Oil and Gas

World Bank to stop financing upstream oil, gas from 2019

The World Bank Group Tuesday said it will stop financing upstream oil and gas after 2019, as part of a wider commitment to global efforts to halt climate change.

"As a global multilateral development institution, the World Bank Group is continuing to transform its own operations in recognition of a rapidly changing world," the bank said Tuesday in a statement.

"The World Bank Group will no longer finance upstream oil and gas, after 2019," it said.

LPG: Maturity, discipline required to attract investments

The Liquefied Petroleum Gas (LPG) market in Nigeria, which experts say is about a $10billion market waiting to be harnessed, is said to require more discipline and maturity to be actualised.

Speaking recently in Lagos, during the seventh Annual Nigeria Liquefied Petroleum Gas Association (NLPGA) Conference and Exhibition, the Director of Marketing Development, World LPG Association, a global body of the NLPG, Michael Kelly, said despite the country’s huge market potential, it is experiences lots of inherent informalities capable of hurting it.

NLNG advocates rail to deepen LPG distribution, usage

The Nigeria Liquefied Natural Gas (NLNG) has identified railway as a viable option to achieve deeper distribution of Liquefied Petroleum Gas (LPG) and boost its local consumption.

Specifically, it says Port Harcourt offers such opportunity for the expansion of the LPG distribution market to the East and the North via the railway network, adding, however, that trucking would provide limited support to the business.

Baru woos foreign Investors for NNPC Mega Projects

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru has called on foreign investors to partner with the Corporation in its multi-billion dollar projects expected to come up in the New Year.

Dr. Baru, who made the call in London at the conferment of the Forbes Award on him, said the Corporation would be involved in a number of projects which would require international collaboration.

$500m debt undermines energy supply & downstream investments

The debt web crippling Nigeria’s energy sector appeared compounded as gas producers in the country have alleged that they are currently being owed about $500 million, mainly by power companies.
But the producers admitted that the power companies are also owed huge sums mainly by the Federal Government, adding, however, that the high debt owed the producers was a major disincentive to gas production and exploration in Nigeria.

Oil rises over 1% as PENGASSAN threatens strike

Oil prices have climbed more than 1 per cent on Thursday due to a strike threat in Nigeria by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and as traders cover shorts after sharp losses the previous day brought on by an unexpectedly large rise in US stocks of refined fuels.
Short covering in the market, together with the threat of a strike by Nigeria's key oil union, has provided some support to oil prices in today's session.