LNG Tanker Prices Soar Earlier Than Usual Ahead Of Winter The pre-winter seasonal rally of LNG tanker charter prices has started earlier than in previous years amid expectations of high demand for the winter and uncertainties over a potential strike in Australia that could curtail 10% of global LNG supply. Spot LNG charter rates for…
Court Upholds Host Communities’ Recognition in NOGICD Act, PIA The Federal High Court sitting in Abuja has upheld that the community where the operational activities of an oil and gas firm are taking place, reserves the hosting rights in such circumstance and should be engaged in that regard by the firm carrying out such operation….
Gabon Blue Bond Swap Raises Hopes for African Debt-For-Nature Deals A $436 million “debt-for-nature” swap by Gabon to fund marine conservation has backers hoping for more such money-saving environmental deals, but some investors still see room for improvement in the increasingly popular transactions. The central African country, whose beaches and coastal waters are home to…
Nigeria Lost $46 Billion Worth Of Crude Oil to Theft In the decade to 2020, Nigeria lost to oil theft more than 619.7 million barrels of crude oil valued at $46.16 billion, representatives for the Nigeria Extractive Industries Transparency Initiative (NEITI) said at a forum this week. During the period 2009 to 2020, Nigeria’s losses…
Oil Gives Up Gains despite Large Crude Draw – EIA Crude oil prices moved slightly lower today after the Energy Information Administration reported an inventory decline of 6 million barrels for the week to August 11. That change compared with a build of 5.9 million barrels for the previous week, which in turn followed the…
Angola: Luena Photovoltaic Plant With 88% Completion The construction of the Luena Solar Energy Park, in eastern Moxico Province, of Angola whose delivery is scheduled for March 2024, is at 88% completion. The well-known “clean and cheap” energy park will have 43,000 solar panels, with an installed capacity of around 26.9 MW, with capacity to…
Non-OPEC oil supply to expand by 1.5mb/d in 2023 — OPEC The Organisation of the Petroleum Exporting Countries (OPEC) says, its Non-OPEC oil supply is expected to expand by 1.5 million barrels per day (mb/d) in 2023. This is a slight upward revision from the previous assessment of 1.4mb/d. OPEC said this in…
3.5m metric tonnes of trade facilitated by NPA in 6 months – Bello-Koko Efforts of the Nigerian Ports Authority (NPA) in eliminating the challenges facing export in Nigeria are beginning to yield results as a total of 3.5 million metric tonnes of export trade were facilitated through the nation’s seaports in the first six months…
FDI key to Africa’s gas reserves development– SNEPCo MD African countries must take deliberate steps to attract foreign direct investments (FDI) to harness their vast gas resources given the huge amount of capital required, Managing Director of Shell Nigeria Exploration and Production Company Limited (SNEPCo) Elohor Aiboni, said last week in Lagos at the 2023…
Nigeria’s Oil Revenue Rises by 70% to N1.34tn Nigeria earned N1.34 trillion from the petroleum industry in the first quarter of 2023, according to latest data released by the Central Bank of Nigeria (CBN), rising by 69.75 per cent compared with earnings of N789.985 billion from the sector in the same period in 2022. The…
