Oil Prices Dip 1% Following Israel-Lebanon Ceasefire Agreement. Oil prices fell on Tuesday after reports of a ceasefire agreement between Israel and Lebanon reduced the geopolitical risk premium that had previously supported prices. Brent crude futures declined by 80 cents, or 1.1%, to $72.21 per barrel, while U.S. West Texas Intermediate (WTI) crude dropped 78…
TotalEnergies Pauses U.S. Offshore Wind Project Following Trump Election Victory. TotalEnergies, the French energy giant, has announced a halt to its offshore wind project off the coast of New York following the U.S. election victory of Donald Trump. The development was confirmed by the company’s CEO, Patrick Pouyanne, during the Energy Intelligence Forum on Tuesday….
Eunisell Advocates for Domestication in Nigeria’s Oil and Gas Sector. Eunisell Limited, a leading chemical and production solutions company, has reiterated the need to domesticate Nigeria’s oil and gas industry, emphasizing the role of local content and indigenous companies in driving sustainable growth. Speaking during the opening ceremony of the Nigerian Association of Petroleum Explorationists…
NSIA Develops 500,000 Homes, Creates 245,000 Jobs in Major Socio-Economic Push The Nigeria Sovereign Investment Authority (NSIA) has announced significant strides in addressing the country’s infrastructure and social development challenges. The agency revealed it has delivered 500,000 affordable homes for low-income families through its stake in the Family Homes Fund, a move aimed at alleviating…
Petroleum Ministry and Stakeholders Reaffirm Commitment to PPP Policy for Infrastructure and Economic Growth The Ministry of Petroleum Resources, in collaboration with key stakeholders in the oil and gas sector, has reiterated its dedication to advancing Nigeria’s Public-Private Partnership (PPP) framework as a sustainable strategy for economic growth and infrastructure development. During a stakeholders’ workshop…
Nigerian Shippers Council Prioritizes Ports Modernization for Sustainable Growth The Nigerian Shippers Council (NSC) is committed to modernizing ports and terminals with eco-friendly technology and infrastructure to enhance operational efficiency and minimize environmental impact, according to its Executive Secretary and CEO, Mr. Pius Akutah. Speaking at a recent event in Lagos, Mr. Akutah, represented by…
NNPC Unveils Utapate Crude Grade, Targets 80,000 bpd by 2025 In a strategic move to bolster Nigeria’s oil production and revenue, the Nigerian National Petroleum Company Limited (NNPC) has officially unveiled its latest crude oil grade, the Utapate blend, to the international market. The announcement was made during the Argus European Crude Conference in London,…
NIMASA Denies Allegations of Missing Cabotage Vessel Financing Funds The Nigerian Maritime Administration and Safety Agency (NIMASA) has refuted claims of missing funds from the Cabotage Vessel Financing Fund (CVFF), affirming that the funds are intact and securely held at the Central Bank of Nigeria (CBN) under the Treasury Single Account (TSA). In a statement…
Former NOGASA Chairman Sentenced to 21 Years for ₦43.5 Million Fraud Justice Mojisola Dada of the Lagos State Special Offences Court in Ikeja on Monday sentenced Fatuyi Philips, the former Chairman of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), to 21 years imprisonment for defrauding his victims of ₦43.5 million. Philips was…
European Oil Giants Retreat from Renewables Amid Challenges European oil companies, including BP, Shell, and Equinor, are scaling back ambitious plans to pivot toward renewable energy, citing economic pressures and shifting market dynamics. The retreat marks a notable reversal from earlier commitments to transition away from fossil fuels toward low-carbon alternatives. BP’s Strategic Shift Nearly…
