The Federal Government has revealed that crude oil sales to Dangote Refinery and other local refineries in naira commenced on October 1, 2024. This was confirmed by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, in a statement released on Saturday. The Federal Executive Council (FEC) had approved the sale of […]Read More
The International Energy Agency (IEA) has expressed concerns about possible gas supply challenges due to rising global consumption and ongoing geopolitical tensions as winter approaches. In its latest report, the IEA highlighted that industrial demand, particularly from Asia, is driving a significant increase in gas consumption. The agency predicts that global gas demand will rise […]Read More
As Nigerians continue to endure economic difficulties brought on by the rising petrol pump prices, oil workers and companies under the Ministry of Petroleum Resources have organised a prayer session, seeking divine assistance as the nation faces various challenges. The oil workers, under the banner of Petroleum Industry Christian Fellowship International (PICFI), gathered at a […]Read More
Nigeria is advancing with a new policy framework aimed at revitalising its natural gas sector, seeking to attract up to $10 billion in investment. The proposed measures offer tax incentives to entice both local and international investors to tap into the country’s deep-water gas reserves. The framework, already approved by the Federal Executive Council, is […]Read More
Benchmark crude oil prices surged by more than 4 percent on Thursday due to fears that Israel might strike Iran’s oil and gas infrastructure. In response, Washington tried to calm the situation, assuring that no Israeli strike would occur today to prevent further increases in oil prices. As of 10:47 a.m. ET on Thursday, Brent […]Read More
African oil-producing countries have secured 45 percent of the initial $5 billion required to establish the Africa Energy Bank (AEB), aimed at financing oil projects across the continent in response to a lack of funding from international markets. Nigeria, Angola, and Ghana are among the early financial backers of the Africa Energy Bank, according to […]Read More
The importation of Premium Motor Spirit (PMS), commonly known as petrol, decreased by 3.5 billion litres over the past year, according to data from the National Bureau of Statistics (NBS). In its latest report on petroleum product distribution, released on Tuesday, the NBS revealed that total petrol imports fell to 20.30 billion litres in 2023, […]Read More
Oil prices surged by over a dollar in early trading today, driven by increasing concerns that rising tensions in the Middle East could disrupt crude production, following Iran’s most significant military attack on Israel. Brent crude rose by $1, or 1.36%, reaching $74.56 per barrel, while U.S. West Texas Intermediate (WTI) crude gained $1.07, or […]Read More
The Federal Government has signed a N122 billion equity participation agreement with six gas infrastructure companies, aimed at transforming the midstream gas value chain across Nigeria. This was announced by the Minister of State for Petroleum Resources (Gas), Mr Ekperikpe Ekpo, during the signing of the Midstream Downstream Gas Infrastructure Fund (MDGIF) and Promoters Agreement […]Read More
Aliko Dangote, Chairman of Dangote Group, has disclosed that his conglomerate has invested over $25 billion in sectors such as oil and gas, cement, and sugar in Nigeria over the last seven years. Dangote made this announcement during a conversation on the sidelines of the recently concluded 79th United Nations General Assembly (UNGA 79) in […]Read More
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