Oil Prices Dip After Reaching Seven-Week Highs Amid Demand Hopes and Geopolitical Tensions. Oil prices experienced a slight dip on Wednesday after achieving seven-week highs, driven by optimism over summer demand and concerns regarding escalating geopolitical conflicts. This comes despite an industry report indicating an unexpected rise in U.S. crude inventories. Brent crude futures decreased…
TotalEnergies and NNPC to Invest $550 Million in Nigeria Gas Facility. TotalEnergies and Nigeria’s state oil company, NNPC Ltd, are set to invest $550 million in the development of a gas processing facility in southern Rivers State. The move aims to enhance both export capabilities and domestic gas supply, according to a source familiar with…
Ghana Introduces Largest Floating Solar PV System Amid Energy Crisis. Ghana has launched West Africa’s largest floating solar photovoltaic (PV) system to reduce its reliance on fossil fuels, a timely initiative as the country faces power outages due to disrupted gas supplies from Nigeria. The new 5-megawatt solar plant, located at the Bui generating unit…
Canada’s Proposed Emissions Cap Likely to Reduce Oil Production, Deloitte Report Says. Canada’s proposed cap on oil and gas emissions is expected to lead companies to cut production rather than invest in expensive carbon capture and storage (CCS) technology, according to a new report by consultancy Deloitte, released by the Alberta government on Tuesday. The…
Nigerian Navy to Enhance Maritime Safety for World Hydrography Day. The Nigerian Navy is poised to improve the safety of the nation’s maritime environment by providing accurate and updated. hydrographic data and charts, in celebration of the 2024 World Hydrography Day (WHD). At a media briefing in Abuja, Rear Admiral Ayodele Olugbode, the Hydrographer of…
Oil Prices Surge to Highest Levels in Over a Month Amid Optimism on Demand. Oil prices soared nearly $2 a barrel on Monday, reaching their highest settlement levels in over a month. This rise is driven by increasing investor optimism regarding future demand. U.S. West Texas Intermediate (WTI) crude futures climbed by $1.88, or 2.4%,…
PIA: Oil Firms Allocate N80bn, $150m to Host Communities Development Trusts Over Two Years Oil companies have allocated N80 billion and $150 million to Host Communities Development Trusts (HCDTs) in compliance with the Petroleum Industry Act (PIA) 2021 over the past two years. This was disclosed by High Chief (Dr) Style Benjamin Tamaran-Ebi, the National…
Oil Dips but Posts Weekly Gain on Solid 2024 Demand Outlook. Oil futures prices settled slightly lower on Friday, influenced by a survey showing weakening U.S. consumer sentiment. Despite this, prices rose 4% over the week as investors considered strong demand forecasts for crude oil and fuel in 2024. Brent crude futures fell by 13…
Nigeria’s Oil Production Declines to 1.25 Million Barrels per Day, Reports OPEC. Nigeria’s daily oil production fell to 1.25 million barrels per day (mbpd) in May, according to a report by the Organisation of the Petroleum Exporting Countries (OPEC). This decline contradicts claims by the Federal Government and the Nigerian National Petroleum Company Limited (NNPCL)…
FG, World Bank Begin Talks on 90,000 km Fibre-Optic Cable Project. The Federal Government of Nigeria, in collaboration with the World Bank, has initiated discussions on an ambitious project to install an additional 90,000 kilometers of fibre-optic cable across the country. This move aims to significantly boost Nigeria’s digital infrastructure, increasing the nation’s fibre-optic cable…
