Shell’s Strategic Shift to LNG Takes Shape with New Deals. Shell (SHEL.L) has successfully replaced the liquefied natural gas (LNG) volumes it lost after exiting Russia in 2022 through a series of strategic deals, reflecting CEO Wael Sawan’s focus on growing demand for LNG while scaling back on renewable energy initiatives. The Anglo-Dutch energy giant…
Nigerian Government Arraigns Eight Chinese Nationals for Illegal Mining. The Nigerian government’s ongoing efforts to tackle illegal mining saw a significant development on Thursday with the arraignment of eight Chinese nationals and one Nigerian for illegal mining activities in the Lokpaukwu community, Umuchieze, within the Umunneochi Local Government Area of Abia State. The accused, apprehended…
Oil Prices Dip Amid Weak US Consumer Sentiment. On July 12, oil futures prices settled slightly lower as investors weighed weaker U.S. consumer sentiment against increasing hopes for a Federal Reserve rate cut in September. Brent crude futures fell by 37 cents to $85.03 a barrel, while U.S. West Texas Intermediate (WTI) crude futures declined…
Nigeria Needs Stronger Maritime Laws, Says NSC Barr. Akutah Pius Ukeyima, the Executive Secretary of the Nigerian Shippers’ Council (NSC), has emphasized the need for robust legislation to address the modern challenges in Nigeria’s maritime sector. He made this call at the 17th International Maritime Seminar for Judges, co-organized by the NSC and the National…
Tanzania Power Supply Exceeds Demand – Ministry. Electricity generation in Tanzania has surpassed the increasing demand driven by the expanding economy and rapid urbanization, largely due to significant contributions from the partially operational Julius Nyerere Hydropower Project Plant. Permanent Secretary in the Ministry of Energy, Engineer Felchesmi Mramba, highlighted this development during his visit to…
Nigeria-EU Initiative to Advance Technology Development – Minister. Nigeria’s Minister of Innovation, Science, and Technology, Uche Nnaji, announced that the collaboration between the Nigerian federal government and the European Union (EU) will significantly boost the country’s research in technology innovation. Speaking at the recently concluded Nigeria-EU Innovation Days in Lagos, Nnaji stated that this partnership…
TotalEnergies Strengthens its Position in the Emirates through Partnership in Ruwais LNG. TotalEnergies has secured a 10% stake in the Ruwais LNG project, joining forces with ADNOC (60%), Shell (10%), bp (10%), and Mitsui (10%). The Ruwais LNG project, initiated by ADNOC in June 2024, is situated in Al Ruwais Industrial City, Abu Dhabi. The…
NNPC Blames Bad Weather for Shortage at Fuel Stations. The Nigeria National Petroleum Co. Ltd. (NNPC) has attributed the recent fuel shortages at gasoline refueling stations in Abuja and other parts of Nigeria to adverse weather conditions rather than a lack of supply. This shortage has led to long queues at various stations. NNPC explained…
OPEC Sticks to 2024 Oil Demand View, Sees Strong Travel Season. The Organization of the Petroleum Exporting Countries (OPEC) reaffirmed its forecast for robust growth in global oil demand for 2024 and 2025, driven by resilient economic growth and increased air travel during the summer months. In its monthly report, OPEC maintained that world oil…
Maersk CEO Sees Prolonged Challenges Due to Red Sea Disruptions. Maersk CEO Vincent Clerc has issued a cautionary statement regarding the ongoing challenges facing carriers and businesses due to the volatile situation in the Red Sea. These disruptions are expected to extend into the third quarter of 2024, significantly impacting logistics and supply chains. Continued…
