Goldman Sachs Raises Brent Oil Summer Price Forecast to $87 per Barrel Oil prices are expected to rise this summer, according to Goldman Sachs, which has revised its forecast for Brent crude oil to $87 per barrel. This is $2 higher than their previous prediction and is due to faster-than-anticipated declines in oil inventories on…
OPEC+ Expected to Extend Oil Production Cuts into Next Quarter OPEC+ is anticipated to prolong its current oil production cuts into the next quarter to prevent a surplus and bolster prices. Saudi Arabia and its partners are set to decide early next month whether to extend approximately 2 million barrels per day (MMbpd) of curbs…
Federal Government Expects 2 Million Litres of Petrol from Port-Harcourt Refinery, Minister Reveals The Federal Government has announced that the Port-Harcourt refinery is set to commence operations, producing two million litres of Premium Motor Spirit (PMS) and 2.2 million litres of diesel daily. This disclosure was made by the Minister of State for Labour and…
Petrol Importation Sees 3.29% Drop in 2023, NBS Reports The National Bureau of Statistics (NBS) has released its “First Half 2023 Petroleum Products Report,” revealing a 3.29% decrease in the importation of Premium Motor Spirit (PMS) compared to the same period in 2022. According to the report, the volume of PMS imported in the first…
Shell deploys first unmanned vessel for pipeline route survey in Nigeria The Shell Petroleum Development Company of Nigeria Ltd (SPDC) has deployed an Uncrewed Surface Vessel (USV) for a pipeline route survey in the Niger Delta. The USV innovation saves time and cost and reduces exposure to personnel and the environment. Last month, the remotely…
Shell Expands Use of Nigerian Companies in Oil and Gas Operations Shell’s commitment to “Nigerian content” has resulted in increased involvement of indigenous companies in key oil and gas projects both onshore and offshore. Local contractors have successfully implemented innovative technologies like automated tank cleaning at the Bonny Terminal, while locally manufactured components like stud…
How Batoil Has Enriched the Oil &Gas Sector through Local Content Delivery Committed to offering quality ser- vices delivery to Oil, Gas, Power and Infrastructure sectors of the economy within Nigeria and the African coun- tries at large, Batoil Services Nigeria Limited has been championing Local Content Delivery against all odds. From Hydrography to Offshore…
Cooking Gas Exports Halted in Nigeria – Government Aims to Curb Price Surge In a bid to tackle the scarcity and rising price of cooking gas (LPG) in Nigeria, the federal government has announced a ban on the export of the product. This decision, revealed by Minister of State, Petroleum Resources, Ekperikpe Ekpo, was made…
EU Deploys Naval Force to Secure Red Sea Shipping Amid Houthi Attacks Responding to threats to vital maritime trade routes, the European Union has launched a new naval mission, “Eunavfor Aspides,” to protect shipping in the Red Sea. This follows a series of attacks by Iranian-backed Houthi rebels targeting international vessels in support of the…
Minister Pledges Intervention in N42 Billion Electricity Debt Owed by Army Power Minister Adebayo Adelabu has committed to engaging with Distribution Companies (DisCos) on restructuring the N42 billion electricity debt owed by the Nigerian Army. This assurance came during a meeting with the Chief of Army Staff, Lt. General Taoreed Abiodun Lagbaja, who raised concerns…
