Ukraine Attacks Russian Refineries, Oil Prices Rise as Moscow Cuts

Crude oil futures rose Monday as Ukrainian drone strikes disrupt Russian refining capacity and Moscow orders output cuts to meet the Organization of Petroleum Exporting Countries and allies (OPEC+ targets. The West Texas Intermediate contract for May gained $1.32, or 1.64 percent, to settle at $81.95 a barrel. The Brent contract for May added $1.32, or 1.55 percent, to […]Read More

GECF Signs Two MoUs to Enhance Energy Cooperation in Africa

The Gas Exporting Countries Forum (GECF) has announced the signing of two crucial Memoranda of Understanding (MoUs) with the African Energy Commission (AFREC) and the Economic Research Institute for ASEAN and East Asia (ERIA). These partnerships aim to foster expertise sharing, joint research, and workshops in the energy sector to drive sustainable development and technological […]Read More

Navy Intercepts N8 Billion Stolen Crude In 2 Months

The Nigerian Navy has announced remarkable achievements in its recent operations conducted in the Niger Delta region, aimed at combating oil theft and related criminal activities. According to Rear Admiral AO Ayo-Vaughan, the Director of Information of the Nigerian Navy, the operations carried out between January and February 2024 have resulted in significant arrests and […]Read More

NUPRC Commits to Fair, Competitive 2024 Closed Bids for Oil,

In a resolute statement, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has affirmed its unwavering dedication to conducting the 2024 closed bids with utmost transparency and fairness. Emphasising the legality of this move under Section 73(1) of the Petroleum Industry Act (PIA), Engr. Gbenga Komolafe, the Chief Executive of NUPRC, underscored the importance of a […]Read More

BP to Invest $1.5 Billion in Egypt to Boost Gas

In a bid to bolster gas projects and drilling endeavours in Egypt, BP (LON:BP) has unveiled plans to inject approximately $1.5 billion into the North African nation over the next few years. This significant investment underscores the company’s commitment to the region’s energy sector and its strategic vision for growth. A spokesperson from BP highlighted […]Read More

OPEC Urges Nigeria to Seize $14trn Investment Opportunity in Oil

In a bid to tap into the burgeoning $14 trillion investment opportunity in the global oil market by 2035, the Organization of the Petroleum Exporting Countries (OPEC) has advised the Nigerian National Petroleum Company Limited (NNPCL) to ramp up oil production. This counsel was shared by OPEC’s Secretary General, Haitham Al-Ghais, during his recent visit […]Read More

Global LNG Demand to Surge by 50% by 2040, Says

Global demand for liquefied natural gas (LNG) is forecasted to skyrocket by 50 percent by 2040, primarily propelled by burgeoning consumption in Asia, according to insights unveiled by Shell on Wednesday. Last year witnessed a slight uptick in global LNG trade, reaching 404 million tons compared to 397 million tons in 2022, as revealed in […]Read More

SABIC Moves Ahead With $6.4bn Petrochemicals Project in China

SABIC, the Middle East’s biggest petrochemical producer, announced the final investment decision for its $6.4 billion petrochemicals complex in Fujian, China. The FID will allow SABIC to move ahead with its 49 percent stake partner Fujian Fuhua Gulei Petrochemical to build the project with a mixed feed steam cracker with a production capacity of up […]Read More

Iranian Tanker Seizure Triggers Sharp Rise in Oil Prices

Oil prices increased following Iran’s seizure of a tanker off the coast of Oman. The oil tanker, en route to Turkey, was redirected to an Iranian port by armed men. The price of Brent crude oil rose over 2 percent, reaching $78.40 per barrel after the incident. The UK government has modeled scenarios projecting potential […]Read More

NNPC, IPMAN: No Plans to Raise Fuel Prices, Warn Against

the Nigeria National Petroleum Company (NNPC) and the Independent Petroleum Marketers Association of Nigeria (IPMAN) have joined forces to quell the rising tide of panic-buying sweeping through Nigeria, cautioning citizens to stay calm amidst swirling rumors of an impending surge in petrol prices. The specter of discord looms over fuel marketers and the NNPC, with […]Read More

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