Oil And Gas

The Organisation of Petroleum Exporting Countries (OPEC) has reportedly raised Nigeria’s oil production quota. The development was revealed in a document made available in the public domain on Thursday, Naija News reports. According…

The curtailment of Russian natural gas deliveries is a source of anxiety for the European Union — and rightly so, given that the bloc has been far too dependent for far too long on Gazprom, a majority state-owned Russian company that…

The British pound is expected to plunge to a historically low level versus the U.S. dollar in the fourth quarter of this year, when the energy and gas crisis in the UK will worsen, according to strategists at the private banking unit of…

Nigeria, Algeria, and Niger Republic have entered into a pact to build a 4,000-kilometerrme Trans-Saharan gas pipeline that will traverse the three African countries across the Sahara Desert to Europe. Observers believe that the new gas…

Seplat Energy has confirmed the commencement of commercial injection of crude oil through the new, 67kilometer Amukpe-Escravos Pipeline. The pipeline, mostly underground, is expected to provide a more reliable and secure export route…

"I want to give my family the best I can afford. We cannot just stay and survive. We really want to live," Tam G (not his real name) said. "This business really pays us; the income is good. We're not just talking of the owners of the…

America’s Joe Biden mid East shuttle last month appear to have paid off by a little margin, enough to offer little comfort for consumers hit hard by soaring oil prices. Reports yesterday said the 23-country cartel agreed to divide the…

The OPEC+ has agreed to increase its September output by a slower 100,000 barrels per day, amid continued price volatility caused by fears of a recession that could dent crude demand. At an online meeting yesterday, the group took the…

OPEC has promised make 600 million Africans who are without electricity a priority in its global energy transition discussions. The new secretary-general of the cartel, Kuwait’s Haitham Al Ghais, said this during a virtual event where…

India government on Tuesday increased its windfall tax on crude oil exports by 4.41% to take effect on Wednesday. Reports said the country initiated the windfall tax on the country's oil producers and oil refiners who are exporting more…

A Reuter’s survey last Monday indicates that OPEC produced 310,000bpd more in July to fill in the gaps from reduced production in Nigeria and the force majeure in Libya. The force majeure in Libya has since been lifted by the interim…

BP Quarterly Profit Jumps To 14-Year High BP on Tuesday increased its quarterly dividend by 10% and extended share buybacks after high oil and gas prices in the second quarter resulted in the supermajor's highest quarterly earnings in…

The new Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) and a former Kuwaiti oil executive, Haitham al-Ghais, has said that Russia is "a big, main and highly influential player in OPEC+ the world energy…

The inability of Nigeria to take advantage of rising international oil prices due to massive oil theft, skyrocketing petrol subsidy which remains a drain on the economy as well foreign exchange (FX) speculation by currency traders, among…

………As Addax Workers Join Strike It is believed that Nigeria’s oil production capacity would be heavily affected, to the point of possible 22,000 barrels of oil per day loss, as employees of Addax Petroleum Development Nigeria join other…

Some international oil marketing companies listed by the Corporate Affairs Commission (CAC) as operating without registration or any other legal identity in Nigeria have denied the allegation. They include Oando Plc, AA Rano, Sahara…

TotalEnergies Posts $5.7bn Q2 Income TotalEnergies booked a net income of $5.7 billion for the second quarter, which was 2.6 times higher than the income for the same period of 2021. Adjusted net income per share surged nearly threefold…

A report yesterday said that a 180,000-bpd pipeline in Nigeria has not transmitted any petroleum product any crude across Africa’s top oil producer since the middle of June due to oil theft. Oil theft and pipeline vandalism has become…

……. Conservationists raise concerns The government of the Democratic Republic of Congo (DRC) has concluded plans to auction off 27 oil blocks and 3 gas blocks. The auctioning of the oil and gas blocs on July 18, 2022, is coming…

Global oil prices pushed higher yesterday (Tuesday) amid growing supply concerns as Russia decided to further cut gas supplies to Europe as tensions over Ukraine situation grow. Reports say Brent, the global benchmark for two-thirds of…