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Energy writers demand immediate end to fuel scarcity
Sopuruchi Onwuka Journalists and analysts in the Nigerian energy sector have called on government agencies responsible for regulation and market supply to immediately arrest the worsening fuel scarcity in the country to justify huge public expenditure on internal subsidy. The…
Workers, pensioners declare support for Abia PDP guber candidate
Sopuruchi Onwuka Active and retired public servants in Abia have declared unflinching support for the candidates of the Peoples Democratic Party (PDP) in the upcoming governorship election, expressing high hopes that the new governor would clear the arrears of their…
Fuel market chaos: Major marketers demand full deregulation
NNPC siphons susbidy funds as prices escalate Sopuruchi Onwuka The group of major petroleum marketers in the country has demanded government to embark on full deregulation of the market, given the weakness of regulators in controlling price surge and subsequent…
CNL restates commitment to Nigeria
Sopuruchi Onwuka American multinational oil firm, Chevron, says it has no immediate intention to exit Nigeria where it holds operating rights on several petroleum assets in onshore, swamp, shallow water deepwater locations in the Niger Delta. Spokesman of the company,…
Fuel scarcity: NMDRA holds consultation with DAPPMAN members
Sopuruchi Onwuka The Nigerian Midstream and Downstream Regulatory Authority (NMDRA) has entered consultation with key investment groups in the Nigerian petroleum products market to explore resolution to the lingering supply impasse. Yesterday, the agency of petroleum ministry held a private…
Saudi Aramco leads world’s natural resource giants into 2023
Sopuruchi Onwuka With market capitalization of some $1.8 trillion, the national oil company of Saudi Arabia, Aramco, stands as the world’s biggest natural resource company in the world. The company which sits on estimated reserves base of 270 billion barrels…
EIA revises down Brent price forecast for 2023
In its December issue Short-Term Energy Outlook, the US Energy Information Administration forecasts global oil inventories to fall by 200,000 b/d in first-half 2023 before rising by almost 700,000 b/d in second-half 2023. This forecast leaves global oil inventories higher…
WoodMac projects 17mboe from deepwater by 2030
Production to plateau in countries with low exploration investment Sopuruchi Onwuka An updated report by industry investment advisory firm, Wood Mackenzie, estimates that global deepwater petroleum production assets would pump up to 17 million barrels of oil equivalents per day…
Moody’s predicts lower margins from higher upstream opex in 2023
Sopuruchi Onwuka Global upstream operating expenditure in the petroleum industry is set to jump in 2023 but investors would expect decreasing marginal returns from reinvestments in the industry which would be ruled by unstable market outlook in the midst of…
OPEC’s oil output up 120,000 b/d in December
A rebound in Nigerian production raised OPEC’s oil output in December by 120,000 barrels per day (bpd) compared to November, according to a monthly Reuters survey published on Wednesday. Despite the increase in oil production last month, OPEC was still…
