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…
SON Confiscates N30.5 Million Worth of Electric Cables. In a renewed effort to combat fake and substandard products, the Standards Organisation of Nigeria (SON) seized counterfeit electrical cables and wires valued at N30.5 million in Ekiti State on Tuesday. The operation followed intelligence reports indicating that some vendors in major markets were selling substandard cables….
$1.28bn Divestment: Seplat Confirms NNPC’s Termination of Court Case. Seplat Energy announced yesterday that it has received notification from the Nigerian National Petroleum Company Limited (NNPC) regarding the termination of its court case aimed at halting the $1.28 billion deal with ExxonMobil. In a statement signed by CEO Roger Brown, Seplat confirmed it will now…
Minister Adegboyega Oyetola Unveils New Initiatives to Enhance Nigeria’s Inland Waterways. Nigeria’s Honourable Minister of Marine and Blue Economy, Mr. Adegboyega Oyetola, visited the National Inland Waterways Authority (NIWA) headquarters in Lokoja, Kogi State, to launch several groundbreaking projects aimed at revitalizing the nation’s inland waterways. During his working tour, Minister Oyetola outlined his vision…
Unexpected Rise in U.S. Crude Stockpiles Driven by Surge in Imports, EIA Reports. U.S. crude oil inventories saw an unexpected increase last week, primarily due to a significant rise in imports, according to the Energy Information Administration (EIA). The report, released on Wednesday, detailed a rise in crude stockpiles by 3.7 million barrels, bringing the…
FG and Cross River State Enhance Cooperation to Tackle Illegal Mining. The Federal Government and Cross River State are intensifying their collaboration to clean up the mining sector and address illegal mining activities within the state. During a meeting in Abuja, the Minister of Solid Minerals Development, Dele Alake, welcomed Cross River State Governor, Sen….
OPEC Maintains 2024 Oil Demand Growth Forecast Despite Early Year Setback. The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday upheld its forecast for robust growth in global oil demand for 2024, despite a weaker-than-expected performance in the first quarter. The organization predicts that travel and tourism will drive consumption in the latter half…
