Since Pope Francis’s influential 2015 encyclical on environmental stewardship, urging a departure from fossil fuels to combat climate change, hundreds of Catholic institutions worldwide have committed to divesting from oil, gas, and coal. However, despite this global trend, U.S. dioceses remain resolute in retaining their investments in fossil fuel assets. According to a Reuters review Read More…
Oil & Gas
Nigerian-German economic ties strengthened by $500 million renewable energy pact and gas export deal
In Berlin, Nigerian and German firms have solidified their economic partnership by signing two significant agreements, announced a presidential spokesperson. The deals encompass a substantial $500 million renewable energy pact and a gas export arrangement, marking a pivotal step in bolstering ties between the nations. Union Bank of Nigeria and Germany’s DWS Group sealed a Read More…
Nigeria withdraws $1.1 billion civil claims against Eni over oilfield deal
On Thursday, Bloomberg News reported Nigeria’s decision to retract civil claims amounting to $1.1 billion against Italian energy giant Eni regarding alleged corruption linked to an oilfield deal. The country’s justice ministry intends to unconditionally waive these claims before Italy’s highest court by November 17, as revealed in a letter regarding the OPL 245 field, Read More…
NNPC restores 275,000 BPD production following resolution of industrial action
In a recent development, Nigeria’s state oil firm NNPC Ltd announced on Sunday that it successfully restored 275,000 barrels per day (bpd) of oil production at its joint venture unit with Total Energies after resolving an industrial action by workers. According to NNPC’s statement, “The unions have agreed to suspend ongoing industrial action leading to Read More…
Saudi Arabia commits to overhaul Nigeria’s oil refineries in landmark agreement
In a groundbreaking development, Saudi Arabia has pledged a significant investment in the comprehensive overhaul of Nigeria’s ageing oil refineries. The commitment was sealed during a bilateral meeting between Nigerian President Bola Tinubu and Saudi Crown Prince Mohammed bin Salman on the fringes of the Saudi-Africa summit in Riyadh. Under President Tinubu’s ambitious reforms, aimed Read More…
Nigeria launches new crude grade “Nembe” to boost production amid challenges
The Nigerian National Petroleum Corporation (NNPC) Ltd announced on Tuesday the introduction of a new crude grade named Nembe as part of Nigeria’s efforts to increase crude oil production. Africa’s largest oil producer has been grappling with declining output due to issues like crude theft, pipeline attacks in the Niger Delta, and underinvestment, leading to Read More…
NNPC to supply crude to Dangote Refinery for testing in landmark deal
It has been revealed that Nigeria’s state oil corporation, NNPC Ltd, is set to provide the Dangote oil refinery with crude oil for testing purposes in a groundbreaking deal. This landmark agreement, exclusively reported by Reuters, marks a pivotal moment in the development of the 650,000 barrel-per-day Dangote oil refinery, funded by Africa’s wealthiest individual, Read More…
Nigeria celebrates P&ID victory as $11 Billion damages bill overturned in corruption case
Nigeria marked a historic victory on Monday as it successfully overturned an $11 billion damages ruling tied to a collapsed gas project, a case characterised by a London High Court judge as a stark example of greed and corruption. Previously, Africa’s most populous nation had been ordered to pay this substantial sum, equivalent to about Read More…
Tethys Ltd. becomes exclusive licensee for Texaco lubricants in Nigeria
Nigerian company Tethys Ltd. has entered into an agreement with Chevron to serve as the exclusive brand licensee for Texaco lubricants throughout the country. During the Chevron-Tethys Texaco Lubricants relaunch event held in Lagos on Thursday, Mr. Jaap Jan Mohlmann, Manager of Distributor and Export Sales at Chevron, expressed the company’s delight in reentering the Read More…
Heirs Holdings Oil & Gas rebrands to Heirs Energies, focusing on sustainable energy solutions in Africa
Heirs Holdings Oil & Gas Ltd. has undergone a transformation and rebranded as Heirs Energies Ltd., complete with a refreshed logo and colour scheme. The change, according to a statement from Mr. Tony Elumelu, Chairman of Heirs Energies, is designed to align with Africa’s distinctive energy requirements and a sustainable approach. Elumelu highlighted the urgency Read More…