NEWS

The General Manager, Production of the Nigeria Liquefied Natural Gas (NLNG) Limited, Adeleye Falade, has lamented that the firm has lost almost $7 billion revenue this year due to gas supply constraint and insecurity. Falade said that…

German may have to amend its energy security law again this September as the country’s gas levy may not yet be imposed on all consumers, including those with fixed prices contracts, government and parliamentary sources said yesterday. …

Saudi Aramco to Acquire Valvoline's Lubricants Business for $2.65bn In a deal expected to close in late 2022 or early 2023, Saudi Aramco has said it will acquire Kentucky-based motor oil maker Valvoline's lubricants business for $2.65…

.............Price cap aimed at limiting Russia revenue The foreign ministers of G7 have confirmed that they are still exploring ways of curbing Russia’s huge revenues from oil, including the consideration of a ban on all services…

Nigerian petroleum engineers under the aegis of the Society of Petroleum Engineers Nigeria Council (SPENC), have maintained that Nigeria needs adaptive strategies to address its energy deficit. According to SPENC, only implementable…

The General Manager of Shell Petroleum Development Company of Nigeria, (SPDC) Mr. Igo Welli, has said that the company is considering shutting down production in Nigeria due to high rate of crude oil theft, pipeline vandalism and illegal…

………..As Russia squeezes gas supplies Reports say Britain runs the risk of blackouts this December if it needs to source gas supplies from European networks. As Russia restricts gas supplies to Europe, UK energy bills are expect to…

OPEC’s Joint Technical Committee meeting is expected on Tuesday, with the Joint Ministerial Monitoring Committee meeting scheduled for Wednesday. The full OPEC+ Ministerial meeting will follow immediately after the JMMC meeting. There…

Seplat Energy Plc, has reported a rise of 238% in its half year 2022 profit before tax (PBT) to $209.9million from $62.1million year-on-year. The company also maintained a strong balance sheet with $350million cash at bank. The…

Smarting from the discovery of 23 phony companies doing business with the NNPC since 2017, lawmakers in the Nigerian House of Representatives have demanded that the Nigerian Navy provides details of vessels that imported petrol and…

A Nigerian federal government agency, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), has asserted that the Petroleum Industry Act 2021 may not bar international oil companies from divesting from the country. This is…

Lawmakers in Nigeria’s House of Representatives have said that they have discovered that about 23 oil companies trading in Nigeria between 2013 and 2022 are not legal entities. The House ad-hoc committee investigating subsidy regime…

Exxon has made it 25 the number of oil discoveries made offshore Guyana. Yesterday the supermajor announced the discovery of two more blocks. Report say since the beginning of the year, Exxon has struck oil at seven locations in the…

The Society of Petroleum Engineers (SPE), Nigeria Council, has called for the enforcement of stiff penalties for gas flaring in Nigeria. Chairman of the group, Olalekan Olafuyi, made the call at a news briefing in Lagos recently. The…

A survey of expectations of five Asian refiners published yesterday shows that Saudi Arabia could hike the price of its flagship crude grade going to Asia in September to a record-high premium over benchmarks.Saudi Aramco, the state oil…

Despite the commitment of Western nations to a net-zero production goal, China and other coal-dependent developing countries appear to have taken a detour. The phased reduction in the use of 'dirty fuel' in the coming years under the …

…Sack rumour handiwork of mischief makers - NNPC Spokesman There are news reports that the newly inaugurated Nigeria National Petroleum Company (NNPC) Limited is set to forcefully sack not less than 500 staff. But the company reacted…

Proposed crude oil exploration from 57 marginal oil fields is expected to boost Nigeria’s oil production by at least 8.835 million barrels monthly, an analysis by The PUNCH has shown. With the newly issued marginal field licences, the…

Lawmakers in the Federal House of Representatives have asked the Bureau for Public Enterprises (BPE) to halt the privatisation of five power plants located in Calabar, Cross River State, Ihorbor, Edo State, Olorunsogo, Omotosho and Geregu,…

Conflicting messages from Russia suggest that there are no signs of the situation easing, analysts say Russia's biggest gas pipeline to Europe, Nord Stream 1, resumed operations on Thursday after a 10-day shutdown for maintenance,…