Oil Surges, Following Lower US Output, OPEC Talk

The hope for better days in the oil industry was strengthened Monday when the price  of oil  continued its soar for the third consecutive day, rising more than 8 percent, following a downward revision of U.S. crude production quota and the  readiness of Organisation of Petroleum Exporting Countries (OPEC) to talk with other producers, a move which helped to extend the biggest price surge in 25 years, Reuters reported on monday.

OPEC, the producer of 40 percent of the world’s oil, renewed its readiness to talk to other crude exporters to achieve “fair and reasonable prices,” according to the group’s monthly magazine.

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Buhari Swears in SGF, NSA, Adesina

• Appointments not based on ethnic consideration, but merit, say Lawal, Oshiomhole
• President will not sideline any section, Oyegun assures

Tobi Soniyi and  Onyebuchi Ezigbo in Abuja  
In what signals the commencement of the machinery of governance, President Muhammadu Buhari monday swore in the new Secretary to Government of the Federation, Mr. Babachir Lawal, who was appointed last Thursday.

The president also inaugurated the National Security Adviser, Babagana Monguno, and the president’s special adviser on media and publicity, Mr. Femi Adesina.

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Why Power Supply Has Been on the Increase

The Ministry of Power has said that no single case of gas pipeline vandalism has been recorded since President Muhammadu Buhari assumed office three months ago.

The Ministry's Permanent Secretary, Godknows Igali, made this disclosure to newsmen at the Presidential Villa, Abuja in response to questions on what had been responsible for the recent improvement in electricity supply across the country.

Igali recalled that vandalism of gas pipelines was recurrent in the last days and months of the previous administration, and reached its peak on the May 26th when gas-generated electricity was completely grounded.

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Total To Sell $5.5 Billion in Assets in 2015

Total To Sell $5.5 Billion in Assets in 2015, that the French oil and gas major Total concludes £585m deal to sell North Sea oil and gas assets itself of £585m of its North Sea assets to North Sea Midstream Partners.

Total

When the price of a commodity falls, there are two ways for companies to react: Either cut costs and even sell assets to improve cash flow, or to invest – if you can afford to.

The past week saw examples of both approaches. On Aug. 26, Schlumberger Ltd., the world’s largest oilfield services company, said it will spend about $12 billion to buy Cameron International Corp., a leader in making oilfield equipment. The deal is intended to streamline Schlumberger’s operations and attract customers by bundling service and equipment fees at lower prices.

The next day, Total, France’s oil and gas giant, took the other tack, saying it would sell a gas pipeline and a gas terminal in the North Sea for $905 million as part of restructuring plan that includes a reduction in investments, an increase in oil production and a cut in investment costs.

- See more at:  Total To Sell $5.5 Billion in Assets in 2015