Train-7 Project hits 52%, employs 8,300 persons The ongoing construction of the $5 billion Train-7 project by Nigeria Liquefied Natural Gas (NLNG) on Bonny Island, Rivers State, has reached 52% completion and currently employs 8,300 Nigerians with diverse skill sets. This update was provided during an engagement session between the management of Nigeria LNG Limited…
U.S. Refiners set to cut down output, maintain gasoline prices U.S. crude oil refiners are expected to reduce their run rates this quarter due to weak gasoline margins and planned plant maintenance. They are aiming for utilization rates in the low-90s after running at higher rates for most of the year. The shift to producing…
208-Carat Diamond Extracted From Lulo Mine in Angola The Lucapa Diamond Company has reported the recovery of a 208-carat Type II diamond from the Lulo mine in the eastern Lunda Norte Province of Angola. This stone was extracted from block 31 and is the 39th diamond over 100 carats to be found at the Lulo…
NNPC to supply Dangote’s refinery by December for test runs NNPC Ltd, Nigeria’s state oil company, is preparing to supply Dangote’s new 650,000-barrel-per-day oil refinery with up to six crude oil shipments in December for trial operations. The refinery, backed by Aliko Dangote, is expected to reshape oil trading in the Atlantic Basin and could…
Shell posts strong profit thanks to rising oil prices. Shell has reported earnings of $6.2 billion for the third quarter, showing a significant increase from the previous quarter, but a drop from $9.4 billion in the same period last year when oil and gas prices spiked due to Russia’s invasion of Ukraine. The recent increase…
TotalEnergies and Oman LNG Renews Offtake Partnership TotalEnergies SE has extended its partnership with Oman LNG, an Omani liquefied natural gas (LNG) joint venture in which the company holds a 5.54 percent stake. The amended agreement includes a ten-year extension of TotalEnergies’ interest in Oman LNG and a five-year extension in Qalhat LNG, both beyond…
U.S. sanctions may stall Russian Arctic LNG project The United States has hit Moscow with extensive new sanctions as part of its response to the conflict in Ukraine. These sanctions target Russia’s energy sector, including the planned Arctic LNG-2 plant. The Arctic LNG-2 plant is located on the Gydan Peninsula in the Arctic and is…
Nigeria’s Oil Refining Capacity to hit 1.5mbd by 2025 Nigeria is set to achieve a combined oil refining capacity of 1.5 million barrels per day (mbd) by 2025, according to the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote. This increase in refining capacity will result from various refinery…
NDIC Returns N1.2bn to Depositors in Liquidated Microfinance Banks The Nigeria Deposit Insurance Corporation, NDIC, on Tuesday disclosed that it has refunded over N1.2 billion to about 34,000 depositors of 179 microfinance banks, whose licenses were recently revoked by the Central Bank of Nigeria, CBN. Managing Director and Chief Executive Officer of NDIC, Bello Hassan,…
Seplat Energy JV Concludes 2023 Edition of Seplat Energy PEARLs Quiz Seplat Energy Plc, leading Nigerian independent energy company, has concluded the 12th edition of Seplat Energy JV PEARLs Quiz, which is one of its signature educational Corporate Social Responsibility initiatives. Don Bosco Science Academy, Ekpoma, Edo State emerged winner, bagging the coveted prize of…
