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…
Crude supply: N’Assembly probes $10bn oil theft, summons NNPC, Dangote In a significant move to combat the rampant issue of oil theft, the Nigerian National Assembly has launched a comprehensive investigation into the illegal lifting of crude oil in the country. This initiative comes after the House of Representatives revealed that Nigeria lost approximately $10…
Oil Prices Drop 1.5% Amid Concerns Over Chinese Demand and Middle East Tensions. Oil futures fell approximately 1.5% on Friday, ending the week on a lower note due to declining demand from China and optimism surrounding a potential ceasefire in Gaza, which could ease Middle East tensions and alleviate supply concerns. Brent crude settled down…
Shell Commits to 100MW Electrolyser Project in Germany. Shell has made a final investment decision (FID) to advance a 100MW proton-exchange membrane (PEM) hydrogen electrolyser project at the Shell Energy and Chemicals Park Rheinland in Germany. The project, known as REFHYNE 2, will use renewable electricity to produce up to 44,000 kilograms of renewable hydrogen…
NNPC Attributes Fuel Scarcity in Lagos and Abuja to Vessel Discharge Hitch. The Nigeria National Petroleum Corporation (NNPC) Limited has identified a “hitch” in the discharge operations of vessels delivering petrol to filling stations as the cause of the ongoing fuel scarcity in Lagos and Abuja. NNPC spokesperson Olufemi Soneye made this announcement on Saturday…
Cross River Assembly Seeks Prosecution of Illegal Miners. The Cross River State House of Assembly has urged the state government, through its relevant agencies, to halt the activities of Fulani migrants engaged in illegal mining in Boki Local Council. The miners are reportedly operating in Okwa 1 and 2, as well as Ukwango communities….
Former Lawmaker Urges FG to Adopt Policies to Attract Refinery Investors. Dr. Dakuku Peterside, former Chairman of the House of Representatives Committee on Petroleum (Downstream), has called on the Federal Government to implement policies that attract investment in local refinery capacity. In an interview with Business Intelligence (TBI AFRICA) in Lagos, Peterside emphasized the need…
