Nigeria’s crude oil rigs increased from 44 of last week to 46 yesterday, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). Its Chief Executive, Gbenga Komolafe, an engineer, made this known in Abuja during the Strategic Workshop for Media Practitioners organised by the NUPRC Public Affairs and Corporate Communications Unit. He said: “And again,…
Nigeria’s Dangote petroleum refinery will construct storage tanks in Namibia to hold at least 1.6 million barrels of gasoline and diesel to supply refined fuel to southern Africa, two sources told Reuters yesterday. The move underscores the refinery’s ambition to dominate fuel supply in Africa and beyond, potentially reshaping energy trade flows in the region…
A private entity, Backbone Infrastructure Nigeria Limited (BINL), has expressed its readiness to build $15 billion 500,000 barrels per day (bpd) refinery and establish a Free Trade Zone (FTZ) in Ondo State. It said it has concluded plans to construct and operate the plant at the Sunshine Industrial Park in Ogboti, Eruuna and Sunshine FTZ…
The Federal Government has said it remained committed to deploying innovative and fiscally responsible financing strategies to optimise Nigeria’s oil assets, enhance external liquidity, and strengthen macroeconomic stability. The government made the clarification as conversations continue around a proposed crude-for-loan arrangement with Saudi oil giant, Aramco. In a statement, the Federal Ministry of Finance addressed…
Vice-President Kashim Shettima has said Nigeria is pursuing a $25 billion undersea gas pipeline project aimed at supplying natural gas to Europe through the West African coastline. Mr Shettima disclosed this during a meeting with Vitol Group, the world’s largest independent commodity trader, at the Presidential Villa in Abuja. The Nigeria-Morocco gas pipeline project will…
The Association of Nigerian Refineries Petroleum Marketers (ANRPM), in conjunction with its Board of Trustees, has hailed President Bola Tinubu, on his second anniversary in office. The association noted that over the period, Nigeria has witnessed notable strides across various sectors, driven by visionary leadership, including a renewed focus on the blue economy. In a…
Despite the fluctuations in global crude oil prices, Dangote Petroleum Refinery and Petrochemicals, yesterday assured that it will ensure a stable price of the commodity. The company, in a release, signed its Group Chief Branding and Communications Officer, Anthony Chiejina, said the decision to maintain price stability reflects its unwavering commitment to supporting the Nigerian…
Savannah Energy Plc has announced its unaudited trading update for first quarter (Q1) 2025; revealing a 19 per cent year-on-year increase in total revenue to $73.3 million, up from $61.4 million in Q1 2024. This growth was driven by the successful acquisition of Sinopec International Petroleum Exploration and Production Company Nigeria Limited (SIPEC) and expansion…
Host communities of Oriental Energy Resources Ltd (OERL) have urged the oil company to comply with Nigerian Oil and Gas Industry Content Development (NOGICD) Act 2010, specifically the Community Content Guidelines. Representatives of the Effiat/Mbo host communities in Akwa Ibom State, Committee for the Defense of Human Rights (CDHR), in a petition, averred that the…
