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08024545197Global oil prices edged lower in early trading on Friday as easing geopolitical tensions in the Middle East cooled supply fears that had driven prices to recent highs.
PENGASSAN warns Executive Order 9 may destabilise Nigeria’s oil and gas industry, calling it a direct attack on the Petroleum Industry Act.
The Nigerian National Petroleum Company (NNPC) Ltd has set big goals to improve Nigeria’s oil and gas sector. The company plans to attract $60 billion in investments and increase daily oil production to two million barrels by 2027. New Plans for GrowthSpeaking at a staff meeting in Abuja, the Group CEO, Bayo Ojulari, said NNPC
In a significant boost to Nigeria’s oil and gas industry, 74 Chinese companies have expressed interest in investing in the sector, following strengthened trade ties between Nigeria and China. This development was disclosed by the Chairman of the House of Representatives Committee on Nigeria-China Relationship, Jaafaru Yakubu, during a meeting with the Chief Executive of
Oil markets are under pressure as prices dipped this week, with Brent crude briefly touching $69 per barrel. The downturn comes amid OPEC+’s decision to increase production starting in April and growing concerns over global trade policies. However, leading energy consultancy Rystad Energy assures that while the bearish sentiment is real, it is unlikely to
The Dutch Ministry of Foreign Affairs is partnering with Nigeria’s Federal Government to develop a methane tracker aimed at reducing emissions in the oil and gas sector. Adam Heal, the Executive Director of Stakeholder Democracy Network (SDN), revealed this during a workshop held in Abuja on Friday. The workshop, themed “Presentation of the Prototype Methane
Host communities of Oil Mining Lease (OML) 25 in Rivers State have agreed to allow Shell Petroleum Development Company (SPDC) to resume operations in the area. However, this agreement is conditional on the company fulfilling a set of long-standing commitments aimed at improving local infrastructure and livelihoods. Key Demands from Host Communities Representatives from communities
The Nigerian National Petroleum Company Limited (NNPCL) has urged the Federal High Court in Abuja to strike out a lawsuit filed by Dangote Petroleum Refinery and Petrochemicals FZE. The suit challenges the issuance of petroleum import licences by the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to NNPCL and other marketers. This legal clash
The Nigerian Content Development and Monitoring Board (NCDMB) has announced efforts to accelerate the approval of five oil and gas projects, aimed at increasing crude oil production and national revenue. The Executive Secretary of NCDMB, Felix Ogbe, disclosed that the board had applied presidential directives to fast-track the approval of these projects, which are expected
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has urged the Ondo State Government to partner with the Federal Ministry of Mines and Solid Minerals to harness the state’s abundant mineral resources for economic advancement. The commission emphasised Ondo State’s significant contribution to Nigeria’s natural resource wealth, citing its deposits of oil, gas, bitumen, quartz sand,
Nigeria is preparing to open bids for 31 onshore and offshore oil and gas blocks in a strategic move to increase oil output and attract new investments, as announced by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). “These 31 oil and gas blocs have been carefully selected for their potential to boost our reserves and
The Asset Management Corporation of Nigeria (AMCON) announced that it has resolved its legal dispute with Heyden Petroleum Limited, leading to the withdrawal of a lawsuit previously filed against the oil company. In a statement released on Wednesday, AMCON clarified the situation following recent reports of litigation between the corporation and Heyden Petroleum. Contrary to
Energy and Hydrocarbons Ministers from ECOWAS Member States, joined by representatives from Morocco and Mauritania, convened on 1 November 2024 at ECOWAS Commission Headquarters in Abuja. At this joint meeting, officials ratified an updated Intergovernmental Agreement (IGA) and Host Government Agreement (HGA) for the Nigeria-Morocco African Atlantic Gas Pipeline (AAGP) project and adopted frameworks to
Ghana is considering purchasing petroleum products from Nigeria’s Dangote Oil Refinery once it reaches full operational capacity, potentially reducing its dependency on more costly European imports. Mustapha Abdul-Hamid, Chairman of Ghana’s National Petroleum Authority, expressed this intention at the OTL Africa Downstream Oil Conference in Lagos on Monday, citing substantial economic benefits. “If the refinery
Dangote Cement Plc has announced a major investment exceeding $280 million to advance compressed natural gas (CNG) technology and infrastructure, aligning with President Bola Ahmed Tinubu’s CNG Initiative. This initiative aims to provide Nigerians with cleaner and more affordable fuelling options. In a recent statement, Arvind Pathak, Group Managing Director of Dangote Cement Plc, highlighted
Oceangate Oil and Gas Engineering, a prominent Nigerian oil and gas company, has secured a landmark multi-billion dollar agreement with Global Petroleum Group to launch one of the largest oil and gas projects in the Caribbean, based in Grenada. Group CEO Dr. Aisha Achimugu shared in a Saturday release that this partnership will unlock Grenada’s
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has identified a lack of exploration activities as the primary reason behind Nigeria’s stagnant oil reserves. During a courtesy visit by Kogi State Governor Usman Ododo to his office on Thursday, the minister highlighted that Nigeria’s oil reserves, currently estimated at 37 billion barrels, have
NNPC Gas Marketing Limited (NGML) has partnered with A4E Energy to construct a significant 100 million standard cubic feet per day (mmscf/d) natural gas distribution facility in Ajaokuta, Kogi State. The agreement marks a crucial step forward in boosting Nigeria’s domestic gas utilisation and its broader energy goals. The proposed gas distribution facility, also known
Chevron Nigeria Limited (CNL), a subsidiary of Chevron Corporation, has announced a significant oil discovery, estimated to hold 17,000 barrels of oil per day (bpd). This discovery is expected to provide a much-needed boost to Nigeria’s declining oil production. The discovery was made by the Meji NW-1 well in Petroleum Mining Lease 49, located in
Dangote Group is advancing plans to launch crude oil production to support its $20 billion refinery. The company is seeking a Floating Production, Storage, and Offloading (FPSO) vessel with a capacity of 650,000 barrels to facilitate this process. Starting production in Oil Mining Leases (OMLs) 71 and 72 is set for the fourth quarter of