A fire ignited by a drone attack on an oil depot in the southern Russian region of Rostov has gone into its second day with local emergency services still trying to put it out. According to a Reuters report, the drone attack had been carried out by the Security Service of Ukraine. Ukrainian attacks on […]Read More
Russia became the biggest supplier of natural gas to Europe last month, for the first time since 2022, replacing the United States at the top spot. “It’s striking to see the market share of Russian gas and [liquefied natural gas] inch higher in Europe after all we have been through, and all the efforts made […]Read More
French energy giant TotalEnergies reported a strong performance in Nigeria for 2023, announcing a whopping N635 billion in revenue. This impressive figure translates to a significant windfall for shareholders, with the company declaring an N7.129 billion dividend payout. Chairman of TotalEnergies, Jean-Philippe Torres, who declared this at the 44th Annual General Meeting of the company […]Read More
Mele Kyari, the Chief Executive Officer of the Nigerian National Petroleum Corporation Limited, has called for the support of the judiciary in tackling the twin challenges of crude oil theft and pipeline vandalism. He said for the oil and gas industry to achieve its full potential, the judiciary must get the support it deserves as […]Read More
Nigeria’s oil production, a critical pillar of its economy, faces a significant threat as a dispute between the indigenous Nembe community and the oil firm Aiteo Eastern E&P Company Ltd. escalates. The conflict, centred in the Nembe Creek area, jeopardizes the daily production of approximately 150,000 barrels of crude oil, exacerbating concerns in a market […]Read More
The Nigerian National Petroleum Company (NNPC) Limited has refuted claims that it inflated subsidy by N3.3 trillion for Premium Motor Spirit, popularly known as petrol. On Monday, media reports surfaced about a forensic audit conducted by KPMG, a global accounting firm, which uncovered a significant discrepancy in the fuel subsidy claims made by the NNPC. According to reports, the […]Read More
The NNPC Engineering and Technical Company (NETCO), a subsidiary of the Nigerian National Petroleum Company Limited (NNPC Ltd), has reported a 137 percent increase in operating profits for 2023. This was made known by the Chairman of the company’s Board of Directors and Executive Vice President, Downstream, NNPC Limited, Adedapo Segun, at the Company’s 34th […]Read More
Authorities at Europe’s second largest port, Antwerp, said on Friday they closed a dock for traffic after detecting an oil spill that had occurred during a bunkering operation late on Thursday afternoon. The authorities are using drones to determine the extent of the oil leak and have already begun clean-up operations. A total of 20 ships have […]Read More
Brent crude was trading down well over 3% on Monday, marking the first time the global benchmark has been below $80 since February, with the U.S. crude benchmark down over 3.5% following the OPEC+ agreement to start phasing out voluntary cuts in October. On Monday at 11:54 a.m. ET, Brent crude was trading down 3.29% […]Read More
OPEC’s crude oil production rose by 145,000 barrels per day (bpd) in May compared to April, as Iraq continues to pump above its quota and boosted output alongside African producer Nigeria, the monthly Reuters survey showed on Tuesday. OPEC produced 26.63 million bpd in May, an increase of 145,000 bpd compared to April, according to the Reuters […]Read More
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