NUPRC Blocks Shell’s $1.3 Billion Onshore Asset Sale to Renaissance Consortium The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has rejected Shell’s proposed $1.3 billion sale of its onshore assets to the Renaissance Consortium, according to sources familiar with the matter. The deal, which required NUPRC’s approval under the Petroleum Industry Act (PIA), would have…
NDPHC’s New MD, Jennifer Adighije, Pledges to Drive Change Through Technology and Talent The newly appointed Managing Director of the Niger Delta Power Holding Company (NDPHC), Jennifer Adighije, has pledged to bring about positive transformation within the organization by leveraging technology and human capital. Adighije made this commitment during the handover ceremony held in…
Oil Prices Surge Nearly 2% Amid Supply Disruptions in Libya and Iraq. Oil prices surged by nearly 2% on Thursday as supply disruptions in Libya and plans to reduce output in Iraq raised concerns about tightening global supplies. U.S. West Texas Intermediate (WTI) crude futures rose by $1.35, or 1.8%, reaching $75.85 per barrel…
Tinubu Panel, Dangote Refinery Discuss September PMS Rollout and Pricing. The Federal Government’s committee, tasked with implementing the sale of crude oil to local refineries in naira, is set to finalize discussions on the pricing of Premium Motor Spirit (PMS), commonly known as petrol, to be released by the Dangote Petroleum Refinery in September. Officials…
Tinubu to Inaugurate N178bn Onne Terminal Next Week President Bola Tinubu is set to officially inaugurate the upgraded West Africa Container Terminal (WACT) in Onne, Rivers State, next Wednesday. This announcement was made by the terminal operator, APM Terminals, in a statement released on Sunday. The terminal’s upgrade, valued at $115 million (approximately N178.2 billion),…
Shipping Agencies Approve N200,000 Minimum Wage for Workers. Shipping agencies under the banner of the Shipping Agencies, Clearing, and Forwarding Employers Association (SACFEA) have agreed to a N200,000 minimum wage for their employees. The signing ceremony between SACFEA and the Maritime Workers Union of Nigeria (MWUN) was organized by the Nigerian Shippers’ Council, with support…
FG, MWUN Sign Minimum Condition of Service Agreement for Maritime Workers. In a significant step forward for the maritime industry, the Minister of Marine and Blue Economy, Adegboyega Oyetola, oversaw the signing of a landmark agreement establishing minimum standards of condition of service for workers in the shipping sector. The agreement, which was finalized in…
OPEC+ Faces Critical Decision on Planned Output Increase Amid Economic Uncertainty. In the coming weeks, Saudi Arabia and its OPEC+ allies face a crucial decision: whether to proceed with the planned production increases starting in October or to delay them due to a fragile economic outlook. The recent decline in Brent crude oil prices, calendar…
Oando Completes $783 Million Acquisition of Nigerian Agip Oil Company, Eni’s Nigerian Subsidiary. Oando Plc, one of Nigeria’s leading indigenous energy solutions providers, has successfully completed the acquisition of Eni’s Nigerian subsidiary, Nigerian Agip Oil Company (NAOC), for $783 million. The transaction, finalized during a signing ceremony in London, marks a significant milestone in the…
Togo and Benin Owe Nigeria $14 Million for Electricity – Federal Government Nigeria’s Federal Government has disclosed that Togo and Benin Republic owe the country a cumulative sum of $14.19 million for electricity supplied in the first quarter of 2024. This revelation was made in a report by the Nigerian Electricity Regulatory Commission (NERC), which…
