Oil Prices Fall About 3% on Recession Worries Oil prices plummeted on Friday as global recession fears and weak oil demand, especially in China, outweighed support from a large cut to the OPEC+ supply target. Brent crude futures were down $2.52, or 2.7%, at $92.05 a barrel at 11:12 a.m. EDT, while U.S. West Texas…
NNPC Limited Acquires OVH Energy and Apapa SPM Limited We write to formally notify you, our valued business partner, that OVH Energy Limited alongside our affiliated company, Apapa SPM Limited (together “OVH Energy”) have been acquired by NNPC Limited. This strategic move aims to create the leading downstream oil and gas company in Nigeria and…
FG has no Plans to Privatise TCN- Aliyu The Minister of Power, Abubakar Aliyu,has further reiterated that the Federal Government has no plans to privatise the Transmission Company of Nigeria (TCN), urging the public to disregard such rumours. Aliyu confirmed this through his verified Twitter handle lamenting that some media reports falsely claimed that the…
Dangote Group says Obajana Cement Plant Acquisition Followed Due Process Dangote Industries Limited (DIL), parent company of Dangote Cement Plc, has maintained that its acquisition of the Obajana Cement Plc in Kogi State in 2002 followed due process, contrary to allegations of unauthorised ownership and shutdown of the cement plant by the Kogi State government…
Wabote Congratulates Sylva over Conferment of National Honour The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simb Wabote has congratulated the Minister of State for Petroleum Resources, Chief Timipre Sylva on the national honour of the Commander of the Order of the Niger (CON) conferred on him by President Muhammadu…
TotalEnergies regrets NGOs’ refusal of the mediation process In October 2019, some NGOs brought proceedings against TotalEnergies SE in the Nanterre Civil court based on France’s “duty of vigilance” law, claiming that the Company had insufficiently identified and managed the social and environmental impacts of the Tilenga and EACOP projects in Uganda and Tanzania. France’s…
Shell to resume crude oil export at Forcados The Shell Petroleum Development Company of Nigeria Limited (SPDC) says the Forcados Oil Terminal will resume export operations by the end of the month when ongoing essential repairs would have been completed. “In addition to the repairs, we are working to remove and clamp theft points on…
Mo-Ibrahim lashes out at Western hypocrisy in seeking African gas Sudanese-British billionaire Mo Ibrahim accused industrialised nations of hypocrisy for cautioning African nations against utilising their natural gas reserves while simultaneously considering similar investments as a solution to Europe’s energy issue. Ibrahim, who built his money in African telecoms, blasted individuals in the global north…
Starzs Investments Launches Gas Venture As part of its commitment to play an active role in the Federal Government agenda to deepen domestic utilisation of gas in the country, Starzs Investments Company Limited has launched its latest venture known as Starzs Gas. The Managing Director and Chief Executive Officer of Starzs Investments Company Limited, Iroghama…
