ES NCDMB Warns Against Tinkering with the Petroleum Industry Act The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Kesiye Wabote has advised that making unending changes to the structures set up by Petroleum Industry Act 2021 could kill the confidence of investors and stall new projects in the oil…
Full Market Deregulation will Eliminate Significant Inefficiencies in Energy Supply- Farouk In his Keynote Speech at the Oil Trading and Logistics (OTL), Africa Week 2023 conference currently ongoing in Lagos, the Authority Chief Executive of Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Engr. Ahmed Farouk, made it known to delegates and participants that OTL…
Nigeria to End Gas Flaring By 2030, Slash Methane Emissions To 60% by 2031 – IEA The International Energy Agency (IEA) has said that Nigeria plans to end gas flaring by 2030 and slash methane emissions to 60% by 2031. This was stated in the October 2023 Imperative of Cutting Methane from Fossil Fuels report…
Oil and Gas Demand will Peak before 2030 – Mckinsey Global management consulting company, McKinsey and Company has said that fossil fuel (oil and gas) demand will peak before 2030. They stated this in their October 2023 Global Energy Perspectives report. According to the report, total demand for fossil fuels is projected to peak by…
OTL gives Opportunity to Forge New Partnerships, Showcase Brands, Align Operations to Suit Emerging Industry Dynamics- Oyebanji “This year’s event welcomes a strong presence of the industry, understandably so in these blended times of great flux, uncertainty and opportunity. As we are all aware, the ongoing conflicts in Eastern Europe and the Middle East continue…
Nigeria targets 1.7mbd oil production, $74/b price for 2024 Nigeria plans 1.78 million barrels per day, mbd, oil production and oil price benchmark of $73.96 per barrels for its 2024 spendings. This is a recent Federal Executive Council decision as announced by the minister for budget and economic planning, Atiku Bagudu, in Abuja. Overall, the…
Oil Prices Regain Stability after a Hugely Volatile Week Crude oil prices began trading relatively flat on Monday after a hugely volatile week in which both WTI and Brent saw two significant drops before a massive rally on Friday. In morning trade in Asia, Brent crude and West Texas Intermediate were trading at a slight…
NCDMB’s Maintains Excellence Streak, Retains Top Position in Efficiency, Transparency The Nigerian Content Development and Monitoring Board (NCDMB) has continued its streak of excellence in the delivery of its mandate as it has retained its position as the best Federal Agency in transparency and efficiency in business. In the 2023 Half Year Executive Order 001…
SHELL PHOTOSTORY: President Bola Ahmed Tinubu Visits Shell Stand The 29th Nigeria Economic Sumit In Abuja
Oil, Gas Prices Drop as Investors Watch Diplomatic Moves in Israel-Hamas War Oil and natural gas prices fell on Monday as investors continue to watch diplomatic moves to stem the tide of war between Israel and Palestine militia group, Hamas. Hamas recently attacked Israel in a dramatic fashion, firing about 5,000 missiles into the country,…