Nigeria’s Active Oil Rigs Reach 30, Reports NUPRC Gbenga Komolafe, the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has revealed that Nigeria’s oil rig count has surged to 30 from 11 in 2011. He attributed this increase to the concerted efforts of NUPRC and other government stakeholders in instilling confidence and…
Nigeria Highlights Gas Potential at Invest in African Energy Forum in May Nigeria will showcase its burgeoning gas sector at the forthcoming Invest in African Energy (IAE) Forum in Paris, where Minister Ekperikpe Ekpo will underscore investment prospects and outline ambitious production targets. Key Highlights: Nigeria aims to ramp up gas production to 5.5 billion…
Nigerian Oil and Gas Marketers Push Back Against ‘Dollarisation’ of NPA and NIMASA Charges Amid Rising Energy Costs The Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) expressed concern on Tuesday over the ongoing “dollarization” of the Nigerian economy, particularly the imposition of charges by the Nigerian Ports Authority (NPA) and the Nigerian Maritime…
Lawmaker Sounds Alarm: Illegal Mining Fueling Insecurity in Nigeria Senator Ekong Sampson, representing Akwa Ibom South senatorial district at the National Assembly, has raised concerns over the growing security threats fueled by illegal mining activities across Nigeria. He emphasized that collaboration between Nigerians and foreign entities has led to the exploitation of the nation’s mining…
Customs to Distribute Seized Food Items to Alleviate Hardship Among Nigerians In light of the hardship faced by many Nigerians, the Nigeria Customs Service (NCS) stated it would share food items it seized from importers and smugglers “to the poor and needy”. The NCS said it would ensure such food items are certified fit for…
East Africa: EAC Focuses On Renewable Energy Sources The partner states of the East African Community (EAC) have restated their dedication to boosting energy efficiency and harnessing wind, solar, and geothermal power as sustainable energy sources for the region. As per a statement published on the community website, partner states have initiated various endeavors to…
Oil rises 1% on signs of tightening supplies Oil prices climbed by 1% on Wednesday amid escalating geopolitical tensions in the Middle East and evaluations of imminent supply constraints. U.S. West Texas Intermediate crude futures (WTI) surged by 87 cents, or 1.1%, settling at $77.91 per barrel, while Brent crude increased by 69 cents, or…
NASENI, Caverton Enter Agreement to Establish Drone Assembly Plant and Training Center The National Agency for Science and Engineering Infrastructure (NASENI) and Caverton Offshore Support Group (COSG) Plc have signed a memorandum of understanding (MoU) to set up a Drone Assembly Plant, a Drone Training School, and a Service Center for Helicopters in Nigeria. The…
Saudi Aramco likely to issue a bond in 2024 – CFO Saudi Aramco intends to issue a bond this year, with a focus on longer maturities extending up to 50 years, according to Chief Financial Officer Ziad Al-Murshed. Al-Murshed mentioned during the Saudi Capital Markets Forum in Riyadh that this issuance is part of the…
Oil and gas industry shows resilience amidst shifting market dynamics GlobalData, a leading data and analytics company, reports a 16% quarter-on-quarter decline in disclosed contract volume in the oil and gas industry from 1,401 contracts in Q3 2023 to 1,172 contracts in Q4 2023. However, amidst this downturn, there was a marginal uptick in overall…
