The China National Offshore Oil Company (CNOOC), a state-controlled entity, is preparing to inaugurate a refinery and petrochemical complex later this year after a significant $2.74-billion upgrade, as reported by Reuters on Tuesday, citing industry insiders. The revamped joint venture complex, located on Daxie Island in Ningbo, will include a new 120,000-barrels-per-day (bpd) crude unit. […]Read More
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that Nigeria’s technical potential for crude oil production stands at 2.24 million barrels per day (bpd), significantly higher than the current production quota of 1.75 million bpd. This announcement was made by Gbenga Komolafe, the Chief Executive of NUPRC, during the ongoing Nigeria International Energy Summit […]Read More
Dangote Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N890 to N825 per litre. This new pricing will take effect on February 27, 2025, marking the refinery’s second price cut this month. Earlier in the month, on February 1, the refinery had already reduced […]Read More
Indigenous oil producers, the Independent Petroleum Producing Group (IPPG) has praised the federal government for successfully concluding divestment deals by International Oil Companies (IOCs) in Nigeria. According to the IPPG, these divestments have significantly increased the activities of indigenous companies, which now contribute approximately 50% to the country’s total oil production. Abdulrazaq Isa, Chairman of […]Read More
The Africa Energy Bank (AEB) to be hosted in Nigeria is expected to take off officially by the first quarter of this year, the Minister of State for Petroleum Resources (Oil) said Tuesday. Senator Heineken Lokpobiri made this known while giving a keynote address at the ninth edition of the Sub-Saharan Africa International Petroleum Exhibition […]Read More
The Dangote Refinery, the largest in Africa, is on track to achieve its full production capacity of 650,000 barrels per day (bpd) within the next 30 days. Edwin Devakumar, the refinery’s Vice President, shared this update in an interview with Reuters on Monday. He highlighted the refinery’s progress since it began operations, marking a significant […]Read More
The Nigerian National Petroleum Company Limited (NNPCL) and First Exploration & Petroleum Development Company Limited (First E&P) Joint Venture (JV) has successfully achieved a 96% reduction in routine flaring of associated gas (AG) from the Anyala (OML 83) and Madu (OML 85) fields. This is a significant stride towards supporting Nigeria’s commitment to reducing greenhouse gas […]Read More
PE Energy, a subsidiary of PANA Holdings, has reaffirmed its commitment to supporting Nigeria’s efforts to eliminate routine gas flaring and reduce methane emissions, in alignment with global climate commitments and regulatory frameworks. At COP28 in the UAE, President Bola Ahmed Tinubu underscored Nigeria’s determination to tackle methane emissions, a potent greenhouse gas that constitutes […]Read More
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has issued a stern warning to oil companies, stating that it will deny export permits for crude oil cargoes intended for domestic refining if they fail to meet their domestic crude supply obligations. This announcement was made by Gbenga Komolafe, the Commission’s Chief Executive, in a statement released […]Read More
The Nigerian government has indicated that electricity tariffs may need to increase by over 65% for some consumers to align with the actual cost of power production. Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, told Bloomberg that power tariffs in Nigeria must rise by approximately two-thirds for many users to reflect the […]Read More
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