Exxon Misses Profit Forecast Despite Strong Refining Business Record refinery throughput and higher oil prices raised ExxonMobil’s (NYSE: XOM) earnings for the third quarter compared to the second quarter, but the profit missed Wall Street expectations anyway. Exxon reported on Friday earnings of $9.1 billion for the third quarter, compared with second-quarter earnings of $7.9…
Phillips 66 Books Q3 Profit Below Expectations U.S. refiner Phillips 66 (NYSE: PSX) reported on Friday adjusted earnings of $4.63 per share for the third quarter, missing analyst expectations despite stronger refining margins compared to the second quarter. Phillips 66, which also operates in the midstream and chemicals segments, reported adjusted earnings of $2.1 billion…
African Oil Producers Meet in Abuja, Chart Future for Industry The eighteen member countries of the African Petroleum Producers Organization (APPO), have attended the third edition of the Africa Local Content Roundtable to chart a pathway for sustainable development of local content and the oil and gas industry in the continent. According to a memo…
OPEC+ Members Send Less Oil to U.S., Adding to Tight Supply Outlook U.S. waterborne imports of crude from OPEC+ members including Saudi Arabia have dropped steadily over the last year, further tightening supplies in the U.S. while supporting other markets including Europe, according to flows data and analysts. Going forward, the level of U.S. crude…
African Oil Producers Meet in Abuja, Chart Future for Industry Amidst the threat of energy transition and dwindling funding of the hydrocarbon industry, 18 member countries of the African Petroleum Producers Organization (APPO) are attending the third edition of the Africa Local Content Roundtable to chart a pathway for the sustainable development of local content…
REA Signs MoU with AMDA to Promote Mini-Grid Development in Nigeria The Rural Electrification Agency (REA) and the Africa Mini-Grid Developers Association (AMDA) have signed a Memorandum of Understanding (MoU) to promote and accelerate mini-grid development in Nigeria. According to REA in a statement, the MoU will focus on knowledge sharing, capacity building, and better…
ES NCDMB Warns Against Tinkering with the Petroleum Industry Act The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Kesiye Wabote has advised that making unending changes to the structures set up by Petroleum Industry Act 2021 could kill the confidence of investors and stall new projects in the oil…
Full Market Deregulation will Eliminate Significant Inefficiencies in Energy Supply- Farouk In his Keynote Speech at the Oil Trading and Logistics (OTL), Africa Week 2023 conference currently ongoing in Lagos, the Authority Chief Executive of Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Engr. Ahmed Farouk, made it known to delegates and participants that OTL…
Nigeria to End Gas Flaring By 2030, Slash Methane Emissions To 60% by 2031 – IEA The International Energy Agency (IEA) has said that Nigeria plans to end gas flaring by 2030 and slash methane emissions to 60% by 2031. This was stated in the October 2023 Imperative of Cutting Methane from Fossil Fuels report…
Oil and Gas Demand will Peak before 2030 – Mckinsey Global management consulting company, McKinsey and Company has said that fossil fuel (oil and gas) demand will peak before 2030. They stated this in their October 2023 Global Energy Perspectives report. According to the report, total demand for fossil fuels is projected to peak by…
