Major Oil Players Enter 2024 Strengthened by U.S. Industry Consolidation In 2023, the oil and gas industry embarked on a $250 billion acquisition spree, capitalizing on the high stock prices of companies to secure lower-cost reserves and prepare for anticipated changes in an industry poised for more consolidation. The resurgence in oil demand following the…
11 Plc Initiates Plant Construction in Lagos and Ibadan-CNG Expansion Adetunji Oyebanji, the Chief Executive Officer of 11 Plc, has announced that the company has initiated the exploration of the Compressed Natural Gas (CNG) market by constructing facilities in Ibadan and Lagos. In an interview with the News Agency of Nigeria (NAN) on Thursday in…
Reluctance Among U.S. Allies for Red Sea Task Force U.S. President Joe Biden’s initiative to form a new maritime force, Operation Prosperity Guardian, in response to Yemen’s Houthi attacks on Red Sea shipping has encountered reluctance from some allies. Two European allies, Italy and Spain, who were initially listed as contributors to the operation, have…
Rotimi Ensures Nigerians that Tinubu Will Alleviate Current Economic Hardships- Christmas Assurance Hon. Akin Rotimi, a National Assembly member and Chairman of the Committee on Media and Public Affairs affirmed that the administration led by Bola Ahmed Tinubu is committed to alleviating the prevailing challenges faced by Nigerians. This assurance was conveyed as he distributed…
Uganda Extends Oranto Petroleum’s Oil Exploration Tenure from Nigeria Uganda has granted a two-year extension to Nigeria’s Oranto Petroleum Ltd. for an oil exploration license. Oranto Petroleum had requested compensation for the time lost during the COVID-19 pandemic. The permit, initially granted in 2017 to explore the Ngassa Shallow and Deep areas in the western…
Resilient Amid Challenges -NGX While Nigerians may be facing challenges due to certain economic policies implemented by the Federal Government, the year 2023 has brought considerable positive developments for capital market investors. On Thursday, December 21, 2023, the Nigerian Exchange Limited (NGX) All Share Index (ASI) achieved a historic milestone by surpassing the 74,000 mark…
Nigerian Company Eyes Historic Gas Supply Agreement with South Africa If negotiations between Riverside LNG and counterparts in South Africa are successful, Nigeria is poised to begin the export of gas to South Africa. This development would mark the first time in the history of trade relations between the two nations and could have significant…
Navy Issues Warning to Personnel Against Collusion with Oil Thieves Chief of Naval Staff (CNS), Vice Admiral Emmanuel Ogalla, has cautioned officers and ratings of the Nigerian Navy against collaborating with criminals involved in activities such as oil theft and other maritime crimes.The warning was issued during the decoration ceremony of 29 newly promoted senior…
Oil Prices Decline Nearly 2% as Investors Monitor Developments in the Red Sea Oil prices experienced a nearly 2% decline on Wednesday, reversing the gains from the previous day. The drop was attributed to ongoing concerns about the Red Sea situation, where shippers are returning despite additional attacks. Brent crude futures settled down at $79.65…
NMDPRA Directs Operators to Adhere to Regulatory Guidelines The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has asked oil companies to comply with regulations in the industry. This comes as the organisation expressed readiness to release seven new regulations for the smooth implementation of the Petroleum Industry Act (PIA), adding that the move…
