Oil and Gas

Singapore, Dec. 24, 2024 – Oil prices rose on Tuesday, reversing the prior session’s losses, buoyed by slightly positive market outlooks for the short term and stronger U.S. economic data, despite thin trade ahead of the Christmas holiday. Brent crude futures were up 33 cents, or 0.5%, to $72.96 a barrel, and U.S. West Texas Intermediate crude futures rose 29 cents, or 0.4%, to $69.53 a barrel at 0422 GMT. FGE analysts said they anticipated the benchmark prices would fluctuate around current levels in the short term “as activity in …

Singapore, Dec. 20, 2024 – Oil prices fell on Friday on worries about demand growth in 2025, especially in top crude importer China, putting global oil benchmarks on track to end the week down nearly 3%. Brent crude futures fell by 33 cents, or 0.45%, to $72.55 a barrel by 0730 GMT. U.S. West Texas Intermediate crude futures eased 32 cents, or 0.46%, to $69.06 per barrel. Chinese state-owned refiner Sinopec said in its annual energy outlook released on Thursday that China’s crude imports could peak as soon as 2025 …

Singapore, Dec. 20, 2024 – As the year draws to a close, data has shown that oil prices have moved in the narrowest range since 2019, suggesting the excessive volatility of the past three years is over. A perception of soft demand and one of abundant supply, even on hold, have contributed to the “calm waters” on the market. The question now is whether it would extend into the next year. First, on the demand front, news from China has led oil prices this year. Since the news has overwhelmingly …

Lagos, Dec.19, 2024 – Dangote Refinery has announced reduction of ex-depot price of its petrol to N899.50 per litre. It had just reduced the price to N970 per litre on November 24. Anthony Chiejina, the Chief Spokesman for the company, announced the price  reduction in a statement on Thursday. It said the gesture was to alleviate transport costs during this holiday season. The statement reads: “From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM. “Furthermore, for every litre purchased on a …

Port Harcourt, Dec. 19, 2024 – Dr. Jackson Gaius Obaseki, a former Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), has commended the NNPCL for turning the Port Harcourt Refinery into a state-of-the-art plant. He made the commendation on Wednesday during a facility tour of the plant along with some other former chief executives of NNPCL. Obaseki described the rehabilitation of the refinery as a significant achievement worth celebrating by Nigerians. He said the criticisms trailing the refinery after its rehabilitation were misguided and due to lack …

Lagos, Dec. 19, 2024 – Dangote Refinery has denied that the $1 billion loan the Nigerian National Petroleum Company Limited (NNPCL) gave the company was not to support the refinery, but rather represented about 5 per cent of its investment in the refinery. Anthony Chiejina, Dangote’s Chief Spokesman, made the disclaimer in a statement in Lagos on Wednesday. Dangote Refinery said the $1 billion NNPC claimed to have given to support the refinery was given in the bid to acquire a 7.24 per cent stake in the refinery. The statement …

Lagos, Dec. 18, 2024 – The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is to launch another oil licensing round in 2025. Gbenga Komolafe, its Chief Executive, disclosed this in a statement at the close of the 2024 Licensing Round Commercial Bid Conference in Lagos on Wednesday. He said the Commission had decided to make oil licensing rounds an annual event, adding that the 2025 round would focus on unexplored assets. “Ladies and gentlemen, while we are proud of our recent achievements as industry stakeholders, we must remain mindful of the …

   London, Dec. 18, 2024 – OPEC+ is wary of a renewed rise in U.S. oil output when Donald Trump returns to the White House, delegates from the group said, because more U.S. oil would further erode OPEC+ market share and hamper the producer group’s efforts to support prices. OPEC+ pumps about half of the world’s oil and earlier this month delayed a plan to raise output until April. The group extended some of its supply cuts until the end of 2026 due to weak demand and booming production from …

Abuja, Dec. 18, 2024 – The Nigerian National Petroleum Company Limited (NNPCL) says it took $1 billion to support the Dangote refinery project when it was in financial crisis. Olufemi Soneye, the Chief Spokesman for NNPCL, disclosed this at the Energy Relations Stakeholder Engagement in Abuja. He said the NNPCL made substantial progress under the leadership of Mele Kyari, its Group Managing Director.  “The restart of the Port Harcourt Refinery marks a significant turning point in Nigeria’s quest for energy self-sufficiency, reaffirming the company’s commitment to revitalizing the nation’s refining …

Lagos, Dec. 17, 2024 – Seplat Energy has plans to rejuvenate hundreds of dormant oil wells in Nigeria following the completion of its acquisition of ExxonMobil’s onshore oil and gas assets, reported Bloomberg. This plan is poised to enhance the company’s production capabilities in the West African nation. In an interview, Seplat Energy chief operating officer Samson Ezugworie said: “Our immediate focus is rig intervention, short-term oil-generation activities, rejuvenating idle wells and bringing them back to production. “Only 200 of about 600 blocks are producing.” In October, the Nigerian Government approved …