Exxon, Chevron CEOs seek clear rules on U.S. clean energy subsidies. Top executives from U.S. oil giants Exxon Mobil and Chevron Corp have emphasized the necessity for the U.S. to clarify rules regarding energy subsidies to drive the rapid, large-scale investments required to combat climate change. President Joe Biden has been urging energy producers to…
Oil edges up Tuesday after Israel strikes Gaza, while truce talks continue. Oil prices ticked up early on Tuesday after Israel struck Rafah in Gaza while negotiations for a ceasefire with Hamas continued without resolution. Brent crude futures were up 46 cents, or 0.55%, at $83.79 per barrel at 0010 GMT, while U.S. West Texas…
Sahara Group Calls for Increased Refining and Storage Capacities in Africa’s Downstream Oil Industry. Wale Ajibade, Executive Director of Sahara Group, has highlighted critical obstacles impeding the advancement of Africa’s downstream oil sector during his presentation at the Africa Refiners and Distributors Association (ARDA) Week 2024 in Cape Town, South Africa. Addressing a distinguished audience…
US Holds Adequate Oil Supply Reserves to Address Any Supply Concerns Says Biden Adviser. Amos Hochstein, President Joe Biden’s energy adviser, reassured on Monday that the United States possesses an ample supply of oil in the Strategic Petroleum Reserve (SPR) to address any potential supply concerns, affirming that the administration is closely monitoring market dynamics…
OTC 2024: PETAN leads stakeholders on sustainable energy solutions for Africa’s future The Petroleum Technology Association of Nigeria (PETAN) has led delegates to the 2024 Offshore Technology Conference (OTC) in Houston, Texas, USA, to discuss sustainable energy solutions for Africa’s future. Mr. Kevin Nwanze, Executive Secretary, PETAN, disclosed this in a statement on Sunday in…
Experts Suggest Unbundling Transmission Company Will Enhance Electricity Accessibility. Several power experts have praised the decision of the Federal Government to unbundle the Transmission Company of Nigeria (TCN), expressing optimism about its potential to enhance electricity access nationwide. In interviews with Business Intelligence (TBI Africa) in Lagos, experts hailed the move, initiated by the Nigerian…
Adelabu Commissions 63MVA Mobile Substation in Ajah, Power Generation Hits 4,800MW. In a significant stride towards bolstering Nigeria’s power infrastructure, Mr. Adebayo Adelabu, the Minister of Power, heralded the commissioning of the 63 Megavolt-Amperes (MVA) mobile substation in Ajah as a pivotal moment for businesses and households reliant on uninterrupted power supply. Adelabu announced…
Subsidy removal, currency reforms will revive Nigeria’s economy, says Shettima. Vice President Kashim Shettima has urged Nigerians to be patient with the administration of President Bola Tinubu as he steers the ship of state through the economic turbulence and storm he met on ground on assumption of office. “Soon, Nigeria’s economy will experience significant growth…
Ukraine Offers Assistance to Help Nigeria Address Troubled Power Sector. The Ukraine-Nigeria Business Council has extended an offer to assist Nigeria in resolving its challenges within the electric power sector through a collaborative effort with the Republic of Ukraine. Mr. Ben Gbade Ojo, President of the Ukraine-Nigeria Business Council, unveiled this proposition on Monday…
NUPRC Accelerates Oil Asset Divestment, Set To Boost Nigeria’s Daily Production by 700,000 Barrels. Nigeria’s oil industry is on the brink of transformation as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) accelerates divestment, paving the way for multibillion-dollar deals and bolstering indigenous investment. According to sources familiar with the matter, the NUPRC is expediting the…
