Oil And Gas

…Joins league of big time lenders committed to energy transition by vowing to end oil, gas financing French bank, BNP Paribas, has announced the decision to reduce lending to the oil and gas industry by 80% by 2030 as part of entering a…

...Hopes to reach first production before 2025  Uganda has confirmed that it has started drilling operations on its first commercially viable oil site.The country’s ministry of energy and mineral development said on Tuesday the East…

The Dalia offshore oilfield in Angola has been billed for a planned maintenance lasting more than a month beginning on February 20. The period will affect will affect Angola’s presence in the international market A spokesperson for the…

Russia has been reported to have a $45 billion stash of Chinese Yuan, capable of covering the country’s oil revenue losses in the next three years. The reserve is expected to help Moscow weather a massive plunge in its energy revenues as…

The National Association of Energy Correspondents (NAEC) has called on Nigerian energy regulatory authorities, and indeed the federal government to put an end to the lingering fuel scarcity in the country.In a statement issued yesterday in…

Norway’s petroleum and energy ministry has announced that the country, which is Western Europe’s biggest oil and gas producer, is offering up to 92 new blocks for hydrocarbon exploration in the new round of licensing in mature areas. …

Oil prices were reportedly steady during morning trade yesterday amid hopes of a fuel demand recovery in the world's top crude importer, China. Brent, the benchmark for two thirds of the world’s oil, was 0.63 per cent higher at $88.18…

Italy has said that it is working towards eliminating imports of Russian natural gas by the winter of 2024/2025. The chief executive officer energy major, Eni, Claudio Descalzi, dropped the hint yesterday while on a visit to Algeria The…

...It's Kuwait’s 6th cabinet in 3yrs. The 3rd formed by PM, Al-Ahmed Al-Sabah since he took office in August last year. The government of Kuwait has resigned its appointment yesterday amid a power struggle with the Arab Gulf country's…

Nigeria’s oil and gas industry experienced historic crises throughout 2022 as the sector struggled with severe crude thefts and pipeline vandalism constraining output. However, resumption of operations at onshore export terminals at the…

The International Renewable Energy Agency (IRENA) has named Nigeria as the highest importer of both the Premium Motor Spirit (PMS) and diesel generators in Africa. In a new report released by the agency for the month of January 2023,…

France’s TotalEnergies has begun gas production from onshore Block 10 in Oman, in line with its growth strategy focusing on fuels contributing to the energy transition. TotalEnergies has a 26.55% stake in Block 10, with Oman’s…

...Ukraine calls for review The G7 and the EU coalition is set to soon implement another price cap on Russia oil, this time, on the country’s other petroleum products. According to the plan, although criticized for its complex…

The UK government has said it will support its indigenous industries, including those in construction, mining, and quarrying sectors, with funding of $40.2 million (£32.5 million) to reduce their reliance on fossil fuels. The funding,…

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…

Europe Union is said to be currently discussing the possibility of further lowering the $60 price cap over Russian crude oil to put additional pressure on Putin, but, quoting unnamed sources, Bloomberg said last night that US President,…

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…