WinGD to Supply Methanol-Fueled Engines for Six Green Swiss marine power company WinGD will supply X-DF-M methanol-fueled engines for a series of six container vessels to be built at Yangzijiang Shipbuilding in China. The 9,000 TEU vessels will each be powered by an X82DF-M engine built by HD Hyundai Heavy Industries’ Engine & Machinery Division…
Shell Confirms Nigeria Withdrawal of OPL 245 Claim Shell confirmed on Friday that Nigeria withdrew civil claims totalling $1.1 billion against it in relation to allegations of corruption in a 2011 oilfield deal on OPL 245. “We are pleased that this claim has been withdrawn. It brings to an end to all legal cases against…
OPEC+ Mulls Deeper Cuts as Oil Extends Gains Oil futures nudged higher on Monday, extending gains on expectations of OPEC+ deepening supply cuts to shore up prices, which have fallen for four weeks on easing concern of Middle East supply disruption amid the Israel-Hamas conflict. Brent crude futures climbed 57 cents, or 0.7%, to $81.18…
Hyde Energy Celebrates 11 Years of Growth and Innovation with a Sports Nigeria’s leading indigenous energy trading company, Hyde Energy, recently celebrated its 11th anniversary with a special Hyde Sports Fest and Family Fun Day tagged #Hydelympics at the Fun Factory in Lekki. The event featured various activities, including a football competition with other major…
EIU predicts higher inflation in Nigeria in 2024 Nigeria is expected to continue facing economic instability in 2024 due to double-digit inflation, according to a report by the Economist Intelligence Unit (EIU). Other countries listed in the report include Angola, the DRC, Egypt, Ethiopia, Ghana, Sudan and Zimbabwe. The EIU noted that inflation will remain…
Record Global LNG Trade to Grow Another 25% In 5 Years – IEF report A new report by the International Energy Forum (IEF) has said that global trade in liquefied natural gas (LNG) hit a record high in 2022 and is expected to grow by another 25 percent to 500 million tons annually in five…
Oil Prices Declines as Supply Grows Oil prices were little changed on Friday but on track for their fourth straight week of losses after tumbling about 5% to a four month-low on Thursday on worries over global demand. Brent futures edged up 7 cents, or 0.1%, to $77.49 a barrel at 0702 GMT. U.S. West…
Accugas Awards Scholarship to 50 Students in Akwa Ibom Accugas Limited, the midstream subsidiary of Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter, is pleased to announce that it has granted full university education scholarships to 50 students from Akwa Ibom State through the Savannah Energy Education…
Ghana Petroleum Commission Chief says more Flexible Oil Royalties Regime to Spur Investment Ghana plans to introduce a more flexible oil royalties regime as soon as next year to spur investment and reduce risk for energy companies, the head of the state oil sector regulator said on Thursday. Egbert Faibille Jr, CEO of Ghana’s Petroleum…
Worldstage Economic Summit 2023: Stakeholders Strategises for Power Success Pioneer and successful players in startup businesses have unanimously advised that success could only come in the way of upcoming entrepreneurs through passion and perseverance than the desire to get rich quick. They gave the advice on Thursday at the breakout session on the WorldStage Economic…
