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

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

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

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

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