Crude Oil Prices Hit Three-Week High Amid Supply Tightness, Sanctions

Crude oil prices surged to a three-week high earlier today, driven by the latest U.S. oil inventory data from the American Petroleum Institute (API) and expectations of a tighter market due to Washington’s intensified sanctions on Iran and Venezuela. At the time of writing, Brent crude was trading at $73.13 per barrel, while West Texas […]Read More

Record-Breaking Annual Growth in Renewable Power Capacity 

With 585 GW of capacity additions, renewables accounted for over 90% of total power expansion globally in 2024.    Renewable Capacity Statistics 2025 released by the International Renewable Energy Agency (IRENA) today shows a massive increase in renewable power capacity during 2024, reaching 4 448 gigawatts (GW). The 585 GW addition last year indicates a 92.5% […]Read More

NSIA, SEforALL, Others Create $500M Fund For Renewable Energy Projects

The Nigeria Sovereign Investment Authority (NSIA), Sustainable Energy for All (SEforALL), the International Solar Alliance (ISA), and Africa50 have launched a $500 million fund to develop and finance distributed renewable energy (DRE) projects in Nigeria. The partners revealed in a statement seen by EnergyPlanets that the NSIA, SEforALL and Africa50 signed the Fund’s Heads of […]Read More

Renaissance Energy Completes Acquisition Of SPDC

Renaissance Africa Energy has completed the “acquisition of the entire (100%)” equity holding in Shell Petroleum Development Company of Nigeria (SPDC). This is according to a statement on Thursday by the spokesman of Renaissance Africa Energy Holdings Tony Okonedo who said the acquisition was completed on the same day. Renaissance Purchase agreement with SPDC “This […]Read More

Seplat Energy’s Operating Profit Grows to N647.9bn in 2024FY

… Achieves 11 million Hours Without Lost Time Injury Seplat Energy PLC, leading Nigerian independent energy Company listed on both the Nigerian Exchange and the London Stock Exchange, has announced its audited results for the twelve months ended 31 December 2024, with a strong operational and strategic progress in 2024 culminating with the transformational acquisition […]Read More

IPPG Highlights Bold Future For Nigeria’s Energy Sector

The Independent Petroleum Producers Group (IPPG) has lauded President Bola Tinubu for his bold policy reforms and visionary leadership in revitalising Nigeria’s energy sector. HIGHLIGHT At the 8th Nigeria International Energy Summit (NIES 2025) opening ceremony, Abdulrazaq Isa, IPPG Chairman, highlighted the administration’s role in driving industry advancements, restoring investor confidence, and positioning Nigeria as […]Read More

FG Reveals N4 Trillion Debt to GenCos, DisCos

The Nigerian Federal Government (FG) has disclosed that it owes electricity generation companies (GenCos) and distribution companies (DisCos) over N4 trillion in debt. Adebayo Adelabu, the Minister of Power, made this revelation during the recent public presentation of the National Integrated Electricity Policy (NIEP) and Nigeria Integrated Resource Plan (NIRP) in Abuja. Adelabu explained that […]Read More

IPMAN Threatens Nationwide Strike Over N100bn Unpaid Bridging Claims, Petrol

Nigerians may face petrol shortages in the coming days as the Independent Petroleum Marketers Association of Nigeria (IPMAN) has threatened a nationwide strike over unpaid bridging claims amounting to N100 billion. The association announced this plan during a press briefing in Abuja on Monday, issuing a seven-day ultimatum to the Nigerian Midstream and Downstream Petroleum […]Read More

NMDPRA Bans 60,000-litre Fuel Tankers From Nigerian Roads March 1

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced a ban on 60,000-litre fuel tankers from operating on Nigerian roads, effective March 1, 2025 to mitigate truck-in-transit incidents. Speaking to journalists on Wednesday in Abuja, Ogbugo Ukoha, NMDPRA Executive Director, Distribution Systems, Storage, and Retailing Infrastructure, said the decision was made in response […]Read More

NNPC Denies Selling Substandard Fuel, Says PMS Sourced From Dangote

The Nigerian National Petroleum Company (NNPC) Ltd strongly refutes the false and misleading allegations made in a viral online video, which claims that NNPC fuel does not last.  In a statement on Saturday by its spokesperson, Olufemi Soneye, the NNPC said this assertion is baseless and entirely unfounded, originating from unverified and amateur research that […]Read More

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