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…
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….
