Equatorial Guinea Signs Oil Deal with Chevron and GEPetrol

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

Dangote Refinery Claims IOCs Are Trying to Sabotage Africa’s Biggest

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

Aiteo Shuts Down Nembe Field After Spill, Risks Nigeria’s Oil

Nigeria’s crude oil production faces disruption after Aiteo Eastern Exploration and Production Company, operator of the Nembe oil field in Bayelsa State, halted operations due to an oil spill.  The company revealed in a release that the leak was discovered on June 17 while conducting routine operations in the Nembe area of Bayelsa State.  This […]Read More

Fire Continues to Burn After Drone Attack on Russian Oil

A fire ignited by a drone attack on an oil depot in the southern Russian region of Rostov has gone into its second day with local emergency services still trying to put it out. According to a Reuters report, the drone attack had been carried out by the Security Service of Ukraine. Ukrainian attacks on […]Read More

Russia Dethrones US as Top EU Natural Gas Supplier

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

Big Profits, Big Payouts: TotalEnergies Rakes in N635bn, Declares N7.1bn

French energy giant TotalEnergies reported a strong performance in Nigeria for 2023, announcing a whopping N635 billion in revenue. This impressive figure translates to a significant windfall for shareholders, with the company declaring an N7.129 billion dividend payout. Chairman of TotalEnergies, Jean-Philippe Torres, who declared this at the 44th Annual General Meeting of the company […]Read More

NNPC boss seeks special courts for crude oil theft, vandalism

Mele Kyari, the Chief Executive Officer of the Nigerian National Petroleum Corporation Limited, has called for the support of the judiciary in tackling the twin challenges of crude oil theft and pipeline vandalism. He said for the oil and gas industry to achieve its full potential, the judiciary must get the support it deserves as […]Read More

Nembe-Aiteo Conflict Puts Nigeria’s 150,000 bpd Oil Output at Risk

Nigeria’s oil production, a critical pillar of its economy, faces a significant threat as a dispute between the indigenous Nembe community and the oil firm Aiteo Eastern E&P Company Ltd. escalates. The conflict, centred in the Nembe Creek area, jeopardizes the daily production of approximately 150,000 barrels of crude oil, exacerbating concerns in a market […]Read More

NNPC Denies ₦3.3 Trillion Inflated Fuel Subsidy Claims

The Nigerian National Petroleum Company (NNPC) Limited has refuted claims that it inflated subsidy by N3.3 trillion for Premium Motor Spirit, popularly known as petrol. On Monday, media reports surfaced about a forensic audit conducted by KPMG, a global accounting firm, which uncovered a significant discrepancy in the fuel subsidy claims made by the NNPC.   According to reports, the […]Read More

NNPC Subsidiary, NETCO, Posts 137% Increase in Operating Profit

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

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