NUPRC to Revoke Licences of Idle Oil Blocks The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced its intention to revoke the licences of oil block owners who fail to commence exploration and production activities. This decision was disclosed by the Commission’s Chief Executive Officer, Gbenga Komolafe, during the 2024 Licencing Rounds Commercial Bid Conference…
Adedeji Commends NPA on Domestic Crude Sales Initiative Zacch Adedeji, Chairman of the Technical Sub-Committee on the implementation of the Federal Government’s policy on domestic sales of crude oil and refined products in naira, has lauded the Nigerian Ports Authority (NPA) for its exemplary leadership in ensuring the seamless operation of the One-Stop-Shop (OSS) initiative….
NERC Hands Over Lagos Electricity Regulation to State Authority In a landmark move, the Nigerian Electricity Regulatory Commission (NERC) has transferred regulatory oversight of Lagos State’s electricity market to the newly established Lagos State Electricity Regulatory Commission (LASERC). This was announced in a statement shared by NERC on Thursday via X (formerly Twitter). The transfer…
Seplat Energy Wins Big at SERAS Awards, Bags Best in Social Impact and Human Capacity Development Prize Seplat Energy Plc, a leading independent energy company in Nigeria, has emerged as the winner of the prestigious Best in Social Impact and Human Capacity Development award at the 18th edition of the Sustainability, Enterprise, and Responsibility Awards…
LNG: Nigeria’s Pathway to Global Energy Leadership, Stakeholders Emphasize. The recently concluded 2024 World LNG Summit and Awards highlighted Nigeria’s potential as a key player in the global energy transition. Held under the theme “Achieving the Balance Between Energy Security and Decarbonisation,” the summit showcased Nigeria’s vast natural gas reserves and its efforts to reposition…
Sinopec Predicts China’s Petroleum Consumption to Peak by 2027 China Petrochemical Corp (Sinopec) has forecasted that the country’s petroleum consumption will peak by 2027 at no more than 800 million metric tons, equivalent to 16 million barrels per day. This prediction provides a more precise timeline than last year, when Sinopec estimated a peak between…
Nigeria Approves Shell’s $2.4 Billion Asset Sale to Renaissance Group. Nigeria’s oil minister has approved Shell Plc’s $2.4 billion sale of onshore and shallow-water oil and gas assets in the Niger Delta to the Renaissance Group. This approval, announced by Renaissance, follows an earlier rejection by the Nigerian government two months ago, marking a significant…
Africa Investment Forum 2024 Highlights Japan’s Role in Agricultural and Energy Revolution. The Africa Investment Forum 2024 Market Days showcased the critical role of Japanese technology and innovation in Africa’s agricultural transformation and energy transition. During a plenary session, Dr. Akinwumi Adesina, President of the African Development Bank, painted a vivid picture of the opportunities…
OPEC+ Concerned Over Potential U.S. Oil Output Surge Under Trump Members of the OPEC+ alliance are expressing concerns about a potential rise in U.S. oil production if Donald Trump returns to the White House. Delegates from the group believe increased U.S. output would erode OPEC+’s market share and complicate efforts to stabilize global oil prices….
NMDPRA, stakeholders collaborate to address wholesale gas challenges The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has reiterated its commitment to addressing and resolving critical regulatory challenges within the wholesale supply sector for natural gas and petroleum liquids. The Chief Executive Officer of NMDPRA, Mr Farouk Ahmed, said this during a stakeholder sensitisation on…
