Saudi Maintains Crude Supply to Asian Refiners despite OPEC+ Cuts State oil giant Saudi Aramco will supply full crude contract volumes loading in May to several North Asian buyers despite its pledge to cut output by 500,000 barrels per day, several sources with knowledge of the matter have said. This comes after the Organisation of…
Our Sustainability Drive is Aggressive, Unwavering – Seplat Energy COO Seplat Energy Plc, a leading Nigerian energy company listed on the Nigerian Exchange and the London Stock Exchange, has reaffirmed its aggressive and unwavering commitment to sustainability and energy transition. The company explained that its ability to maintain the lead in the Nigerian gas sector…
India extends transmission fee waiver for Green Hydrogen Plants Renewable energy, including transmission, makes up 65%-70% of the cost of producing green hydrogen, according to industry estimates. India has extended a waiver of transmission fees for renewable power to hydrogen manufacturing plants commissioned before January 2031, as it aims to become the world’s cheapest producer…
South Korea Pledges $5 Billion in Support for Battery Makers in the U.S. South Korea has announced a $5.32 billion financial support package aimed at helping the country’s battery makers invest in infrastructure in North America over the next five years. The initiative is intended to help South Korean firms capitalize on the United States’…
Offshore Oil Workers to Stage Biggest Strike in a Generation – Unite More than 1,300 offshore workers are set to stage a 48-hour strike in a dispute over pay, Unite warns. According to Unite the Union, a 21st century union, meeting the greatest challenges facing working people, dozens of oil and gas platforms will be…
Train-7: Group tasks SCD JV to abide by Nigerian Content’s CCG A group known as Bonny Gentlemen’s League, has urged the project contractors handling the ongoing construction of the Nigeria LNG Limited’s Train-7, SCD JV consortium, to ensure strict compliance to the Community Content Guidelines (CCG) of the NOGICD Act. The CCG of the Nigerian…
OPEC+ in Driver’s Seat as Oil Supply Growth Lags Demand The surprise oil output cuts announced on Sunday by OPEC+ members illustrate their greater power over the market, given limited supply growth by other producers such as U.S. shale firms and still-growing demand despite the energy transition. Oil has jumped to $85 a barrel since…
NIMASA Targets 28 Vessels Acquisition with $700m Cabotage Fund In a bid to create a bigger value chain and grow the local shipping industry, the Federal government through the Nigerian Maritime Administration and Safety Agency, is targeting the acquisition of about 28 vessels with a total of $700million through the Cabotage Vessel Financing Fund, CVFF. Minister…
Venezuelan Oil Exports Jumped in March Venezuela’s oil exports jumped in March, reaching the highest monthly average since August. The increase came as Chevron ramped up its imports and as cargoes resumed after a brief export freeze. Venezuela shipped 774,420 barrels of oil per day in March, with China as its biggest buyer. The freeze…
Nigeria Loses N81bn to Gas Flaring in Two Months Nigeria lost $176.2 million, about N81.23 billion, to gas flaring in two months, as oil and gas firms operating in the country flared 50.3 billion standard cubic feet (SCF) of gas in the first two months of the year, January and February 2023. According to latest…
