Russian Oil Inches Closer to G7 Price Cap The price of Urals, Russia’s flagship export grade, has moved higher since the OPEC+ announcement, threatening the price cap agreed by the G7 and the European Union to impose on Moscow last year in a bid to hurt its oil revenues. Urals is currently trading at nearly…
OPEC Raises Forecast for China’s Oil Demand Growth Again Chinese oil demand is set to grow by 760,000 barrels per day (bpd) this year, OPEC stated recently, raising slightly its demand growth outlook for China while leaving global oil demand projections unchanged from last month. China’s oil demand is now expected to average 15.61 million…
No Functional Refineries, No Fuel Subsidy Removal – NUPENG The National Union of Petroleum and Natural Gas Workers, NUPENG, has spoken against the plan by the Federal Government to remove subsidy on the Premium Motor Spirit, PMS, otherwise known as petrol, as from July this year. The union said in a communique released at the…
NNPC Reacts to PIA Provisions for Kyari, Ajiya over Retirement Entitlement The Nigerian National Petroleum Company Ltd (NNPCL) says its attention has been drawn to the malicious publication by Sahara Reporters alleging inappropriateness of the disengagement of the GMD, Mallam Mele Kyari and GED F&A, Mr. Umar Ajiya from the services of the old Corporation…
Energy: ACWA Power to Develop SAR 2.54bn Desalination Project ACWA Power, a leading Saudi developer, investor, and operator of power generation, water desalination and green hydrogen plants worldwide, has signed water purchase agreements for the 600,000 cubic metre per day Rabigh 4 Independent Water Plant (IWP) in Saudi Arabia. The Saudi Water Partnership Company (SWPC),…
NIES 2023: Oando tops list of participating Companies Oando PLC, Nigeria’s leading energy solutions provider, will participate as a Bronze Sponsor at the upcoming sixth edition of the Nigeria International Energy Summit (NIES) 2023. The event is scheduled to hold at the State House and International Conference Centre, Abuja from April 16 – 20. NIES…
Fire Razes Property worth Billions in Port Harcourt Market Barely a week after a gas fire explosion rocked a residential property in Mile I Diobu, electrical fire has again destroyed properties and goods worth billions of Naira in Ojoto market, Mile II area of Diobu, Port Harcourt. According to eyewitnesses, the fire which began from…
Hyde Energy Set to Re-launch Luminor Lubricants in Nigeria Hyde Energy Limited, a global petroleum-trading company with a downstream network in Nigeria has revealed plans to relaunch Luminor, one of the company’s automotive lubricants. This was made known by the Chief Executive and founder of Hyde Energy, Olademeji Edwards recently at a media parley…
Guyana extends Oil Licensing Round Deadline by Three Months The government of Guyana, the newest and hottest oil production spot in the world, has extended the deadline for receiving bids in the country’s first-ever offshore licensing round by three months. Initially, Guyana invited bids by April 14, 2023, when it launched in December last year…
Equatorial Guinea Hydrocarbons Minister Joins South Sudan Energy Summit, Pushes for Collaboration in the Petroleum Sector Equatorial Guinea’s Minister of Mines and Hydrocarbons, Antonio Oburu Ondo, is slated to attend the South Sudan Oil & Power (SSOP) conference and exhibition this June. The minister hopes to leverage on the country’s experience as an innovative oil…