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Oil slips away from 2019 highs

.As surging US supply undermines OPEC cuts Market Singapore
Oil prices slipped away from 2019 highs on Wednesday, with surging United States (US) supply and slowing economic growth tempering upward pressure from supply cuts led by producer club OPEC and from Washington’s sanctions on Iran and Venezuela.
US West Texas Intermediate (WTI) crude oil futures hit 2019 highs of 56.39 dollars per barrel on Wednesday but had slipped back to 56.15 dollars per barrel by 0523 GMT, which was slightly above their last settlement.
Continue reading Oil slips away from 2019 highs at Vanguard News Nigeria. …

FG plans new finance scheme to bridge oil sector funding gaps

By Michael Eboh
The Nigerian Content Development Monitoring Board, NCDMB, has announced plans to introduce a new financing scheme to address the gaps witnessed under the Bank of Industry, BOI, funding initiative for companies operating in the Nigerian oil and gas industry.
Speaking in Abuja, Executive Secretary of the NCDMB, Mr. Simbi Wabote, stated that companies selected under the newly-launched ‘Project 100’ programme, would be the initial beneficiaries of the funding that would be provided.
Continue reading FG plans new finance scheme to bridge oil sector funding gaps at Vanguard News Nigeria. …

Oil-producing communities draw up template to manage 13% derivation

Oil-producing communities under the auspices of Host Communities of Nigeria Producing Oil and Gas, HOSCON, yesterday, said they had had drawn up a template to be presented to the Federal Government, for the management of the 13 per cent Derivation Fund.
Continue reading Oil-producing communities draw up template to manage 13% derivation at Vanguard News Nigeria. …

Nigeria’s crude oil production falls to 1.999m bpd

Nigeria’s crude oil production including condensate has taken a dip, falling to 1.999 million barrels per day in January from 2.081 million bpd in December, figures from the Ministry of Petroleum Resources has revealed.
Continue reading Nigeria’s crude oil production falls to 1.999m bpd at Vanguard News Nigeria. …

Investment analysts indicate sluggish growth in oil, gas sector

In its latest report – the Nigerian Upstream Oil and Gas Report – sent to Vanguard, Afrinvest West Africa, a Lagos based investment banking firm, stated: “While we expect fiscal reforms in the industry to proceed at a slow pace, there may be respite when deepwater product sharing contracts (PSCs) expire between 2023 and 2028 as long-lead projects will depend on the fiscal terms negotiated upon renewal. Another major constraint for explorers is the lack of any new licensing round since 2007.
Continue reading Investment analysts indicate sluggish growth in oil, gas sector at Vanguard News Nigeria. …

Oil output drops as price stagnates

There are indications that threat to Nigeria’s N8.83 trillion 2019 budget is increasing from the oil revenue estimates  as current reports show a decline in oil production level amidst price stagnation.
Continue reading Oil output drops as price stagnates at Vanguard News Nigeria. …

Global deepwater oil production to hit new record in 2019

Global deepwater liquid production is set to jump by 700,000 barrels per day, bpd from 2018 to reach a record-high of 10.3 million bpd in 2019, due to new fields coming on stream in Brazil and the US Gulf of Mexico, Rystad, Oslo, Norway –based energy research firm said. In addition to Brazil and the United States, the other biggest deepwater producers will be Angola, Norway, and Nigeria, according to Rystad.
Continue reading Global deepwater oil production to hit new record in 2019 at Vanguard News Nigeria. …

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