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
With 585 GW of capacity additions, renewables accounted for over 90% of total power expansion globally in 2024. Â Â 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
The shutdown of Shell’s 147,000 barrels per day Wesseling refinery, coupled with a power unit failure at the Miro refinery, has intensified demand for oil product barges on the Rhine this week. However, low water levels have significantly increased freight rates. Heating oil prices in the Cologne region have been on the rise since mid-March, […]Read More
Dangote refinery is repositioning to sustain production capacity and process over 100 various types of crude oil despite shortage of Nigerian crude oil. The President/Chief Executive, Dangote Industries Limited, Aliko Dangote, spoke on this when he received a delegation of Harvard Kennedy School scholars. He said the ingenuity involved in constructing a world-class refinery, which […]Read More
The Minister of State for Petroleum Resources, Senator Heineken Lokpobiri on Wednesday March 12, 2025, toured the TotalEnergies’ offshore fields of Ofon and Egina as part of a one-day familiarization visit. Lokpobiri’s remarks The visit was intended to intimate the Minister with TotalEnergies’ investment plans, ongoing projects and challenges faced by the company in the […]Read More
The China National Offshore Oil Company (CNOOC), a state-controlled entity, is preparing to inaugurate a refinery and petrochemical complex later this year after a significant $2.74-billion upgrade, as reported by Reuters on Tuesday, citing industry insiders. The revamped joint venture complex, located on Daxie Island in Ningbo, will include a new 120,000-barrels-per-day (bpd) crude unit. […]Read More
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that Nigeria’s technical potential for crude oil production stands at 2.24 million barrels per day (bpd), significantly higher than the current production quota of 1.75 million bpd. This announcement was made by Gbenga Komolafe, the Chief Executive of NUPRC, during the ongoing Nigeria International Energy Summit […]Read More
Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N890 to N825 per litre. This new pricing will take effect on February 27, 2025, marking the refinery’s second price cut this month. Earlier in the month, on February 1, the refinery had already […]Read More
The Independent Petroleum Group (IPPG) has praised the federal government for successfully concluding divestment deals by International Oil Companies (IOCs) in Nigeria. According to the IPPG, these divestments have significantly increased the activities of indigenous companies, which now contribute approximately 50% to the country’s total oil production. Abdulrazaq Isa, Chairman of the IPPG, made these […]Read More
The Africa Energy Bank (AEB) to be hosted in Nigeria is expected to take off officially by the first quarter of this year, the Minister of State for Petroleum Resources (Oil) said Tuesday. Senator Heineken Lokpobiri made this known while giving a keynote address at the ninth edition of the Sub-Saharan Africa International Petroleum Exhibition […]Read More
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