The recent coronavirus (COVID-19) outbreak is adding further woes for the oil and gas industry, which is already plagued by oversupply and declining prices
Exploration
Presidential Advisory Council recommends measures to stablise economy
Nigeria’s Presidential Advisory Council had warned that in the midst of the falling price of oil due to the ravaging COVID-19, Nigeria risked sliding into recession
São Tomé and Príncipe, Equatorial Guinea lead energy cooperation in Gulf of Guinea
São Tomé and Príncipe and Equatorial Guinea have agreed on the establishment of a special zone for joint exploration to explore and develop cross-border oil and gas reserves believed to be in the blocks bordering each country’s maritime zone
Global oil demand now at 2.8mn bpd: Rystad Energy
Global oil demand will decrease by 2.8 per cent or 2.8mn bpd per day year-on-year as the spread of coronavirus continue to escalate, according to consultant Rystad Energy
Petroleum complex tumbles as coronavirus measures slash demand
The petroleum complex continued to tumble Monday, with Dated Brent falling below US$30 per barrel, and some gasoline crack spreads turning negative, as measures taken to slow the spread of the coronavirus have drastically slowed demand
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