AfCFTA Must Succeed, Advocates Against Externalization of African Trade- Shettima at Davos Vice President Kashim Shettima emphasized the importance of the African Continental Free Trade Area (AfCFTA) agreement, stating that the need to boost intra-Africa trade, currently at 15%, and its potential to raise the continent’s GDP are compelling reasons to ensure the success of…
Concerns Arise Over International Oil Companies’ Exit from Nigeria’s Onshore Oil Business  Former SPE President Warns of Long-Term Impact on Economy and Workforce The recent exit of International Oil Companies (IOCs), notably Shell, from Nigeria’s onshore oil business has raised concerns about the long-term implications for the nation’s economy and workforce, according to Joe Nwakwue,…
Tompolo Security Outfit Apprehends 23 Suspects for Oil Theft in Delta State On January 15, twenty-three suspects were paraded in connection to the MT. KALI, a vessel with a 350,000-litre capacity, was arrested by Tantita Security Services Limited and other security agencies off the coast of Gbaramatu Kingdom, Warri, Delta State. The vessel was found…
NNPC, CDS Inspect Illegal Vessel Intercepted in Warri On Monday, the Nigerian National Petroleum Company Limited (NNPC Ltd) conducted an inspection of an illegal crude oil vessel loaded with thousands of metric tonnes of crude oil. The vessel was intercepted by Tanita Security Services, a private security firm, in collaboration with the Nigeria Security &…
China Plans to Increase January Exports of Diesel and Jet Fuel, Adding to Global Supply In January, China’s exports of oil products are expected to rebound as refineries, armed with new quotas, increase shipments of diesel and jet fuel in anticipation of peak Lunar New Year travel, according to estimates from traders and analysts. China,…
Eighth SAIPEC 2024 Reveals Program Highlights The eighth edition of the Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) is scheduled to take place at the Eko Convention Center in Lagos from February 13 to 15, 2024. Hosted by PETAN in strategic partnership with the Nigerian Content Development & Monitoring Board (NCDMB), Nigerian Upstream Petroleum…
Renaissance Africa Energy Set to Acquire Shell Petroleum Development Company of Nigeria Limited Renaissance Africa Energy is thrilled to announce the signing of a historic agreement with Shell for the acquisition of Shell’s entire shareholding in The Shell Petroleum Development Company of Nigeria Limited (SPDC). Renaissance, a consortium comprising ND Western Limited, Aradel Holdings Plc.,…
Shell Announces Agreement to Sell Nigeria Onshore Oil Business for $2.4 Billion On Tuesday, Shell announced its agreement to sell its Nigerian onshore oil and gas subsidiary, The Shell Petroleum Development Company of Nigeria Limited (SPDC), to Renaissance, a consortium consisting of five companies, for up to $2.4 billion. According to the statement, Shell will…
Federal Government Struggles to Attain 650 Million Barrels Target Amid Challenges with Crude-Backed Loans Nigeria may face challenges in achieving its projected oil production targets for 2024, leading to a potential shortfall of about 138 million barrels, valued at $10.73 billion. President Bola Tinubu’s budget for 2024 is based on an optimistic outlook for the…
Afreximbank and UBA Extend $2.25 Billion Crude Oil Prepayment Facility to Nigeria The African Export-Import Bank (Afreximbank) has facilitated a syndicated crude oil prepayment facility of US$3.3 billion, sponsored by the Nigerian National Petroleum Company Limited (NNPCL). The initial disbursement of US$2.25 million has already been made, with a second tranche of US$1.05 million expected…
