Nigeria faces a slight decline in the export of its key crude oil grades in February, projected to average around 657,000 barrels per day (bpd), down from 792,000 bpd in January. This news surfaces amid concerns raised earlier in the month by Nigeria’s oil regulator, which is contemplating the revocation of dormant oil exploration leases Read More…
Oil & Gas
Electric vehicles surprisingly outpace oil demand reduction at COP28 Conference, reveals IEA
According to a report unveiled at the COP28 climate conference in Dubai by the International Energy Agency (IEA), the global drive toward electric vehicles (EVs) is markedly denting the demand for fossil fuels, despite concerns about the sluggish reduction in fossil fuel consumption to combat climate change. Industry experts note that soaring sales of EVs Read More…
Catholic institutions globally divesting from fossil fuels, U.S. dioceses yet to follow suit
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…
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…