Ubah Urges FG to Prioritize Modular Refineries to Address Fuel Scarcity Senator Ifeanyi Ubah, Chairman of the Senate Committee on Petroleum (Downstream), has urged the Federal Government to prioritize the development of modular refineries as a key strategy for addressing Nigeria’s fuel scarcity challenges. Speaking at the ongoing Offshore Technology Conference in Houston, Texas, U.S.,…
Collaboration Between Public and Private Sectors Essential to Achieving Energy Goals – Ekpo Minister of State Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, has emphasized the need for enhanced collaboration between the public and private sectors to effectively realize the nation’s energy objectives. Speaking at the official presentation of the Gazettes on National Energy Policy…
Alake Appeals to Senate for Support on Exploration Fund. The Minister of Solid Minerals Development, Dr. Dele Alake, has appealed to the Senate for increased funding to bolster the ministry’s capacity for thorough exploration of Nigeria’s extensive mineral reserves. Addressing the opening session of the investigative hearing of the Senate Committee on Solid Minerals, Dr….
Shell pays Nigerian government $1.09 billion in taxes, royalties in 2023 Last year, Shell made exclusive payments totaling $1.09 billion in corporate taxes and royalties to the Government of Nigeria, facilitated through the operations of The Shell Petroleum Development Company of Nigeria Ltd (SPDC) and Shell Nigeria Exploration and Production Company of Nigeria Ltd (SNEPCo)….
Shell to sell interest in Singapore Energy and Chemicals Park to CAPGC Shell Singapore Pte Ltd, a subsidiary of Shell plc, has agreed to sell its Energy and Chemicals Park in Singapore to CAPGC Pte. Ltd., a joint venture between Chandra Asri Capital Pte. Ltd. and Glencore Asian Holdings Pte. Ltd. This deal involves the…
NERC reduces electricity tariff hike, Nigerians demand total reversal The Nigerian Electricity Regulatory Commission (NERC) recently announced a reduction in the electricity tariff for Band A customers, citing improvements in the exchange rate of the Naira to the Dollar. However, this move has been met with resistance from Nigerians who are demanding a complete reversal…
Olomu takes over as Apapa Customs Area Controller. Comptroller Babatunde Olomu has taken over as the new Customs Area Controller, Apapa Area Command of the Nigeria Customs Service. Olomu, who took over from Comptroller Babajide Jaiyeoba on Monday, promised to improve revenue generation, facilitate trade and fight smuggling at the command. He also promised to…
Exxon, Chevron CEOs seek clear rules on U.S. clean energy subsidies. Top executives from U.S. oil giants Exxon Mobil and Chevron Corp have emphasized the necessity for the U.S. to clarify rules regarding energy subsidies to drive the rapid, large-scale investments required to combat climate change. President Joe Biden has been urging energy producers to…
Oil edges up Tuesday after Israel strikes Gaza, while truce talks continue. Oil prices ticked up early on Tuesday after Israel struck Rafah in Gaza while negotiations for a ceasefire with Hamas continued without resolution. Brent crude futures were up 46 cents, or 0.55%, at $83.79 per barrel at 0010 GMT, while U.S. West Texas…
Sahara Group Calls for Increased Refining and Storage Capacities in Africa’s Downstream Oil Industry. Wale Ajibade, Executive Director of Sahara Group, has highlighted critical obstacles impeding the advancement of Africa’s downstream oil sector during his presentation at the Africa Refiners and Distributors Association (ARDA) Week 2024 in Cape Town, South Africa. Addressing a distinguished audience…
