Oil and gas stocks, along with banking stocks, were among the biggest losers on the Nigerian Exchange (NGX) for the week ending May 18, 2024. The NGX Oil/Gas Index, which monitors the performance of five oil and gas stocks—Conoil, MRS, Eterna Plc, Seplat Energy, and TotalEnergies—dropped by 6.49 percent, ending the week at 1,177.92 points, […]Read More

Aliko Dangote, President of Dangote Petroleum Refinery, announced that the refinery will provide refined products like petrol, diesel, and aviation fuel to both the Nigerian market and other African countries once it is fully operational. Speaking at the Africa CEO Forum in Kigali, Rwanda, on Friday, Dangote stated that the 650,000 barrels per day (bpd) […]Read More

Dangote Refinery, Africa’s largest refinery, has turned to the United States for its crude oil supply, seeking a substantial shipment of 24 million barrels in the next 12 months starting July 2024. A Bloomberg report said the $20 billion refinery, established by Africa’s richest man Aliko Dangote, has issued a term tender to buy two […]Read More

The Federal Government has restated that it will not determine the price of petroleum products from the Dangote refinery once fully operational. Farouk Ahmed, Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA),  said the government is urging oil marketers to commence the process of establishing Compressed Natural Gas (CNG) points at […]Read More

President Bola Tinubu has instructed all government ministries, departments, and agencies (MDAs) to purchase only vehicles powered by compressed natural gas (CNG).  This directive was communicated through a statement from the President’s spokesperson, Ajuri Ngelale, on Monday. The statement outlines that this decision is a crucial component of the administration’s larger plan to secure energy, […]Read More