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…
NDIC Returns N1.2bn to Depositors in Liquidated Microfinance Banks The Nigeria Deposit Insurance Corporation, NDIC, on Tuesday disclosed that it has refunded over N1.2 billion to about 34,000 depositors of 179 microfinance banks, whose licenses were recently revoked by the Central Bank of Nigeria, CBN. Managing Director and Chief Executive Officer of NDIC, Bello Hassan,…
Seplat Energy JV Concludes 2023 Edition of Seplat Energy PEARLs Quiz Seplat Energy Plc, leading Nigerian independent energy company, has concluded the 12th edition of Seplat Energy JV PEARLs Quiz, which is one of its signature educational Corporate Social Responsibility initiatives. Don Bosco Science Academy, Ekpoma, Edo State emerged winner, bagging the coveted prize of…
ENL Consortium, China’s Lianyungang Port Holding Sign Port Development Pact Nigeria’s leading terminal operator, ENL Consortium Nigeria Limited has signed an agreement with Chinese port operator, Lianyungang Port Holding Group Ltd, to deepen investment at the Lagos Port Complex Apapa and boost trade between both countries. ENL Consortium is the operator of Terminals C and…
Recent Oil Mega-Deals Show Hydrocarbons are here to Stay – Saudi Enery Minister Saudi Energy Minister Prince Abdulaziz bin Salman says that recent multi-billion dollar acquisitions by U.S. oil majors Exxon Mobil and Chevron of smaller rivals showed that hydrocarbons were “here to stay”. “Exxon, Chevron didn’t buy because they want to have stranded assets,”…
NCDMB Boss Warns Federal Government Against Altering Petroleum Industry Act The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Kesiye Wabote, has cautioned against making constant alterations to the structures established by the Petroleum Industry Act 2021, as it could erode investor confidence and hinder the progress of new projects…
Nigeria’s Decade of Gas will Support Global Energy Security – NLNG MD The Decade of Gas plan is the most comprehensive plan to restore efforts to fully harness Nigeria’s vast gas resources and ensure a reliable global supply of gas as a clean energy source and a major fuel in the energy transition mix, the…
