OPEC+ Agrees Deep Cuts to Oil Production Despite Pressure from US OPEC+ agreed its deepest cuts to oil production since the 2020 COVID pandemic at a Vienna meeting on Wednesday, curbing supply in an already tight market despite pressure from the United States and others to pump more. The cut could spur a recovery in…
Crude Oil Theft: NNPCL Shuts Down 395 Unauthorised Refineries linked to Oil Theft In an effort to stop oil theft in Nigeria, the Nigerian National Petroleum Company Limited (NNPCL) announced that 395 illegal refineries had been shut down. The Group Managing Director of NNPCL, Mr Mele Kyari, made this statement during a meeting with the…
Europe may Avoid Gas Disaster this Winter, next could be Worse -Trafigura Executive Europe may avoid a gas disaster this winter, thanks to signs of demand reduction and solid inventories, but next winter could be worse as the balance of gas will be much less, a top executive at energy trader Trafigura said on Tuesday….
Africa Sees Record Venture Capital Investment, Bucking Global Decline African startups attracted a record $3.5 billion in venture capital investment in the first half of this year, bucking a global decline in dealmaking linked to worldwide economic turmoil, data released by an industry group showed on Tuesday. The funding, raised by 300 different companies, represents…
NNPC Ltd Records Impressive Financial Performance, Grows Profit By 135% To N674.1bn The Nigerian National Petroleum Company Limited (NNPCL), Group Chief Executive Officer, Mallam Mele Kyari made it known that the company has recorded an impressive performance, “Today I’m happy to announce that the Board of NNPC has approved 2021 audited financial statements and NNPC…
Transport Minister, Mu’azu Visits NIMASA, Ensuring Disbursement of CVFF Mu’azu Jaji Sambo, Minister of Transportation visited headquarters of Nigerian Maritime Administration and Safety Agency (NIMASA) in Apapa, Lagos, pledging collaboration and ensuring disbursement of Cabotage Vessel Financing Fund (CVFF). It was the Minister’s first official visit to the agency since his appointment in July. Over…
Ogbeifun, Ishola, Others Lament Government Neglect of Maritime Sector Many maritime stakeholders have lamented the poor growth recorded by the sector since Nigeria gained independence in 1962. The stakeholders were of the opinion that the performanceof the industry over a period of six decades has been sub-optimal. Speaking with SHIPS & PORTS, former President, Shipowners…
Israel, Totalenergies Hold Paris Talks On Gas Field off Lebanon A senior Israeli official was in Paris on Monday for talks with TotalEnergies SE about potential future profit-sharing from exploration by the company in a natural gas field off Israel and Lebanon, a source briefed on the matter told Reuters. Prospects for the Qana field,…
Europe Braces for Heavy Oil Refinery Outages amid Tight Supplies A heavy oil refinery turnaround season in Europe this autumn, plus French strike action, is set to push diesel prices higher and tighten supplies ahead of a European Union ban on Russian refined products which is due to come into force early next year. In…
NNPC Limited Announces Acquisition Of OVH Energy Marketing Limited To Drive Transformational Change In The Energy Sector OVH Energy Marketing (OVH), owner and operator of the Oando branded retail service stations, has been acquired by NNPC limited, and will be merged with NNPC Retail Limited (NRL). This strategic move aims to create the leading downstream…
