Business Europe Oil & Gas Top Story Ukraine World

Africa is imperfect solution to Europe’s gas woes

Reading Time: 2 minutes Africa has become Europe’s latest gas hunting ground. Moscow’s decision to halt supplies to Poland and Bulgaria has sharpened concerns about the bloc’s Russian energy addiction. Italian Prime Minister Mario Draghi has already rushed to sign deals with Algeria, Egypt and the Congo Republic to curb his country’s reliance on Moscow. Africa’s vast fossil fuel Read More…

Business Oil & Gas Top Story

Dangote says it will complete its Nigerian oil refinery in the fourth quarter

Reading Time: < 1 minutes Dangote’s 650,000 barrels per day (bpd) oil refinery being built in Nigeria is due to begin production by the fourth quarter of 2022, Group Executive Devakumar Edwin said on Sunday. “75% hydraulic testing … as well as 70% of electrical cable fitting have been completed preparatory to the completion of the refinery in the fourth Read More…

Business Oil & Gas Renewable Energy Top Story World

Portugal to speed up switch from dependence on Nigerian gas in wake of Ukraine war

Reading Time: < 1 minutes Image Credits: NLNG. Unlike central European countries, Portugal does not depend on Russian natural gas pipelines, as it mainly imports liquefied natural gas from Nigeria and the United States, and has not imported Russian crude since 2020. But all this is about to be whittled down or stopped, as the Iberian country now aims to Read More…

Nigeria Oil & Gas Top Story

Nigeria currently has 1.9bn litres of petrol, enough to last for 32 days — Minister

Reading Time: < 1 minutes Minister of State for Petroleum Resources, Mr Timipre Sylva, on Wednesday in Abuja updated the Federal Executive Council (FEC) on the availability of 1.9 billion litres of petrol. He said the quantity was enough to last the country for 32 days. Group Managing Director of the NNPC, Mr Mele Kyari, accompanied the minister to the Read More…

Business Nigeria Oil & Gas Top Story

Nigeria takes JP Morgan to court for $1.7 billion over oil deal

Reading Time: 2 minutes Image Credits: REUTERS. A London high court began to hear a lawsuit on Wednesday launched by Nigeria against U.S. bank JP Morgan Chase, claiming more than $1.7 billion for its role in a disputed 2011 oilfield deal. The civil suit filed in the English courts relates to the purchase by energy majors Shell and Eni Read More…

Business Oil & Gas Top Story

No need for extra OPEC+ supplies amid Iran talks, Nigeria says

Reading Time: 2 minutes Image Credits: REUTERS/Ahmed Yosri. In picture above: Nigeria’s Minister of State for Petroleum Resources, Chief Timipre Sylva speaks during the Saudi Green Initiative Forum to discuss efforts by the world’s top oil exporter to tackle climate change in Riyadh, Saudi Arabia, October 23, 2021. REUTERS/Ahmed Yosri There is no need for OPEC+ to expand its Read More…

Business Oil & Gas Top Story

Nigeria to amend petroleum industry law to extend petrol subsidies

Reading Time: 2 minutes Image Credits: REUTERS/Ron Bousso/File Photo. Nigeria’s government plans to amend the newly-signed Petroleum Industry Act to ask the National Assembly for an 18-month extension to keep its long-standing regime of subsidising imported petrol, its junior oil minister said on Tuesday. The law signed by President Muhammadu Buhari last August contains a provision for the elimination Read More…

Business Economy Oil & Gas Top Story

Akinwumi Adesina calls Dangote refinery ‘game-changing initiative’

Reading Time: 2 minutes Image Credits: AfDB. The African Development Bank President (AfDB), Dr. Akinwumi Adesina, has described the $19.5 billion Dangote oil refinery and petrochemical plant projects as a “game-changing initiative” that will spur Africa’s development and deepen regional integration, while on a tour on Saturday of the partially bank-funded project. The complex will create 38,000 jobs during Read More…

Business Oil & Gas Top Story

Oil prices hit 7-year highs as tight supply bites

Reading Time: 2 minutes Image Credits: REUTERS/Vasily Fedosenko/File Photo. Benchmark oil prices climbed to their highest level since 2014 on Tuesday as possible supply disruption after attacks in the Mideast Gulf added to an already tight supply outlook. Brent crude futures rose $1.02, or 1.2%, to $87.50 a barrel by 0924 GMT, while U.S. West Texas Intermediate (WTI) crude Read More…

Business Oil & Gas

Resuscitate refineries to boost economy, ex-CBN director urges FG

Reading Time: < 1 minutes Image Credits: REUTERS/Yaw Bibini. Sango-Ota (Ogun), Jan. 7, 2022 (NAN) A former Director of Central Bank of Nigeria (CBN), Dr Titus Okunroumu, has called on the Federal Government to intensify efforts at resuscitating the nation’s refineries to boost the economy. Okunroumu told the News Agency of Nigeria (NAN) on Friday in Sang-Ota, Ogun, that most Read More…