OPEC+ Achieves Oil Price in Sweet Spot; Challenge Lies in Sustaining It. The decision by the OPEC+ ministerial committee to maintain the current output targets while addressing over-production within the group aligns with their strategy to balance the global crude oil market. This move indicates that the exporter group believes the market conditions are satisfactory…
Telecoms: PTECSSAN Suspends Planned Strike Following Agreement with Subcontractors The Private Telecommunications and Communications Senior Staff Association of Nigeria (PTECSSAN) has announced the suspension of its planned strike, which was scheduled to commence on Thursday. In a statement issued by its General Secretary, Okonu Abdullahi, on Wednesday, the union disclosed that the decision to suspend…
EFCC Apprehends Five Individuals for Illegal Possession of Solid Minerals. The Economic and Financial Crimes Commission (EFCC) has made public the arrest of five individuals suspected of possessing and transporting three truckloads of assorted solid minerals without the necessary licenses in Ilorin, Kwara State. As per the EFCC’s official statement, the detained individuals consist of…
Aradel Energy Holdings Plc Hosts First Supplier Forum, Emphasizes Sustainable Partnerships. Aradel Holdings Plc, the parent company overseeing a fully integrated group of energy firms, recently convened its inaugural Supplier Forum to celebrate outstanding partners, showcase innovation, and underscore the importance of collaborative endeavors in cultivating sustainable relationships. Held on March 27, 2024, at the…
Seplat Energy Stresses Community Empowerment for Stability in the Energy Sector. Seplat Energy Plc, a prominent Nigerian independent energy company, underscored the vital role of executing corporate social investment (CSI) programs and empowering communities to bolster stability within the energy sector and safeguard critical national assets. At the Society of Petroleum Engineers Oloibiri Lecture Series…
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…
