Equatorial Guinea Signs Oil Deal with Chevron and GEPetrol

The Ministry of Mines and Hydrocarbons of Equatorial Guinea has announced the signing of production sharing contracts (PSC) with multinational energy corporation and the state-owned oil company GEPetrol and Chevron. The new PSCs outline clear development plans for the assets, including provisions on minimum investments, exploration programs, sustainable development and state benefits. The contracts also […]Read More

Dangote Refinery Claims IOCs Are Trying to Sabotage Africa’s Biggest

The management of Dangote Refinery at the weekend has accused International Oil Companies (IOCs) operating in Nigeria of planning to ensure the failure of the $19 billion refining facility. Devakumar Edwin, Vice President, Oil and Gas at Dangote Industries Limited (DIL), said the multinationals were deliberately frustrating the refinery’s efforts to buy local crude by […]Read More

All On Grants $395,000 to Ceesolar Energy for Niger Delta

All On, a Shell-funded Nigerian impact investment company, has awarded a $395,000 grant to Ceesolar Energy Limited in an effort to promote sustainable development and economic growth in the Niger Delta. All On, in a statement released on Thursday, said the investment marks the first beneficiary of the Niger Delta Grant program, a collaborative initiative […]Read More

NERC Approves N21bn for DisCos to Procure Meters for Unmetered

The Nigerian Electricity Regulatory Commission (NERC) has approved N21 billion for the electricity distribution companies (DisCos) from the Meter Acquisition Fund (MAF) scheme for the procurement and installation of meters for unmetered Band ‘A’ customers within their franchise areas. The total fund, NERC, is the first tranche of disbursement from the MAF scheme based on […]Read More

NERC Approves 450MW Deal To Avert Zungeru Plant Shutdown

The Nigerian Electricity Regulatory Commission (NERC) has approved the procurement of 450 megawatts (MW) of electricity from the newly completed Zungeru Hydro Electricity Generation Company Limited.  The decision, which was issued in accordance with Commission Order No. NERC/2024/044 on “Transmission System Dispatch Operation, Cross-Border Supply and Related Matters,” aims to keep the hydropower plant in […]Read More

Russia Dethrones US as Top EU Natural Gas Supplier

Russia became the biggest supplier of natural gas to Europe last month, for the first time since 2022, replacing the United States at the top spot. “It’s striking to see the market share of Russian gas and [liquefied natural gas] inch higher in Europe after all we have been through, and all the efforts made […]Read More

Big Profits, Big Payouts: TotalEnergies Rakes in N635bn, Declares N7.1bn

French energy giant TotalEnergies reported a strong performance in Nigeria for 2023, announcing a whopping N635 billion in revenue. This impressive figure translates to a significant windfall for shareholders, with the company declaring an N7.129 billion dividend payout. Chairman of TotalEnergies, Jean-Philippe Torres, who declared this at the 44th Annual General Meeting of the company […]Read More

NNPC Subsidiary, NETCO, Posts 137% Increase in Operating Profit

The NNPC Engineering and Technical Company (NETCO), a subsidiary of the Nigerian National Petroleum Company Limited (NNPC Ltd), has reported a 137 percent increase in operating profits for 2023. This was made known by the Chairman of the company’s Board of Directors and Executive Vice President, Downstream, NNPC Limited, Adedapo Segun, at the Company’s 34th […]Read More

Oil Prices Shed Over 3% As Market Digests OPEC+ Move

Brent crude was trading down well over 3% on Monday, marking the first time the global benchmark has been below $80 since February, with the U.S. crude benchmark down over 3.5% following the OPEC+ agreement to start phasing out voluntary cuts in October. On Monday at 11:54 a.m. ET, Brent crude was trading down 3.29% […]Read More

OPEC’s Oil Production Rises as Iraq Continues to Overproduce

OPEC’s crude oil production rose by 145,000 barrels per day (bpd) in May compared to April, as Iraq continues to pump above its quota and boosted output alongside African producer Nigeria, the monthly Reuters survey showed on Tuesday. OPEC produced 26.63 million bpd in May, an increase of 145,000 bpd compared to April, according to the Reuters […]Read More

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