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Oil and Gas

Brent crude rises above $40, highest in two months

Oil rose on Wednesday, with Brent at $40 for the first time since March, as optimism mounted that major producers will extend production cuts and recovery from the coronavirus pandemic will spur fuel demand. Brent crude futures for August rose 43 cents, or 1.1 per

NNPC sets $10 oil production cost target by 2021

With its current unit cost across all operating terrains averaging between $9 and $22 per barrel, the Nigerian National Petroleum Corporation (NNPC) says it has set an oil production cost target ceiling of $10 per barrel by 2021. The Group Managing Director of the corporation, Mele

Coronavirus creates repair headache for oil and gas industry

The coronavirus pandemic has disrupted maintenance at oil and gas projects and refineries from Russia’s Far East to the coast of Canada, storing up problems for an industry already reeling from slumping prices, analysts say. Lockdowns to stop the spread of COVID-19, the flu-like infection

US oil prices turn negative as demand dries up

The price of US oil has turned negative for the first time in history. That means oil producers are paying buyers to take the commodity off their hands over fears that storage capacity could run out in May. Demand for oil has all but dried

PPPRA’s Petrol Landing Cost Drops on Declining Oil Prices

The sharp drop in the price of crude oil appear to have temporarily halted the federal government’s expenditure on petrol subsidy, records from the Petroleum Products Pricing Regulatory Agency (PPPRA) have suggested. Following the slump in crude oil price, the PPPRA indicated in its daily