News and Updates

Nigeria may fail to produce about 138 million barrels of crude oil worth $10.73 billion in 2024 even as President Bola Tinubu sets Nigeria’s N28 trillion 2024 budget on an unrealistic oil and gas outlook that has consistently failed in the last 10 years. While President Bola Tinubu is projecting to increase revenue from oil […]

Dangote Refinery has assured that refined products, specifically diesel and aviation fuel, will be in the market this month, January. The $20 billion refinery made the promise while announcing that production had started, with a vow to meet domestic demands. The announcement is coming on the heels of the successful delivery of about six million

Globally, the average cost of a liter of gasoline is 1.30 USD. However, these costs vary significantly between countries. As stated by GlobalPetrolPrices.com, “richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices.” The pricing differences between countries are due to different petrol taxes and

The bustling Lagos Free Trade Zone (LFTZ) has scored a major coup, attracting a multi-million-dollar gas distribution project that promises to fuel industrial growth and unlock new economic opportunities for the region. This infrastructure, initiated by Optimera Energy, aims to provide 25 million standard cubic feet per day (mmscuf/d) of natural gas to companies within

Petrobras has acquired stakes in three blocks offshore Sao Tome & Principe, under a deal with Shell.She signed a memorandum of understanding (MoU) with Shell in March 2023, on the sidelines of CERAWeek.Under the agreement, the Brazilian company has acquired 45% stakes in Blocks 10 and 13, and 25% in Block 11. Shell is the

The global offshore rig market is set to tighten in 2024, with the sector predicted to reach as high as 96% marketed utilisation according to analysis from Westwood Global Energy Group. Analysis from Westwood Global Energy Group predicts the overall outlook for the offshore rig market to remain “highly optimistic”, with more availability within the

The Nigerian National Petroleum Company (NNPC) Ltd. says there is no imminent increase in the cost of Premium Motor Spirit (PMS), commonly known as petrol. The NNPC Ltd, in a statement by its Chief Corporate Communications Officer, Mr Olufemi Soneye, on Wednesday, urged Nigerians to disregard unfounded rumours of increase in the pump price of

Oil prices reversed losses and edged up on Monday as concerns of tight supply amid lower OPEC output, unrest in Libya and sanctions on Russia outweighed fears of a global recession. Brent crude futures for September rose 55 cents, or 0.5 per cent, to $112.18 a barrel at 0650 GMT, after falling over $1 in

Economy Minister Robert Habeck has announced that Germany will move to stage two of its emergency gas plan.It means Europe’s largest economy now sees a high risk of long-term gas supply shortages.“We mustn’t delude ourselves: cutting gas supplies is an economic attack on us said Russian President Vladimir Putin,” Economy Minister Robert Habeck announced on

Norway and the European Union will closely cooperate on battery value chains and raw material supply as part of efforts to tackle climate change, they announced during a Norway visit by European Commission Vice President Maros Sefcovic. Sustainable value chains for minerals, metals and batteries help decarbonize the economy, addressing strategic dependencies and boosting jobs