Big Oil: Good Times Set to Roll on after Record 2022 Profits The West’s top energy firms are expected to rake in a combined record profit of $200 billion from a turbulent 2022 marked by huge volatility in oil and gas prices after Russia’s invasion of Ukraine with buoyant earnings likely to roll through 2023….
Power Generation Drops to 2,200MW At 14:00 hours on Tuesday, power generation dropped to 2,200MW from 3,553MW. Only 10 out of 24 power plants generated the 2,200MW, according to the Independent System Operator of the Transmission Company of Nigeria (TCN) in its document titled: “List of GenCos and their MW Load at 14:00hours on 17/01/2023.” It implies a…
Davos 2023: Global Recession Seen Likely in 2023 -WEF Survey Two-thirds of private and public sector chief economists surveyed by the World Economic Forum (WEF) expect a global recession in 2023, the Davos-organiser said on Monday as business and government leaders gathered for its annual meeting. Some 18% considered a world recession “extremely likely” –…
Leading the Global Charge towards Gender Equality in the African Mining Industry Top women in the mining industry will be at the forefront of the speaker list and discussions at the upcoming Investing in African Mining Indaba. The 2023 programme will see an exciting line-up of over 50 female speakers from around the world, including the President…
Nigeria Inflation Dropped 21.34% in December 2022 Nigeria’s inflation decelerated to 21.34 per cent in December 2022, the first drop in more than nine months. This was revealed in the inflation report released by the National Bureau of Statistics on Monday. The development comes amidst the Central Bank of Nigeria’s Monetary Policy Rate hike to 16.5…
Russian Oil Shipped to Asia in Chinese Supertankers At least four Chinese-owned supertankers are shipping Russian Urals crude to China, according to trading sources and tracking data, as Moscow seeks vessels for exports after a G7 oil price cap restricted the use of Western cargo services and insurance. China, the world’s top oil importer, has…
NUPRC Begins Deep Offshore Oil Blocks’ Mini-Bid Round The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the commencement of the 2022 deep offshore mini-bid round, promising that the process would be transparent and competitive. The Seven blocks on offer, are Blocks PPL-300-DO, PPL-301-DO and PPL-302-DO are located in the Nigerian Transform Margin area. Blocks…
Somaliland Announces First Oil Discovery Oil has been discovered in the Sallahey region of Somaliland, according to the country’s Ministry of Energy and Mineral Resources. In a statement issued on Facebook, the ministry revealed that the discovery was made after the black liquid was spilled from a water well drilling site in the area and…
UAE Names ADNOC Chief Jaber as COP28 Climate Conference President The United Arab Emirates said on Thursday that Sultan al-Jaber, the head of state oil giant ADNOC, would act as president of the COP28 climate conference it is hosting this year. Jaber, also UAE’s minister of industry and technology and its climate envoy, will help…
Nigeria- New Commitment to Exterminate Gas Flare Nigeria is a gas-rich country with about 209 Trillion Cubic Feet (TCF) of gas reserves, according to figures from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) as of January 2022. The country ranks 9th in global gas production. While the country has been making efforts to deepen domestic…
