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 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…
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…
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…
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…
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 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…
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…
Nigeria LNG announced on Wednesday that the force majeure, initially declared in October due to extensive flooding causing supply disruptions, remains in effect. Force majeure denotes unforeseen external circumstances that hinder a contracting party from fulfilling its obligations. “The force majeure still stands due to the continued unavailability of upstream gas suppliers’ primary liquids evacuation Read More…
In a London court on Thursday, a mining and trading company named Glencore was forced to pay a total of £276.4 million ($310.6 million) in fines for seven bribery violations involving its oil activities in Africa. Judge Peter Fraser of Southwark Crown Court imposed a £182.9 million fine and authorised a £93.5 million confiscation order Read More…
