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…
NDDC to Complete Signature Projects in Niger Delta The Niger Delta Development Commission (NDDC) has reaffirmed its dedication to completing all ongoing development projects, particularly those with significant impact potential, in the Niger Delta region. During an inspection of the 21-kilometer Okossi-Mfokpo Eyokan Ubodung-Etebi Road and bridges in Okossi, Urue-Offong/Oruko Local Government Area of Akwa…
Nigerian Youth Group Casts Doubt on Ending Gas Flaring by 2030 The Youths and Environmental Advocacy Centre (YEAC-Nigeria) has raised doubts about the Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) assertion that routine gas flaring in the nation’s oil and gas activities will cease by 2030. NUPRC‘s Chief Executive Officer, Gbenga Komolafe, recently unveiled plans aimed…
DRC’s Renewable Energy Vision Gets Boost with Green Giant Project Partnership Africa is poised for a major clean energy leap forward with a new partnership between SkyPower Global and Africa Finance Corporation (AFC). The two organizations have joined forces to advance the first phase of SkyPower’s ambitious Green Giant project in the Democratic Republic of…
Shell Announces Plans to Increase Investments in Deep Water, Gas, and Renewables with Bonga Project Elohor Aiboni, the managing director of Shell Nigeria Exploration and Production Company Limited (SNEPCo) has revealed the company’s plan to prolong the operational life of the Bonga Floating Production, Storage, and Offloading (FPSO) vessel by an additional 15 years. This…
Nigeria and US Establish Committee for Advancing Mining Development Nigeria and the United States have taken steps to deepen their partnership in the mining sector, establishing a working group to identify areas of collaboration. This initiative follows a meeting between United States Deputy Chief of Mission David Greene and Nigerian Minister of Solid Minerals Development,…
Minister urges urgent digitalisation of government agencies The urgency of digitalizing government ministries, departments, and agencies (MDAs) was emphasized by Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy. Speaking at the Nigeria National Council of ICT Heads of MDAs meeting in Abeokuta on Thursday, Tijani highlighted the importance of digitalization in enhancing…
