Wood Mackenzie: Nigeria Emerges as Africa’s Leading Upstream Investment Destination in 2024. Nigeria has been recognized as Africa’s top destination for upstream oil and gas investment in 2024, according to research conducted by Wood Mackenzie. The country accounted for three out of four Final Investment Decisions (FIDs) announced by global oil and gas majors, representing…
Dangote Refinery Clarifies Recent Petrol Price Increase Amid Global Crude Oil Surge. Dangote Refinery has attributed the recent adjustment in the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, to the rising cost of crude oil on the international market. Mr. Anthony Echiejina, Head of Corporate Communications at Dangote Industries, made this…
LPG Expo: Energy Leaders to Discuss West Africa’s Clean Energy Future. The West Africa LPG Expo 2025 is set to bring together global and regional energy leaders in March in Lagos, as part of efforts to accelerate the region’s clean energy transition. Mr. Jeffrey Leung, Director of the LPG Expo, announced this in a statement…
BP Announces Plan to Cut 4,700 Jobs to Reduce Costs. Oil giant BP has confirmed plans to cut approximately 4,700 jobs, representing more than 5% of its global workforce, as part of a major cost-reduction initiative. The announcement, made on Thursday, marks the latest step in the company’s efforts to streamline operations and achieve a…
NMDPRA Supports Africa Energy Bank to Bridge Energy Financing Gap The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has thrown its weight behind the establishment of the Africa Energy Bank, a move it describes as critical to addressing the deficit in financing vital energy projects across the continent. Speaking at the inaugural meeting of…
Fuel Prices Set to Rise as Depots Increase Loading Costs Nigerian consumers should prepare for a potential increase in petrol prices, as major depots nationwide have raised their loading costs. This development is largely attributed to the recent surge in global crude oil prices, with Brent crude reaching $79.76 per barrel on Sunday. Depot Price…
Marine and Blue Economy 2025 Budget Proposal: A Blueprint for Progress – Oyetola The Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola CON, has urged agencies under the Ministry to focus on strategic alignment and impactful development in their 2025 budget proposals. This directive aims to advance the goals of the National Policy on…
Nigeria’s Rising Oil Output Falls Short of OPEC Quota Nigeria’s daily average oil production climbed by 7.38% year-on-year in December 2024 to 1.667 million barrels per day (bpd) from 1.552 million bpd in December 2023. Despite this growth, the country missed its Organization of Petroleum Exporting Countries (OPEC) production quota of 1.5 million bpd and…
Grimaldi Group Launches First-Ever Direct Shipping Service Between China and Nigeria. The Grimaldi Group, a global leader in maritime transportation, has unveiled a groundbreaking direct shipping service connecting Shanghai, China, to Lagos, Nigeria. The innovative service eliminates the need for transshipments, promising unmatched speed and efficiency for cargo movement. The announcement was made on Monday…
Oil Prices Surge 3% Following Tougher U.S. Sanctions on Russian Oil. Oil prices soared nearly 3% on Friday, reaching a three-month high as traders anticipated supply disruptions stemming from the most extensive U.S. sanctions to date targeting Russia’s oil and gas revenues. The Biden administration introduced fresh sanctions that encompass Russian oil producers, tankers, intermediaries,…
