Shell Flags Q4 Write-down of $4.5bn, Mainly on Singapore Assets Shell (SHEL.L) on Monday flagged impairment charges of about $2.5 billion to $4.5 billion for the fourth quarter, mainly related to the Singapore refining and chemicals hub the oil major is looking to sell. The assets include a 237,000 barrels per day (bpd) refinery and…
Nigeria Central Bank Pays Nearly $2bn towards FX Backlog Nigeria’s central bank has paid nearly $2 billion in outstanding foreign exchange forwards in the last three months in a bid to clear a backlog of dollars, a spokesperson has said, but forex shortages continue to hobble the country’s naira currency. Africa’s biggest economy has nearly…
HYPREP says it is Committed to Timely Implementation of UNEP Report for Ogoni The Hydrocarbon Pollution Remediation Project, HYPREP, has assured that all the projects being carried out in Ogoniland as part of the implementation of UNEP Report, will be completed within stated timeframes, and deployed for benefit of the Ogoni public. These projects are,…
Tinubu receives two Hi-Tech unmanned vessels from US for Oil Theft Minister of State for Defence, Bello Matawalle has presented two Hi-Tech unmanned water vessel to President Bola Tinubu. The two unmanned ships were donation by Swift Ship Company in United States to Nigerian government. The Director of Press and Public Relations in the Ministry…
FG says CNG Production Plant Underway The Minister of State, Petroleum Resources (Gas) Ekperikpe Ekpo has said that days of scarce and costly cooking gas were numbered as plans were afoot to establish many Compressed Natural Gas (CNG) production plants. This comes as the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) through its Midstream…
2023: Energy Sector was a Challenge Since the discovery of oil six decades ago, the Petroleum Industry Act (PIA) was one of the legacies projects the Buhari administration did before leaving office in May 2003, including establishment of Nigerian National Petroleum Company Limited (NNPCL) and regulatory authorities. There was also the Host Community Trust Fund….
Insecurity: Pirates kidnap ship crew in Gulf of Guinea The crew of a tanker ship have been kidnapped off the southern coast of Cameroon in the Gulf of Guinea, security firm Dryad Global said. The Master and Chief Engineer of the ship were reportedly abducted by pirates in the region on New Year’s Day. Details…
Oil Wells: Rivers, Bayelsa to Settle Out-Of-Court Rivers State Governor, Sir Siminalayi Fubara, and the Bayelsa State counterpart, Senator Douye Diri, have agreed to work together to achieve out-of-court settlement on issues concerning property jointly owned by both states, particularly the Soku oil wells. For over two decades, Rivers and Bayelsa have been at loggerheads…
African Energy Chamber (AEC) Endorses Libya Energy & Economic Summit 2024 …The Libya Energy & Economic Summit 2024 takes place under the theme ‘A New Libya: Built on Energy’, from 13 – 14 January, 2024 at the Rixos Convention Centre in Tripoli Libya is making significant strides towards unlocking the full potential of its oil…
Nuclear Fusion: Korea’s “Artificial Sun” receives Upgrade to Resist Temperatures There has been a significant progress in nuclear fusion following an upgrade of Korea’s “Artificial Sun”. This upgrade will enable it to hold out against temperatures six times above the centre of the sun. According to NASA, the sun temperature varies from around 27 million…