CBN Bows to Pressure, Directs Banks to Comply with Supreme Court Order On Usage Of Old N200 N500 N1000 Notes Till Dec 31 The Central Bank of Nigeria (CBN) on Monday said old N200, N500 and N1,000 notes remain legal tender till December 31, 2023. Its acting director of corporate communications, Isa Abdulmumin disclosed this…
Exporting 90 percent of Africa’s Oil Production Regrettable An indigenous player in the oil and gas sector, Mr. Victor Ekpenyong, has said that it was regrettable that almost 90 percent of oil productions in Africa is exported. This is as Nigeria in the last quarter of 2022 returned as the largest oil producer in Africa,…
Guinea, Shareholders Agree JV Terms on Simandou Iron Ore Guinean authorities and shareholders have agreed on the terms of a joint venture to mine Simandou, one of the world’s largest deposits of iron ore, paving the way for work to resume this month, the presidency said on Monday. Guinea’s transitional government ordered work to stop…
Global Liquid Fuel Production to Outpace Demand – EIA The U.S. Energy Information Administration (EIA) expects global liquid fuel production to outpace demand in 2023 and 2024, according to its latest short term energy outlook (STEO). In the STEO, the EIA projects that total world production will hit 101.47 million barrels per day this year…
ExxonMobil to End Routine Gas Flaring in Upstream Operations 2030 American oil and gas firm, ExxonMobil has announced that it will end routine gas flaring across all its global upstream operated assets by the year 2030. The oil firm said it has already eliminated routine flaring across its West Texas and New Mexico Permian Basin…
India’s February Fuel Demand Hits at Least 24 Year High India’s fuel demand hit its highest level in at least 24 years in February, as indicated in recent data, with industrial activity in Asia’s third biggest economy boosted by cheap Russian oil. Consumption of fuel, a proxy for oil demand, rose by more than 5%…
Amnesty Programme remains Critical to Mitigating Conflicts in the Niger Delta Region – Ndiomu The Interim Administrator of the Presidential Amnesty Programme (PAP) Maj. Gen. Barry Ndiomu (rtd) has affirmed that the Programme remains a critical tool to mitigate conflicts in the oil-rich Niger Delta region. The PAP as initiated and signed into law by…
Wärtsilä OMA to Support Operational Performance of NPCC’s Fleet The technology group Wärtsilä has signed a five-year Optimised Maintenance Agreement with National Petroleum Construction Company, NPCC, a subsidiary of National Marine Dredging Group, NMDC Group. The agreement covers seven vessels in the NPCC fleet and is designed to maximise operational uptime. It will also provide…
Crude Oil Prices Slide $4 as Banking Fears Rattle Markets Oil prices fell $4 on Monday along with equities as the collapse of Silicon Valley Bank raised fears of a fresh financial crisis, but a recovery in Chinese demand provided support. Brent crude futures were down $3.96, or 4.8%, to $78.82 per barrel by 1220…
NSCDC Uncovers Illegal Refinery Stealing Crude from OML17 The Nigeria Security and Civil Defence Corps (NSCD) has discovered an illegal local refinery at Otamiri-Etche, Etche Local Government Area of Rivers State, which steals crude from OML17 fields operated by Heirs Holding Oil and Gas Limited. Speaking, the NSCDC Commandant in Rivers State, Michael Besong Ogar,…
