The Nigerian state oil company, NNPC, has transitioned from oil swaps to cash tenders for gasoline procurement for the first time in nearly a decade, according to four reliable sources cited by Reuters. NNPC recently closed its latest tender for petroleum set for delivery in November, and two of these sources have indicated that the Read More…
Oil & Gas
Nigeria’s economic woes cast shadow over diverging oil demand forecasts for 2024
The International Energy Agency (IEA) expects a more significant slowdown, while the producer organisation OPEC remains hopeful, driven by China-led growth, casting doubt on the growing gap in oil demand predictions for 2024 due to demand destruction in Nigeria. For years, OPEC and the IEA, representing industrialised nations, have been locked in disputes regarding long-term Read More…
Autogas: Where’s the N250 Billion?
The removal of the fuel subsidy announced by President Bola Tinubu on May 29, 2023, need not have resulted in the mass misery that has further alienated Nigerians from their government, if only the plans ceremoniously rolled out by the immediate past government to provide succour for the people before the fuel subsidy was abolished, Read More…
NNPC questions Eni’s onshore oil asset sale to Oando
Nigeria’s state oil corporation, NNPC Ltd., has raised concerns over Italy’s Eni subsidiary’s announcement of a deal to transfer onshore oil assets to local company Oando PLC. In a letter seen by Reuters, NNPC Ltd. contends that Eni’s subsidiary, Nigerian Agip Oil Company Ltd. (NAOC), failed to obtain NNPC’s consent before revealing the transaction. Such Read More…
Eni to sell Nigerian onshore subsidiary to Oando amid energy sector shakeup
In a strategic move indicative of the evolving landscape in Nigeria’s energy sector, Italy’s Eni has agreed to divest its Nigerian onshore subsidiary, Agip Oil Company Ltd (NAOC), to the local firm Oando. The deal, announced on Monday, marks yet another international energy giant relinquishing onshore assets in this West African nation. Eni’s decision aligns Read More…
Nigeria’s oil output rises due to security improvements
Nigeria’s daily oil and condensate production has surged to 1.67 million barrels, marking a notable increase from the approximately one million barrels per day recorded just a few months ago. Mele Kyari, the Group Chief Executive of the state-owned Nigerian National Petroleum Corporation (NNPC), recently revealed that this transformation is due to increased security measures Read More…
Nigeria Boosts OPEC Output in August
Nigeria played a significant role in the recent uptick in OPEC oil output in August, as revealed by a Reuters survey. Despite ongoing efforts by Saudi Arabia and other members of the broader OPEC+ alliance to stabilize the oil market, the Organization of the Petroleum Exporting Countries (OPEC) experienced a boost in production during the Read More…
NGA-WIEN alliance ignites women’s advancement in energy sector
In a groundbreaking stride toward gender inclusivity, the Nigerian Gas Association (NGA) has unveiled a pioneering initiative that offers a fresh horizon of opportunities for women to thrive within the oil and gas sector. The NGA’s recently established Diversity, Equity, and Inclusion (DEI) Study Group is set to not only redefine norms but also to Read More…
NLNG: Operations Continue Despite Force Majeure
Nigeria LNG Ltd. (NLNG) has affirmed that its operations at the Bonny Island plant remain underway, notwithstanding the ongoing Force Majeure status. This action is in response to major liquids evacuation pipelines being unavailable due to acts of sabotage and vandalism. The company assured that these challenges have not halted its overall functioning. In a Read More…
Search and Rescue underway as Seplat Energy’s drilling rig capsizes
In a startling incident, Seplat Energy’s drilling rig, the Depthwize Majestic Rig, capsized and partially sunk during a delicate move in the swampy Delta region. This happened around 5:00 AM on a Tuesday, leading to urgent efforts to rescue the rig’s crew. The Nigeria Upstream Petroleum Regulatory Authority (NUPRC) quickly confirmed the news and stated Read More…