Navy Unveils New Strategy to Combat Oil Theft The Nigerian Navy has initiated “OPERATION DELTA SANITY” to intensify efforts against crude oil theft and other criminal activities in the nation’s maritime domain. The Chief of Naval Staff (CNS), Vice Adm. Emmanuel Ogalla, officially launched the operation on Wednesday at the NPA Jetty in Warri, Delta….
Growth in U.S. Oil and Gas Production Begins to Slow Down U.S. oil and gas production increased in October, with oil production from the Lower 48 states reaching a record 10.9 million barrels per day (b/d). However, there were signs of a flattening and downturn in production, likely influenced by lower prices since mid-2022. The…
CBN Sacks Boards of Titan Trust, Union, Keystone, Polaris Banks President Bola Tinubu has started the implementation of the report of the Special Investigator on Central Bank of Nigeria (CBN) and Related entities, Jim Obazee with the dissolution of the board and management of Titan Trust Bank and three others. Others are Union Bank, Polaris…
Persistent Inflation Persists Despite Rate Hikes- Can it be Tamed When Abdur Rouf Talukder presented his initial monetary policy statement as the governor of the central bank in January last year, inflation was already exceeding 8.5 percent. Despite subsequent efforts, including one more policy statement and eight increases in the benchmark lending rate, the Consumer…
Increasing Prices Dampen India’s Demand for Russian Oil Indian purchases of Russian crude, despite defying Western pressure regarding the Ukraine war, have declined to an 11-month low. This decrease is attributed to a rise in the price of discounted Russian oil. Over the past two years since the invasion of Ukraine, India has been a…
World Bank Anticipates Global Growth to Decelerate for the Third Consecutive Year in 2024 The World Bank has issued a warning stating that global growth in 2024 is expected to slow for the third consecutive year. This prolonged slowdown is anticipated to exacerbate poverty and worsen debt levels in many developing countries. The challenging factors…
Oil Prices Climb Amid Middle East Tensions, Offsetting Economic Concerns Oil prices increased for a second consecutive day on Wednesday, driven by concerns over Middle East supply disruptions due to the Israel-Hamas conflict and the closure of a major Libyan oilfield. These factors outweighed apprehensions about growing U.S. oil production and concerns regarding sluggish economic…
Chevron Nigeria Welcomes New Chairman/Managing Director Chevron Nigeria Limited (“CNL”), the operator of the joint venture between the Nigerian National Petroleum Company Limited and CNL, has announced the appointment of Jim Swartz as the Chairman and Managing Director of Chevron Nigeria/Mid-Africa Business Unit, effective April 1, 2024. Jim Swartz, who previously served as the Vice…
Ghana’s Investments in Digitalisation, Yielding Amazing Results – Dr. Bawumia Ghana’s Vice President and Flagbearer of the NPP, Dr. Mahamudu Bawumia has highlighted the enormous impact of digitisation on the country’s development, after seven years of investment in the sector by the NPP Government. Speaking at the opening of the 75th Annual New Year School…
Maritime Workers to Halt Strike as NPA Resolves Dispute with Oil Operators On January 8, 2024, Mohammed Bello-Koko, the Managing Director of the Nigerian Ports Authority (NPA), played a key role in mediating a resolution between the Maritime Workers Union of Nigeria (MWUN) and marginal field operators in the oil and gas industry regarding non-compliance…
