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SOUTH Africa’s Saldanha Bay storage site has flooded the International crude oil market with Nigerian crude oil, according to market sources, adding to the glut of Nigerian crude available in the April program. Nigerian crudes, Qua Iboe and Escravos, have been offered out of storage, by trading house Vitol and oil major Total. Market sources estimated that around 10 -11...
The Qattameya Shallow-1 exploration well was drilled to a total depth of 1,961 metres in water depth of around 108 metres, the company said. "This latest discovery confirms our belief that the Nile Delta is a world-class basin," BP chief executive Bob Dudley said in a statement. The well is 60 kilometres (37 miles) north of Damietta city in northern Egypt....
OPEC and rival oil producers are meeting in Kuwait to review progress with their global pact to cut supplies. The Organisation of the Petroleum Exporting Countries and 11 other leading oil producers including Russia agreed in December to cut their combined output by almost 1.8mn barrels per day in the first half of the year. The committee "expressed its satisfaction with...
The Organisation of the Petroleum Exporting Countries is moving to bring US shale producers and hedge funds into widening talks about how best to tame a global oil glut, according to Reuters. The group held unprecedented talks with fund executives this week and earlier held meetings with shale producers, including Pioneer Natural Resources Co and ConocoPhillips. The introductory discussions were the...
Oil wells at Iran's South Pars gas field started production for the first time this week, Iranian oil ministry news agency SHANA reported. South Pars is a part of the world's largest gas field which Iran shares with Qatar. South Pars also has more than 14bn barrels of oil reserves, it said. Gholamreza Manouchehri, deputy head of the National Iranian Oil...
Siemens has signed a development agreement to promote an open standard Subsea Control Systems for Saipem's Subsea Bus architecture based on Siemens Subsea DigiGrid. Under the agreement, Siemens' subsea unit will assist Saipem in developing Saipem Subsea Bus architecture. The collaboration will develop Siemens Subsea DigiGrid digitalisation, control and communication portfolio into a customised subsea control system. This system will form one...
The management of Addax Petroleum Nigeria Ltd. on Saturday confirmed to Independent On Sunday that the Chief Executive Office of its Geneva Office, Zhang Yi, and the legal director had been arrested over the company’s business inNigeria. Independent On Sunday gathered that Geneva Prosecutor’s Office was conducting a criminal investigation into allegations with spotlight primarily on the Addax’s business in Nigeria. The company’s Communications Officer, Michael Owhoko, confirmed this in a statement forwarded to IndependentOn Sunday in...
Lagos – The National Petroleum Investment Management Services (NPIMS), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), Shell, Total and Agip have reviewed the cost of the nation’s trains 7 and 8 liquefied natural gas project from $10 billion to $7 billion. The cost of the project was put at $10 billion at a time when crude oil prices were...
In  furtherance  of  its principal  objective of ensuring monetary  and  price  stability as well as to  promote  a  sound  financial  system, the Central Bank of Nigeria (CBN) has issued  guidelines  for  the  operation of the Scripless  Securities  Settlement System  (S4). The S4 as one of the pillars of global financial markets infrastructure is a system that holds securities in dematerialised...
by Small Business With TED IWERE The Senate has launched a fresh investigation into the Nigeria Customs Service over the alleged revenue leakage under the border security agency between 2006 and 2016 to the tune of about N4tn. The Chairman, Senate Committee on Customs, Excise and Tariff, Hope Uzodinma, made this known in an interview with journalists in Abuja on Friday. Uzodinma...

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