Oil prices find floor after falls on supply glut woes

Crude oil futures edged up on Thursday, supported by news of an attack on a Nigerian oil pipeline and a weaker U.S. dollar, after four days of falls over scepticism that a global glut in crude supplies could be stemmed. Brent crude was trading up 33 cents, or 0.7 percent, at $47.19 a barrel by Read more

Nigerian Oil Workers Suspended Strike

The Nigerian trade union, Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), has suspended its strike. About 10,000 members of the Union, which includes refinery workers and office staff, went on strike Thursday. At issue were pay and sector reforms. An agreement to suspend the strike was reached early Wednesday. There had been fears that Read more

Nigerian militants claim new pipeline attack, threaten to sink tankers

The Nigerian militant group calling itself the Niger Delta Avengers (NDA) claimed Thursday to have blown up a pipeline belonging to the Nigerian National Petroleum Corp. (NNPC), the first attack since its proposal for a dialogue with the government, Kallanish Energy learns. “At 4:00am @NDAvengers  blow up NNPC Pipeline in Oruk Anam Local Government Area Read more

Nigeria and China sign $23bn deal for three refineries

Nigeria’s state-run oil firm NNPC and China State Construction Engineering Corporation (CSCEC) have signed a $23bn (£16bn; 18bn euros) deal. The two will jointly seek financing and credits from Chinese authorities and banks to build three refineries and a fuel complex in Nigeria. The project would add 750,000 barrels per day of extra refining capacity. Read more

Shell Nigeria boss warns Avenger attacks causing “significant decline” in production levels

Shell’s Nigerian country chair said recent attacks by terrorists in the country had contributed to a “significant decline” in production levels. A number of companies oil sites have been attacked recently in a spate of attacks by the Niger Delta Avengers. Earlier today the group revealed it had attacked a Chevron oil facility. Speaking to Read more

Nigerian Oil Production Falls as Militant Attacks Take Toll

Months of militant attacks on pipelines and oil infrastructure in the southern Niger Delta region have crippled production in Africa’s largest producer of crude. The militant group behind the attacks, the Niger Delta Avengers, vowed in an early communiqué to reduce Nigeria’s economy to “zero.” They appear to be getting their wish. Exports have fallen Read more

Oil price, Range Resources, Victoria Oil & Gas, Amerisur Resources, Sundry -KRG- And finally

 Oil price The Summer  Opec meeting starts on thursday and as usual, claim and counter claim is being made. Nothing has changed me views from Friday and I dont expect anything spectacular to come out of the meeting. I remain convinced that the effective demise of Opec as we have known it continues, a fact Read more

WE WARNED YOU, Nigerian militant group ND Avengers tells Chevron

A militant group in the Niger Delta said it targeted a Chevron pipeline in the region after the company failed to heed a warning issued in mid-May. In a May 12 statement, the Nigerian militant group warned Chevron that it should be wary of working in the region because, while the government and international oil Read more

Labour will only accept a minimum wage govt can pay – NLC factional leader

The Nigeria Labour Congress (NLC) would not sign any agreement with government on a new minimum wage that would not be implementable, its factional leader, Joe Ajaero, said on Wednesday. Mr. Ajaero was talking on the terms his group reached with the Federal Government following the recent withdrawal of fuel subsidy, which pushed up the Read more

Brent crude climbs to $49.22 per barrel

Brent crude powered back above $49 a barrel in Asia today as oil prices resumed their rise after the dollar eased and militants blew up another pipeline in African producer Nigeria. A rally that pushed oil prices to a series of 2016 highs since last week had taken a breather over the past two days Read more