Federal Government Mandates MDAs to Remit 100% of Revenue to New Treasury Account The Federal Ministry of Finance, acting on behalf of the federal government, has issued a directive to all Ministries, Departments, and Agencies (MDAs), instructing them to remit 100 percent of their internally generated revenue (IGR) to the sub-recurrent account, which serves as…
ULCC Up for Sale Once Again, KOTC Secures VLCC Contract Rumors have surfaced regarding the potential sale of Euronav’s ULCC Oceania, with indications pointing to a rare VLCC new building contract on the horizon. Rumors regarding the potential sale of Euronav’s ULCC tanker Oceania have resurfaced in 2024. Shipbrokers had initially reported its sale in…
Republican Presidential Contenders Embrace Oil and Gas in Fifth Debate At a recent debate in Iowa, both Ron DeSantis, the former governor of Florida, and Nikki Haley, the former governor of South Carolina, expressed support for oil and gas. Ron DeSantis emphasized his commitment to stimulating more local production, while Nikki Haley highlighted the importance…
Magdalene Ajani Departs Ministry of Marine and Blue Economy as Tinubu Reshuffles Permanent Secretaries Continuing his restructuring efforts within Ministries, Departments, and Agencies of the government (MDAs), President Bola Ahmed Tinubu has approved a comprehensive reshuffling of Permanent Secretaries in various government ministries. As a result of this restructuring, the influential Permanent Secretary of Marine…
Norway’s Oil and Gas Firms Set to Intensify Exploration Efforts in the Coming Year Norwegian oil and gas companies are set to drill more exploration wells in 2024, aiming to maintain Norway’s position as a key supplier to Europe. The Norwegian Offshore Directorate expects between 40 and 50 wells to be completed this year, an…
Demonstrators in Libya Pose Threat to Shut Down Oil and Gas Facilities Protesters in Libya, particularly a group known as the Corruption Eradication Movement, have issued a 72-hour ultimatum, threatening to shut down two oil and gas facilities near the capital city, Tripoli. The ultimatum is set to expire on Friday. In a video statement…
Russia’s Oil and Gas Budget Revenue Sees 24% Decline in 2023, According to Finance Ministry The proceeds from oil and gas sales for Russia’s federal budget saw a significant decline of approximately 24%, amounting to 8.822 trillion roubles ($99.4 billion) in the previous year, according to data from the finance ministry released on Thursday. This…
UNILAG Awards 379 First-Class Degrees Among 17,464 Graduating Students at Convocation The University of Lagos (UNILAG) is set to graduate 17,464 students, with 379 achieving First Class honors at its 54th convocation. The convocation is scheduled to take place from Monday, January 15 to Friday, January 19, 2024. The Vice-Chancellor, Prof. Folasade Ogunsola, shared this…
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…
