The International Energy Agency (IEA) has expressed concerns about possible gas supply challenges due to rising global consumption and ongoing geopolitical tensions as winter approaches. In its latest report, the IEA highlighted that industrial demand, particularly from Asia, is driving a significant increase in gas consumption. The agency predicts that global gas demand will rise […]Read More
As Nigerians continue to endure economic difficulties brought on by the rising petrol pump prices, oil workers and companies under the Ministry of Petroleum Resources have organised a prayer session, seeking divine assistance as the nation faces various challenges. The oil workers, under the banner of Petroleum Industry Christian Fellowship International (PICFI), gathered at a […]Read More
Nigeria is advancing with a new policy framework aimed at revitalising its natural gas sector, seeking to attract up to $10 billion in investment. The proposed measures offer tax incentives to entice both local and international investors to tap into the country’s deep-water gas reserves. The framework, already approved by the Federal Executive Council, is […]Read More
The Nigerian government has initiated discussions with Libya on the construction of a gas pipeline connecting the two nations. This was revealed by Nigeria’s Minister of Petroleum (Gas), Ekperikpe Ekpo, during a meeting with Libya’s Oil Minister, Dr. Khalifa AbduAlsadik, at the Gastech Exhibition and Conference 2024 in Houston, USA. Ekpo indicated that the proposed […]Read More
Oilprice.com Oil prices have held steady week on week despite a significant inventory build in U.S. crude two weeks ago, which was countered by a draw in U.S. crude stockpiles for the week ending April 19th. Next to this, traders have become less concerned about a potential supply disruption in the Middle East. The crude inventory build at the […]Read More
In a resolute statement, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has affirmed its unwavering dedication to conducting the 2024 closed bids with utmost transparency and fairness. Emphasising the legality of this move under Section 73(1) of the Petroleum Industry Act (PIA), Engr. Gbenga Komolafe, the Chief Executive of NUPRC, underscored the importance of a […]Read More
Global demand for liquefied natural gas (LNG) is forecasted to skyrocket by 50 percent by 2040, primarily propelled by burgeoning consumption in Asia, according to insights unveiled by Shell on Wednesday. Last year witnessed a slight uptick in global LNG trade, reaching 404 million tons compared to 397 million tons in 2022, as revealed in […]Read More
Russia is set to reduce its oil exports from seaports in the coming month by an estimated 100,000 to 200,000 barrels per day compared to December levels, as indicated by industry insiders familiar with Russia’s export strategies. According to anonymous sources cited by Reuters, the decision to scale back is attributed to increased throughput at […]Read More
Nigeria’s Minister of State for Petroleum Resources (Gas) Ekperikpe Ekpo has announced that the Nigeria-Morocco Gas Pipeline project is expected to begin construction in 2024. The ambitious project, which aims to connect Nigeria’s vast gas reserves to the European market, is a significant step towards boosting Africa’s energy security and economic development. Ekpo made the […]Read More
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