Eni sets gaze on net zero emission target by 2050 Italian energy giant, Eni, has expressed its commitments towards net zero emissions by 2050. The company also confirmed all its carbon neutrality strategy and decarbonization targets, which are anchored on sound investments. Claudio Descalzi, Eni’s Chief Executive Officer, in a statement on Monday, said the…
Petrobras has High Hopes for Refining, Pre-Salt Discoveries Brazilian oil company Petrobras has high hopes for increasing its refining capacity and its Curacao pre-salt discovery, company officials have said. In a recent webcast for investors, Petrobras director of industrial processes and products William Franca said that the company has the potential to increase its refining…
EU Considers Formally Banning Russian Oil Flows to Germany and Poland The European Union is considering formally banning Russian crude flows via the Druzhba pipeline to Germany and Poland, which have already stopped importing Russia’s crude, Bloomberg reported on Friday, citing documents it has seen. The Druzhba pipeline is a key artery of oil supply…
Angola now Africa’s Number One Crude Oil Producer Angola upstages Nigeria whose output level hits a new low. Monthly oil market report (MOMR) of the Organization of Petroleum Exporting Countries (OPEC)’s direct communication data in the April 2023 indicates that Angola recorded 1.06 million barrels per day (mbpd) crude production in April 2023. Despite initial…
NMDPRA shuts 75 filling stations for Invalid licenses The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has sealed 75 filling stations in Osun State for operating without valid licenses and other infractions. The NMDPRA State Coordinator, Mr Kunle Adeyemo, stated yesterday in Osogbo, the Osun State capital. The coordinator said the filling stations were…
Weak U.S. and Chinese economic Data sees oil fall by 2% Oil prices fell about 2% to a one-week low on Thursday as a political standoff over the U.S. debt ceiling stoked recession jitters in the world’s biggest oil consumer, while rising U.S. jobless claims and weak Chinese economic data weighed. This is according to…
EU Delays Key Renewable Energy Vote over Nuclear Disagreement Sweden, which holds the rotating EU presidency, has dropped a key vote on the bloc’s renewable energy targets from Wednesday’s agenda as member states continue to argue about the role of nuclear power in the clean energy targets, Bloomberg reports, quoting sources familiar with the matter….
Nigerian Gas Association inaugurates new Executive Council The Nigerian Gas Association, NGA, the apex organisation, representing the varied and numerous stakeholders in the gas sector within the Nigerian oil and gas industry, has inaugurated its Executive Council for 2022-2024. The new council members were formally inaugurated at the NGA Dinner & Awards Night on April…
Chevron’s Venezuelan Oil Export Hopes Hit Snag Chevron’s plans to increase its crude oil exports from Venezuela have hit a snag, with the sanctioned South American country unable to bear the cost of dredging a key oil export inlet. Chevron’s Venezuela hopes to ramp up crude oil exports from the sanctioned country—but in order to…
Raising Finance Amid Political and Energy Transition At the eleventh Energy and Finance Forum of the energy think-tank, Centre for Petroleum Information (CPI), speakers and participants reached a consensus that both Nigeria’s ongoing political transition and the longer-term energy transition would impact on raising finance for the energy sector. Whether the impact would be adverse…
