OPEC Revises Down Oil Demand Growth Forecasts for 2024 and 2025. OPEC has once again lowered its forecasts for global oil demand growth in 2024 and 2025, citing weakened demand in China, India, and other regions. This marks the fifth consecutive downward revision for the producer group, underscoring ongoing challenges in the global energy market….
Collaboration Vital for Tackling Energy Challenges, Says NLNG Executive Mr. Nnamdi Anowi, General Manager of Production at Nigeria LNG (NLNG), has called for strengthened collaboration among governments, regulators, and private sector players to address the world’s pressing energy challenges. Speaking during the World Leaders’ Panel session at the 2024 World LNG Summit and Awards in…
Africa Needs Over $200 Billion Annually to Achieve Energy and Climate Goals, Says NLNG. The Nigeria Liquefied Natural Gas Ltd. (NLNG) has stressed the urgent need for over $200 billion in annual investments to meet Africa’s energy and climate targets, underscoring the continent’s critical position in the global energy transition. This was highlighted by NLNG’s…
Equinor Realizes $2 Billion from Exits in Azerbaijan and Nigeria Upstream Businesses Equinor has finalized transactions to exit its upstream businesses in Azerbaijan and Nigeria, realizing an estimated total consideration of up to $2 billion. These moves mark the end of more than three decades of operations in both countries and align with the company’s…
NSCDC Enhances Measures to Safeguard National Infrastructure in Lagos Lagos, Nigeria – The Nigeria Security and Civil Defence Corps (NSCDC) has implemented new strategies to protect critical national infrastructure and assets in Lagos State. The announcement was made by the state’s Commandant, Mr. Sunday Keshinro, during the 4th edition of the command’s Public Relations (PR)…
BP Seeks Buyers for U.S. Natural Gas Pipeline Stake to Reduce Debt BP is reportedly seeking buyers for a stake in its U.S. natural gas pipeline network, with the potential sale aimed at raising up to $3 billion, according to sources familiar with the matter. The move is part of CEO Murray Auchincloss’s strategy to…
NIGCOMSAT Warns Nigeria Could Miss $1.2 Trillion AI Opportunity Without Urgent Action. The Nigerian Communications Satellite Limited (NIGCOMSAT) has issued a call for immediate policy intervention to harness the transformative potential of artificial intelligence (AI), warning that Nigeria risks losing out on Africa’s projected $1.2 trillion share of the global AI economy by 2030. Speaking…
NIWA MD Advocates for State Collaboration to Bolster Inland Waterways Safety and Security The Managing Director of the National Inland Waterways Authority (NIWA), Mr. Bola Oyebamiji, FCIB, has called for increased collaboration between NIWA and state governments to enhance the safety and security of inland water transportation across Nigeria. Speaking through representatives Dr. Wale Tijani,…
![Shell and Equinor to create the UK’s largest independent oil and gas company In a groundbreaking partnership, Shell U.K. Limited and Equinor UK Ltd, subsidiaries of global energy giants Shell plc and Equinor ASA, have announced plans to merge their UK offshore oil and gas assets to form the nation’s largest independent oil and gas company. The new incorporated joint venture (IJV) aims to sustain domestic energy production and strengthen the UK’s energy security amidst declining North Sea reserves. Once finalized, the IJV will be equally owned by Shell and Equinor, each holding a 50% stake. The joint entity will operate as a cost-competitive and agile producer, combining decades of expertise and resources to maximize economic recovery from the UK Continental Shelf (UKCS). A Strategic Alliance for Energy Security Equinor’s Executive Vice President for Exploration and Production International, Philippe Mathieu, emphasized the strategic importance of the partnership: “Equinor has been a reliable energy partner to the UK for over 40 years, supporting energy production and advancing decarbonization. This joint venture strengthens our cash flow while ensuring the UK’s energy supply through the combined expertise and competitive assets of Equinor and Shell.” Zoë Yujnovich, Shell plc’s Integrated Gas and Upstream Director, highlighted the initiative’s role in a balanced energy transition: “Domestically produced oil and gas will continue to play a vital role in the UK’s energy system. By combining forces with Equinor, we aim to sustain a reliable energy supply while advancing the transition to a more sustainable future.” Operational Focus and Investment Headquartered in Aberdeen, the heart of the UK’s energy sector, the IJV will oversee a portfolio that includes Equinor’s interests in fields like Mariner, Rosebank, and Buzzard, alongside Shell’s stakes in Shearwater, Penguins, and Jackdaw, among others. The venture also encompasses exploration licenses, promising future development opportunities. The partnership is set to deliver a robust production capacity, with the IJV projected to produce over 140,000 barrels of oil equivalent per day by 2025. Both Shell and Equinor have pledged ongoing investment to extend the life of individual fields and platforms, ensuring the long-term sustainability of the sector. Retained Assets and Broader Commitments The agreement allows both companies to retain specific assets outside the joint venture. Equinor will maintain its cross-border fields, offshore wind projects, and energy transition initiatives, including hydrogen and carbon capture. Similarly, Shell will retain its floating wind developments, the Fife NGL plant, and its role as technical developer for Scotland’s Acorn carbon capture project. [custom-related-posts title="Related Posts" none_text="None found" order_by="title" order="ASC"] The deal, subject to regulatory approval, is expected to be completed by the end of 2025. A Vital Step for the UK Energy Sector This partnership signifies a critical shift in how major players collaborate to manage the North Sea’s maturing basin while ensuring energy security and supporting the UK’s transition to a low-carbon future. As the largest independent producer, the new company will play a pivotal role in meeting domestic energy needs and shaping the future of the UK’s energy landscape.](https://i0.wp.com/www.majorwavesenergyreport.com/wp-content/uploads/2024/12/shell-eq-merge_eaf97de94269862e8bb6a5cf5fce55e2.jpg?fit=768%2C432&ssl=1 "Shell and Equinor to create the UK’s largest independent oil and gas company 9")
Shell and Equinor to create the UK’s largest independent oil and gas company In a groundbreaking partnership, Shell U.K. Limited and Equinor UK Ltd, subsidiaries of global energy giants Shell plc and Equinor ASA, have announced plans to merge their UK offshore oil and gas assets to form the nation’s largest independent oil and gas…
Chevron CEO Reaffirms Commitment to Nigerian Content Development at PNC Forum Nigerian content development remains a cornerstone for advancing the nation’s oil and gas sector, fostering technology acquisition, and building indigenous capacity. Jim Swartz, Chairman and Managing Director of Chevron Nigeria and Mid-Africa Business Unit, underscored this during the 2024 Practical Nigeria Content Forum held…
