20% of oil and gas reserves may be wiped out – Exxon
The company hinted that one-fifth of the world’s oil and gas reserves will no longer qualify as “proved reserves” at the end of this year if oil prices fail to recover before then.
China’s oil import dependence reaches 73.4%
Chinese data analyzed by Radio Free Asia’s Michael Lelyveld revealed that the country has been buying record volumes of crude oil over the past months in order to bolster its energy security, especially at a time when its relations with the United States are deteriorating.
NEPAL Oil launches retail station in Lagos
The Retail Business Manager of the company, Ezinne Nwazulu, said Nepal would give out discounts on the pump price of products and branded souvenirs to first 20 customers every day for the next 30 days to commemorate the launch.
FG moves to reduce oil output cost to $10
The Minister of State for Petroleum Resources, Chief Timipre Sylva, has said that the Federal Government is working towards attaining a $10 per barrel production cost sealing in the oil and gas sector.
Reps set up 30-man committee for PIB Passage
A thirty-member committee, with five members drawn from each of the six geo-political zones of the country, is expected to start work on the Petroleum Industry Bill (PIB) in the third week of this month. This is because the House of Representatives is set to pass the long-awaited bill into law in September.
Gas Business Is Nigeria’s Future, says Kyari
“We must not lose sight of the fact that the world is transiting to renewable energy and gas is the future. These were the words of the Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mele Kyari, recently, saying that gas is the future of energy development in Nigeria.
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Nigeria
Nigeria’s domestic refining capacity increases by 3.8%
Before this development, the refining capacity of the nation’s four refineries, located in Port Harcourt, Rivers…
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International
NEO Energy acquires Total’s North Sea fields
The acquisition by the Norway-based private equity company included a portfolio of operated and…
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Downstream
OPEC’s plan to raise supply in August not certain
As the COVID-19 pandemic continues to spread across many major economies of the world, there is…
Midstream
Russia surpasses U.S. in LNG exports to China
Data first quoted by Bloomberg showed that Russia exported more LNG to China in June than the United…
Upstream
Chevron to restart 2nd Gorgon LNG train in September
Chevron Corp expects to restart Train 2 of its Gorgon liquefied natural gas (LNG) plant in Australia…
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Oil Tips
How oil and gas industry helps fight coronavirus
The oil and gas industry is facing a downturn exacerbated by the COVID-19 coronavirus pandemic, but companies in…
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