Authorities at Europe’s second largest port, Antwerp, said on Friday they closed a dock for traffic after detecting an oil spill that had occurred during a bunkering operation late on Thursday afternoon. The authorities are using drones to determine the extent of the oil leak and have already begun clean-up operations. A total of 20 ships have […]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
Dangote Cement Plc has revealed its commitment to transitioning thousands of its delivery trucks to run on Compressed Natural Gas (CNG) by 2025 as a significant step toward cleaner energy adoption in Nigeria. Aliko Dangote, chairman of the company, said the decision was to add to the Federal Government’s quest towards reducing dependence on fossil […]Read More
Iran has planned to boost its crude oil production to 4 million barrels per day, according to the country’s Tasnim news agency, as reported by Reuters. No specific sources for the plan were provided but the original report in Tasnim said that “An economic council headed by Iran’s interim president Mohammad Mokhber has approved a […]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
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