OPEC+ Faces Critical Decision on Planned Output Increase Amid Economic Uncertainty. In the coming weeks, Saudi Arabia and its OPEC+ allies face a crucial decision: whether to proceed with the planned production increases starting in October or to delay them due to a fragile economic outlook. The recent decline in Brent crude oil prices, calendar…
Oando Completes $783 Million Acquisition of Nigerian Agip Oil Company, Eni’s Nigerian Subsidiary. Oando Plc, one of Nigeria’s leading indigenous energy solutions providers, has successfully completed the acquisition of Eni’s Nigerian subsidiary, Nigerian Agip Oil Company (NAOC), for $783 million. The transaction, finalized during a signing ceremony in London, marks a significant milestone in the…
Togo and Benin Owe Nigeria $14 Million for Electricity – Federal Government Nigeria’s Federal Government has disclosed that Togo and Benin Republic owe the country a cumulative sum of $14.19 million for electricity supplied in the first quarter of 2024. This revelation was made in a report by the Nigerian Electricity Regulatory Commission (NERC), which…
SON Pledges Prosecution in Crackdown on Substandard Steel The Standards Organisation of Nigeria (SON) has reaffirmed its commitment to prosecuting manufacturers and distributors involved in the production and sale of substandard steel and iron rods, as part of renewed efforts to sanitize the country’s steel sector. This was made clear by Engr. Enebi Onuchenyo,…
Revenue losses affecting oil sector investments – NEITI The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, Dr Ogbonnaya Orji, has said that the continued loss of revenue in the oil sector due to oil theft, corruption, and vandalism has affected investment opportunities. He also said Nigeria would require huge investments in the…
AMJON Mobilizes Key Maritime Stakeholders for Finance Conference. The Association of Maritime Journalists of Nigeria (AMJON) has successfully rallied prominent figures in Nigeria’s maritime sector for its upcoming finance conference. The event is set to take place on Thursday, August 22, 2024, at the Sheraton Hotel and Towers, Ikeja, Lagos. This highly anticipated conference will…
Edo Refinery Gets Green Light for Full Operation The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has granted the Edo Refinery and Petrochemical Company Limited an operational license, allowing it to commence full operations. Located in Ologbo, Ikpoba-Okha Local Government Area of Edo State, this final approval marks a significant milestone for the refinery….
Independent Oil Producers Against Tinubu’s Directive on Sale of Crude to Dangote and Other Refineries in Naira. The sale of crude oil to Dangote Refinery and its local counterparts in naira, as mandated by President Bola Tinubu, has been rejected by the members of the Independent Petroleum Producers Group (IPPG), an umbrella organisation of indigenous…
NPA Set to Implement Electronic Call-Up System at Onne Port Complex. The Nigerian Ports Authority (NPA), under the leadership of Dr. Abubakar Dantsoho, is preparing to implement the Electronic Call-Up System at the Onne Port Complex. This move is in line with the directive from the Federal Executive Council and is aimed at enhancing the…
NUPRC Advocates for ADR to Boost Nigeria’s Oil and Gas Industry. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has emphasized the importance of Alternative Dispute Resolution (ADR) as a catalyst for growth in the country’s oil and gas industry. The Commission’s Chief Executive, Gbenga Komolafe, highlighted that the adoption of ADR would lead to quicker…
