Oil & Gas articles

Trump berates OPEC for ‘artificially’ high oil prices — and Barkindo responds

Trump berates OPEC for ‘artificially’ high oil prices — and Barkindo responds

US President Donald Trump has accused the Organisation of Petroleum Exporting Countries (OPEC) of “keeping oil prices artificially very high.” In tweet, Trump said the cartel’s pricing cycle “will not be accepted” as there is no scarcity of oil supply to warrant such “high prices.” Looks like OPEC is at it again. With record amounts

Malabu scandal: Court papers expose Nigerian officials who authorised controversial payments

Court documents filed by U.S. banking giant, JP Morgan Chase Bank, have revealed the Nigerian officials who authorised payments of $875 million to accounts linked to a former Nigerian oil minister in the fraudulent Malabu deal, Dan Etete. The details are contained in a fresh claim filed by the bank to counter the massive claim

Malabu Scandal: UK govt authorised transfer of $875 million to Etete – JP Morgan

The UK anti-money laundering unit, Serious Organised Crime Agency (Soca), gave authorisation for the transfer of $875 million to accounts linked to a former Nigerian oil minister and convicted money launderer in the controversial Malabu scandal, JP Morgan has said. The shocking revelation is contained in High Court documents filed by U.S. banking giant, JP

US, UK Envoys Meet with Otedola, Discuss Investment Opportunities

United States Ambassador to Nigeria Stuart Symington and his UK counterpart Ambassador Paul Arkwright have paid separate visits to the Chairman of Forte Oil Plc, Mr. Femi Otedola, during which the parties held discussions on the Nigerian economy and the role of businesses in the country in exploring partnerships with international businesses to create more

NNPC fast-tracks seven critical gas projects to boost power generation

The Nigerian National Petroleum Corporation (NNPC) has identified Seven Critical Gas Development Projects (7CGDP) scheduled to deliver about 3.4billion standard cubic feet of gas per day on an accelerated basis to bridge a projected medium term supply gap by 2020. Delivering the Oil Industry address at the annual Society of Petroleum Engineers’ Oloibiri lecture series,

NNPC alerts on proliferation of Fuel stations in border towns

The Nigerian National Petroleum Corporation (NNPC) has sounded the alarm bells on the proliferation of fuel stations in communities with international land and coastal borders across the country, insisting that the development has energized unprecedented cross-border smuggling of petrol to neighboring countries, making it difficult to sanitize the fuel supply and distribution matrix in the

Barkindo: Oil producers need $10.5tr investments to meet rising world oil demand

Mohammed Barkindo, secretary general of the Organization of Petroleum Exporting Countries (OPEC), has expressed concern over the powerful cartel that gives rise to the continued instability in the international oil market. He said their actions have impacted on the ability of the oil producing countries to raise about $10.5 trillion in investments required to meet

Baru calls for closer cooperation between Government, IOCs

The Group Managing Diurector of the Nigerian National Petroleum Corporation, Dr. Maikanti Baru, has called for closer cooperation between government and international oil corporations operating in Nigeria. Dr. Baru made this call on Monday on the opening of the four-day of the Nigeria International Petroleum Summit, holding at the International Conference Centre in Abuja. The

Kachikwu directs NNPC to clear fuel queues before Sunday

The Minister of State for Petroleum Resources, Ibe Kachikwu, on Thursday directed the Nigerian National Petroleum Corporation (NNPC) to ensure that petrol queues were cleared in Abuja before Sunday. Mr. Kachikwu gave the directive at a world news conference to intimate journalists on the upcoming international oil and gas conference and exhibition tagged the Nigerian