Nigeria’s Oil Revenue Records 0.64% Decline to N809 Billion in Third Quarter In the third quarter of 2023, Nigeria’s oil earnings increased by 0.64% to N814.23 billion compared to N809.02 billion earned in the second quarter of 2023, according to data released by the Central Bank of Nigeria (CBN). However, the earnings from crude oil…
Oranto Petroleum Renews Oil Exploration License in Uganda, Extending for Two Additional Years Centurion Law Group has successfully advised Oranto Petroleum Limited in the renewal of its oil exploration license in Uganda. The Ugandan government extended Oranto’s license for two additional years, covering the Ngassa Deep and Ngassa Shallow exploration areas. The extension, effective from…
Tragic Loss of 20 Lives in Rivers Due to Oil Explosion from Agip Pipeline A crude oil condensate explosion from a pipeline operated by the Nigerian Agip Oil Company (NAOC) in Obrikom, near Omoku in Rivers State, has resulted in the loss of at least 20 lives. The explosion occurred at a waterside in the…
Bulk Carrier Collides with Mine in the Black Sea, Resulting in Two Injuries, According to Ukraine A bulk carrier flying the Panama flag, en route to the River Danube port for grain loading, collided with a Russian mine in the Black Sea, causing injuries to two crew members, as reported by Ukrainian officials on Thursday….
Oil Prices Poised for 10% Year-End Decline Amid Growing Demand Worries, Breaking Winning Streak Oil prices are anticipated to conclude 2023 roughly 10% lower, marking a reversal after two years of gains. Geopolitical concerns, production cuts, and central bank measures to control inflation have led to significant price fluctuations. Despite a 3% drop the previous…
TICT, APM Terminals, and PTML Elevate Operations in 2023 with Significant Large Ship Calls In 2023, Nigeria’s leading container terminals, APM Terminals Apapa, TinCan Island Container Terminal (TICT), and the largest multipurpose roll-on-roll-off (RORO) terminal, Port Terminal Multipurpose Limited (PTML), consolidated their leadership positions at the port. They achieved this by hosting the largest containerships…
Fourteen Oil-Producing Communities in Rivers Accuse Authorities of Neglect The oil-bearing communities in Egni Kingdom, Rivers State, have raised concerns about the alleged absence of basic amenities in their area despite their significant contributions to the country’s development. The 14 communities, hosting major international oil firms such as Total Energies, Shell Petroleum Development Company, and…
Federal Government Grants 100% VAT Waiver on CNG and LPG The Federal Government has given its approval for a zero percent Value Added Tax (VAT) waiver on Feed Gas for all processed, Compressed Natural Gas (CNG), and imported liquified petroleum gas, effective immediately. This VAT-free waiver also encompasses CNG equipment components, conversion and installation services,…
Major Oil Players Enter 2024 Strengthened by U.S. Industry Consolidation In 2023, the oil and gas industry embarked on a $250 billion acquisition spree, capitalizing on the high stock prices of companies to secure lower-cost reserves and prepare for anticipated changes in an industry poised for more consolidation. The resurgence in oil demand following the…
11 Plc Initiates Plant Construction in Lagos and Ibadan-CNG Expansion Adetunji Oyebanji, the Chief Executive Officer of 11 Plc, has announced that the company has initiated the exploration of the Compressed Natural Gas (CNG) market by constructing facilities in Ibadan and Lagos. In an interview with the News Agency of Nigeria (NAN) on Thursday in…
