Oil Gives Up Gains despite Large Crude Draw – EIA Crude oil prices moved slightly lower today after the Energy Information Administration reported an inventory decline of 6 million barrels for the week to August 11. That change compared with a build of 5.9 million barrels for the previous week, which in turn followed the…
Angola: Luena Photovoltaic Plant With 88% Completion The construction of the Luena Solar Energy Park, in eastern Moxico Province, of Angola whose delivery is scheduled for March 2024, is at 88% completion. The well-known “clean and cheap” energy park will have 43,000 solar panels, with an installed capacity of around 26.9 MW, with capacity to…
Non-OPEC oil supply to expand by 1.5mb/d in 2023 — OPEC The Organisation of the Petroleum Exporting Countries (OPEC) says, its Non-OPEC oil supply is expected to expand by 1.5 million barrels per day (mb/d) in 2023. This is a slight upward revision from the previous assessment of 1.4mb/d. OPEC said this in…
3.5m metric tonnes of trade facilitated by NPA in 6 months – Bello-Koko Efforts of the Nigerian Ports Authority (NPA) in eliminating the challenges facing export in Nigeria are beginning to yield results as a total of 3.5 million metric tonnes of export trade were facilitated through the nation’s seaports in the first six months…
FDI key to Africa’s gas reserves development– SNEPCo MD African countries must take deliberate steps to attract foreign direct investments (FDI) to harness their vast gas resources given the huge amount of capital required, Managing Director of Shell Nigeria Exploration and Production Company Limited (SNEPCo) Elohor Aiboni, said last week in Lagos at the 2023…
Nigeria’s Oil Revenue Rises by 70% to N1.34tn Nigeria earned N1.34 trillion from the petroleum industry in the first quarter of 2023, according to latest data released by the Central Bank of Nigeria (CBN), rising by 69.75 per cent compared with earnings of N789.985 billion from the sector in the same period in 2022. The…
7,000 filling stations added to autogas register About 7,000 additional number of filling stations across the country have registered their outlets to partake in dispensing autogas, which include Compressed Natural Gas and Liquefied Petroleum Gas into vehicles. It was gathered, that some Asian manufacturers of conversion kits that convert vehicles that run on Premium Motor…
FG, oil companies to drive cleaner hydrocarbon amid challenges Although the Nigerian National Petroleum Company Limited (NNPCL), yesterday, in Lagos, reiterated its stance against transitioning from fossil fuel, stakeholders insisted that technology and stringent regulations would be deployed in Nigeria’s oil and gas sector to meet the Federal Government’s commitment to a carbon-neutrality by 2060,…
Big Oil Profits to Take a Hit amid Lower Oil and Gas Prices Big Oil Companies Big Oil companies Exxon Mobil Corp. (NYSE:XOM) and Chevron Corp. (NYSE:CVX) are both set to report a significant drop in second quarter profits when they return their quarterly scorecards on the 28th of July thanks to a sharp decline…
Nigerian Navy, NIMASA to strengthen ties towards Deep Blue Project Success The Nigerian Navy says assets acquired by the Nigerian Maritime Administration and Safety Agency (NIMASA) under the Integrated National Security and Waterways Protection Infrastructure, otherwise known as the Deep Blue project have been deployed across the South West, Central and Eastern Zonal operations to enhance…
