Oil price rises to approximately $72 amid worries of disruption

Oil prices rose on Tuesday amid worries that there could be a high risk of disruptions to supply, especially in the Middle East. Brent crude oil futures were at $71.80 per barrel at 0120 GMT, up 38 cents, or 0.5 per cent from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 39 cents or 0.6 per cent, at 66.61 dollars a barrel. Traders said oil markets were receiving general support due to a sense that there were high risks of supply disruptions, including a potentially spreading…

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Oil fields: Nigeria, others to spend over $811bn in next 8 years

Nigeria and other countries across the world will spend about $811 billion on 615 upcoming oil and gas fields in the next eight years. This was contained in the outcome of a research conducted by data and analytics firm, Globaldata. The money, specifically, would be expended on capital items, especially conventional oil, heavy oil, oil sands and unconventional oil projects, the report said. Nigeria, Mozambique, Australia, Canada, Norway, Indonesia, and UK, together have a total of $298 billion, averaging about 37 per cent of the total spending on the projects…

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Nigerian Govt received $4.32bn from us in 2017, says Shell

Royal Dutch Shell Plc has said it paid $4.32 billion to the Nigerian Government as taxes and royalties in 2017, representing an increase of 19 per cent from the $3.64 billion the oil giant paid in 2016. The Shell’s Sustainability Report 2017, which was released this week, showed that the $4.32 billion paid to Nigeria was the highest paid by the oil giant to any government in the 29 countries covered by the report. By the report, government includes any national, regional or local authorities of a country, and includes…

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NNPC set to break ground on $2.8bn AKK gas pipeline project in Nigeria

Nigerian National Petroleum (NNPC) said that it is closing in towards breaking ground on the $2.8bn plus Ajaokuta – Kaduna – Kano (AKK) pipeline, a trans-Nigeria gas pipeline project. The oil corporation expects to begin construction on the 614km long AKK gas pipeline and associated stations in the coming weeks. Last week, NNPC executed contract agreements for the engineering, procurement, construction, commissioning and financing for lots 1 and 3 of the 40inch gas pipeline project. Expected to be completed in the next two years, the AKK gas pipeline will help…

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Oil firms may have to draw up new MoUs, says Delta HOSTCOM boss

Oil and gas producing companies in Delta State may have to draw up new memoranda of understanding (MoUs) with host communities. This was stated by the newly sworn in Delta State chairman of the Oil and Gas Producing Host Communities (HOSTCOM), Evangelist Gabriel Isibeluo. He also declared his intention get them to relate with their host communities in the best international standard. Isibeluo, who also vowed to run an all-inclusive administration, made the pledged at Warri, in an exclusive interview with The Guardian, just as he explains his plans for…

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Kachikwu clarifies statement on N1.4tr subsidy

Minister of State for Petroleum Resources, Ibe Kachikwu, yesterday said the Nigerian National Petroleum Corporation (NNPC) was in the best position to give appropriate figures on import of Premium Motor Spirit (PMS) otherwise called petrol. Reacting to report, in which he (Kachikwu) was quoted as saying that the country currently incurs over N1.4 trillion under recovery or losses on the importation and sale of petrol, he stated that the details of the under-recovery figures and circumstances surrounding it would be provided by the NNPC. In a statement by director of…

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