Oil Prices Dip Amid Economic Concerns and Geopolitical Tensions. Crude oil prices fell by 1% on Tuesday, impacted by weak U.S. consumer confidence data, which heightened worries about the economic outlook and fuel demand. This decline comes despite a sluggish start to the U.S. summer driving season. Market Performance: Brent futures for August decreased by…
Dangote Accuses International Oil Companies of Crude Oil Price Manipulation, Claims Sabotage of Refinery. Devakumar Edwin, Vice President of Oil and Gas at Dangote Industries Limited (DIL), has alleged that International Oil Companies (IOCs) in Nigeria are actively attempting to undermine the Dangote Oil Refinery and Petrochemicals. Edwin made these assertions during a session with…
Electricity Consumers Increase to 12.33m in Q1 2024 – NBS. The number of electricity consumers rose by 210,000, from 12.12 million in the fourth quarter of 2023 to 12.33 million in the first quarter of 2024. The National Bureau of Statistics (NBS) stated in its Electricity Report for the first quarter (Q1) of 2024, released…
Namibia Emerges as Oil Exploration Hotspot Amid Major Discoveries. Namibia has swiftly risen to prominence in the global oil exploration arena following several significant discoveries along its coast in recent years. While the country has yet to commence oil or gas production, major oil companies such as TotalEnergies and Shell have reported discoveries estimated at…
Africa Global Logistics Launches in Nigeria, Unveils Strategic Growth Plans. Africa Global Logistics (AGL), a leading logistics solutions provider in Africa, has officially launched in Lagos, presenting its strategic plans aimed at transforming and growing Nigeria’s logistics landscape. The rebranded entity, formerly known as BollorĂ© Africa Logistics, marked the occasion with an event in Victoria…
Oil Prices Ease Amid Strong Dollar and Mixed Global Economic News. Crude prices dropped by about 1% on Friday, driven by concerns that global oil demand growth could be hampered by a strong U.S. dollar and negative economic developments in some regions. Despite indications of improving U.S. oil demand and decreasing fuel inventories, which had…
EU to Sanction 27 Energy-Related Vessels Including LNG Tankers in Latest Measures Against Russia. The European Union will impose sanctions on 27 vessels, including oil and liquefied natural gas (LNG) tankers, as part of its latest measures against Russia. This decision is a part of the 14th package of sanctions adopted by EU countries earlier…
Nigeria’s Oil License Auction Attracts Significant Investor Interest, Regulator Announces. Nigeria’s upcoming oil license auction has garnered substantial interest, prompting the expansion of available oil blocks and an extension of the auction deadline, the Nigerian Upstream Regulatory Commission (NUPRC) announced on Thursday. Initially launched in April, the licensing round offered 19 onshore and deepwater oil…
Shell Expresses Concern Over Strike at Brazil’s Environmental Agency Affecting Licensing. Shell has voiced concerns regarding an ongoing strike by employees at Brazil’s environmental agency, Ibama, which has been impacting licensing procedures crucial for the oil industry. Cristiano Pinto da Costa, head of Shell’s local unit, shared these concerns during an event on Thursday. While…
Experts Advocate for Enhanced Investment in Renewable Energy Development. Mr. Osi Okonkwo, General Manager of FrazEnergy Ltd, a subsidiary of Oilserv Group, has emphasized the critical need for increased investment in renewable energy resources to drive economic diversification in Nigeria and other African nations. He highlighted this during his presentation at the ongoing 31st Afreximbank…
