Carbon markets will play an important role in achieving climate, energy security, and sustainable development goals by boosting the efficiency of energy transitions and raising money for clean energy projects, according to Joseph McMonigle, Secretary General of the International Energy Forum. McMonigle was speaking at the launch of a new report entitled “The Role of […]Read More
Crude oil futures rose Monday as Ukrainian drone strikes disrupt Russian refining capacity and Moscow orders output cuts to meet the Organization of Petroleum Exporting Countries and allies (OPEC+ targets. The West Texas Intermediate contract for May gained $1.32, or 1.64 percent, to settle at $81.95 a barrel. The Brent contract for May added $1.32, or 1.55 percent, to […]Read More
Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), has provided assurances that the long-awaited revival of the Port-Harcourt refinery is imminent, with operations slated to commence within the next two weeks. Kyari made these remarks during a crucial interaction with the Senate Ad-hoc Committee on Investigation of Turn […]Read More
President Bola Tinubu has taken significant steps towards enhancing Nigeria’s investment climate, particularly in the oil and gas sector. The President recently signed three crucial execution orders aimed at fostering a more favourable environment for investment and positioning Nigeria as the top choice for investment in Africa’s oil and gas industry. According to a statement […]Read More
The Gas Exporting Countries Forum (GECF) has announced the signing of two crucial Memoranda of Understanding (MoUs) with the African Energy Commission (AFREC) and the Economic Research Institute for ASEAN and East Asia (ERIA). These partnerships aim to foster expertise sharing, joint research, and workshops in the energy sector to drive sustainable development and technological […]Read More
The Nigerian Navy has announced remarkable achievements in its recent operations conducted in the Niger Delta region, aimed at combating oil theft and related criminal activities. According to Rear Admiral AO Ayo-Vaughan, the Director of Information of the Nigerian Navy, the operations carried out between January and February 2024 have resulted in significant arrests and […]Read More
In a resolute statement, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has affirmed its unwavering dedication to conducting the 2024 closed bids with utmost transparency and fairness. Emphasising the legality of this move under Section 73(1) of the Petroleum Industry Act (PIA), Engr. Gbenga Komolafe, the Chief Executive of NUPRC, underscored the importance of a […]Read More
In a bid to bolster gas projects and drilling endeavours in Egypt, BP (LON:BP) has unveiled plans to inject approximately $1.5 billion into the North African nation over the next few years. This significant investment underscores the company’s commitment to the region’s energy sector and its strategic vision for growth. A spokesperson from BP highlighted […]Read More
In a bid to tap into the burgeoning $14 trillion investment opportunity in the global oil market by 2035, the Organization of the Petroleum Exporting Countries (OPEC) has advised the Nigerian National Petroleum Company Limited (NNPCL) to ramp up oil production. This counsel was shared by OPEC’s Secretary General, Haitham Al-Ghais, during his recent visit […]Read More
Global demand for liquefied natural gas (LNG) is forecasted to skyrocket by 50 percent by 2040, primarily propelled by burgeoning consumption in Asia, according to insights unveiled by Shell on Wednesday. Last year witnessed a slight uptick in global LNG trade, reaching 404 million tons compared to 397 million tons in 2022, as revealed in […]Read More
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