G20 Leaders Agree to Tripling Renewable Energy Capacity by 2030, but Gaps Remain on Fossil Fuel Phase Out, Finances As part of their commitment to limiting the global warming to 1.5 degrees Celsius in line with the 2050 Net-Zero target, G20 leaders during a summit in New Delhi, India, in September, agreed to triple renewable…
France Mulls Extending Windfall Tax on Oil and Power Giants France is considering an extension of its windfall tax for oil and power companies into the New Year, according to French lawmaker Jean-Rene Cazeneuve, who shared the plan on X. The plan, hatched by the National Assembly’s finance committee, is part of a proposed amendment…
China September Crude Imports Rise from a Year Ago as Travel, Manufacturing Recover China’s crude oil imports in September grew nearly 14% from a year earlier, as refiners stepped up purchases ahead of the Golden Week travel period and manufacturing indicators improved. Shipments last month to the world’s biggest oil importer were 45.74 million metric…
AKK Gas Project: July/August 2024 Deadline Sacrosanct, Ekpo Tells Contractors Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, has charged contractors handling the 614 kilometer Ajaokuta, Kaduna, Kano (AKK) gas pipelines project not to default on the promised July/August 2024 completion deadline. The minister who toured the project on Thursday had expressed concerns over the…
Asian LNG Buyers Wait for War Premium in Natural Gas Markets to Fade Amid comfortable levels of inventories for this time of the year, Asian LNG buyers have been sitting on the sidelines of the spot market this week, hoping for the surge in natural gas prices after the Hamas attack on Israel to fade….
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…