APA Completes $4.5 Billion Permian Deal, Acquiring Callon Petroleum APA Corporation is set to acquire Permian oil and gas producer Callon Petroleum Company in an all-stock transaction valued at approximately $4.5 billion, including Callon’s net debt. This move adds further momentum to the ongoing merger and acquisition activity in the U.S. shale sector. Callon’s assets,…
President Tinubu Approves N28.7 Trillion 2024 Budget, Enacts it into Law Bola Tinubu, the president of Nigeria, has ratified the N28.7 trillion 2024 budget. Monday at the Presidential Villa in Abuja, Tinubu gave his approval to the 2024 Appropriations Bill during a brief ceremony. The President was accompanied by the Speaker of the House of…
Strengthening Africa’s Appeal for European Investment Clear transition strategies and enhanced regulatory frameworks are consolidating Africa’s attractiveness as an investment destination. Despite supply challenges and efforts to diversify imports, Africa has become a strategic investment opportunity for European countries and companies. The continent’s abundant resource base and untapped opportunities are drawing interest, with new market…
Federal Government Pledges to Combat Electricity Theft and Safeguard Power Assets from Vandals In response to the vandalism and theft of power infrastructure, the Federal Government of Nigeria has taken action by mobilizing the National Security Agency (NSA). The aim is to apprehend and prosecute individuals involved in these criminal acts. The Minister of Power,…
Nigeria Set to Achieve 2 Million Barrels Daily Oil Production in 2024 Nigeria is aiming for a crude oil production target of at least two million barrels per day in the 2024 fiscal year, surpassing its OPEC+ quota of 1.38 million. The OPEC+ coalition, led by Saudi Arabia and including allies like Russia, had reduced…
Anticipated Inflows from Borrowing Predicted to Drive Naira Recovery in 2024 There is optimism for Nigerian households as analysts project a potential relief for the lingering pressure on the naira, particularly in the second quarter of 2024. The basis for these projections lies in the anticipated inflows from external borrowing, donor support, as well as…
Northern Angola Electrification Project Nears Completion The demining works for an electrification project in Angola’s northern Bengo province, covering the Triangle of Dembos and Nambuangongo, have reached their final stage, according to the local governor, Maria Antónia Nelumba. The project involves demining 252 kilometers of the route where energy transmission towers will be installed, providing…
Conflict Erupts Between NNPCL and Marketers on Subsidy, Fuel Operators Set Petrol Price at N1,200 per Litre On Tuesday, a renewed clash emerged between the Nigerian National Petroleum Company Limited and fuel marketers, represented by the Independent Petroleum Marketers Association of Nigeria, regarding the removal of petrol subsidies. This dispute unfolded amidst the devaluation of…
Oil Prices Surge Amid Disruption Concerns Following Latest Red Sea Attack Oil prices experienced an increase in the first session of the new year, driven by potential supply disruptions in the Middle East following the latest attack on a container ship in the Red Sea. Additionally, hopes for increased Chinese demand contributed to the positive…
Dangote Refinery Welcomes Fourth Crude Oil Shipment from NNPC Dangote Refinery has received its fourth shipment of one million barrels of Bonny Light crude supplied by the Nigeria National Petroleum Company (NNPC) Limited. In a statement released on Sunday, the Dangote Oil Refining Company expressed expectations of receiving the fifth shipment soon. “The preparations for…
