TotalEnergies Signs PSC for the Agua Marinha Offshore Block TotalEnergies and its co-venturers Petrobras, QatarEnergy and PETRONAS Petróleo Brasil Ltda (PPBL) have signed on 31 May 2023 the Production Sharing Contract (PSC) for the Agua Marinha block, which was awarded in the Open Acreage under Production Sharing Regime – 1st Cycle held by Brazil’s National…
New Fuel Pump Prices will Lead to a Spike in Market Competition-Kyari The Nigerian National Petroleum Company Limited (NNPCL) has stated that the recent increase in fuel pump prices will lead to enhanced market competition in the downstream sector. Mele Kyari, the Group Chief Executive Officer (GCEO) of NNPCL, made this statement during an interview…
American Offshore Wind Gets Gulf of Mexico Green Light The U.S. Bureau of Ocean Energy Management (BOEM) has given the Gulf of Mexico the environmental green light for offshore wind energy development on the outer continental shelf’s federal territory, paving the way for offshore wind projects across 30 million acres. According to the BOEM, there…
MWUN Directs Maritime Workers To Shutdown Operations Over Pay Dispute Union leaders in the Nigerian maritime sector under the aegis of Maritime Workers Union of Nigeria (MWUN) have directed its members to down their tools, ensure that operations are crippled in the sector and commence an indefinite strike with effect from next Monday. This stems…
Shareholders of TotalEnergies approve N8.49bn dividend payout for 2022 financial year Shareholders of TotalEnergies Marketing Nigeria Plc have unanimously approved N8.49 billion dividend payout for 2022 financial year. The sharholdees gave the approval at the company’s 45th Annual General Meeting (AGM) held on Thursday in Lagos, while approving all resolutions. It said that the figure…
Nigeria’s oil production drops 17.7% to 1.25m bpd — NUPRC Nigeria’s oil production, including Condensate, dropped month-on-month, MoM, by 17.7 per cent to 1.25 million barrels per day, bpd in April 2023, from 1.52 million bpd recorded in the preceding month of March 2023. This confirms the position of the Organisation of Petroleum Exporting Countries,…
Savannah Signs New Natural Gas Sales and Purchase Agreement with Amalgamated Oil Company Nigeria Limited Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter, is pleased to announce that the Company’s 80% indirectly owned subsidiary, Accugas Limited, has entered into a Natural Gas Sales and Purchase Agreement (the…
Russia’s Sakhalin-1 Oil Project Returns to Peak Production The Sakhalin-1 oil project in Russia is back to producing its peak level of 200,000 barrels per day (bpd) of oil from zero, an Indian company that is part of the new venture operating the project has said. ONGC Videsh, the overseas unit of Oil and Natural…
Fuel Subsidy is Gone –Tinubu Nigeria’s new president, Bola Ahmed Tinubu has announced that “fuel subsidy is gone” after years of dithering by the outgoing former president, Buhari. The president mentioned this in his inaugural speech on Monday, May 29th, 2023. According to the president, he said “unfortunately, in the 2023 budget, no provision is…
Oil Steady after U.S. Debt Deal but Rate Hike Worries Linger Oil prices were steady on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world’s largest economy and oil consumer but concerns about further interest rate hikes capped gains. Brent crude futures slipped 20 cents, or 0.2%,…
