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…
Reluctance Among U.S. Allies for Red Sea Task Force U.S. President Joe Biden’s initiative to form a new maritime force, Operation Prosperity Guardian, in response to Yemen’s Houthi attacks on Red Sea shipping has encountered reluctance from some allies. Two European allies, Italy and Spain, who were initially listed as contributors to the operation, have…
Rotimi Ensures Nigerians that Tinubu Will Alleviate Current Economic Hardships- Christmas Assurance Hon. Akin Rotimi, a National Assembly member and Chairman of the Committee on Media and Public Affairs affirmed that the administration led by Bola Ahmed Tinubu is committed to alleviating the prevailing challenges faced by Nigerians. This assurance was conveyed as he distributed…
Uganda Extends Oranto Petroleum’s Oil Exploration Tenure from Nigeria Uganda has granted a two-year extension to Nigeria’s Oranto Petroleum Ltd. for an oil exploration license. Oranto Petroleum had requested compensation for the time lost during the COVID-19 pandemic. The permit, initially granted in 2017 to explore the Ngassa Shallow and Deep areas in the western…
Resilient Amid Challenges -NGX While Nigerians may be facing challenges due to certain economic policies implemented by the Federal Government, the year 2023 has brought considerable positive developments for capital market investors. On Thursday, December 21, 2023, the Nigerian Exchange Limited (NGX) All Share Index (ASI) achieved a historic milestone by surpassing the 74,000 mark…
