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…
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%,…
