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…
Fresh Oil Spill Hits Bayelsa Coastline A recent occurrence of oil spills, originating from an unidentified source, has affected Foropa, a fishing settlement along the Atlantic coastline in Southern Ijaw Local Government Area of Bayelsa State. The coastline is now heavily saturated with crude oil. The spills were first observed on January 3rd, 2024, as…
Supreme Court Grants Federal Government Control Over Nigeria’s Inland Waterways The Supreme Court has declared that the Federal Government possesses exclusive authority over the country’s inland waterways, deeming it unlawful for states to impose levies on businesses operating in this domain. The ruling, delivered in response to the appeal with the reference SC/CV/17/2018, overturns the…
Maritime Security Partnership Between Indonesia and the US Falls Short of Its Full Potential In November of last year, Indonesia and the United States officially elevated their diplomatic ties to the level of a Comprehensive Strategic Partnership (CSP). This upgraded status provided both nations with opportunities for extensive strategic cooperation, particularly in security. However, the…
NDDI Commends Navy for Safeguarding National Assets and Combating Oil Theft A pro-democracy and development group known as the Niger-Delta Development Initiative (NDDI) has praised the Nigerian Navy for its commendable efforts in addressing oil bunkering issues in the Niger Delta region. In a statement issued by the group’s president, Rev. Sam Smith Tonye, the…
