Venezuela Receives Its Second Fuel Aid Shipment From Eni According to a report from Bloomberg, Venezuela has already received a second supply of petroleum for the Italian supermajor Eni in the past month. The consignment contained 351,000 barrels. The shipment is fuel aid for the country, which cannot produce enough gasoline and diesel to cover…
Shell Companies Paid $1.36Bn To Federal Government As Taxes and Royalties in 2022 Shell companies namely Shell Petroleum Development Company (SPDC) and Shell Nigeria Exploration and Production Company (SNEPCO ) paid $1.36 billion as corporate taxes and royalties to the Federal Government of Nigeria in the fiscal year 2022, according to Shell Briefing Note 2023….
Oando Set to Participate as Lead Sponsor of Africa Oil Week (AOW) 2023 Oando PLC, Africa’s leading indigenous energy solutions provider, is set to participate as a lead sponsor at one of the continent’s leading energy conferences, Africa Oil Week, scheduled to be held in Cape Town, South Africa, from October 9 – 13, 2023….
Nigeria: Govt LPG Penetration Agenda Faces Challenges as Price Soars As the push towards energy transition intensifies, gas has become a critical energy resource. Nigeria has an estimated 209 trillion cubic feet (TCF) of proven gas reserves, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). Realizing the critical role of gas in this era,…
Oil Prices Show Modest Rebound as OPEC+ Holds Firm on Output Cuts Oil prices experienced a modest uptick during early trading, partially recovering from significant losses in the previous session. This rebound followed a decision by an OPEC+ panel to maintain oil output cuts, aiming to keep the supply tight amid concerns about a potential…
TCN Warns Nigerians not to Expect Grid Stability after Vandalising Installations The Transmission Company of Nigeria (TCN) has warned Nigerians that they should not expect a stable electricity grid after vandalising the company’s installations. The caveat for forgoing a stable grid was contained in the TCN Twitter handle, which noted that the spate of stripping…
Nigerian Shippers’ Council Decries Depreciation of Naira The Nigerian Shippers’ Council (NSC) has decried the sharp fall of the naira, saying the sure way to strengthen the currency is to focus on exports, especially of non-oil commodities. NSC Executive Secretary, Emmanuel Jime, stated this in Benin City at a one-day enlightenment seminar on ‘Best practices…
New Study Claims Europe Could Wean itself off Fossil Fuels With $2.1 Trillion A study commissioned by a low-carbon investment company has claimed Europe can wean itself off oil, gas, and coal and go full wind and solar for a total price of some $2.1 trillion, equal to 2 trillion euros. According to the authors,…
TotalEnergies and Borealis start up Baystar JV Polyethylene unit TotalEnergies and Borealis celebrate the start-up of their Baystar joint venture’s new 625,000 metric ton-per-year Borstar® polyethylene (PE) unit, which more than doubles the current production capacity at Baystar’s site in Bayport, Texas. The new USD 1.4 billion unit completes the partners’ integrated petrochemicals venture, which…
Oil Prices Slide amidst Strong Dollar and Profit-Taking by Traders In early Asian trading on Tuesday, oil prices experienced a decline due to the strengthening U.S. dollar and profit-taking by traders, following a period of substantial gains in the last quarter. Brent futures for December delivery dropped by 0.4%, or 34 cents, to reach $90.37…