Russian Crude Oil Exports Plunge to January Lows Russian crude oil exports by sea continued to decline in July and averaged below 3 million barrels per day (bpd) in the four weeks to July 30, the lowest four-week average since the start of the EU embargo, tanker-tracking data monitored by Bloomberg showed on Tuesday. Russia…
Shell Enters New Round of Talks to Offload Nigerian Oil Fields Shell Plc is reportedly gearing up for renewed negotiations to divest some of its Nigerian oil fields, with Eroton Exploration and Production Company Ltd. as the potential buyer. With a presence in Nigeria that spans over eight decades, Shell holds the title of the…
Oil Firms Flare 139bscf of Gas Valued at N374bn in 6-Months Despite dwindling financial resources, high cost of living and rising hardship among Nigerians, the country lost $485.3 million, about N374.166 billion, to gas flaring in six months, as oil and gas companies operating in the country burnt 138.7 billion standard cubic feet (SCF) of…
Gas Flaring Soars, Depleting Nigeria’s Economy by N373 Billion in H1 2023 Gas flaring in Nigeria has seen a worrying 10 percent rise year-on-year, reaching 138.7 million metric standard cubic feet (MSCF) in the first half of 2023, compared to 126.1 MSCF during the same period in 2022. The unsettling increase, despite the Federal Government’s…
Foreign investment in Nigeria’s oil sector grows by 23% – NBS Foreign investment inflow into the Nigerian oil and gas industry stood at $0.75 million in the first quarter of 2023, rising by 22.95 per cent from $0.61 million recorded in the same period in 2022, according to latest report by the National Bureau of…
India’s August Oil Imports From Russia Could Fall To Lowest Level Since January India’s crude oil imports from Russia dropped in July and could be headed to a more significant decline in August, to the lowest since January this year, according to Kpler, as Russia has pledged to reduce its oil exports this month. In…
Energy Sector in Nigeria and Across Africa Faces Existential Challenge of Urgent Need to Transit From Fossil Fuel Dependent Economy In his Goodwill Message and Regulator’s Remark on the Theme Midstream address to Industry practitioners and stakeholders in the Nigerian Oil & Gas Industry at the 46th edition of the Nigerian Annual International Conference &…
Shell, partners lead in PIA implementation – NUPRC The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has ranked SPDC-operated onshore joint venture as industry leader in the implementation of the Chapter Three of the Petroleum Industry Act (PIA) dealing with host community development. Speaking at the announcement of fund managers for Host Community Trust Funds on…
Britain Commits to Hundreds of North Sea Oil and Gas Licences The North Sea Transition Authority (NSTA) regulator expects the first of the new licences to be awarded in the autumn. It is still evaluating 115 bids from producers for fields in the ongoing licensing round which closed in January. Sunak, who will visit an…
Chevron commends Ondo State Government for its visionary “Develop Ondo 2.0 Summit” Chevron Nigeria Limited has commended the Ondo State government for its visionary initiative in providing a dynamic platform for the state to present its vast potential and opportunities to the investment community, both within Nigeria and beyond with the “Develop Ondo 2.0” Investment…