OPEC+ Set to Accelerate Oil Output Hike for June amid Global Price Slump and Market Pressure Coalition of eight major OPEC+ producers is expected to approve an accelerated increase in oil production for June during an online meeting scheduled for Saturday, sources familiar with the discussions said, citing ongoing efforts to unwind earlier output cuts…
NCDMB Unveils Selection Criteria for Inaugural Nigerian Content Awards The Nigerian Content Development and Monitoring Board (NCDMB), in partnership with Sweetcrude Limited, has announced the detailed selection criteria for the inaugural Champions of Nigerian Content Awards, designed to honor outstanding contributions to local content development in Nigeria’s oil and gas sector. Scheduled for May 21,…
Safety First: NIPCO PLC Celebrates World Day for Safety and Health at Work with Unwavering Commitment” NIPCO PLC has restated its commitment to remain a shining example of safety excellence in the downstream sector of Nigeria’s hydrocarbon industry. On the occasion of the 2025 World Day for Safety and Health at Work, the company’s Managing…
Chevron meets Wall Street Profit Estimates but Cuts Buybacks in Q2 Chevron on Friday reported first-quarter earnings that met Wall Street estimates but said it would spend less on share repurchases in the current quarter, reflecting the shaky economic outlook faced by Big Oil. The company’s share repurchases this year could be between $11.5 billion…
African Mining Week (AMW) 2025 to Host Africa-Europe Mining Cooperation Dialogue …African Mining Week 2025 will spotlight high-value investment opportunities within Africa’s mining value chain, with a special focus on deepening Africa-Europe cooperation As home to 30% of the world’s critical minerals – resources essential to Europe’s Green Deal and broader energy transition goals –…
OPEC Plot Twist? Bloomberg Survey Shows Production Drop in April OPEC just pulled a plot twist. Instead of raising production as planned, the cartel’s April output dropped by 200,000 barrels per day (bpd) to 27.24 million bpd, according to a new Bloomberg survey published on Thursday. Half the decline came from Venezuela, where Chevron and…
Russia Slashes Energy Revenue Forecast by 24% as Oil Prices Dip Russia expects 24% lower revenues from oil and gas this year compared to earlier estimates, following the oil price crash that began in early April and sank the price of its flagship Urals crude close to the $50 per barrel mark. Russia now sees…
Aradel Reports N67.1 Billion Pre-Tax Profit Aradel Holdings Plc has released its financial statements for the quarter ended 31st March 2025, reporting a pre-tax profit of N67.1 billion. This reflects a 70.08 per cent increase compared to N39.4 billion recorded in Q1 2024, supported by stronger crude oil revenue. Total revenue for the quarter rose…
NNPC Sacks Refinery MDS, Others in Major Shake-up The National Petroleum Company Limited (NNPCL) has dismissed the managing directors of its three key refineries in Port Harcourt, Warri, and Kaduna, in a sweeping leadership overhaul aimed at reviving Nigeria’s underperforming refining sector and aligning operations with President Bola Tinubu’s energy reform agenda. Among those affected…
Egbin Power: Balancing core duties with corporate social responsibility By Oke Peter As the largest thermal power plant in Sub-Saharan Africa, Egbin Power has long been entrusted with the critical responsibility of generating electricity for Nigeria’s National Grid. Despite the intensity of this national assignment, the company has consistently maintained a strong presence in corporate…