ABUJA, Feb 18- The International Monetary Fund has cut its growth forecast for Nigeria this year to 2% from 2.5%, reflecting fears the coronavirus outbreak in China will hit demand for oil. Nigeria's growth rose to an annual rate of 2.28% in the third quarter of 2019 after production of its main export, crude oil, rose to a more than three-year high.
YENAGOA, Nigeria, Feb 17- Nigeria's state oil company and its joint venture partners have spent $360 million on cleaning up the Niger Delta oil heartland in the past two years, the Nigerian National Petroleum Corporation said on Monday, but locals said little work had been done. Nigeria is Africa's biggest crude oil exporter. Oil sales account for around 90% of its...
* "Operators in Nigeria are waiting"- Total. Government officials say a sweeping overhaul is imminent and will be presented to the National Assembly next week, which for industry leaders is not a moment too soon. Chevron is selling assets in Nigeria.
ABUJA, Feb 13- Cost increases and uncertainty in Nigeria's crucial energy sector could lead to a 35% decline in oil output over 10 years as companies delay investments in key oilfields, consultancy Wood Mackenzie said in new research due to be published on Friday. "Nigeria is going to enter quite a steep decline in production," said Lennert Koch, principal analyst...
LONDON, Feb 13- Oil prices rose on Thursday as U.S. markets opened, shrugging off bearish OPEC and IEA reports which cut back demand forecasts for this year on the back of the coronavirus outbreak in China, the world's biggest oil importer. Paring losses from earlier in the session, Brent crude was up 64 cents to $56.43 a barrel by 1438 GMT, while U.S.
LONDON, Feb 13- Oil prices rose on Thursday as U.S. markets opened, shrugging off bearish OPEC and IEA reports which cut back demand forecasts for this year on the back of the coronavirus outbreak in China, the world's biggest oil importer. Paring losses from earlier in the session, Brent crude was up 64 cents to $56.43 a barrel by 1438 GMT, while U.S.
ABUJA, Feb 13- Cost increases and uncertainty in Nigeria's crucial energy sector could lead to a 35% decline in oil output over 10 years as companies delay investments in key oilfields, consultancy Wood Mackenzie said in new research due to be published on Friday. "Nigeria is going to enter quite a steep decline in production," said Lennert Koch, principal analyst...
ABUJA, Feb 13- An oil pipeline explosion in Nigeria forced the local subsidiary of Italian oil major Eni to close a pipeline feeding the Brass oil export terminal, ENI and a security official said. The explosion on Monday was caused by vandalism, Christina Abiakam-Omanu, head of the Nigerian Security and Civil Defence Corps in the southern Bayelsa state in the...
ABUJA, Feb 13- An oil pipeline explosion in Nigeria forced the local subsidiary of Italian oil major Eni to close a pipeline feeding the Brass oil export terminal, ENI and a security official said. The explosion late on Monday was the result of vandalism, Christina Abiakam-Omanu, head of the Nigerian Security and Civil Defence Corps in the southern Bayelsa state...
SINGAPORE, Feb 13- Airbus is negotiating a preliminary order for up to 100 A220 jets as it prepares to buy out Bombardier's minority stake in the Canadian-designed jet, industry sources said. The marketing effort lifted a subdued Singapore Airshow as industry sources said Canada's Bombardier was ready to announce that it would cede its stake in the A220...
JOHANNESBURG, Feb 12- South Africa's leading food producer Tiger Brands warned on Wednesday that it expects half-year headline earnings to fall as much as 36% as its bakery and pasta business faced pricing pressure and a legal dispute wiped out exports to Nigeria. Tiger Brands also said on Wednesday that its export division was significantly affected by a...
ABUJA, Feb 10- Nigeria's oil ministry will send a new Petroleum Industry Bill to parliament next week, aiming to pass it into law by mid-2020, Minister of Petroleum Timipre Sylva said on Monday, hoping to end years of delay that have hampered investment. The lack of a bill "really brings a lot of uncertainty to the investment climate", and passing it is essential to...
NIGERIA'S PARLIAMENT TO RECEIVE PETROLEUM INDUSTRY BILL NEXT WEEK- OIL MINISTER.
ABUJA, Feb 10- Nigeria will pass a Petroleum Industry Bill by mid-2020, Minister of Petroleum Timipre Sylva said on Monday, the latest assurance that the legislation would be enacted after nearly two decades of wrangling. The resulting regulatory uncertainty has left oil companies and investors lukewarm about putting their money into Nigeria, Africa's...
ABUJA, Feb 10- Nigeria will pass its Petroleum Industry Bill by mid-2020, Minister of Petroleum Timipre Sylva said on Monday, the latest assurance that the legislation would be enacted after nearly two decades of wrangling.
NIGERIA'S OIL MINISTER SYLVA SAYS PETROLEUM INDUSTRY BILL TO BE PASSED BY MID-2020.
ABUJA, Feb 10- Nigeria has launched new regulations covering gas transportation which it hopes will expand use of the fuel and encourage private investment in pipelines, Minister of State for Petroleum Timipre Sylva said on Monday. Nigeria has rich gas reserves, but the sector has remained underdeveloped, overshadowed by the much larger crude oil industry.
ABUJA, Feb 10- Nigeria has launched gas transportation regulations aimed at expanding the use of gas and encouraging private pipeline investment, Minister of State for Petroleum Timipre Sylva said on Monday.
NIGERIA LAUNCHES GAS TRANSPORTATION CODE AIMING TO EXPAND GAS USE, PRIVATE PIPELINE INVESTMENT- OIL MINISTER.
MILAN, Feb 5- A Milan court has rejected a prosecution request to hear testimony from a former legal adviser of Eni who has accused the company of spying on judges, offering a boost to the Italian oil firm as it fights bribery allegations over a Nigerian oil field. The decision is the second piece of bad news in a few days for Milan prosecutors after a witness last week...
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