House of Representatives Takes Steps to Fulfill Mandate-Empowering NEITI Nigeria’s House of Representatives has announced that, as part of its legislative agenda, it has garnered the partnership, support, and commitment of over 70 lawmakers as co-sponsors for critical bills aimed at reviewing certain provisions of the Nigeria Extractive Industry Transparency Initiative (NEITI) Act. The move…
Sabotage Confirmed as Cause of Recent Shell Pipeline Oil Spill in Nigeria, NOSDRA Reports PORT HARCOURT, Nigeria – In a significant development, Nigerian authorities have officially confirmed that the recent oil spill at a Shell Petroleum Development Company (SPDC) pipeline in the Obolo-Ebubu community, Eleme, is a result of sabotage. Mr. Ime Ekanem, Zonal Director…
Iran-Russia 20-Year Agreement: Reshaping Global Dynamics in Energy and Security In a groundbreaking move, Iran’s Supreme Leader Ali Khamenei officially endorsed a comprehensive 20-year cooperation agreement with Russia on January 18, 2024. This transformative deal, officially named “The Treaty on the Basis of Mutual Relations and Principles of Cooperation between Iran and Russia,” expands upon…
Heirs Energies Celebrates Three Years of Success Africa’s Foremost Indigenous-Owned Integrated Energy Company, established in January 2021 by Chairman Tony O. Elumelu, Heirs Energies, marked its three-year anniversary with a celebration of its notable achievements and unwavering commitment to shaping Nigeria’s sustainable energy future. Within a short span, the company has emerged as Africa’s largest…
Oil Prices Soar Amid Escalating Geopolitical Tensions: WTI Records a Sharp 2.6% Jump Oil prices jumped on Wednesday as geopolitical tensions in the Middle East and Eastern Europe outweighed concerns about weakening demand and slowing economic growth. West Texas Intermediate (WTI), the benchmark U.S. crude oil price, climbed over 2.3% to settle at $75.31 per…
Lekki Deep Sea Port Welcomes Largest Container Ship on Nigerian Waters, a 13,092 TEUs Vessel The berthing of the Maersk Edirne, a container ship with a capacity of 13,092 TEUs, at Lekki Port in Nigeria marks a significant milestone. Lekki Port, known as Nigeria’s deepest seaport, welcomed the largest container ship ever to dock in…
Cooking Gas Prices Bite Deeper: 8.7% Increase in a Year, Burdening Nigerian Homes Cooking gas prices in Nigeria have recently surged, as indicated by the latest report from the National Bureau of Statistics (NBS). The average cost of a 5kg cylinder has escalated by 8.7% within just one year, reaching N4,962.87 compared to N4,565.56 in…
NUPRC and Police Collaborate to Combat Oil Theft in Nigeria The fight against oil theft in Nigeria is intensifying as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Police Force forge a strategic alliance. Gbenga Komolafe, the Chief Executive Officer of NUPRC, held discussions with the Inspector General of Police, Kayode Egbetokun, at…
Dangote Refinery Gears Up for Distribution of Refined Products across Nigeria Dangote Petroleum Refinery is setting the stage for the widespread distribution of its refined petroleum products across Nigeria. The company has begun registering distributors and collaborating with key industry associations to ensure smooth delivery to consumers nationwide. Dangote has already registered members of three…
Nigerian Oil Industry Focuses on Growth and Investment in 2024 and Beyond The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and key industry players, the Oil Producers Trade Section (OPTS) and Independent Petroleum Producers Group (IPPG), met in Lagos this week to chart a course for sustainable investment and growth in the Nigerian oil and gas…
