Sahara Group advocates market-based regime to develop gas sector in Africa Sahara Group, an international energy and infrastructure conglomerate, has urged African governments and regulators to adopt market-based regimes to stimulate the sustainable development of gas across the continent. The company noted that appropriate pricing of the commodity will enhance investment, increase production and consumption…
FG approves N5.9bn for Abuja Light Rail access roads The federal government has given its approval for the allocation of N5.9 billion to fund the access roads for the Abuja light rail system. The Minister of the Federal Capital Territory, Nyesom Wike, disclosed this to State House correspondents on Monday following the Federal Executive Council…
NNPC Retail Ltd Reiterates Commitment to Values of a Deregulated Downstream Sector NNPC Retail Limited, a subsidiary of NNPC Limited, has reiterated its commitment to a deregulated downstream sector and urged players in the sector to ensure customer service optimization. This statement was made by the Company’s Managing Director Mr. Huub Stokman at the recently…
Exxon Posts $9.1bn Net, Down From Year-Ago, Up 15% from 2Q Exxon Mobil Corp (XOM.N) on Friday posted a $9.1 billion third-quarter profit, an about 54% drop from record earnings a year ago but up from the prior quarter as oil prices recovered. Earnings at the largest U.S. oil producer have benefited from strong crude…
Oil Rises More Than $1 on Fears of Spread of Middle East Conflict Oil prices rose by over $1 on Friday as reports that the U.S military struck Iranian targets in Syria raised concerns of a widening of the Israel-Hamas conflict that could impact supply from the key Middle East producing region. Brent crude futures…
Trafigura’s Congo Partner Chemaf Could Seek Buyers amid Cash Crunch Chemaf SA, a miner and long time-partner of commodities trader Trafigura, is up for sale as it deals with a cash crunch, according to a document seen by Reuters on Thursday. The privately-owned copper and cobalt miner has asked for offers to wholly acquire the…
Chevron Reports Lower-Than-Expected Q3 Earnings Chevron Corporation (NYSE: CVX) reported on Friday lower-than-expected earnings for the third quarter, as international downstream weakness and maintenance at both the upstream and downstream operations weighed on profits. Chevron booked earnings of $6.5 billion, or $3.48 per diluted share, for the third quarter of 2023, compared with $11.2 billion,…
Exxon Misses Profit Forecast Despite Strong Refining Business Record refinery throughput and higher oil prices raised ExxonMobil’s (NYSE: XOM) earnings for the third quarter compared to the second quarter, but the profit missed Wall Street expectations anyway. Exxon reported on Friday earnings of $9.1 billion for the third quarter, compared with second-quarter earnings of $7.9…
Phillips 66 Books Q3 Profit Below Expectations U.S. refiner Phillips 66 (NYSE: PSX) reported on Friday adjusted earnings of $4.63 per share for the third quarter, missing analyst expectations despite stronger refining margins compared to the second quarter. Phillips 66, which also operates in the midstream and chemicals segments, reported adjusted earnings of $2.1 billion…
African Oil Producers Meet in Abuja, Chart Future for Industry The eighteen member countries of the African Petroleum Producers Organization (APPO), have attended the third edition of the Africa Local Content Roundtable to chart a pathway for sustainable development of local content and the oil and gas industry in the continent. According to a memo…