmed the development. There will be a “dramatic price movement” when
Analysis: Why East Africa Has to Hold Onto the Oil and Gas Dream to Spur Economic Growth
By Stephen Kuria and Bernard Ayieko… The oil and gas market has been shaken and stirred by a raging storm. Some multinationals are actually abandoning the rigs, especially offshore ones. The US rig count has gone down by 31 to 760 on a month-by-month count. In some cases, exploration programmes have been put on the
Opinion: The Fall of Oil prices is an alarm Government of Uganda should not Ignore.
By Adellah Agaba Oil production is set to begin in 2017 and this has generated anxiety and expectations which are already a threat to peace in the country, not only to humankind but to the environment, economy and ecology. The discovery of oil and gas in any country worldwide causes impeccable excitement because it is
OPEC says Oil prices will recover by 2020
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 barrel in the summer of 2014 to less than $37 a barrel now due to oversupply and slowing demand. But Opec said oil prices would begin to
Hope as Indian refineries Clear African Crude Oil off the shelf
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 four million barrels of West African oil, adding to the six million booked earlier by IOC in a tender. IOC has another tender pending this week to
Iran Oil Minister ask OPEC Countries to cut crude Production to save falling prices
OPEC member states should cut crude output to boost prices to a range of $70 to $80 a barrel, Iran’s Oil Minister Bijan Namdar Zanganeh said. “No one is happy” with prices at current levels, Zanganeh told reporters in Tehran. “OPEC should decide to manage the market by reducing the level of production.” Even so,
Oil Market: OPEC defiant on supply despite persistent fall in prices
As Crude oil prices continue to slide on the global oil market, the Organisation of Petroleum Exporting Countries (OPEC) has expressed Optimism on the performance of the market saying that the world oil demand will increase in the Second half of 2015 and 2016. OPEC made the observations in 167th Extra ordinary meeting held in
American Noble Energy and Rossetta Resources announce merger
American renowned Oil and natural gas exploration and production company Noble Energy limited has announced acquisition of its minor rival Rossetta Resources Incl in a deal valued at $ 2.1 billion. In the concessions, Noble Energy will take over Rossetta’s stock including its net debts valued at approximately $1.8 million as of Mach 2015. The