Aramco Increases Dividend by 30% to $98 Billion Despite Profit Decline Saudi Arabia’s state-owned oil giant Aramco (2222.SE) has announced a significant increase in dividends, reaching $97.8 billion for the year, up 30% from the previous year, even as its net profit declined by 24.7% to $121.3 billion in 2023. The decrease in profit was…
Shell Urged to Ensure Safe Decommissioning of Assets Before Nigeria Exit A recent report on the environmental impact of multinational companies has called on Shell (SHEL.L) to safely dismantle its old infrastructure or bear the cost of removal from the Niger Delta before exiting Nigeria’s oil and gas sector. Shell’s planned exit from Nigeria’s onshore…
HEOSL Urges Focus on Quality Research & Development for Sustainable Growth in African Oil and Gas Industry Ado Oseragbaje, the CEO of Heritage Operational Services Limited (HEOSL), leading operator of OML 30 on behalf of NNPC Exploration and Production Limited (NEPL) and Shoreline Natural Resources Limited (SNRL), has called for a concerted effort towards high-quality…
Shell Completes Supply of 475,000 Crude to Port Harcourt Refinery The Shell Petroleum Development Company of Nigeria Limited (SPDC) has completed the supply of over 475,000 barrels of crude oil to the Port Harcourt Refining Company Limited (PHRC) from the Bonny Oil and Gas Terminal, a joint venture as set operated by SPDC. This energy…
CBN to Sanction MFBs, PMBs, DFIs for Late Regulatory Returns The Central Bank of Nigeria (CBN) is cracking down on late submissions of monthly reports from Microfinance Banks (MFBs), Primary Mortgage Banks (PMBs), and Development Finance Institutions (DFIs). In letters addressed to each institution type, the CBN expressed disappointment with the “late and non-rendition of…
TWF 2nd Annual Assembly and Conference Question: Congratulations! TWF 2nd Annual Assembly and Conference (hybrid) has successfully drawn experts and officials from different countries to engage in both technical discussions, policy reviews and physical welding activities. From Nigeria to South Africa, Ethiopia to Ghana, Cameroon, Senegal, Liberia, Morocco, Mozambique, Gambia, Tunisia and other non-Africa countries…
NCDMB, NBS Hold Workshop for Oil Service Coys on Baseline Census Determined to gather credible data on the oil and gas industry, the Nigerian Content Development and Monitoring Board (NCDMB) has partnered with the National Bureau of Statistics (NBS) to hold a two-day sensitisation workshop for companies engaged in well and drilling services and petroleum…
SNEPCo MD, Elohor Aiboni wins Energy Personality Award Managing Director, Shell Nigeria Exploration and Production Company Limited (SNEPCo), Elohor Aboni has won the 2023 Energy Personality Award at the just-concluded 2024 edition of the Nigeria International Energy Summit in Abuja. Elohor recorded the highest number of online votes in that category from industry participants ahead of…
MEMAN Advocates for Denominating Downstream Supply Chain in Local Currency The Major Energies Marketers Association of Nigeria (MEMAN) has called for the dedolarization of transactions within the petroleum products distribution and supply chain due to the increasing complexities posed by fluctuations in the foreign exchange market. Mr. Clement Isong, the Executive Secretary of MEMAN, conveyed…
President Tinubu Enacts Suspension of Rural Electrification Agency Managing Director and Team Following an extensive investigation into the financial affairs of the Rural Electrification Agency (REA), President Bola Tinubu has sanctioned the indefinite suspension of the Managing Director/CEO of REA, Ahmad Salihijo Ahmad, and three Executive Directors: Olaniyi Alaba Netufo — Executive Director, Corporate Services…