Dangote Refinery has addressed the recent claim by the Nigerian National Petroleum Company (NNPC) Limited regarding a $1 billion loan backed by crude, reportedly secured to support the refinery during liquidity challenges. In a statement signed by Anthony Chiejina, Group Chief Branding and Communications Officer of Dangote Group, Dangote Refinery refutes NNPC $1 billion loan […]Read More
The Chief Corporate Communications Officer of Nigerian National Petroleum Company Limited (NNPC Ltd), Olufemi Soneye, announced on Monday that the company secured a $1 billion crude-backed loan to address liquidity challenges at the Dangote Refinery. Speaking during an energy stakeholders’ engagement session in Abuja, Soneye highlighted NNPC’s commitment to fostering public-private partnerships to drive national […]Read More
President Bola Ahmed Tinubu has applauded Shell and its partners for announcing the Final Investment Decision (FID) on the Bonga North Deep Offshore Field, marking a pivotal milestone in Nigeria’s oil and gas sector. According to an official statement, this project—the country’s first deepwater oil venture in over a decade—reflects the transformative impact of the […]Read More
Russia’s state-owned oil company, Rosneft, has finalised a landmark agreement to supply nearly 500,000 barrels of crude oil daily to India’s Reliance Industries. This deal, reported by Reuters on Thursday, marks the largest oil supply partnership between the two nations. The 10-year contract, valued at approximately $13 billion annually at current market prices, will see […]Read More
The Kuwait Foreign Petroleum Exploration Company (KUFPEC) has announced plans to bid for additional oil and gas blocks offshore Indonesia and ramp up hydrocarbon exploration in the Natuna Sea. This was disclosed by the CEO of Kuwait’s state oil firm during an interview with Reuters on Monday. KUFPEC operates as an international upstream company, focusing […]Read More
Norwegian energy giant Equinor has officially exited the upstream oil and gas markets in Nigeria and Azerbaijan after completing asset sales worth $2 billion, the company announced on Monday. Equinor revealed it will receive $745 million from the sale of its portfolio in Azerbaijan and up to $1.2 billion for its Nigerian assets. The deals, […]Read More
Argentina’s Vaca Muerta shale play reached a new oil production record of 400,000 barrels per day in the third quarter and is on track to hit one million barrels per day by 2030, according to Rystad Energy’s latest analysis. That’s what Rystad stated in a release sent to Rigzone by the Rystad team recently, adding […]Read More
Lagos State Governor Babajide Sanwo-Olu has officially signed the Lagos Electricity Bill 2024 into law. This legislation represents a significant step towards the state government’s objective of delivering a 24-hour electricity supply across Lagos, marking a major advancement in its power sector reforms. The bill follows the 2023 decision by the Federal Government to grant […]Read More
Libya’s National Oil Corporation (NOC) has announced a new production record, reporting daily output of 1,386,030 barrels of crude oil and condensate, alongside 203,017 barrels of oil equivalent (boe) from gas. This brings the country’s total production to 1,589,047 barrels per day, marking a significant achievement for the oil-rich nation. The announcement coincides with stable […]Read More
The Nigerian National Petroleum Company (NNPC) Limited has addressed claims made by a community leader from Alesa, Rivers State, who alleged that the Port Harcourt refinery is not producing petrol. NNPC clarified that the refinery is currently operating at 90% capacity, producing Straight-Run gasoline (naphtha), which is blended into 1.4 million litres of Premium Motor […]Read More
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