NCDMB Unveils New Nigerian Content Reporting Template A new monitoring and evaluation reporting template has been conceptualised and presented to stakeholders of the oil and gas industry by the Nigerian Content Development and Monitoring Board, NCDMB, This is in line with the provisions of the Nigerian Oil and Gas Industry Content Development, NOGICD, Act 2010…
Oil Rises by 1% as Saudi Arabia, Russia Stick to Cuts Oil prices rose on Monday, after top exporters Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts until the end of the year. Brent crude futures rose $1.03, or 1.21%, to $85.92 a barrel by 0834 GMT, while U.S. West…
NNPC’s NEPL-Related Oil and Gas Leaks Force Bayelsa Fishermen Out of Work A massive oil and gas leak from a high-pressure wellhead operated by the NNPC Exploration and Production Limited, NEPL, a subsidiary of the Nigeria National Petroleum Company Limited, has displaced fishermen in Okpoama, Brass Local Government Area of Bayelsa State. NEPL, formally known…
Tinubu must Intensify domestic refining drive to end Imports Recent developments in Nigeria’s downstream oil sector underscore the nation’s dilemma of suffering despite its vast resources. While the Nigerian National Petroleum Company Limited has committed to supplying six million barrels of crude to the Dangote Refinery by December, five smaller domestic refineries are struggling to…
Blue Economy Set to Create 350 Million Jobs and Drive $2.5 Trillion in Trade – Jamoh The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh has emphasized Nigeria’s potential to benefit from a significant number of job opportunities and substantial trade valued at $2.5 trillion annually in the global…
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…
