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Total said Tuesday its quarterly profit fell by 99 percent because of dropping oil prices and announced it would slash investments in response to the ongoing turmoil in crude markets. The French oil major reported a net profit of $34…
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For a proper and effective transition to a non-subsidy regime, Petroleum Industry governance experts say the Federal Government of Nigeria must hasten the procedural steps in giving legal backing to the initiative while ensuring it hastens…
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The United States cut its imports of Nigerian unrefined petroleum by 60.37 percent to 1.93 million barrels in January this year, contrasted with the 4.87 million barrels purchased around the same time in 2019.  Most recent information…
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Nigerian crude differentials showed more signs of recovery from record lows on Thursday, reflecting a wider rebound in the market on hopes of stronger demand, according to a market report from Reuters. Qua Iboe was on offer at dated…
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Credit rating agency Moody’s slashed its global economic and oil forecasts again on Tuesday, predicting ongoing coronavirus lockdowns would now see the G20 group of major economies contract 4% this year before bouncing back 4.8% in 2021. …
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*US crude futures jump 15 per cent. US oil prices jumped on Wednesday, trimming some of this week's losses, after US stockpiles rose less than expected and on expectations demand will increase as some European countries and US cities…
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The Nigerian National Petroleum Corporation (NNPC) has released its crude official selling prices (OSPs) for May, cutting values for all its grades from the decades-lows in April. According to a news report sourced from argusmedia.com,…
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The sale of 40% equity held by Chevron on Oil Mining Leases (OMLs) 86 and 88, is in top gear. Companies who have shown interest in acquiring the asset are expected to make full disclosure of their financial and operating capacities by the…
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Market participants awaited concrete plans on Nigerian crude oil output for May and June as the state oil company was in discussions with local companies and international majors on how to rein in supply amid a production cut pact and poor…
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Nigeria is seeking documents from 10 banks, including Citigroup Inc. and JPMorgan Chase & Co., in a bid to overturn a $9.6 billion arbitration award related to a business deal that the country contends is shrouded in allegations of…
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