The U.S. Allocates $7 Billion of Grants to Hydrogen Production Hubs The U.S. Administration announced on Friday it had selected seven regional hubs for hydrogen production that would receive a total of $7 billion in grants to produce hydrogen, as part of President Biden’s goal to boost the clean hydrogen economy and decarbonize industries. Projects…
SPDC JV disburses N3.72 billon for community development under PIA as more Trusts are unveiled in Imo State The Shell Petroleum Development Company Ltd (SPDC) operated Joint Venture has disbursed a total of N3.72 billion and another $12.32 million for community development in compliance with the provisions of the Petroleum Industry Act (PIA,) even as…
CBN lifts forex ban on 43 items The Central Bank of Nigeria has lifted the ban on importers of 43 items restricted from accessing foreign exchange on its official platform. It disclosed this in a statement titled, ‘CBN restates commitment to boost liquidity in forex market’, signed by the Director, Corporate Communications, Isa AbdulMumin, on…
NUPRC grants first post-PIA exploration licence to TGS-PetroData Offshore The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has granted a Petroleum Exploration Licence (PEL) to TGS-PetroData Offshore Services Limited (TGS-PD), the first new licence issued under the Petroleum Industry Act (PIA) 2021. Chief executive of the commission, Gbenga Komolafe, who made this known in a statement…
Global Diesel Prices Soften as Inventories Edge Upward Global distillate fuel oil inventories remain much lower than normal for the time of year but there are signs they are no longer falling which has eased some of the upward pressure on prices. Distillates such as diesel, gasoil and heating oil are the primary fuels used…
Exxon Secures Lead in Top US Oilfield with $60 Billion Buy of Shale Rival Pioneer Exxon Mobil agreed to buy U.S. rival Pioneer Natural Resources in an all-stock deal valued at $59.5 billion that would make it the biggest producer in the largest U.S. oilfield and secure a decade of low-cost production. The deal, valued…
Saudi Aramco in Talks to Buy 10% Stake in Chinese Refiner Yulong Petrochemical Saudi Aramco is in talks to buy a 10% stake in Shandong Yulong Petrochemical Co, it said on Wednesday, a deal that would further boost the state oil giant’s investments in China. Shandon Yulong is building a refinery complex that can process…
Biggest Oil and Gas Sector Deals since Start of the Century U.S. energy major Exxon Mobil said it would acquire Pioneer Natural Resources in a deal valued at $59.5 billion to more than double the company’s presence in the Permian Basin, the largest shale play in the U.S. Once completed, it would be Exxon’s biggest…
Development of energy storage systems through batteries, hydrogen, others ‘ll enhance availability of renewable energy —Air Products MD Rob Richardson Rob Richardson is the Managing Director of Air Products South Africa (Pty) Ltd. He has managed a diverse business portfolio including air separation plant operations, Hydrogen separation systems and Carbon Dioxide production facilities, etc. Richardson…
Oil Tracks Global Equities Higher, IEA Demand Downgrade Weighs Oil prices rose about 1% on Thursday, reversing earlier falls, on expectations that U.S. interest rates had peaked, but a lower demand growth forecast for next year from the International Energy Agency and higher U.S. inventories limited further gains. Brent futures rose $1.01, or 1.20%, to…