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
Dangote Petroleum Refinery has further reduced the prices of Automotive Gas Oil, popularly known as diesel, to N940 per litre, making it the third time the company has reduced the prices of the commodity. The refinery also reduced the prices of aviation fuel to N980 per litre. This is coming in the wake of its […]Read More
The Nigerian National Petroleum Company (NNPC) Limited and Newcross Exploration and Production Ltd, its Joint Venture partner in the Awoba Unit Field, have targeted ramping up Awoba Unit Field to 12,000 barrels per day (bpd) in May. In a release signed by Olufemi O. Soneye, Chief Corporate Communications Officer of the NNPC Ltd., the state-owned […]Read More
Shares of Portuguese energy firm Galp Energia surged over 20 percent in early trading on Monday following news of a significant oil discovery in offshore Namibia. Galp announced that initial exploration in the Mopane field suggests it could hold at least 10 billion barrels of oil. Testing at the Mopane-1X and Mopane-2X wells revealed “significant […]Read More
The Federal Government plans to sell the five electricity Distribution Companies (DisCos) managed by banks and Asset Management Company (AMCON) to technical power operators by July 2024. Minister of Power, Adebayo Adelabu, disclosed this during an oversight visit of the Senate Committee on Power to the ministry in Abuja on Monday. The Nigerian government, alongside […]Read More
NERC has handed over regulatory control of the Enugu electricity market to the Enugu Electricity Regulatory Commission (EERC), which is operated by the state government starting May 1, 2024, marking the first time NERC has transferred regulatory authority to a state government electricity regulator. According to NERC’s statement signed by Sanusi Garba and Dafe Akpeneye, […]Read More
The Nigerian National Petroleum Company Limited (NNPC Ltd) and its Joint Venture partner, First Exploration and Petroleum Development Company Limited (First E&P), have started oil production from OML 85, also known as Madu Field. The field, situated in shallow waters offshore Bayelsa State and operated by First E&P, is anticipated to produce an average of […]Read More
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