OPEC Secretary General Hails Nigeria’s Leadership at NIES 2024 The 7th edition of the Nigeria International Energy Summit (NIES) witnessed a significant address from the Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al Ghais. His speech focused on Nigeria’s crucial role in the organization and the energy sector at large….
Nigeria’s President Tinubu Addresses Energy Challenges at NIES 2024 President Bola Tinubu of Nigeria delivered a keynote address at the 7th edition of the Nigeria International Energy Summit (NIES 2024), highlighting the crucial issues of energy security, the removal of petroleum subsidies, and the need for a just energy transition. Represented by the Minister of…
Gas Industry must tread the Right Path for Nigeria’s Economic Transformation- Ekpo In his Gas Industry Address, Minister of State for Petroleum Resources (Gas), Hon. Ekperikpe Ekpo, speaking at the opening ceremony of the 7th edition of Nigeria International Energy Summit (N.I.E.S 2024), called it a pivotal event that brings together key stakeholders in the…
Oil Prices Dip Despite Production Cut Hopes as Unexpected Inventory Build Emerges U.S. crude oil inventories unexpectedly surged, pushing oil prices lower despite anticipation of extended production cuts by OPEC+. The American Petroleum Institute (API) reported a significant rise of 8.428 million barrels for the week ending February 23, following a previous increase of 7.168…
Goldman Sachs Raises Brent Oil Summer Price Forecast to $87 per Barrel Oil prices are expected to rise this summer, according to Goldman Sachs, which has revised its forecast for Brent crude oil to $87 per barrel. This is $2 higher than their previous prediction and is due to faster-than-anticipated declines in oil inventories on…
OPEC+ Expected to Extend Oil Production Cuts into Next Quarter OPEC+ is anticipated to prolong its current oil production cuts into the next quarter to prevent a surplus and bolster prices. Saudi Arabia and its partners are set to decide early next month whether to extend approximately 2 million barrels per day (MMbpd) of curbs…
Federal Government Expects 2 Million Litres of Petrol from Port-Harcourt Refinery, Minister Reveals The Federal Government has announced that the Port-Harcourt refinery is set to commence operations, producing two million litres of Premium Motor Spirit (PMS) and 2.2 million litres of diesel daily. This disclosure was made by the Minister of State for Labour and…
Petrol Importation Sees 3.29% Drop in 2023, NBS Reports The National Bureau of Statistics (NBS) has released its “First Half 2023 Petroleum Products Report,” revealing a 3.29% decrease in the importation of Premium Motor Spirit (PMS) compared to the same period in 2022. According to the report, the volume of PMS imported in the first…
Shell deploys first unmanned vessel for pipeline route survey in Nigeria The Shell Petroleum Development Company of Nigeria Ltd (SPDC) has deployed an Uncrewed Surface Vessel (USV) for a pipeline route survey in the Niger Delta. The USV innovation saves time and cost and reduces exposure to personnel and the environment. Last month, the remotely…
Shell Expands Use of Nigerian Companies in Oil and Gas Operations Shell’s commitment to “Nigerian content” has resulted in increased involvement of indigenous companies in key oil and gas projects both onshore and offshore. Local contractors have successfully implemented innovative technologies like automated tank cleaning at the Bonny Terminal, while locally manufactured components like stud…