Author: Chigozie Ikpo

Nigeria Records 168 Oil Spill Incidents in 8 Months Nigeria recorded 168 incidents of oil spill as oil and gas companies operating in the country spilled 5,520 barrels of crude oil between January and August 2023, according to data released by the National Oil Spill Detection and Response Agency (NOSDRA). NOSDRA, in its oil spill…

Brazil’s Oil & Gas Production Hits Record Highs Brazil’s oil and gas production hit the highest level ever for a single month in July, with production totaling 4.48 million barrels of oil equivalent per day in the period, data from oil regulator ANP has revealed. According to ANP, oil output increased 18.6%Y/Y to 3.51 million…

Chinese Oil Giant Sinopec Launches Unit to Invest in Overseas Refining Chinese refining giant Sinopec has launched a unit to invest in refining and petrochemicals assets outside China to expand on markets with growing demand and easily available feedstock, company officials have told Reuters. Sinopec is currently building the team at Sinopec Overseas Investment Holding…

Poland Uses Tankers that Shipped Russian Crude to Import Middle Eastern Oil Poland’s state energy company Orlen has used at least 10 tankers that had carried Russian crude to Asia to import oil from the Middle East, Reuters has reported, citing unnamed trading sources. This means that the price of the imported crude must have…

Gabon’s Assala Energy Says Oil Production Unaffected by Coup Assala Energy, which is wholly owned by Carlyle Group, said its oil production in Gabon has been unaffected by the military coup in the country. “We can confirm that all our personnel are safe, our operations continue as usual and our production is not affected,” a…

GCR Affirms Axxela’s Issuer Ratings At A-(NG) / A2(NG) with a Stable Outlook Axxela Limited (“Axxela”), one of the leading gas and power companies in Sub-Saharan Africa has announced the reaffirmation of its national scale long-term and short-term issuer ratings at A-(NG) and A2(NG) respectively, with the Outlook revised to Stable by Global Credit Ratings…

Austria Looks to Lower the Windfall Tax Threshold for its Oil and Gas Industry The Austrian government is looking to lower the threshold for a windfall tax it imposed on oil and gas companies last year. That’s according to a new Bloomberg report, which noted that until now the threshold for the windfall tax, which…

Chinese Refining Giant Sees Profits Decline 20% as Fuel Demand Disappoints China Petroleum & Chemical Corporation, or Sinopec, reported this weekend a 20.1% decline in its net profit for the first half of 2023, amid lower international crude oil prices and weaker-than-expected fuel demand recovery in China. The net profit of Sinopec, the world’s top…

Saudi Arabia Considers Chinese Bid for Nuclear Plant –WSJ Saudi Arabia is considering a Chinese bid to build it a nuclear power plant, the Wall Street Journal reported on Friday, a decision that could derail U.S. plans in the kingdom. State-owned China National Nuclear Corp has bid to build a nuclear plant in Saudi Arabia’s…