Tinubu must Intensify domestic refining drive to end Imports Recent developments in Nigeria’s downstream oil sector underscore the nation’s dilemma of suffering despite its vast resources. While the Nigerian National Petroleum Company Limited has committed to supplying six million barrels of crude to the Dangote Refinery by December, five smaller domestic refineries are struggling to…
Blue Economy Set to Create 350 Million Jobs and Drive $2.5 Trillion in Trade – Jamoh The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh has emphasized Nigeria’s potential to benefit from a significant number of job opportunities and substantial trade valued at $2.5 trillion annually in the global…
Train-7 Project hits 52%, employs 8,300 persons The ongoing construction of the $5 billion Train-7 project by Nigeria Liquefied Natural Gas (NLNG) on Bonny Island, Rivers State, has reached 52% completion and currently employs 8,300 Nigerians with diverse skill sets. This update was provided during an engagement session between the management of Nigeria LNG Limited…
U.S. Refiners set to cut down output, maintain gasoline prices U.S. crude oil refiners are expected to reduce their run rates this quarter due to weak gasoline margins and planned plant maintenance. They are aiming for utilization rates in the low-90s after running at higher rates for most of the year. The shift to producing…
208-Carat Diamond Extracted From Lulo Mine in Angola The Lucapa Diamond Company has reported the recovery of a 208-carat Type II diamond from the Lulo mine in the eastern Lunda Norte Province of Angola. This stone was extracted from block 31 and is the 39th diamond over 100 carats to be found at the Lulo…
NNPC to supply Dangote’s refinery by December for test runs NNPC Ltd, Nigeria’s state oil company, is preparing to supply Dangote’s new 650,000-barrel-per-day oil refinery with up to six crude oil shipments in December for trial operations. The refinery, backed by Aliko Dangote, is expected to reshape oil trading in the Atlantic Basin and could…
Shell posts strong profit thanks to rising oil prices. Shell has reported earnings of $6.2 billion for the third quarter, showing a significant increase from the previous quarter, but a drop from $9.4 billion in the same period last year when oil and gas prices spiked due to Russia’s invasion of Ukraine. The recent increase…
TotalEnergies and Oman LNG Renews Offtake Partnership TotalEnergies SE has extended its partnership with Oman LNG, an Omani liquefied natural gas (LNG) joint venture in which the company holds a 5.54 percent stake. The amended agreement includes a ten-year extension of TotalEnergies’ interest in Oman LNG and a five-year extension in Qalhat LNG, both beyond…
U.S. sanctions may stall Russian Arctic LNG project The United States has hit Moscow with extensive new sanctions as part of its response to the conflict in Ukraine. These sanctions target Russia’s energy sector, including the planned Arctic LNG-2 plant. The Arctic LNG-2 plant is located on the Gydan Peninsula in the Arctic and is…
Nigeria’s Oil Refining Capacity to hit 1.5mbd by 2025 Nigeria is set to achieve a combined oil refining capacity of 1.5 million barrels per day (mbd) by 2025, according to the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote. This increase in refining capacity will result from various refinery…
