EIA Forecasts Global Oil Market Deficit in 2024. The U.S. Energy Information Administration (EIA) has revised its forecast for the global oil market, now projecting a supply deficit next year instead of the previously anticipated surplus. This shift comes after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+,…
Exxon Mobil Signals Q2 Earnings Hit from Refining Margins, Natural Gas Prices. Exxon Mobil (XOM.N) announced on Monday that lower natural gas prices and refining margins are expected to negatively impact the oil major’s second-quarter earnings. This report will be Exxon’s first earnings release following the acquisition of Pioneer Natural Resources for $60 billion, a…
Apapa Customs Command Generates N1.023 Trillion in Six Months. The Apapa Area Command of the Nigeria Customs Service has announced that it generated a remarkable N1.023 trillion in revenue during the first half of the year. This was disclosed by the Controller of the Command, Comptroller Babatunde Olomu, during a press briefing on Monday. Comptroller…
Eni Makes Major Oil and Gas Discovery Off Mexico Coast. Italian energy group Eni has announced a significant oil and gas discovery in the Sureste Basin, approximately 63 kilometers off the coast of Mexico. The discovery was made in an exploration well known as Block 9, which has an estimated 300-400 million barrels of oil…
Russian Oil and Gas Revenue Soars 41% in First Half of 2024, Data Shows. Russia’s federal budget saw a significant boost from oil and gas sales in the first half of 2024, with revenues rising by approximately 41% year-on-year to 5.698 trillion roubles ($65.12 billion), according to finance ministry data released on Wednesday. The increase…
US, EU Lawmakers Push for International Methane Standard for Oil and Gas Sector. A coalition of European Union and U.S. Democrat lawmakers has called on the International Energy Agency (IEA) to establish international standards for measuring methane emissions in the oil and gas sector. The request, outlined in a letter dated July 1, aims to…
Nigeria’s Komolafe Leads Initiative to Establish African Oil and Gas Regulatory Group. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), under the leadership of Mr. Gbenga Komolafe, is driving the establishment of the African Petroleum Regulators Forum (AFRIPERF). This new body aims to facilitate knowledge sharing and technology transfer across the continent’s oil industry. Speaking at…
Nigerian Maritime Lawyer Jean Anishere Appointed to ICC Arbitration Court. The International Chamber of Commerce (ICC) has announced the appointment of Nigerian maritime lawyer Jean Anishere (SAN) to the International Court of Arbitration. Anishere revealed this in a statement issued in Lagos. The announcement of the newly constituted leadership of the ICC was made…
Sifax Group Chairman Lauds Annual Maritime Conference. The sixth edition of the Taiwo Afolabi Annual Maritime Conference was held at the Ade Ajayi Auditorium, University of Lagos. Dr. Taiwo Afolabi, Chairman of the Sifax Group, commended the conference for its role in stimulating the minds of young individuals and advancing the maritime industry. Represented by…
No Explosion At Zungeru Power Plant Minister Clarifies. The Minister of Power, Adebayo Adelabu, firmly denied reports of an explosion at the Zungeru Power Plant in Niger State, addressing circulating rumors that had caused public concern. The minister responded to claims that an explosion at the Zungeru Hydroelectric Dam on Monday morning had injured several…
