OPEC Daily Basket Price Stood At $97.08 a Barrel Wednesday The price of OPEC basket of 13 crudes stood at $97.08 a barrel on Wednesday, September 27, 2023, compared with $94.47 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria),…
Afreximbank Turns to Oil Traders to Obtain $3bn Loan for NNPC Cairo, Egypt-based African Export-Import Bank (Afreximbank) is tapping oil traders to finance a $3 billion loan to Nigeria’s state oil company NNPC Limited aimed at supporting the naira and stabilising the foreign exchange market. The naira hit an all-time low of 1,000 to the…
Russia’s Crude Oil Exports Drop amid Terminal Maintenance Due to port maintenance works, Russian crude oil exports by sea dipped by around 100,000 barrels per day (bpd) to 3 million bpd last week and by 100,000 bpd to 3.2 million bpd in the four weeks to September 24, tanker-tracking data monitored by Bloomberg showed on…
40B USD Deal with U.S. Companies Kickstarts Poland’s Nuclear Power Ambitions Poland’s first nuclear power plant moved forward on Wednesday with the signing of a deal between the Polish government and a consortium of U.S. companies including Westinghouse and Bechtel. The nuclear plant will be built in the Pomerania region near the Baltic Sea and…
Saudi Arabia Forms Joint Venture With Greece to Link Power Grids Saudi Arabia has signed a deal with Greece for the establishment of a jointly-owned company to link up the two countries’ power grids with the goal of supplying Europe with clean energy, Reuters reports. The new company, Saudi Greek Interconnection, joins Greece’s IPTO and…
Court Upholds Order to Expand Oil and Gas Lease Sale in the Gulf of Mexico The 5th U.S. Circuit Court of Appeals in New Orleans has upheld a lower court’s order that the U.S. Administration should hold an expanded oil and gas lease sale in the Gulf of Mexico as initially intended but gave the…
Produce more Oil & Gas for Energy Transition in Nigeria to Thrive- Dr. Ekpenyong An oilwell control expert and Chief Executive Officer of Kenyon International, Dr. Victor Ekpenyong, says stakeholders in the oil industry must collaborate to produce more oil and gas, in order for the country to generate more revenue to aid smooth energy…
Harold Hamm Calls For Consistency in U.S. Oil and Gas Regulation Shale pioneer Harold Hamm, the founder of Continental Resources, has called for the uncertainty in U.S. oil and gas regulations to end so that the industry can have clearer advance plans on drilling and production operations. The current U.S. Administration’s policies regarding oil and…
Dangote Refinery to commence operation next month at 370,000 b/d The Dangote Refinery in Lagos will commence operation next month (October) with the refining of 370,000 barrels per day, b/d, of Automotive Gas Oil, AGO, or diesel and Aviation Turbine Kerosene, ATK, also known as jet fuel. Production of Premium Motor Spirit, popularly known as…
Netherlands and Nigeria to Partner on Wind Energy. There is indication that the governments of the Netherlands and Nigeria are in talks to take advantage of the newly created Ministry of Marine and Blues to boost energy by deployment of wind in Nigeria. Speaking at the ongoing Lagos Maritime Week, LMW, conference the Consul-General of…
