The shift would mark the first time Nigeria has seen its crude traded on an exchange.
“The consideration is that 10 to 20% of Nigeria’s crude oil production be provisioned for trading on the floor of the Lagos Commodities and Futures Exchange,” Lagos Commodities and Futures Exchange (LCFE) CEO Akinsola Akeredolu-Ale told Bloomberg.
Under the plan, the LCFE – which launched trading in 2022 with a focus on gold – will connect oil producers to local and offshore markets, curb default risks, boost product availability and encourage more investments, the report cited Akeredolu-Ale as saying. Around 50 million barrels are expected to be traded.
A date for the launch of crude trading was not given.
Arrow Exploration has spud a new production well on the Tapir block in Colombia’s Llanos Basin, the company announced on… Read More
Petronas has made a third oil and gas discovery in Suriname's offshore Block 52, the Malaysian company announced on Wednesday Read More
Japanese power generation player JERA on Thursday announced plans to invest USD 32 billion in LNG, renewables and new fuels… Read More
Chevron is planning to exit its North Sea operations after 55 years of activity in the oil hotspot, Reuters reported… Read More
Seatrium has been awarded a contract by SBM Offshore for the topsides fabrication and integration of an additional FPSO vessel… Read More
Diamond Offshore has secured a USD 350-million extension for an ultra-deepwater drillship deployed for Anadarko Petroleum in the US Gulf… Read More
This website uses cookies.