NNPC Aims to Boost Oil Production to Two Million Barrels Per Day by Year-End. The Nigerian National Petroleum Company Limited (NNPC) has set an ambitious target to raise the country’s crude oil production to two million barrels per day by the end of this year. This goal comes after the nation’s daily oil output saw…
Oil Prices Surge Nearly 3% Amid Rising Middle East Tensions and U.S. Crude Stockpile Decline. Oil prices surged nearly 3% on Wednesday as escalating tensions in the Middle East, following the killing of a Hamas leader in Iran, and a sharp decline in U.S. crude stockpiles sparked concerns among investors. Global benchmark Brent crude for…
Federal Government Approves N1.455 Trillion for Road Projects Across Nigeria. The Federal Government of Nigeria has approved road construction projects worth over N1.455 trillion across various states. The approval was announced by the Minister of Works, Senator Dave Umahi, after the Federal Executive Council (FEC) meeting presided over by President Bola Tinubu at the Presidential…
AIICO Insurance Plans to Boost Future Dividends for Shareholders. AIICO Insurance Plc has announced plans to increase its dividend payouts to shareholders in the coming years, reflecting its commitment to delivering greater returns on investment. This decision was revealed by the company’s Managing Director/Chief Executive Officer, Mr. Babatunde Fajemirokun, during AIICO’s 54th annual general meeting…
Federal Government Seeks $500 Million World Bank Loan for Dam Safety and Water Management. The Federal Government of Nigeria has requested a $500 million loan from the World Bank to enhance dam safety and improve water resource management nationwide. This funding is part of the Sustainable Power and Irrigation for Nigeria (SPIN) Project, which aims…
TotalEnergies Acquires African Hydropower Portfolio to Boost Multi-Energy Strategy. TotalEnergies has announced the acquisition of a portfolio of hydropower projects in Africa, marking a significant step in its multi-energy strategy aimed at supporting the continent’s energy transition. The agreement, signed with Norwegian renewable energy company Scatec, involves the acquisition of 100% of Scatec’s subsidiary SN…
Oil Bulls Retreat as Inventories Remain Plentiful. Portfolio investors have grown pessimistic about the outlook for petroleum prices as the expected significant depletion of inventories in the third quarter has not materialized. Hedge funds and other money managers sold the equivalent of 103 million barrels across six major futures and options contracts during the week…
Only NNPCL Can Purchase Dangote Petrol, Says Oil Marketers. Operators in Nigeria’s downstream oil sector have stated that no oil marketer in the country will be able to purchase Premium Motor Spirit (PMS), commonly known as petrol, from the Dangote Petroleum Refinery and sell it at the current pump prices, except the Nigerian National Petroleum…
South African Maritime Authority Works to Avert Disaster After West Coast Oil Spill A Panama-flagged cargo ship broke apart over the weekend on the West Coast, prompting efforts by the South African Maritime Safety Authority (SAMSA) to avert a potential environmental disaster. Severe weather has impeded a thorough assessment of the damage and the extent…
Senate Pledges to Unmask Saboteurs in Oil Sector. The Nigerian Senate has pledged to expose and hold accountable individuals or organizations involved in economic sabotage within the nation’s petroleum industry. This commitment, led by Senate Leader Opeyemi Bamidele, who also chairs the Senate Ad-Hoc Committee on this matter, aims to tackle issues threatening Nigeria’s economic…
