The U.K. government took emergency measures late Sunday to try to ease acute fuel shortages across the country, as gasoline retailers shut pumps after days of panic buying. The government is to suspend competition law to allow oil firms to target fuel deliveries at petrol stations following recent panic buying. Prime Minister Boris Johnson had
The Nigerian Government has introduced a two per cent annual increase on price based royalty for crude oil and condensates in the Petroleum Industry Act (PIA). The PIA, whose tortuous journey into becoming a law started in 2007, targets the revamp of the oil and gas sector by ensuring optimal levels of transparency and accountability through
Oil prices extended gains yesterday riding higher on growing fuel demand and crossing $76 for the first time since July this year. The rally was fuelled by huge United States crude inventories drawdown as well as production challenges in the Gulf of Mexico. Precisely, Brent crude, Nigeria’s oil benchmark, rose nine cents, or 0.1 per
Barely one month after assenting to the Petroleum Industry Act (PIA) 2021, President Muhammadu Buhari is asking the Senate to amend the act that was passed by the National Assembly on July 1. The President’s fresh request was contained in a letter dated September 16, and read during plenary, yesterday, September 22, by the Senate
Shallow water contractor ‘Borr Drilling’, said Tuesday, August 31st, it had recently secured awards for two offshore rigs in West Africa. Borr Drilling’s accompanying fleet status report revealed that the two jack-up rigs in question are the Frigg and the Natt. The company has signed a letter of intent for the Frigg for deployment either
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