Saudi Arabia to Stop Using US Dollar for Oil Sales Saudi Arabia has announced that it will no longer use the US dollar for its oil sales, marking a significant shift in global economic dynamics. Giorgio Torre, Advisor to GCC Governments, disclosed on Thursday that Saudi Arabia will not renew its 50-year petrodollar agreement with…
Tinubu Unveils 3 Vital Gas Infrastructure Projects President Bola Tinubu marked a significant milestone on Wednesday as he commissioned three crucial gas infrastructure projects across the nation. These projects include the expanded AHL Gas Processing Plant, the ANOH Gas Processing Plant, and the 23.3km ANOH to Obiafu-Obrikom-Oben (OB3) Custody Transfer Metering Station Gas Pipeline. During…
Ogoniland Chiefs Seek Oil Production Restart, President Tinubu Vows Support Ogoni Leaders Advocate for Renewed Oil Production: The Supreme Council of Traditional Rulers of Ogoni in Rivers State petitioned President Bola Tinubu to resume oil and gas production in Ogoniland. Oil exploration ceased in the early 1990s due to local unrest. Economic Opportunity and National…
AfDB Commits $2bn to Clean Cooking in Africa Over the Next 10 Years The African Development Bank (AfDB) has said it would commit $2 billion towards clean cooking solutions in Africa over the next 10 years. President of AfDB, Dr Akinwumi Adesina, who disclosed this at a summit on Clean Cooking in Africa held in…
Nigeria’s Oil Production Dips in April, Falls Short of Targets Nigeria’s crude oil production declined in April, averaging 1.354 million barrels per day (bpd) according to OPEC’s secondary sources. This represents a decrease of 46,000 bpd compared to March’s figures. Key Points: Production Decline: Nigeria’s oil output dropped from 1.4 million bpd in March to…
Nigeria Aims To Become Africa’s EV Battery Manufacturing Hub Nigeria last Friday commissioned its first and largest lithium processing plant, located in Nasarawa state, North-Central. Built by Avatar New Energy Materials Company Limited, a Chinese firm, the plant is capable of processing up to 4000 metric tonnes per day. The country has large deposits of…
Seplat to Increase Gas Production to 850mmscf/day Seplat Energy’s ambitious plan to increase gas production to 850 million standard cubic feet per day (mmscf/d) reflects its commitment to bolstering Nigeria’s domestic gas market and addressing challenges in the gas-to-power sector. With the company currently producing 460 mmscf/d, the proposed increase of 390 mmscf/d underscores a…
Crude Oil Futures Prices Rallied To Highest Levels Since October In March – OPEC The Organisation of Petroleum Exporting Countries (OPEC) has said that crude oil futures prices rallied to their highest levels since October 2023 in March. OPEC attributed this positive development to “bullish market sentiment” related to oil market fundamentals, adding that…
NCDMB Parleys Chevron, Recommits to Fast-Track Approvals of Oil Industry Projects The Nigerian Content Development and Monitoring Board (NCDMB) has restated its commitment to accelerated approvals of requests and documents submitted to it by operating oil and gas companies. The goal is to ensure speedy development of oil and gas projects and contribute to increased…
Nigeria takes Steps to Attract Investments into its Oil&Gas Sector Africa’s largest oil and gas producer, Nigeria, has taken major steps towards making itself a destination for investments in the continent’s energy sector through executive orders on industry reforms. Despite having about 37 billion barrels of proven crude oil reserves and about 209 trillion cubic…
