Oil settles up on supply threats, hits 2024 highs during session. Oil prices settled higher on Tuesday after a session in which Ukrainian attacks on Russian energy facilities and escalating conflict in the Middle East pushed the Brent benchmark above $89 a barrel for the first time since October. Brent futures for June delivery settled…
Dangote Refinery Supplies Petroleum Products to Local Nigerian Market. Nigeria’s Dangote oil refinery commenced supplying petroleum products to the local market on Tuesday, as confirmed by a company executive and fuel marketing associations, marking a significant milestone in the country’s pursuit of energy self-sufficiency. Constructed at a cost of $20 billion on a peninsula near…
Nigeria to Grant Mining Licenses to Companies with Local Processing Plans. In a significant policy shift, Nigeria is poised to grant new mining licenses exclusively to companies committed to local mineral processing, departing from its traditional practice of exporting raw materials without processing. The move aims to maximize the value derived from Nigeria’s abundant solid…
Lagos Set to Implement Truck Call-Up System at Lekki Port. The Lagos State Government, along with its partners, has finalized plans to implement a truck call-up system along the Lekki-Epe axis to address the increasing traffic congestion in the Lekki port corridor. During a stakeholders meeting held at the Lekki Free Zone Development, Lagos State…
Court Discharges Adoke, Abubakar, and Five Others in Malabu Oil Case. In a notable legal development, the High Court of the Federal Capital Territory (FCT) in Jabi has acquitted former Attorney General of the Federation (AGF), Mohammed Adoke, alongside businessman Aliyu Abubakar and five others, who were facing charges related to alleged fraudulent activities in…
NNPC Retail Limited Refutes Price Adjustment Speculations. NNPC Retail Limited has taken prompt action to counter circulating rumors concerning possible price adjustments for Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel) at its retail stations nationwide. The company has unequivocally stated that these rumors are entirely baseless and urges Nigerians to dismiss such unfounded…
Africa Energy Bank Poised to Launch Operations in 2024 with $5 Billion Capital. In a significant stride for the African energy sector, the Africa Energy Bank, a collaborative venture between the African Export-Import Bank (Afreximbank) and the African Petroleum Producers Organization (APPO), is set to commence operations later this year. As reported by Reuters on…
Oil Spills from Frontier Oil’s OML13 Facility Disrupts Akwa Ibom Community. Urgent environmental distress has gripped the Uqua Isi Edoho community in the Esit Eket Local Government Area (LGA) of Akwa Ibom State, following extensive oil spills from a facility operated by indigenous oil firm Frontier Oil Limited. These spills have inflicted significant damage on…
Olufemi Soneye from NNPC Ltd. Wins Prestigious NIPR Distinguished Spokesperson in Oil and Gas Award. Olufemi Soneye, the Chief Communications Officer of Nigerian National Petroleum Company Limited (NNPCL), has achieved a remarkable feat by winning the prestigious Nigerian Institute of Public Relations (NIPR) 2024 “Distinguished Spokesperson in the Oil and Gas Sector” award. This accolade…
TotalEnergies Marks 100 Years of Innovation and Growth. Today marks a historic milestone as TotalEnergies, boasting a workforce of 100,000 employees spread across 120 countries globally, celebrates a century of groundbreaking achievements since its inception. Established as Compagnie Française des Pétroles on March 28, 1924, in France, a country initially lacking in oil resources, the…
