Oil Prices Rise as Supply Concerns Outweigh Demand Fears Oil prices rose on Friday as concerns that a Russian ban on fuel exports could tighten global supply outweighed fears that further U.S. interest rate hikes could dent demand, but they were still headed for their first weekly loss in four weeks. Brent futures climbed 46…
Nigeria Secures $13 Billion in Investment Pledges From Big Oil Nigeria has secured a total of $13 billion in investment commitments in its oil and gas sector from major international energy companies, including ExxonMobil, Shell, and TotalEnergies, according to Olu Verheijen, the Special Adviser on Energy to Nigeria’s President Bola Tinubu. Verheijen and the Nigerian…
State-Owned Refineries Must Run on NLNG Model for Sustainability The Federal Government has been charged to divest some of its interest and ownership from the nation-owned refineries and allow the four refineries to run on the NLNG model for sustainable operations. Under the NLNG model, the federal government represented by NNPC Ltd. has 49percent equity…
Tinubu asked to Probe Alleged Missing $15bn, N200bn of Oil Revenues Socio-Economic Rights and Accountability Project (SERAP) has asked President Bola Tinubu to set up a presidential panel of enquiry to probe the allegations that over $15 billion of oil revenues, and N200 billion budgeted to repair the refineries are missing and unaccounted for between…
The Spread between Brent and WTI has Aligned with Transatlantic Freight Costs The cost of transporting U.S. crude from the Gulf Coast to Europe has been increasingly determining the discount at which the U.S. benchmark WTI trades relative to the North Sea crude benchmark Brent, according to estimates by Argus. So far in September, the…
Nigeria: Oil and Gas Capital Expenditure Drops to $6 Billion from $27 Billion -FG The Nigerian Government revealed that the total annual upstream capital expenditure in Nigeria’s oil and gas industry decreased from 27 billion dollars in 2014 to less than six billion dollars in 2022. This was disclosed by Mr Komolafe Chief Executive of the…
Natural Gas Prices in Europe Fall after Australian LNG Strikes End The benchmark natural gas prices in Europe and the UK dropped early on Friday after Chevron and trade unions settled a labor dispute which led to the unions calling off the strikes at two large LNG export facilities in Australia. The front-month futures at…
China Says Fossil Fuel Phase-Out is Unrealistic Phasing out fossil fuels is unrealistic as oil, natural gas, and coal will continue to play a crucial role in global energy supply and energy security, China’s special climate envoy Xie Zhenhua said this week in a speech obtained by Reuters. “It is unrealistic to completely phase out…
BP, Shell near Agreement with Trinidad to Explore Deepwater Blocks A BP Plc and Shell Plc consortium is near to striking an agreement with Trinidad and Tobago to explore three deepwater blocks in the Caribbean country, the companies said. The deal would help Trinidad speed up offshore exploration and production to secure more natural gas…
Electricity Standards Practices Adopted In Nigeria for Harmonization across Country Electricity Standards practices adopted in Nigeria for harmonization across country at the Nigerian Energy 2023 leadership conference with the theme ‘Unlocking new value with reforms, investments and technology’. The conference has provided the needed platforms for developing solutions and partnerships to meet Nigeria energy challenges….
