• 3 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 7 minutes Saudi and UAE pressure to get US support for Oil quotas is reportedly on..
  • 11 minutes China devalues currency to lower prices to address new tariffs. But doesn't help. Here is why. . . .
  • 15 minutes What is your current outlook as a day trader for WTI
  • 42 mins Maybe 8 to 10 "good" years left in oil industry * UAE model for Economic Deversification * Others spent oil billions on funding terrorism, wars, suppressing dissidents * Too late now
  • 8 hours Long Range Attack On Saudi Oil Field Ends War On Yemen
  • 6 hours Will Uncle Sam Step Up and Cut Production
  • 12 hours In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 21 hours Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 21 hours Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
  • 21 hours Continental Resource's Hamm wants shale to cut production. . . He can't compete with peers.
  • 15 hours CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
  • 1 day NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 1 day Significant: Boeing Delays Delivery Of Ultra-Long-Range Version Of 777X
  • 2 days Strait Of Hormuz As a Breakpoint: Germany Not Taking Part In U.S. Naval Mission
  • 1 day Why Oil is Falling (including conspiracy theories and other fun stuff)
  • 1 day Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
Shale Bankruptcies Are On The Rise

Shale Bankruptcies Are On The Rise

The number of shale bankruptcies…

Nigeria Commits To New Oil And Gas Output Goals By 2020

Nigeria Oil

The Nigerian Petroleum Development Company (NPDC) will see its production grow to 500,000 barrels per day by 2020, according to a new commitment made by the Nigerian National Petroleum Corporation (NNPC).

The NPDC will also grow its natural gas production by 150 million cubic square feet per day over the same time period, according to Dr. Maikanti Baru, the managing director of the NNPC, who recently made a keynote address titled “NNPS’s Commercial Strategy and Priorities” in Abuja.

Beyond growing gas for the power sector, there has been a strategic positioning of the sector to support massive gas-based industrialization,” he said during the speech. “We will incubate and midwife a portfolio of critical and mutually dependent investments - Central Processing Facilities, CPFs, Fertilizer, Petrochemical, Free Trade Zone, FTZ, infrastructure and Ports - which will jumpstart the gas revolution agenda. NNPC intends to develop or take equity in some of these gas-based industries such as fertilizer and others.

The Nigerian oil official expressed confidence that the country’s oil and gas sector had started down the road to recovery as barrel prices trend closer to $60. Pipeline vandalism in the Niger Delta by militant groups – a major cause of the drop in exports that Nigeria saw last year – is now becoming less frequent, according to the government.

We are having a lot of engagements with people in our core area of operations in the Niger Delta and this is bringing a lot of hope,” Baru said. “If we go by the number of pipeline vandalism cases, they have dropped to an average of 20 per cent on a monthly basis as against a similar period last year. This is an indicator that calm is returning to the environment,” he added.

By Zainab Calcuttawala For Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play