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The Nigerian National Petroleum Company (NNPC) Limited has announced a timeline for the drilling of two oil wells on the Bonga oil well, with the drilling of about 12 more oil wells in Imo state and Anyala-Madu near Port Harcourt, in 2023.…

OPEC has increased control of oil markets as supply concerns return, with declining output growth in other crude supplying countries. Global investment banking and securities firm Goldman Sachs, noted yesterday that a “broader…

The Energy Intelligence 2023 outlook report sheds light on a very important sentiment that will guide the market this year: It’s not the energy transition or even the affordability of energy that is on the top of everyone’s mind. It’s the…

Demand from China, India, and Japan is believed to have lifted global oil demand by 1.7 million barrels per day (bpd) in November to the highest level since February 2022. Latest data from the Joint Organizations Data Initiative (JODI)…

Last year was a good year for the oil industry. Despite predictions of its looming demise as renewable energy leads to electrification that in turn leads to the death of oil, fossil fuels were the stars of the year, with demand for all,…

The Nigerian National Petroleum Company Limited (NNPC) is set to spud the first oil well in Nassarawa State in March 2023. The Group Chief Executive Officer of the Company, Mallam Mele Kyari, who disclosed this when Governor Abdullahi…

The Organization of the Petroleum Exporting Countries increased its December production, according to the most recent Monthly Oil Market Report published on Tuesday. OPEC-13’s average December production rose by 91,000 barrels per day,…

Reports say Russia still enjoyed status as the top seaborne oil supplier to the European Union bloc despite sanctions. Meanwhile, the European Union’s seaborne imports of Russian crude oil declined by just over 12% last year. …

The largest oil and gas producer in Britain’s North Sea, Harbour Energy, will likely cut jobs as a result of the UK’s windfall tax, While the number of cuts coming remains undetermined, Reuters said the company, which employs 1,700 people,…

Venezuela’s PDVSA has announced thev suspension of most of its crude oil exports for a review of the contractual terms that will be conducted under the new head of the company. The review aims to make sure there will be no payment…

Abu Dhabi National Oil Company has announced a plan to use drone technology to plant 2.5 million mangrove seedlings in Abu Dhabi over the next three years as part of a contract signed with Distant Imagery, a UAE environmental technology…

Nigeria’s overall crude oil production in 2022 was short by 283millon barrels, with a market value of about $24.55billion. Nigeria’s expected output for year was 1.88 million barrels per day. This figure was achieved from a conservative…

SystemTrust Limited was established in 2001 with the objective of providing world-class information communication technology (ICT), power and digital security solutions to organizations and businesses. Since inception, SystemTrust has…

OPEC has said that it is sticking to its global oil demand forecast for 2023, despite the improving economic outlook in top crude importer, China. The group said it also expects oil demand to grow by 2.2 million barrels a day this year,…

Oil prices reportedly moved in different directions yesterday after the announcement of 2022 GDP data from China, eagerly awaited by the oil market. The data indicated that China’s economy expanded by 3%, which is undoubtedly a positive…

Nigeria has said the ongoing licensing for seven deep offshore open oil blocs, which commenced on January 3, 2023, would end in April. The ministry of petroleum resources had opened the process in the month, calling for bids from both…

America’s special presidential envoy for climate, Mr. John Kerry has said that in an interview that gas can help reduce emissions only if it is paired with projects of carbon capture. According to him, while natural gas is cleaner than…

OPINIONEurope is unlikely to go back to relying on Russia for anything more than a 'sliver' of gas“We can survive. We will survive this winter season,” said Maksim Timchenko, chief executive of DTEK, the largest private energy company in…

...Traders weigh demand against economic headwindsFollowing China’s economic reopening, against broader global economic headwinds, oil prices fell at the start of trading yesterday as traders weighed demand growth prospects. Brent, the…

The Nigerian National Petroleum Company Limited on Friday announced the discovery of oil in Nasarawa State and said it was set to drill the first foot of an oil well in the Northern state. It said the discovery was in continuation of…