Author: Daniel Terungwa

Nigeria’s Oil License Auction Attracts Significant Investor Interest, Regulator Announces. Nigeria’s upcoming oil license auction has garnered substantial interest, prompting the expansion of available oil blocks and an extension of the auction deadline, the Nigerian Upstream Regulatory Commission (NUPRC) announced on Thursday. Initially launched in April, the licensing round offered 19 onshore and deepwater oil…

Shell Expresses Concern Over Strike at Brazil’s Environmental Agency Affecting Licensing. Shell has voiced concerns regarding an ongoing strike by employees at Brazil’s environmental agency, Ibama, which has been impacting licensing procedures crucial for the oil industry. Cristiano Pinto da Costa, head of Shell’s local unit, shared these concerns during an event on Thursday. While…

Oil Prices Dip After Reaching Seven-Week Highs Amid Demand Hopes and Geopolitical Tensions. Oil prices experienced a slight dip on Wednesday after achieving seven-week highs, driven by optimism over summer demand and concerns regarding escalating geopolitical conflicts. This comes despite an industry report indicating an unexpected rise in U.S. crude inventories. Brent crude futures decreased…

TotalEnergies and NNPC to Invest $550 Million in Nigeria Gas Facility. TotalEnergies and Nigeria’s state oil company, NNPC Ltd, are set to invest $550 million in the development of a gas processing facility in southern Rivers State. The move aims to enhance both export capabilities and domestic gas supply, according to a source familiar with…

Canada’s Proposed Emissions Cap Likely to Reduce Oil Production, Deloitte Report Says. Canada’s proposed cap on oil and gas emissions is expected to lead companies to cut production rather than invest in expensive carbon capture and storage (CCS) technology, according to a new report by consultancy Deloitte, released by the Alberta government on Tuesday. The…

Oil Prices Surge to Highest Levels in Over a Month Amid Optimism on Demand. Oil prices soared nearly $2 a barrel on Monday, reaching their highest settlement levels in over a month. This rise is driven by increasing investor optimism regarding future demand. U.S. West Texas Intermediate (WTI) crude futures climbed by $1.88, or 2.4%,…

PIA: Oil Firms Allocate N80bn, $150m to Host Communities Development Trusts Over Two Years Oil companies have allocated N80 billion and $150 million to Host Communities Development Trusts (HCDTs) in compliance with the Petroleum Industry Act (PIA) 2021 over the past two years. This was disclosed by High Chief (Dr) Style Benjamin Tamaran-Ebi, the National…