CNOOC Affirms Fossil Fuels’ Role in Global Energy Future, Sets Record Output Target for 2024 China’s state-run offshore oil and gas giant, CNOOC Ltd, has reinforced its commitment to fossil fuels as a stabilizing factor in global energy demand for the foreseeable future. During an earnings briefing on Thursday, the company announced an ambitious production…
Shettima Inaugurates MSME Clinics and ICT Hubs in Benue, Eyes 48,000 New Jobs Annually. Vice President Kashim Shettima has inaugurated the Ultra-Modern MSME Clinics Fashion and ICT Hubs in Makurdi, Benue State, with the potential to create approximately 48,000 jobs annually. The inauguration ceremony, held in the state capital, highlighted the federal government’s commitment to…
Lawmakers Assure Port Operators on Swift Renewal of Concession Agreements. The House of Representatives Committee on Privatisation and Commercialisation has assured port operators that it will collaborate with the Minister of Marine and Blue Economy, Adegboyega Oyetola, to expedite the renewal of port concession agreements. This commitment was made during the committee’s recent oversight visit…
Eni’s Geng North Gas Project to Begin Production in 2027, Says Indonesian Regulator. Indonesia anticipates that Eni’s nearly $12 billion Geng North gas project will commence production in late 2027, marking one of the fastest developments in the country’s history. Dwi Soetjipto, the chairperson of Indonesia’s upstream oil and gas regulator, SKK Migas, shared this…
NUPRC Blocks Shell’s $1.3 Billion Onshore Asset Sale to Renaissance Consortium The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has rejected Shell’s proposed $1.3 billion sale of its onshore assets to the Renaissance Consortium, according to sources familiar with the matter. The deal, which required NUPRC’s approval under the Petroleum Industry Act (PIA), would have…
NDPHC’s New MD, Jennifer Adighije, Pledges to Drive Change Through Technology and Talent The newly appointed Managing Director of the Niger Delta Power Holding Company (NDPHC), Jennifer Adighije, has pledged to bring about positive transformation within the organization by leveraging technology and human capital. Adighije made this commitment during the handover ceremony held in…
Oil Prices Surge Nearly 2% Amid Supply Disruptions in Libya and Iraq. Oil prices surged by nearly 2% on Thursday as supply disruptions in Libya and plans to reduce output in Iraq raised concerns about tightening global supplies. U.S. West Texas Intermediate (WTI) crude futures rose by $1.35, or 1.8%, reaching $75.85 per barrel…
Tinubu Panel, Dangote Refinery Discuss September PMS Rollout and Pricing. The Federal Government’s committee, tasked with implementing the sale of crude oil to local refineries in naira, is set to finalize discussions on the pricing of Premium Motor Spirit (PMS), commonly known as petrol, to be released by the Dangote Petroleum Refinery in September. Officials…
Tinubu to Inaugurate N178bn Onne Terminal Next Week President Bola Tinubu is set to officially inaugurate the upgraded West Africa Container Terminal (WACT) in Onne, Rivers State, next Wednesday. This announcement was made by the terminal operator, APM Terminals, in a statement released on Sunday. The terminal’s upgrade, valued at $115 million (approximately N178.2 billion),…
Shipping Agencies Approve N200,000 Minimum Wage for Workers. Shipping agencies under the banner of the Shipping Agencies, Clearing, and Forwarding Employers Association (SACFEA) have agreed to a N200,000 minimum wage for their employees. The signing ceremony between SACFEA and the Maritime Workers Union of Nigeria (MWUN) was organized by the Nigerian Shippers’ Council, with support…
