Russia’s Gazprom Group, a state-controlled energy giant, has disclosed its first annual net loss in 23 years, signaling a significant shift in financial performance attributed to dwindling gas shipments to Europe and pricing pressures. In the wake of restricted gas flows to Europe, historically Gazprom’s primary market, and plummeting gas prices exacerbated by geopolitical tensions, […]Read More
Saudi Aramco is the biggest investor in artificial intelligence in the oil industry. The fact was recently revealed in a report by GlobalData, which also showed the Saudi state major was investing heavily in all sorts of cutting-edge technology. Because this is where competition will be in the future. Saudi Aramco spent $3.5 billion on […]Read More
The Nigerian National Petroleum Company (NNPC) Limited, Exploration and Production Ltd/Seplat Energy Joint Venture and the Edo State Government have signed an agreement that will see the State Government allocate 6,000 hectares of land from its protected forest reserves to enable a large-scale tree planting initiative by Seplat Energy Plc. This is in furtherance to […]Read More
The Major Energies Marketers Association of Nigeria (MEMAN) has started the supply of 300 million litres of premium motor spirit, also known as petrol, to its members to cushion the effect of fuel scarcity, leading to queues at various fuel stations across the country. According to the Association, its members in Apapa and other locations […]Read More
The Management of the Nigerian National Petroleum Company (NNPC) Limited has said that the rehabilitation of the Kaduna Refining and Petrochemicals Company (KRPC) will be completed by the end of 2024 after years of being shut down due to lack of maintenance. Mustafa Sugungun, Managing Director of KRPC, made this known on Monday during an […]Read More
Although the beginning of the year offered mixed signals for the global economy, US markets today continue to experience positivity. Prices for general markets witnessed an uptrend in late February, followed by a continuation in March and a reversal in April. Fueled by buyer sentiment, the S&P 500 index notched its best first quarterly performance […]Read More
TotalEnergies has seen its first-quarter adjusted net income drop by 22% from a year ago, but the French supermajor’s adjusted earnings beat the consensus estimate. Stable oil prices and healthy refining margins failed to fully offset a decline in natural gas prices, but helped TotalEnergies beat analyst forecasts as it reported Q1 earnings on Friday. […]Read More
Kano Electricity Distribution Company (Kano DisCo) has issued a statement refuting recent media reports suggesting the company is under the control of banks or the Asset Management Corporation of Nigeria (AMCON). Sani Sani, Kano DisCos’s head of corporate communication clarified that since November 2023, Future Energies Africa (FEA) Limited acquired a 60 percent controlling stake […]Read More
The Nigerian National Petroleum Company (NNPC) Limited has announced the signing of an agreement with African Refinery for a share subscription agreement with Port-Harcourt Refinery. According to the state-owned oil company, the agreement will see the co-location of a 100,000 barrels per day (bpd) refinery within the Port-Harcourt Refinery complex. This was made known in […]Read More
The Federal Government has revoked 924 dormant licences spanning exploration, mining, small-scale mining, and quarrying. Dele Alake, Minister of Solid Minerals Development, announced the revocation at a press conference on Wednesday. According to him, this is done in furtherance of efforts to sanitise Nigeria’s mining sector. He declared that in line with constitutional provisions, adequate […]Read More
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