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Shell pledges to reduce methane emissions

Shell is pledging to reduce its methane emissions from oil, natural gas extraction, and transportation operations. Although there is currently no way of accurately measuring methane emissions across the entire company, Shell said some projects emit up to 0.8% methane. Emission of Methane, the primary component of natural gas which often leaks…

Nigeria’s crude faces glut as U.S shale rises

Sales of Nigerian crude is currently being slapped by the rise of U.S. shale crude. This, according to experts is due to the similarity in the geological properties of the two products. Also, not only has the U.S. cut imports from Nigeria but some traditional buyers such as Taiwan’s CPC Corp., have also turned to American grades, hitting the…

Qatar set to produce electric cars

There are indications that electric cars may dominate Qatar in a few years’ time. The country said on Monday that it had plans to produce the first Qatari electric cars by 2023, its local media reported. A massive electric car factory is likely to be set up at an estimated whopping cost of $9 billion. The factory will manufacture more than…

BP Oil buys 7.6 million barrels of Nigerian crude

Data from Bloomberg reveals that BP Plc, a leading international oil and gas company, recently bought 7.6 million barrels of Nigerian crude from Vitol Group in a swap deal, doubling its entire activities of the past seven years. The past two months have witnessed a boom in the swap market of which this happens to be part of it. However, the…

Nigerian lawyers charged to be involved in oil, gas reforms

Nigerian lawyers have been charged to participate in the ongoing reforms in the oil and gas industry. The Executive Secretary of Nigerian Content Development and Monitoring board, (NCDMB), Simbi Wabote said that lawyers have a big role to play in the ongoing reforms. Speaking at a conference organized by lawyers in Abuja recently, Wabote…

Brazil’s top bank may keep Petrobras Africa stake

BTG Pactual, which is Brazil's largest investment bank will keep its stake in Petrobras Oil and Gas BV (Petrobras Africa) to avoid possible losses in a potential sale. An undisclosed source with knowledge of the matter disclosed this to Reuters on Friday. Led by top oil trader, Vitol, the company in June had entered exclusive talks to acquire…

Petrol price increases in some states

There is an increase in the price of Petroleum Motor Spirit (PMS) which is also known as petrol. A report by NBS revealed an increase by 0.1 percent month-on-month (MoM) to N146.90 in August 2018 from N146.80 in July 2018. The increase was due to a slight edge above the official pump price of N145/litre recorded in some states. Data released…

How to start a diesel supply business in Nigeria

It’s a known fact that oil and gas business is one of the most lucrative ventures in Nigeria. Periodically, the demand for petroleum increases, the supply chain expands and smart individuals take advantage to enrich themselves. Amongst many rewarding petroleum products is Automated Gas Oil; often referred to as Diesel. Diesel supply is a viable…

Venezuela seeks to woo private oil investors

Venezuela is currently taking measures to boost her oil production which has been at the lowest rate for years. One of such measures is the ongoing overhauling of its constitution by the pro-government Constituent Assembly to attract private investments in the country’s oil fields. Venezuela’s current oil production is 60-year low which…

Iran resorts to floating storage as sanctions from the U.S loom

Impending sanctions from the U.S. has forced Iran to start storing oil on its supertankers. Bloomberg reports that this was the country’s strategy in previous curbs but it has resumed the floating storage lately. The sanctions will take effect in early November, but buyers including France, South Korea, and others have already started to back…
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