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IEA Warns of Global Gas Supply Strain Amid Rising Demand, Geopolitical Tensions

IEA Warns of Global Gas Supply Strain Amid Rising Demand,

October 4, 2024

The International Energy Agency (IEA) has expressed concerns about possible gas supply challenges due to rising global consumption and ongoing geopolitical tensions as winter approaches. In its latest report, the IEA highlighted that industrial demand, particularly from Asia, is driving a significant increase in gas consumption. The agency predicts that global gas demand will rise […]Read More

Oil Workers Hold National Prayer Session Amid Rising Petrol Prices, Economic Hardship

Oil Workers Hold National Prayer Session Amid Rising Petrol Prices,

October 4, 2024

As Nigerians continue to endure economic difficulties brought on by the rising petrol pump prices, oil workers and companies under the Ministry of Petroleum Resources have organised a prayer session, seeking divine assistance as the nation faces various challenges. The oil workers, under the banner of Petroleum Industry Christian Fellowship International (PICFI), gathered at a […]Read More

Nigeria Pushes for $10 Billion Investment with New Gas Policy Framework

Nigeria Pushes for $10 Billion Investment with New Gas Policy

October 4, 2024

Nigeria is advancing with a new policy framework aimed at revitalising its natural gas sector, seeking to attract up to $10 billion in investment. The proposed measures offer tax incentives to entice both local and international investors to tap into the country’s deep-water gas reserves. The framework, already approved by the Federal Executive Council, is […]Read More

Oil Prices Surge Over 4% Amid Fears of Israeli Strike on Iran

Oil Prices Surge Over 4% Amid Fears of Israeli Strike

October 3, 2024

Benchmark crude oil prices surged by more than 4 percent on Thursday due to fears that Israel might strike Iran’s oil and gas infrastructure. In response, Washington tried to calm the situation, assuring that no Israeli strike would occur today to prevent further increases in oil prices. As of 10:47 a.m. ET on Thursday, Brent […]Read More

African Oil Nations Raise 45% of $5bn Funds for Africa Energy Bank

African Oil Nations Raise 45% of $5bn Funds for Africa

October 3, 2024

African oil-producing countries have secured 45 percent of the initial $5 billion required to establish the Africa Energy Bank (AEB), aimed at financing oil projects across the continent in response to a lack of funding from international markets. Nigeria, Angola, and Ghana are among the early financial backers of the Africa Energy Bank, according to […]Read More

Nigeria’s Petrol Imports Drop by 3.5bn Litres in 2023, Says NBS

Nigeria’s Petrol Imports Drop by 3.5bn Litres in 2023, Says

October 2, 2024

The importation of Premium Motor Spirit (PMS), commonly known as petrol, decreased by 3.5 billion litres over the past year, according to data from the National Bureau of Statistics (NBS). In its latest report on petroleum product distribution, released on Tuesday, the NBS revealed that total petrol imports fell to 20.30 billion litres in 2023, […]Read More

Oil Prices Surge as Middle East Tensions Escalate, Raising Concerns Over Global Supply

Oil Prices Surge as Middle East Tensions Escalate, Raising Concerns

October 2, 2024

Oil prices surged by over a dollar in early trading today, driven by increasing concerns that rising tensions in the Middle East could disrupt crude production, following Iran’s most significant military attack on Israel. Brent crude rose by $1, or 1.36%, reaching $74.56 per barrel, while U.S. West Texas Intermediate (WTI) crude gained $1.07, or […]Read More

FG Signs N122bn Deal to Boost Nigeria’s Gas Infrastructure

FG Signs N122bn Deal to Boost Nigeria’s Gas Infrastructure

October 1, 2024

The Federal Government has signed a N122 billion equity participation agreement with six gas infrastructure companies, aimed at transforming the midstream gas value chain across Nigeria. This was announced by the Minister of State for Petroleum Resources (Gas), Mr Ekperikpe Ekpo, during the signing of the Midstream Downstream Gas Infrastructure Fund (MDGIF) and Promoters Agreement […]Read More

Dangote Reveals $25bn Investment in Nigeria’s Oil, Cement, Sugar Sectors in 7 Years

Dangote Reveals $25bn Investment in Nigeria’s Oil, Cement, Sugar Sectors

September 30, 2024

Aliko Dangote, Chairman of Dangote Group, has disclosed that his conglomerate has invested over $25 billion in sectors such as oil and gas, cement, and sugar in Nigeria over the last seven years. Dangote made this announcement during a conversation on the sidelines of the recently concluded 79th United Nations General Assembly (UNGA 79) in […]Read More

FG to Distribute 2,000 CNG Tricycles to Youths Nationwide from October 1

FG to Distribute 2,000 CNG Tricycles to Youths Nationwide from

September 29, 2024

The Federal Government, through the Presidential Compressed Natural Gas Initiative (PCNGi), is set to begin distributing 2,000 tricycles powered by compressed natural gas (CNG) to young people in the transport sector across Nigeria from October 1st, 2024. The initiative aims to provide these CNG-powered tricycles to young individuals working in the transport industry nationwide, as […]Read More

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