Where is Russian Oil Going? Two months on from the initial sanctions on Russian crude, we take a look at the impact that these restrictions have had on the Tanker markets. Additionally, we analyse the impact of the new round of sanctions on refined petroleum products that came into force on 5th February 2023. In…
ADNOC Gas Business Stake Sale Raised To 5% Abu Dhabi National Oil Co (ADNOC) will increase the stake in its gas business being offered in an initial public offering to 5% from 4%, the state oil giant says. ADNOC made the decision to increase the stake in the ADNOC Gas offering “based on significant investor…
Dangote Cement Plc Delivers N382 Billion Profit in 2022 Dangote Cement Plc has reported profit of N382 billion for the year 2022, according to the company’s financial report. In 2022, the company recorded a 4.9% improvement in profit from the N364.44 billion which the cement maker reported in the previous year. Other key indices from…
TotalEnergies acquires Cepsa’s UAE Upstream Assets French multinational integrated energy company TotalEnergies has signed an agreement with Cepsa to acquire the Spanish oil and gas company’s upstream assets in the UAE. This according to the company is in alignment with its strategy of focusing on low-cost, low emission assets TotalEnergies, in a statement said the…
National Electrification Project: World Bank Deploys 100 Solar Grids in Nigeria The World Bank says it has deployed over 100 new solar-powered mini grids in Nigeria. This is in line with its market-driven approach to mini grid development under its National Electrification Project. In a press statement, released by the World Bank, it was stated…
Seplat Energy Appoints Koosum Kalyan as Independent Non-Executive Director The Board of Directors of Seplat Energy Plc has announced the appointment of Ms. Koosum P. Kalyan as an Independent Non-Executive Director of the Company who will be joining the Seplat Board with effect from 28th February 2023. Ms. Koosum Kalyan is a South African businesswoman…
Seplat Records Minor Success in Gas Flare Reduction, Budgets $11.5m for Sapele, Amukpe, Others Nigeria’s leading oil and gas firm, Seplat Energy has in its annual report stated that its target to eliminate routine flares was reduced to the minimum. In 2021, the Nigerian National Petroleum Company Ltd report showed that Seplat recorded the worst…
Zimbabwe Begins 100mw Solar Project Construction of the 100MW Victoria Falls-Chidobe Solar Plant outside the resort city has commenced with the installation of 9 000 solar panels which would generate the first 5MW of power from next month. Independent power producer, Power Ventures (Private) Limited, a subsidiary of Southern Energy was awarded the license to…
Stakeholders Call for Public and Private Partnerships to tackle Climate Change and Environmental Damage in Africa Stakeholders have highlighted public and private partnerships, implementation, and enabling policies as factors towards enabling green economy projects to develop and flourish. This was one of key notes during the just concluded Africa’s Green Economy Summit in Cape Town….
Eni Records $14.1bn Net Profit, Highest Annual Earnings in Over a Decade Oil Major Eni (NYSE: E) has reported its highest annual net profit in over a decade, joining other international oil majors in reporting high or record earnings for 2022 on the back of soaring oil and gas prices. Eni’s adjusted net profit surged…
