U.S. shale investors still waiting on payoff from oil boom

Crude oil

U.S. oil production has topped 10 million barrels per day, approaching a record set in 1970, but many investors in the companies driving the shale oil revolution are still waiting for their payday. Shale producers have raised and spent billions of dollars to produce more oil and gas, ending decades of declining output and redrawing the global energy More...

by metro | Published 22 hours ago
By metro On Friday, February 23rd, 2018

China LNG imports hit record in Jan ahead of cold snap

China’s imports of liquefied natural gas (LNG) hit record levels in January, as the world’s most populous nation rushed to shore up supplies ahead of another cold snap and this month’s Lunar New Year celebrations, More...

By metro On Thursday, February 22nd, 2018

System collapses cause N3.85bn damage to power equipment

The six systems collapses recorded in January 2018 by the Transmission Company of Nigeria has culminated in the damage of nine vital components, which it was learned, will cost the company N3.85 billion to procure More...

By metro On Wednesday, February 21st, 2018

NNPC spent $5.8 bln on fuel imports since late 2017

NNPC said on Tuesday it had spent $5.8 billion on fuel imports since late 2017, as it combats a fuel shortage that has left people queuing for hours at filling stations and hobbled an already-struggling economy. “The More...

By metro On Monday, February 19th, 2018

NIPS: FG ready for investors – President Buhari

President Muhammadu Buhari says Nigeria is open to investments and ready to provide leadership for Africa to ensure growth in the oil and gas sector in the region. Buhari said this in Abuja on Monday while declaring More...

Ibe Kachikwu
By metro On Monday, February 19th, 2018

FG to announce refinery investors in coming month -Ibe Kachikwu

FG plans to announce the private investors in refineries in the coming month, its junior oil minister said on Monday. Emmanuel Ibe Kachikwu said he wants Nigeria to have a floating production storage and offloading More...

By metro On Thursday, February 15th, 2018

OPEC, investors to attend Nigeria petroleum summit

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu says Members of the Organisation of Petroleum Exporting Countries (OPEC), and many stakeholders in the oil sector will participate in the first Nigeria More...

By metro On Wednesday, February 14th, 2018

Why oil may no longer hit $100 – Kachikwu

Nigeria’s Minister of State for Petroleum Resources, Ibe Kachikwu, on Tuesday said crude oil may no longer hit $100 per barrel in the international market, except there is a huge calamity in the producing regions. “Oil More...

Oil prices
By metro On Monday, February 5th, 2018

Oil prices extend declines

Oil prices on Monday extended declines from the end of last week amid a wider market sell off and a stronger dollar, with Brent crude falling to its lowest in nearly a month.. Brent was down 57 cents, or 0.8 percent, More...

By metro On Wednesday, January 31st, 2018

IPMAN to begin construction of $3bn refinery

The Independent Petroleum Marketers Association of Nigeria (IPMAN) is set to commence work on its proposed $3 billion (N1.08 trillion) refinery in two states in the federation. The National President of the association, More...