Renaissance Africa Energy Set to Acquire Shell Petroleum Development Company of Nigeria Limited Renaissance Africa Energy is thrilled to announce the signing of a historic agreement with Shell for the acquisition of Shell’s entire shareholding in The Shell Petroleum Development Company of Nigeria Limited (SPDC). Renaissance, a consortium comprising ND Western Limited, Aradel Holdings Plc.,…
Shell Announces Agreement to Sell Nigeria Onshore Oil Business for $2.4 Billion On Tuesday, Shell announced its agreement to sell its Nigerian onshore oil and gas subsidiary, The Shell Petroleum Development Company of Nigeria Limited (SPDC), to Renaissance, a consortium consisting of five companies, for up to $2.4 billion. According to the statement, Shell will…
Federal Government Struggles to Attain 650 Million Barrels Target Amid Challenges with Crude-Backed Loans Nigeria may face challenges in achieving its projected oil production targets for 2024, leading to a potential shortfall of about 138 million barrels, valued at $10.73 billion. President Bola Tinubu’s budget for 2024 is based on an optimistic outlook for the…
Afreximbank and UBA Extend $2.25 Billion Crude Oil Prepayment Facility to Nigeria The African Export-Import Bank (Afreximbank) has facilitated a syndicated crude oil prepayment facility of US$3.3 billion, sponsored by the Nigerian National Petroleum Company Limited (NNPCL). The initial disbursement of US$2.25 million has already been made, with a second tranche of US$1.05 million expected…
Dangote Expresses Gratitude to Tinubu and Nigerians as Refinery Production Commences Aliko Dangote, the President of Dangote Group, expressed his gratitude to President Bola Ahmed Tinubu for his vision and support in the successful commencement of the production of refined petroleum products by the Dangote Petroleum Refinery. Dangote conveyed his appreciation during discussions with stakeholders…
Nigeria’s Inflation Hits 28.9%, According to National Bureau of Statistics (NBS) Nigeria’s annual inflation rate persisted in its upward trend, reaching a nearly 30-year high of 28.9% in December 2023, compared to the previous month’s rate of 28.2%. This information was revealed in the Consumer Price Index (CPI) for December 2023, released by the National…
Emphasizing the Vital Role of Human Capital Development in Repositioning NASENI- Electric Vehicles Mr. Khalil Suleiman Halilu, the Executive Vice Chairman/Chief Executive Officer of the National Agency for Science and Engineering Infrastructure (NASENI), has emphasized the significance of investing in human capital development and staff motivation to enhance the Agency’s standing as a global force…
Chevron Nigeria Welcomes New Chairman/Managing Director Jim Swartz has been appointed as the Chairman and Managing Director of Chevron Nigeria/Mid-Africa Business Unit, effective April 1, 2024, by Chevron Nigeria Limited (CNL), the joint venture operator between the Nigerian National Petroleum Company Limited and CNL. Before this role, Swartz served as the Vice President, of Capital…
NMDPRA Keeps Natural Gas Prices Unchanged for the Domestic Market The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced its decision to uphold the current Domestic Base Price (DBP) and pertinent wholesale gas prices for essential domestic sectors of the Nigerian economy. This decision, by the Petroleum Industry Act (PIA) of 2021, falls…
Former Navy Officer Decries Decay in Navy and Escalating Oil Theft in Nigeria Former naval officer Commodore Promise Zebulon Dappa (rtd) has expressed deep concern over the two-decade-long struggle against oil theft in Nigeria. He believes that the alleged involvement of the Navy in oil theft and other maritime crimes must be addressed for any…
