NNPC Ends Crude Swap Contracts with Foreign Refiners Group Chief Executive Officer of Nigerian National Petroleum Company (NNPC) Limited, Mallam Mele Kyari, says the company has terminated its crude-for-petrol swap deal, otherwise called Direct Sale Direct Purchase (DSDP) contracts, with foreign refiners and consortia of traders. Kyari who spoke at the weekend during an interview…
G7 price cap threatens to squeeze tonnage supply in crude tanker market Brent prices, which surged past the $85 per barrel mark after the voluntary production cut by OPEC+, have dipped below $75 per barrel because of rising concerns over global economic health. Nonetheless, the market could head towards tight supply in 2H23 if OPEC+…
Putin gains influence in oil-rich Libya as U.S. struggles to oust Wagner Group While the U.S. ponders whether to reopen its embassy in Libya, Vladimir Putin’s new ambassador is preparing to take up his post in the capital, extending Russian influence across an oil-producing nation on the doorstep of Europe. Russia’s Wagner Group, a private…
Canada Guarantees Loans for Trans Mountain Pipeline Expansion Canada’s federal government has guaranteed loans of $2.23 billion (C$3 billion) to the corporation building the Trans Mountain expansion project to triple the capacity of oil flows from Alberta to the Canadian Pacific Coast. The Trans Mountain Expansion project has been dragging on for years and faces…
Brazil’s Petrobras Revises Strategic Plan to Boost Low-Carbon Investments Brazilian state-run oil company Petrobras recently said its board of directors had approved a revision of part of its 2023-2028 strategic plan in a bid to increase investments in low-carbon initiatives. Petroleo Brasileiro SA, as the company is formally known, said in a securities filing that…
Reps back NIMASA on CVFF disbursement The Nigerian Maritime Administration and Safety Agency (NIMASA) has received support from the House of Representatives to disburse the $360 million Cabotage Vessel Finance Fund (CVFF) to qualified Nigerian ship owners. A committee of the House chaired by Hon. Legor Idagbo in its report gave the nod for…
NLC Declares Nationwide Strike From Wednesday Over Fuel Subsidy Crisis The Nigeria Labour Congess (NLC) has declared a nationwide strike from next Wednesday. This comes amid fuel shortages across the country occasioned by President Bola Tinubu’s inaugural speech in which he declared that “fuel subsidy is gone”. The union announced the industrial action today, following…
Renewable Power on Course To Shatter More Records As Countries Around The World Speed Up Deployment Global additions of renewable power capacity are expected to jump by a third this year as growing policy momentum, higher fossil fuel prices and energy security concerns drive strong deployment of solar PV and wind power, according to the…
Oil prices jump 2% after U.S. debt deal and jobs data as focus turns to OPEC Oil prices rose more than 2% on Friday after the U.S. Congress passed a debt ceiling deal that averted a government default in the world’s biggest oil consumer and jobs data fed hopes for a possible pause in interest rate hikes ahead of a…
NIMASA DG advocates for change in freight terms in oil sector from FOB to CIF The Director-General of the Nigerian Maritime Administration and Safety Agency, NIMASA, Dr. Bashir Jamoh OFR, said policies of the current administration at the Agency are tailored to complement efforts of the Nigerian Content Development and Monitoring Board (NCDMB) to grow…
