• December 28, 2024
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Nigeria Loses $15bn Annually to Crude Oil Shortfall – PETAN

Nigeria Loses $15bn Annually to Crude Oil Shortfall – PETAN

April 8, 2024

In a new revelation by the Petroleum Technology Association of Nigeria, the country’s economy suffers a staggering $15 billion loss annually, equivalent to the national budget, due to a daily shortfall of 500,000 barrels of crude oil production. Wole Ogunsanya, Chairman of the Petroleum Technology Association of Nigeria (PETAN), revealed the startling during a recent […]Read More

Electricity Tariff Hike Looms as FG Raises Gas Price

Electricity Tariff Hike Looms as FG Raises Gas Price

April 2, 2024

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced a new base price for natural gas at $2.42 per Million British Thermal Unit (MMBTU) for power sector and $2.92 for commercial users. The agency announced the new domestic base price and wholesale prices of natural gas for 2024 in a statement on Monday. […]Read More

Carbon Markets To Play Important Role in Energy Transitions – IEF

Carbon Markets To Play Important Role in Energy Transitions –

April 1, 2024

Carbon markets will play an important role in achieving climate, energy security, and sustainable development goals by boosting the efficiency of energy transitions and raising money for clean energy projects, according to Joseph McMonigle, Secretary General of the International Energy Forum. McMonigle was speaking at the launch of a new report entitled “The Role of […]Read More

Ukraine Attacks Russian Refineries, Oil Prices Rise as Moscow Cuts Output

Ukraine Attacks Russian Refineries, Oil Prices Rise as Moscow Cuts

March 26, 2024

Crude oil futures rose Monday as Ukrainian drone strikes disrupt Russian refining capacity and Moscow orders output cuts to meet the Organization of Petroleum Exporting Countries and allies (OPEC+ targets. The West Texas Intermediate contract for May gained $1.32, or 1.64 percent, to settle at $81.95 a barrel. The Brent contract for May added $1.32, or 1.55 percent, to […]Read More

GECF Signs Two MoUs to Enhance Energy Cooperation in Africa and Asia

GECF Signs Two MoUs to Enhance Energy Cooperation in Africa

March 2, 2024

The Gas Exporting Countries Forum (GECF) has announced the signing of two crucial Memoranda of Understanding (MoUs) with the African Energy Commission (AFREC) and the Economic Research Institute for ASEAN and East Asia (ERIA). These partnerships aim to foster expertise sharing, joint research, and workshops in the energy sector to drive sustainable development and technological […]Read More

Navy Intercepts N8 Billion Stolen Crude In 2 Months

Navy Intercepts N8 Billion Stolen Crude In 2 Months

March 1, 2024

The Nigerian Navy has announced remarkable achievements in its recent operations conducted in the Niger Delta region, aimed at combating oil theft and related criminal activities. According to Rear Admiral AO Ayo-Vaughan, the Director of Information of the Nigerian Navy, the operations carried out between January and February 2024 have resulted in significant arrests and […]Read More

NUPRC Commits to Fair, Competitive 2024 Closed Bids for Oil, Gas Fields

NUPRC Commits to Fair, Competitive 2024 Closed Bids for Oil,

February 29, 2024

In a resolute statement, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has affirmed its unwavering dedication to conducting the 2024 closed bids with utmost transparency and fairness. Emphasising the legality of this move under Section 73(1) of the Petroleum Industry Act (PIA), Engr. Gbenga Komolafe, the Chief Executive of NUPRC, underscored the importance of a […]Read More

BP to Invest $1.5 Billion in Egypt to Boost Gas Projects

BP to Invest $1.5 Billion in Egypt to Boost Gas

February 29, 2024

In a bid to bolster gas projects and drilling endeavours in Egypt, BP (LON:BP) has unveiled plans to inject approximately $1.5 billion into the North African nation over the next few years. This significant investment underscores the company’s commitment to the region’s energy sector and its strategic vision for growth. A spokesperson from BP highlighted […]Read More

OPEC Urges Nigeria to Seize $14trn Investment Opportunity in Oil Market

OPEC Urges Nigeria to Seize $14trn Investment Opportunity in Oil

February 29, 2024

In a bid to tap into the burgeoning $14 trillion investment opportunity in the global oil market by 2035, the Organization of the Petroleum Exporting Countries (OPEC) has advised the Nigerian National Petroleum Company Limited (NNPCL) to ramp up oil production. This counsel was shared by OPEC’s Secretary General, Haitham Al-Ghais, during his recent visit […]Read More

Global LNG Demand to Surge by 50% by 2040, Says Shell

Global LNG Demand to Surge by 50% by 2040, Says

February 14, 2024

Global demand for liquefied natural gas (LNG) is forecasted to skyrocket by 50 percent by 2040, primarily propelled by burgeoning consumption in Asia, according to insights unveiled by Shell on Wednesday. Last year witnessed a slight uptick in global LNG trade, reaching 404 million tons compared to 397 million tons in 2022, as revealed in […]Read More

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