Brent Settles Above $90 for First Time Since October Amid Geopolitical Tension. Oil prices extended gains on Thursday, settling up more than $1 as geopolitical tensions and output cuts outweighed caution about U.S. Federal Reserve rate cuts. Brent futures for June rose above $91 a barrel before settling up $1.30, or 1.5%, to $90.65. U.S….
NERC Approves 300% Tariff Increase for Band A Electricity Customers. The Nigerian Electricity Regulatory Commission (NERC) has authorized an increase in electricity tariffs specifically for consumers falling under Band A classification. This decision, sanctioned by NERC, translates to a significant 300% surge in electricity rates for Band A consumers nationwide. In a press statement issued…
Senegal’s New President Announces Audit of Oil and Gas Sectors. Senegal’s newly elected President, Bassirou Diomaye Faye, has revealed plans to conduct a comprehensive audit of the nation’s oil, gas, and mining sectors. This announcement follows Faye’s campaign promise to re-negotiate contracts with foreign operators in these industries, as Senegal prepares for the commencement of…
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…
