MWUN Directs Maritime Workers To Shutdown Operations Over Pay Dispute Union leaders in the Nigerian maritime sector under the aegis of Maritime Workers Union of Nigeria (MWUN) have directed its members to down their tools, ensure that operations are crippled in the sector and commence an indefinite strike with effect from next Monday. This stems…
Shareholders of TotalEnergies approve N8.49bn dividend payout for 2022 financial year Shareholders of TotalEnergies Marketing Nigeria Plc have unanimously approved N8.49 billion dividend payout for 2022 financial year. The sharholdees gave the approval at the company’s 45th Annual General Meeting (AGM) held on Thursday in Lagos, while approving all resolutions. It said that the figure…
Nigeria’s oil production drops 17.7% to 1.25m bpd — NUPRC Nigeria’s oil production, including Condensate, dropped month-on-month, MoM, by 17.7 per cent to 1.25 million barrels per day, bpd in April 2023, from 1.52 million bpd recorded in the preceding month of March 2023. This confirms the position of the Organisation of Petroleum Exporting Countries,…
Savannah Signs New Natural Gas Sales and Purchase Agreement with Amalgamated Oil Company Nigeria Limited Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter, is pleased to announce that the Company’s 80% indirectly owned subsidiary, Accugas Limited, has entered into a Natural Gas Sales and Purchase Agreement (the…
Russia’s Sakhalin-1 Oil Project Returns to Peak Production The Sakhalin-1 oil project in Russia is back to producing its peak level of 200,000 barrels per day (bpd) of oil from zero, an Indian company that is part of the new venture operating the project has said. ONGC Videsh, the overseas unit of Oil and Natural…
Fuel Subsidy is Gone –Tinubu Nigeria’s new president, Bola Ahmed Tinubu has announced that “fuel subsidy is gone” after years of dithering by the outgoing former president, Buhari. The president mentioned this in his inaugural speech on Monday, May 29th, 2023. According to the president, he said “unfortunately, in the 2023 budget, no provision is…
Oil Steady after U.S. Debt Deal but Rate Hike Worries Linger Oil prices were steady on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world’s largest economy and oil consumer but concerns about further interest rate hikes capped gains. Brent crude futures slipped 20 cents, or 0.2%,…
Fuel Subsidy Is Gone – President Bola Tinubu Newly sworn president of Nigeria, Bola Ahmed Tinubu has disclosed plans of his administration to totally remove fuel subsidy in Nigeria. The president made this known in his inaugural speech on Monday at Eagle Square, Abuja. He said, “We commend the decision of the outgoing administration in…
Canadian Oil Sands Output Expected to Reach 3.7 Million Bpd by 2030 – S&P Global Canadian oil sands production is expected to reach 3.7 million barrels per day by 2030, S&P Global says, raising the analytics firm’s 2030 production outlook for the country for the first time in half a decade. S&P Global raised its…
Two Largest Pension Funds in the U.S. Could be Forced into $15B Oil, Gas Divestment A new bill that was approved by the California state Senate last week, would require two of the country’s largest pension funds to pull $15 billion in investments from oil and gas companies. The measure passed the California Senate with…
