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…
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 accelerate its energy Read More…
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…
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 of the offshore Read More…
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 oil production increases, Nigeria’s Read More…
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 of fuel subsidies within six Read More…
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 construction. According to Read More…
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 futures jumped $1.36, or 1.6%, Read More…
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 of the refineries were Read More…
Even with Nigeria struggling to recover from its oil production incapacities, OPEC+ agreed on Tuesday to stick to its planned increase in oil output for February. This is because it expects the Omicron coronavirus variant to have a short-lived impact on global energy demand. The group of producers comprising the Organization of the Petroleum Exporting Read More…