Oil Prices Under Pressure Amid Escalating US-China Trade War. Global oil prices faced renewed pressure as concerns over the ongoing US-China trade war heightened fears of an international economic slowdown. West Texas Intermediate (WTI) crude settled at $58.43 per barrel, marking a 0.3% decline, while Brent crude closed at $68.82 per barrel, down by 13…
EU Delays Russian LNG Ban Amid Supply Concerns, Say Diplomats. The European Commission has refrained from proposing a ban on Russian liquefied natural gas (LNG) in its latest sanctions package, as EU member states prioritize securing alternative supplies, including from the United States, diplomatic sources revealed. “First, you need to have a deal, because otherwise,…
Savannah Energy Reports $258.7m Revenue for 2024 Savannah Energy Plc, a UK-based independent energy company, has announced a slight dip in its total revenue for the 2024 financial year, recording $258.7 million compared to $260.9 million in 2023. Despite this marginal decline, the company reported a significant boost in total income, which rose to $393.6…
179 Oil Theft Incidents Uncovered in One Week – NNPC Ltd. The Nigerian National Petroleum Company Limited (NNPC) has reported uncovering 179 cases of crude oil theft within a single week, reflecting the ongoing efforts to combat vandalism and secure hydrocarbon infrastructure. Between January 11 and 17, 2025, incidents across the Niger Delta region included…
TotalEnergies Delays $20 Billion Mozambique LNG Project Amid Security Concerns French energy giant TotalEnergies has announced further delays to its $20 billion liquefied natural gas (LNG) project in Mozambique, citing persistent security challenges, according to a report by the Financial Times on Wednesday. The project, located in Mozambique’s volatile Cabo Delgado province, has been on…
Oil Prices Decline Amid Trump’s Tariff Plans and Boost in U.S. Oil Production. Oil prices slipped on Tuesday as investors evaluated U.S. President Donald Trump’s delayed tariff plans and his administration’s push to increase domestic oil and gas production. According to a Reuters report, Brent crude futures dropped by 65 cents, or 0.81%, to $79.50…
Wood Mackenzie: Nigeria Emerges as Africa’s Leading Upstream Investment Destination in 2024. Nigeria has been recognized as Africa’s top destination for upstream oil and gas investment in 2024, according to research conducted by Wood Mackenzie. The country accounted for three out of four Final Investment Decisions (FIDs) announced by global oil and gas majors, representing…
Dangote Refinery Clarifies Recent Petrol Price Increase Amid Global Crude Oil Surge. Dangote Refinery has attributed the recent adjustment in the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, to the rising cost of crude oil on the international market. Mr. Anthony Echiejina, Head of Corporate Communications at Dangote Industries, made this…
LPG Expo: Energy Leaders to Discuss West Africa’s Clean Energy Future. The West Africa LPG Expo 2025 is set to bring together global and regional energy leaders in March in Lagos, as part of efforts to accelerate the region’s clean energy transition. Mr. Jeffrey Leung, Director of the LPG Expo, announced this in a statement…
BP Announces Plan to Cut 4,700 Jobs to Reduce Costs. Oil giant BP has confirmed plans to cut approximately 4,700 jobs, representing more than 5% of its global workforce, as part of a major cost-reduction initiative. The announcement, made on Thursday, marks the latest step in the company’s efforts to streamline operations and achieve a…
