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
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
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
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 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, 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
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
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
The indigenous Kichwa community’s protests have prompted Ecuador’s state-run oil company, Petroecuador, to declare force majeure on three additional oil blocks, just days after taking the same action for another block. On Monday, the production from the three blocks, which were jointly producing approximately 142,000 barrels of oil equivalent, dropped to about 122,500. Despite accusations […]Read More
Despite the Federal Government’s initiative to lower the price of Liquified Petroleum Gas (LPG), commonly known as cooking gas, prices have continued to rise even during the festive season. Economist Ayo Anthony explained to the News Agency of Nigeria (NAN) in Abuja on Sunday that the impact of government policies on the economy takes time. […]Read More
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