OPEC Cuts 2022, 2023 Oil Demand Growth View as Economy Slows OPEC on Wednesday cut its 2022 forecast for growth in world oil demand for a fourth time since April and also trimmed next year’s figure, citing slowing economies, the resurgence of China’s COVID-19 containment measures and high inflation. Oil demand will increase by 2.64…
FG Reconstitutes Committees to Reactivate $20bn Ogidigben Gas Project The Federal Government, Wednesday, commenced moves for the reactivation of the Ogidigben Gas Revolution Industrial Park, initially valued at about $20 billion, with the inauguration of a steering committee and a technical working group, comprising senior and chief executive officers of critical government agencies, a state…
Eni Starts Exporting Vegetable Oil for Biorefining from Kenya The first cargo of vegetable oil for biorefining produced by Eni in Kenya has left the port of Mombasa, on its way to Gela’s biorefinery. This marks the start of the transport and logistic system that will support the value chain in the country, starting with…
Africa should target symbiotic investors with upstream-focused business model to revive Industry – Ogbue Industry advocacy groups like OPTS could facilitate push of harmonized set of standards for ESG goals across continent. To attract investments, Africa should stay ahead of global average on percentage of CAPEX for ESG-compliant projects. Industry stakeholders across the continent gathered…
US fumes as OPEC+ slashes output by 2m barrels, analysts question motive The Organisation of Petroleum Exporting Countries and its allies have recently agreed to a drastic two million barrel per day reduction in oil output with authorities in the United States of America kicking against the decision. The cartel, also known as OPEC+ arrived…
NCDMB Begins Customer Service Week in Grand Style Delivering effective service to stakeholders of the Nigerian oil and gas industry is a key objective under the implementation of the Nigerian Content 10-year strategic roadmap, the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Kesiye Wabote has said. He stated this on Thursday,…
Fuel Queues: Don’t Panic, We Have Enough Supply In Stock NNPC Ltd wishes to inform the general public that it has sufficient stock of petroleum products and the public should not give in to panic buying. The current queue situation in some parts of Abuja and its environs is as a result of delays in…
Geregu Power Adds N250 Billion to NGX Market Capitalization The listing by introduction of Geregu Power Plc on the Main Board of The Nigerian Exchange Limited (NGX), today, added N250 billion to the market capitalization of the Exchange. NGX said in a statement that the listing has further boosted liquidity in the Nigerian capital market…
Seplat Energy’s Transition Priorities Excite Global Stakeholders Seplat Energy Plc, leading Nigerian energy company listed on the Nigerian Exchange and the London Stock Exchange, says that its energy transition priorities remain to end flaring, monetise gas, displace diesel and biomass with cleaner fuel, extend along power value chain and target smaller scale gas-to-power customers. Roger…
Lawan says Oil thieves are Enemies of Nigeria Ahmad Lawan, Senate President, has bemoaned and described perpetrators of oil theft in Nigeria as enemies of the state. The lawmaker said this on Friday during the presentation of the 2023 budget proposal at the National Assembly. “Mr. President, I consider the oil thieves the worst enemies…