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

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

The Nigerian National Petroleum Company (NNPC) Limited has signed a settlement agreement that facilitates the divestment of ExxonMobil’s stake in Mobil Producing Nigeria Unlimited (MPNU) to Seplat Energy Plc.  This is two years after ExxonMobil announced its divestment plan, prompting a reaction from NNPC and leading to a legal dispute in February 2022.  However, the […]Read More

Tony Elumelu, chairman of Transcorp Group, urged the Federal Government to pay off over N2 trillion, long-standing debt owed the Generating Companies (GenCos) which is stifling the power sector, among other issues. He also called for the privatisation of the Transmission Company of Nigeria (TCN), the only yet-to-be-privatised entity in Nigeria’s power chain – which […]Read More

Iran will soon launch 32 oil industry projects worth a total investment of $4.6 billion, Jawad Owji, Iranian Petroleum Minister, said on Wednesday. According to Iranian media, Owji said Iran has also begun work on 50 new oil projects worth over $50 billion.  Since 2021, Iran has boosted its oil production by 60 percent, the […]Read More

The federal government has revealed that the 378.3 megawatts (MW) Egbema power plant in Imo state is near completion, assuring the acceleration of the project.  Adebayo Adelabu, Minister of  Power, who made this known over the weekend commended Hope Uzodinma, the State Governor, for his dedication to collaborating with Niger Delta Power Holding Company (NDPHC) […]Read More

French oil major TotalEnergies has planned to invest $600 million to strengthen exploration and production activities in the Republic of Congo in 2024, snubbing the Nigerian oil and gas sector for the second time in a week. Patrick Pouyanne, TotalEnergies’ CEO, stated last week in Kenya that the company chose to invest $6 billion in […]Read More

The Nigerian National Petroleum Corporation (NNPC) Limited has signed an agreement with American oilfield company, Schlumberger, to boost upstream operations in Nigeria’s oil and gas sector.  The state-owned oil company made this known in a release signed by Olufemi Soneye, chief corporate communications officer of the NNPC on Thursday in Abuja. Speaking after the signing, […]Read More