Aradel Holdings Plc, an indigenous energy company, has signed a sale and purchase agreement to acquire the 100 percent interest in the Olo and Olo West Marginal Fields from TotalEnergies EP Nigeria and the Nigerian National Petroleum Company (NNPC) Limited for $19.5 million.  The indigenous energy company revealed that the agreement was made through its […]Read More

Exxon Mobil Corp (XOM.N) is exploring the sale of conventional oil and gas assets in the Permian Basin, potentially raising around $1 billion, Bloomberg reported. In a statement to Bloomberg, Exxon said it was “exploring market interest for select conventional assets in West Texas and Southeast New Mexico,” noting that the decision aligns with its […]Read More

Nigeria’s Electricity Regulatory Commission (NERC) on Tuesday granted six states the authority to regulate their electricity markets, transferring oversight to newly established state-level agencies. In a statement on social media platform X, formerly known as Twitter, NERC named Enugu, Ekiti, Ondo, Imo, Oyo, and Edo as the states authorized to manage their electricity sectors. These […]Read More

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has rejected Shell International Plc’s proposed $1.3 billion sale omf its onshore assets to the Renaissance consortium, sources familiar with the matter said, according to a report by the Africa Report. The sale, which required NUPRC approval under the Petroleum Industry Act (PIA), would have seen Shell divest […]Read More

The Nigerian National Petroleum Company Limited (NNPCL) has debunked a report claiming that it owes international oil traders $6.8 billion. Responding to allegations against the company in a statement on Sunday, Chief Corporate Communications Officer, Olufemi Soneye, also refuted claims that the NNPCL has not remitted funds into the federation account since January. Soneye, however, […]Read More

The Leadership of Nigeria’s House of Representatives has issued a warning to perpetrators of crude oil bunkering in the country. Its Special Committee on Crude Oil Theft issued the warning to those involved in what it described as dastardly acts that cost Nigeria’s fortunes. The Chairman of the committee, Alhassan Ado Doguwa from Kano State, […]Read More

President Bola Tinubu and the President of Equatorial Guinea, Teodoro Mbasogo, on Wednesday, in Malabo signed an agreement on the Gulf of Guinea Pipeline Project, further affirming the partnership for mutual development. “The agreement covered legislative and regulatory measures for the gas pipeline, establishment and operation, transit of natural gas, ownership of the gas pipeline, […]Read More

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has denied claims by Dangote Refinery regarding a ‘failure to enforce the domestic crude supply obligation,’ asserting that it facilitated the delivery of over 29 million barrels of crude oil to the company between January and June 2024. The Commission in a statement signed by its management on […]Read More