OIL PRODUCTION Archives - KOKOMANSION MEDIA

NNPC concludes $1bn mega deal with Afrieximbank to boost oil output

November 18, 2021November 18, 2021Ayo Olowo

The African Export-Import Bank (Afreximbank) has signed a $1.04 billion deal with the Nigerian National Petroleum Corporation (NNPC) to boost oil output. The deal was signed at the ongoing Intra-African Trade Fair (IATF) in Durban, South Africa. The transaction comprises a pre-export/shipment finance facility underpinned by a forward sale agreement (FSA) and offtake contracts from the Nigerian National Petroleum […]

Kenya to start commercial oil export 2021/2022

February 7, 2018Ayo Olowo

Kenya will start exporting oil on commercial scale in the next five years, Africa-focused oil and natural gas producer Tullow Oil said on Wednesday. Tullow said extended well tests, water injection tests, well interference tests and water-flood trials have proved helpful for planning the development of the oil fields. “The exploration and appraisal campaign in […]

NNPC saves $3bn annually from oil production cost

August 17, 2017Ayo Olowo

The Nigerian National Petroleum Corporation (NNPC) says it has successfully reduced the cost of producing one barrel crude oil to $23 from $78 as at August 2015, has therefore been able to save about $3 billion annually. According to a statement signed by Ndu Ughamadu, the corporation’s spokesman, this fact was disclosed at the inauguration […]

Russia overtakes Saudi as world’s largest oil producer

March 22, 2017Ayo Olowo

For the second month in a row, Russia has maintained its status as the world’s largest oil producer, ousting Saudi Arabia, official figures in December 2016 and January 2017 have confirmed. Russia’s daily oil output averaged about 10.8 million barrels in January, slightly more than 10.5 million barrels in December, according to data released by […]

Oil prices sink to 3-month low

March 11, 2017Ayo Olowo

Oil price is rapidly declining, this time, it has fallen to a three-month low. West Texas Intermediate is trading below $50, while Brent crude, the global benchmark for oil is hovering around $52 per barrel, its lowest price levels since December 2016. Since the Organisation of Petroleum Exporting Countries (OPEC) decided to cut its production […]

Shell shuts Bonga, cuts Nigeria’s production to 1.88m barrels

March 7, 2017Ayo Olowo

Shell Nigeria Exploration and Production Company Limited (SNEPCo) has announced the shutdown of its Bonga oil field, for necessary maintenance. This singular action by Shell has cut Nigeria’s daily oil production levels from 2.1 million barrels to 1.875 million barrels. Bamidele Odugbesan, Shell’s spokesperson in Nigeria, said the shut down was for turnaround maintenance of […]

OPEC loses $1trn to oil price fluctuation

February 28, 2017Ayo Olowo

The Organisation of Petroleum Exporting Countries (OPEC) has lost over $1 trillion to fluctuation of oil prices, its Secretary General, Dr Mohammed Barkindo has said. Barkindo disclosed this on Monday while addressing a news conference organised by the Minster of State for Petroleum, Dr Ibe Kachikwu. According to the OPEC scribe who is on a […]

Oil prices soar as OPEC cuts output

February 1, 2017Ayo Olowo

Oil prices rose more than one per cent on Tuesday after news that the world’s top producers cut production in January more than forecasters had expected just as the dollar sank. “This is very high, a good number,” an OPEC source said of the January compliance estimate. The dollar was down by 0.9 per cent […]

Oil price soars to $55.33 after OPEC agreement

December 6, 2016Ayo Olowo

Crude rose above $55 a barrel as rising prospects of a tightening market after last week’s OPEC landmark deal to cut production has given speculators impetus to increase bets on higher prices. Monday’s gains took the rally since the Organization of the Petroleum Exporting Countries’ agreement was struck on Wednesday to 19 per cent for […]

Oil prices soar as OPEC and Russia agree on production cut

December 1, 2016Ayo Olowo

An agreement between oil producer club OPEC and Russia to produce less to drain a global glut sent prices soaring in record trading volumes on Thursday. The Organization of the Petroleum Exporting Countries (OPEC) agreed on Wednesday its first oil output reduction since 2008 after de-facto leader Saudi Arabia accepted “a big hit” and dropped […]