Oil Prices Slide amidst Strong Dollar and Profit-Taking by Traders In early Asian trading on Tuesday, oil prices experienced a decline due to the strengthening U.S. dollar and profit-taking by traders, following a period of substantial gains in the last quarter. Brent futures for December delivery dropped by 0.4%, or 34 cents, to reach $90.37…
Overall Economic Benefit Of Lekki Port to Reach $361bn Over the Next 45 Years The overall economic benefit of Lekki Port will reach $361 billion over the next 45 years. This is according to a document from the Chinese embassy in Abuja, on Monday. Lekki Port, which is located in Lagos State, is the first…
Saudi Aramco Enters International LNG Market Saudi Aramco is entering the global LNG business by signing a deal to buy a minority stake in LNG company MidOcean Energy, which is in the process of acquiring interests in four Australian LNG projects, the Saudi state oil giant said on Thursday. Aramco has signed the definitive agreements…
NLC, TUC Begin Indefinite Strike over Subsidy Removal The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) will commence their indefinite strike action on October 3. The decision is due to the Federal Government inability to meet the unions’ demands, four months after the removal of fuel subsidy. It was gathered that the…
TotalEnergies to Sell Stake in UK North Sea Natural Gas Fields TotalEnergies SE is looking to sell its remaining stake in UK North Sea natural gas fields within the Greater Laggan Area, according to people with knowledge of the matter. The move follows TotalEnergies’ sale of a 20% share in the Greater Laggan Area to…
BRICS Expansion to Widen Renewable Energy Gap with G7 – Research A research by Rystad Energy has shown that the planned expansion of the BRICS bloc, through the addition of six new members, will transform the group into a global leader in renewable energy in the coming decades. BRICS is a group of five countries…
Ministry of Power, Energy Stakeholders Discuss Collaboration, Investment as Key to Solving Nigeria’s Electricity Challenges. The Federal Ministry of Power and stakeholders in the energy industry have highlighted collaboration and investment as key factors to tackle Nigeria’s electricity challenges. The key stakeholders including local and international players in the industry at the 10th-anniversary edition of…
Rivers Communities to Cripple Oil Production over Pipeline Surveillance Contracts. The Association of Niger Delta Upland Communities have vowed to cripple crude oil exploration and production activities in Rivers State, over the non-inclusion of people from upland communities as recipients of pipeline surveillance contracts. To this end, members of the group have begun picketing facilities…
NERC orders DisCos to Refund Customers The Nigerian Electricity Regulatory Commission (NERC) has ordered electricity Distribution Companies (DisCos) to reimburse customers who have paid for acquisition of meters under the Meter Assets Provider (MAP) scheme. The order was given by the commission in a document dated March 20, 2023, and signed by NERC Chairman, Sanusi…
Africa Accounts for Only 3% of Global Energy Investment – IEA Africa is home to about 1.2 billion people, making up one-fifth of the global population. But despite this, the continent accounts for just 3 percent of the global energy investment and a mere 2 percent of the world’s clean energy investment. This is contained…
