U.S. Oil Firm Apache Plans to Invest $1.4 Billion in Egypt Apache Corporation plans to invest next year $1.4 billion in Egypt’s energy industry, where the U.S. firm is one of the biggest investors and the largest oil producer in the North African country. The investment plans were unveiled during a meeting on Sunday of…
Refineries must work, in-country capacity must increase, says PETROAN The Petroleum Products Retail Outlets Owners Association of Nigerian, PETROAN, has called on the Federal Government to declare a state of emergency on the nation’s four state-owned refineries, saying the refineries must work and in-country capacity must increase to address high fuel prices. National President of…
NIPCO Lauds Gas Utilisation Programme of Government The Nigerian Independent Petroleum Company (NIPCO) has applauded government’s at all levels for their programmes targeted at deepening domestic gas utilisation in consonance with global energy transition. The Managing Director, NIPCO Plc, Suresh Kumar, who made the commendation at the 19th Annual General Meeting (AGM), said the company…
US and Brent Crude Futures Stabilize After Negative Turn Crude oil futures stabilized earlier this week after briefly turning negative following gains of more than $1 earlier in the session, as markets weighed supply tightness against expectations of slow demand growth, particularly from China. Brent crude was up 14 cents to $84.94 a barrel, while…
NLNG says its Plant is not Shut Down The Nigeria Liquefied Natural Gas (NLNG) Limited says its attention has been brought to a report on 17th August 2023 titled “NLNG prolonged shutdown threatens gas production,” published in one of the national newspapers. The gas company states that the report is false and misleading. [custom-related-posts title=”Related…
‘Why we Destroyed 800,000-Litres Vessel Caught with Stolen Crude’ – DHQ The Defence headquarters has given insight into the destruction of the 800,000litres vessel, MT Tura II caught with stolen crude oil offshore the coast of Niger Delta. Recall that the nation’s owned oil company NNPC Ltd announced recently the interception of an 800,000-litre vessel,…
NNPC Secures $3bn Loan to Stabilise the Naira Afrexim Bank The Nigerian National Petroleum Corporation (NNPC) Limited has secured a $3 billion crude repayment loan to support the naira and stabilise the foreign exchange market. NNPC Limited secured the funding from the AFRIEXIM bank headquarters in Cairo. “The NNPC Ltd. and AfriEXIM bank have jointly…
China’s Oil Giant CNOOC Sees Profits Drop 11% on Lower Prices CNOOC Ltd, China’s state-held oil and gas giant, has reported a decline of 11.3% year over year in its net profit for the first half of 2023, as lower oil prices weighed on profitability. CNOOC posted $8.7 billion (63.8 billion Chinese yuan) in net…
Carlyle Sells Gabon Oil Firm to France’s Maurel & Prom for $730m Private equity fund Carlyle Group (CG.O) has agreed to sell its Gabon-focused oil and gas company Assala Energy to French producer Maurel & Prom (MAUP.PA) for $730 million, the companies said on Tuesday. Carlyle International Energy Partners (CIEP), the fund’s non-U.S. energy arm,…
IPMAN Challenges Presidency to Debate over Fuel Pump Price The Independent Petroleum Marketers Association of Nigeria, IPMAN has challenged the Special Adviser to the President on Media and Publicity, Mr. Ajuri Obari Ngelale, to a debate over the high cost of petroleum products in the country. This is as the Presidential Spokesperson on a live…