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.
The 12-billion Dangote Refinery will have the capacity to refine 650,000 barrels per day. Devakumar Edwin, the Dangote Industries Executive Director, says the facility is set to be operational early next year.
This is due to the production cuts by the Organisation of Petroleum Exporting Countries and the gradual easing of lockdowns by many countries. The international oil benchmark rose on Wednesday to its highest since early March after a large decline in the United States’ crude inventories and supported by a weak dollar.
The acquisition by the Norway-based private equity company included a portfolio of operated and non-operated assets. Involved in the transaction are materials and cash generative portfolio of assets in four producing areas of the UK North Sea.
As the COVID-19 pandemic continues to spread across many major economies of the world, there is uncertainty over the Organisation of Petroleum Exporting Countries (OPEC) and allies’ plan to return supply to the market after the group’s output cuts. Industry watchers say deep production curbs by the cartel and its allies had helped oil rebound…
Before this development, the refining capacity of the nation’s four refineries, located in Port Harcourt, Rivers State, Warri, Delta State and Kaduna, Kaduna State, had for several years been stagnated at 445,000 bpd, which was inadequate to meet domestic demand.
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.
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.
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.
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.