OPEC+ Oil Supply Plunges By 1.2 Million bpd as Saudi Arabia Cuts Output Oil supply from the OPEC+ group dipped in July by 1.2 million barrels per day (bpd) to 50.7 million bpd, the lowest level in nearly two years as Saudi Arabia began its unilateral production cut of 1 million bpd, the International Energy…
Nigeria Records 296 Million boe in First Six Months of 2023 – Research Nigeria recorded 296 million barrels of oil equivalent (boe) in discovered volumes, in the first six months of this year, Rystad Energy research has shown. Nigeria trailed Guyana, which recorded 603 million boe and Turkey, which sits second with 380 million boe,…
Subsidy Removal: CNG As Alternative Fuel for Motorists For many years, petrol subsidy was an albatross to the Federal Government, as trillions of Naira was spent annually importing refined petroleum products into Nigeria. Between 2018 and 2022, petrol worth N13.588 trillion was imported into the country based on figures from the National Bureau of…
Seplat Energy Makes Profit of $63.7 million with 10.2 Percent Gas Revenue in First Half of 2023 Seplat Energy said in a recent breakdown on performance for its business operations that it has experienced a 10.2 per cent gas revenue, reaching $63.7 million in the first half of 2023 (compared to $57.8 million in the…
Equinor Gets Approval to Electrify LNG Export Project by 2030 Norway’s government has approved a project by energy major Equinor and its partners for the future operation of Snøhvit and Hammerfest LNG, including electrification of the plant from 2030. The government approval entails onshore compression from 2028 and electrification of the plant from 2030, Equinor…
Poland Restores Druzhba Oil Pipeline Flows after Leak The Druzhba oil pipeline from Russia to Europe has returned to full functionality after a leak was detected during the weekend that needed repairs, Poland’s pipeline operator PERN said on Tuesday. “PERN’s technical services restored full functionality of the damaged pipeline on Monday evening,” the pipeline operator…
Russia Anticipates $11 Billion Energy Revenue Boost Despite Embargos Russia is expecting extra oil and gas revenues to reach 1 trillion rubles, or $11 billion, in the last five months of the year despite sanctions, embargos, and price caps, two people with knowledge of the situation told Bloomberg. The Finance Ministry hopes to put the…
ConocoPhillips Agrees To Long-Term LNG Deal With Mexico ConocoPhillips has agreed to a long-term LNG deal from a $15 billion export terminal that is being built in Puerto Libertad, Sonora, Mexico, according to a press release. The free on-board basis deal with span 20 years, with Conoco committing to purchasing 2.2 million tons per year…
TotalEnergies & others to Invest in Zhero Europe’s Green Energy Expansion TotalEnergies, Baker Hughes, Technip Energies, Azimut (through the fund Azimut ELTIF – Infrastructure & Real Assets ESG) and other investors have signed preliminary agreement to invest in Zhero Europe in order to develop large scale renewable energies projects in Europe and Africa spanning across…
Energy Access will be Biggest Driver of Social, Economic Development in Africa – Seplat Energy CEO Access to affordable, reliable and sustainable energy is crucial if Africa is to achieve all 17 United Nations Sustainable Development Goals (SDGs), and energy access will be the biggest driver of social and economic development in Africa going forward,…
