11Plc (formerly Mobil Oil Nig. Plc), one of Nigeria’s petroleum marketing companies, has recorded N526 billion in revenue for the 2023 financial year with Profit After Tax growing to N26.56 billion and earnings per share at N74. Ramesh Kansagra, 11Plc Chairman, who was represented by Non-Executive Director, Alhaji Abdilkadir Aminu drooped this cheery news to […]Read More

The Nigerian National Petroleum Company Exploration and Production Limited (NNPC E&P Ltd), an upstream subsidiary of NNPC and Natural Oilfield Services Ltd (NOSL), a subsidiary of Sterling Oil Exploration & Energy Production Company Ltd (SEEPCO), has commenced oil production at Oil Mining Lease (OML) 13 in Akwa Ibom State. NNPC in a statement signed by […]Read More

Nigeria has put forth 12 oil blocks in a fresh licensing round, aiming to complement a previous round involving seven blocks that was halted after last year’s governmental transition. Gbenga Komolafe, the CEO of the upstream regulator NUPRC, highlighted that the selection of these 12 blocks was meticulous, targeting international investors equipped with both financial […]Read More

First Quarter Revenue Drops to $107.21 Billion (SR402.1bn) from $111.32 Billion in 2023 Q1 Saudi Aramco has reported a net income of $27.27 billion for the first quarter of 2024, down 14.4 percent from $31.87 billion in the same period a year ago.  According to the company, the decline was attributed to reduced crude oil […]Read More

…Says 30-day PMS sufficiency intact The Nigerian National Petroleum Company (NNPC) Limited has called on motorists to shun panic buying of premium motor spirit (PMS), popularly known as petrol, for the second time in three weeks due to the ongoing nationwide fuel scarcity. In a statement released on X (formerly Twitter) today and signed by […]Read More

Four major oil companies, Nigerian Agip Oil Company, ExxonMobil (Mobil Producing Nigeria Unlimited), Equinor, and Shell (Shell Petroleum Development Company of Nigeria Limited), has planned to sell off 26 oil blocks in Nigeria. These blocks currently produce around 346,290 barrels of oil per day on average. Gbenga Komolafe, CEO of the Nigerian Upstream Petroleum Regulatory […]Read More

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