Nigeria’s oil production, a critical pillar of its economy, faces a significant threat as a dispute between the indigenous Nembe community and the oil firm Aiteo Eastern E&P Company Ltd. escalates. The conflict, centred in the Nembe Creek area, jeopardizes the daily production of approximately 150,000 barrels of crude oil, exacerbating concerns in a market […]Read More
The Nigerian National Petroleum Company (NNPC) Limited has refuted claims that it inflated subsidy by N3.3 trillion for Premium Motor Spirit, popularly known as petrol. On Monday, media reports surfaced about a forensic audit conducted by KPMG, a global accounting firm, which uncovered a significant discrepancy in the fuel subsidy claims made by the NNPC. According to reports, the […]Read More
The NNPC Engineering and Technical Company (NETCO), a subsidiary of the Nigerian National Petroleum Company Limited (NNPC Ltd), has reported a 137 percent increase in operating profits for 2023. This was made known by the Chairman of the company’s Board of Directors and Executive Vice President, Downstream, NNPC Limited, Adedapo Segun, at the Company’s 34th […]Read More
Authorities at Europe’s second largest port, Antwerp, said on Friday they closed a dock for traffic after detecting an oil spill that had occurred during a bunkering operation late on Thursday afternoon. The authorities are using drones to determine the extent of the oil leak and have already begun clean-up operations. A total of 20 ships have […]Read More
Brent crude was trading down well over 3% on Monday, marking the first time the global benchmark has been below $80 since February, with the U.S. crude benchmark down over 3.5% following the OPEC+ agreement to start phasing out voluntary cuts in October. On Monday at 11:54 a.m. ET, Brent crude was trading down 3.29% […]Read More
OPEC’s crude oil production rose by 145,000 barrels per day (bpd) in May compared to April, as Iraq continues to pump above its quota and boosted output alongside African producer Nigeria, the monthly Reuters survey showed on Tuesday. OPEC produced 26.63 million bpd in May, an increase of 145,000 bpd compared to April, according to the Reuters […]Read More
The Labour Union has caused a nationwide blackout by shutting down the national grid. This shutdown took place around 2:19 am today, June 3, 2024. The Transmission Company of Nigeria reported that at approximately 1:15 am, all personnel were removed from the control room of the Benin Transmission Operator, which operates under the Independent System […]Read More
The Nigerian National Petroleum Company (NNPC) Limited has signed a settlement agreement that facilitates the divestment of ExxonMobil’s stake in Mobil Producing Nigeria Unlimited (MPNU) to Seplat Energy Plc. This is two years after ExxonMobil announced its divestment plan, prompting a reaction from NNPC and leading to a legal dispute in February 2022. However, the […]Read More
Tony Elumelu, chairman of Transcorp Group, urged the Federal Government to pay off over N2 trillion, long-standing debt owed the Generating Companies (GenCos) which is stifling the power sector, among other issues. He also called for the privatisation of the Transmission Company of Nigeria (TCN), the only yet-to-be-privatised entity in Nigeria’s power chain – which […]Read More
Iran will soon launch 32 oil industry projects worth a total investment of $4.6 billion, Jawad Owji, Iranian Petroleum Minister, said on Wednesday. According to Iranian media, Owji said Iran has also begun work on 50 new oil projects worth over $50 billion. Since 2021, Iran has boosted its oil production by 60 percent, the […]Read More
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