BAGHDAD — OPEC and its allies led by Russia are “most likely” to agree on a one-month extension to an oil production cuts deal on Saturday, an OPEC delegate said. The delegate, who spoke on condition that he not be identified, said: “It is most ...
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A Review of The Nigerian Energy Industry

NEWSLETTER -  Sat, Jun 06 2020

OPEC and allies to agree one-month extension to output cuts

BAGHDAD — OPEC and its allies led by Russia are “most likely” to agree on a one-month extension to an oil production cuts deal on Saturday, an OPEC delegate said. The delegate, who spoke on condition that he not be identified, said: “It is most likely that the meeting today will result in an extension […]

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AfDB approves $288.5 million for Nigeria COVID-19 Response Support Program

*The loan is the Bank’s initial response to help mitigate the slump in oil prices and its impact on the national economy ABIDJAN, Ivory Coast — The Board of Directors of the African Development Bank on Friday approved a $288.5 million loan to help Nigeria tackle the COVID-19 pandemic and mitigate its impact on people […]

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Underperforming offshore wells rack up over $100bn in abandonment liabilities worldwide

RIO DE JANEIRO — Aging offshore oil wells that once brought market prominence to Europe, the U.S. Gulf and Brazil are increasingly money losers that companies want shut down amid low oil prices and a struggling global economy. But the effort won’t be cheap. The cost worldwide: An estimated $104.5 billion by 2030, according to […]

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Nigeria increases oil benchmark by $3 as Brent hits $39/b

OpeOluwani Akintayo Lagos — Nigerian Senate on Tuesday increased the oil benchmark in the country’s 2020 national budget by $3 upon seeing that International Brent had hit $38 per barrel on Monday. The upper chamber made an increase in the oil price benchmark to $28 on hope that Brent would reach $40 per barrel soon. […]

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Procurement process for Ibom deep seaport awaits FEC’s approval

Mkpoikana Udoma Port Harcourt — The presentation, approval and commercial close of the procurement process for the development of Ibom Deep Water Port, IDWP, by the Federal Executive Council, is currently the next stage of the project. Recall that Bollore and Power China emerged the preferred bidder for the deep seaport development, following the bidding […]

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NCIF bags US Congressional Citation, Houston City Proclamation.
City declares May 2 ‘Nigerian Content Investment Day’

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Sweetcrude is a review of the Nigerian energy industry. The publication has evolved to become the voice and watchdog of industry, reporting all spectrum of the energy chain in-country and serving as an interface between the Nigerian energy industry and that of Europe, the Middle-East and the American continent.


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