Nigeria and other African countries’ crude oil demand is set to more than double to 4.5 million barrels per day (bpd) by 2050 and will need more than $100 billion in investment in refining over the next decades, according to the African Refiners and Distributors Association (ARDA). Thanks to population growth, urbanization, and industrialization, Africa’s…
The House of Representatives Joint Committee on Petroleum Resources (Downstream and Midstream) stepped into the crisis between Dangote Refinery Group founder, Alhaji Aliko Dangote and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The joint committee has invited both parties to present the grievances before the joint committee for immediate resolution and appealed to…
Nigeria’s state oil company NNPC Ltd said on Monday it recorded a net profit of 5.4 trillion naira ($3.6 billion) in 2024, up 64% from a year earlier. “The earnings highlight the positive momentum of our ongoing transformation and the unwavering commitment of our workforce,” Group Chief Executive Bashir Bayo Ojulari told analysts. Ojulari said…
TotalEnergies CEO Patrick Pouyanne said on Monday that Chinese oil demand growth has slowed since 2020 as the country shifts toward greener energy sources. “Chinese demand was really strong but the engine has slowed down,” Pouyanne stated, noting that the Chinese economy is “moving toward needing less oil.” Despite the slowdown in China, Pouyanne expressed…
There were pockets of fuel queues today around Lagos, especially along the busy Agege motorway. Our correspondent reported that all the filling stations stretching from Iyana Dopemu to Ikeja along except MRS and Heyden locked shops. Some motorists that spoke with themorningstar.com.ng lamented the development, wondering when Nigeria will work for the citizens, especially with…
Oil workers have kicked against the planned sale of oil and gas assets, warning the development could seriously hurt the economy. The workers, acting under the aegis of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) rejected the Federal Government’s plan to…
Global leader in energy management and automation, and recognised sustainability leader, Schneider Electric, has launched its flagship MasterPacT MTZ Active circuit breaker in West Africa. This premium digital solution sets new benchmarks in safety, efficiency, connectivity, and sustainability, helping industries overcome modern energy challenges and ensure business continuity. Offer Manager, Power Products at Schneider Electric…
Crude oil prices rose yesterday as markets remained on edge, driven by mounting risks to energy infrastructure from the Russia-Ukraine war, easing trade tensions between the US and China, and uncertainty over the Federal Reserve’s (Fed) rate decision. Brent crude was trading at $67.26 per barrel, up 0.1per cent from the previous close of $67.18….
The Chief Executive, Nigerian Upstream Petroleum Regulatory Commission, Engr. Gbenga Komolafe, has said the country’s competitive reform agenda has delivered 28 Field Development Plans worth $18.2billion in investment commitments, underscoring the attractiveness of the upstream sector to investors. These commitments are also expected to unlock 1.4 billion barrels of oil (bbo) and 5.4 trillion cubic…
