Nigerian Oil Production Gets a 14,000 Barrel Boost with Akpo West Field Launch Nigeria’s national oil company, NNPC Ltd, celebrated a significant milestone today with the commencement of oil production from the Akpo West Field. This achievement adds 14,000 barrels of condensate per day to the nation’s output, fulfilling President Tinubu’s call to optimize oil…
OPEC+ Considers Extending Oil Production Cuts Through Q2 2024 Decision expected in early March amid concerns about slowing demand and potential surplus. Key points: OPEC+ to decide in March whether to extend current oil production cuts into the second quarter of 2024. Cuts currently total 1.9 million barrels per day (bpd), led by Saudi Arabia’s…
NIES 2024 Convenes Global Energy Leaders to Address Security, Transition, and Finance Challenges The upcoming Nigeria International Energy Summit (NIES) 2024, scheduled for February 26 to March 1, 2024, at the International Conference Centre (ICC) in Abuja, Nigeria, has unveiled an impressive lineup of speakers. The summit promises to be a landmark event, bringing together…
NCDMB and Chevron Forge Partnership for Faster Oil Project Approvals and Increased Production Key Points: NCDMB vows to expedite approvals for oil and gas projects through technical working groups with companies. Collaboration and open communication prioritized to create a win-win situation and minimize conflicts. Focus on competitive production costs and attracting investments to boost national…
Ekpo Lauds NNPC/SPDC JV Partners for Final Investment Decision on Iseni Gas Project The Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, has expressed commendation for the Final Investment Decision (FID) made by Shell Petroleum Development Company (SPDC) and its joint venture partners on the Iseni Project. This decision, according to Ekpo, marks a significant…
Nigeria Grapples with Crippling Power Outages as Grid Crashes to 305MW: Minister Vows Swift Action Nigeria plunged into darkness on Sunday, February 4th, as the national power grid suffered a catastrophic collapse, with generation plummeting from 2,658.75MW at 11:00 am to a mere 305MW by 3:00 pm. This unprecedented event left millions of Nigerians grappling…
Chevron Surges with Record Cash Returns and Oil Production Despite Profit Dip Houston, Texas – February 3, 2024 – Chevron capped off a banner year with record cash returned to shareholders and oil & gas production, despite a slight dip in reported earnings for the fourth quarter of 2023. The energy giant outperformed analyst expectations,…
Import Costs Skyrocket in Nigeria as CBN Hikes Duty Rate by 43% Lagos, Nigeria – February 3, 2024 – Nigerian businesses and consumers brace for a significant blow as the Central Bank of Nigeria (CBN) unexpectedly raises the import duty rate by a staggering 43%. This move, effective immediately, threatens to further cripple the already…
CISLAC Urges Bold Tax Reforms as Nigeria Grapples with Revenue Strain In the face of a noticeable decline in federal funding for vital economic sectors, the Civil Society Legislative Advocacy Centre (CISLAC) is pushing for comprehensive tax reforms to compel affluent individuals and organizations to contribute more to Nigeria’s national revenue. Speaking passionately at a…