NNPC Ltd Aims to Achieve Production of Two Million Barrels of Crude Oil Daily from Next Year The newly appointed Board and Management team of the Nigerian National Petroleum Company Ltd (NNPCL) pledged to achieve a daily production of two million barrels of crude oil by 2024. Chief Pius Akinyelure, the Chairman of the NNPCL…
NERC Report Reveals Federal Government Incurred N204.59 Billion Subsidy in Power Sector The Nigerian Electricity Regulatory Commission (NERC) reported that the federal government incurred a subsidy obligation of N204.59 billion, as stated in its 2023 third-quarter report. The subsidy expenses were attributed to the absence of cost-reflective tariffs across all electricity distribution companies (DisCos). This…
All On and BAOBAB Secure $2.25 Million Investment to Advance Solar Energy Systems in Nigeria All On, a Nigerian impact investment company, has signed a $2.25 million credit facility investment with Baobab Plus Nigeria as part of its Demand Aggregation for Renewable Technology (DART) program. The collaboration aims to deploy 1,536 Solar Energy Systems (SES)…
OPEC Daily Basket Price Reaches $78.03 a Barrel on Friday As of December 15, 2023, the price of the OPEC basket of 13 crudes was $78.03 per barrel, an increase from the previous day’s price of $76.77. The OPEC Reference Basket of Crudes (ORB) comprises a variety of crude oils from OPEC member countries, reflecting…
TotalEnergies Announces Plans to Invest $6 Billion in Nigeria in the Coming Years TotalEnergies has announced plans to invest up to $6 billion in Nigeria, the largest oil producer in Africa. The energy company intends to focus on deep-water projects and gas production, aligning with the trend among international oil companies (IOCs) that are shifting…
Two Drifting Survivors Rescued Following Cargo Ship Sinking Off Vietnam The crew of the cargo ship Gia Bao 19, which sank off the coast of Vietnam over the weekend, experienced an extraordinary stroke of good luck as all nine crew members, including two initially missing, were safely rescued. The incident occurred when the cargo ship…
Korea Chooses Pan Ocean’s Parent Company as Buyer for HMM Korea’s state-owned financial institutions have progressed in the ongoing process to privatize HMM (Hyundai Merchant Marine) by revealing that they have chosen the bid from the parent company of Pan Ocean, the Harim Group, as the preferred bidder to acquire control of HMM. The conclusive…
Vessel Attacked in Red Sea off Yemen Coast, U.S. Attributes Blame to Houthis On Monday, Yemen’s Houthi movement claimed responsibility for attacking two commercial ships in the Red Sea using naval drones. The Iran-backed group stated that the attacks were a response to Israel’s military campaign in Gaza. Houthi spokesperson Yahya Sarea identified the targeted…
Oil Surges Over 3% Following Red Sea Tanker Attack and Rerouting Concerns. Oil prices rose more than 3% on Monday as attacks by the Iran-aligned Yemeni Houthi group on ships in the Red Sea disrupted maritime trade and raised concerns about supply disruption. A Norwegian-owned vessel was attacked, leading oil major BP to temporarily pause…
Austin Joins List of U.S. Officials Visiting Israel as Biden Administration Advocates for Strategy Shift from Netanyahu As the latest administration official to travel to Israel in a growing spat between Israeli Prime Minister Benjamin Netanyahu and President Joe Biden over the increasing number of civilian deaths in Gaza, Secretary of Defense Lloyd Austin is…
