Oil and Gas

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NNPCL- Dangote Tussle: Reps call for suspension of NMDPRA boss

Abuja, July 23, 2024 – The House of Representatives has called for the suspension of Farouk Ahmed, the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), pending the conclusion of the investigations into the tussle between NMDPRA and Dangote Refinery The House took the decision on Tuesday following a motion of urgent public importance sponsored by Esosa Iyawe, a member representing Esosa Federal Constituency, Edo State, during the plenary. Iyawe said there was the need to address issues arising from Farouk’s utterances about the nation’s …

“Let them (NNPCL) buy me out and run the refinery” – Dangote

Lagos, July 22, 2024 – Aliko Dangote, the Chief Executive of Dangote Refinery, says he is willing to sell his oil refinery to the Nigerian National Petroleum Company (NNPC) Limited. Dangote said this in Lagos on Sunday in reference to myraid issues he t has had with the Nigeria National Petroleum Corporation Limited since his refinery took off.   The first issue was the problem of accessing crude feedstock from international oil companies (IOCs) in Nigeria, which forced the Dangote company to import crude from countries like Brazil and the …

Dangote to import crude from Libya

Lagos, July 22, 2024 – Nigeria’s Dangote refinery is in talks with Libya to secure crude for the 650,000 barrels per day (bpd) plant and will also seek Angolan oil, a senior executive said, as it seeks to overcome problems with domestic supplies. The $20 billion refinery, built by Africa’s richest man Aliko Dangote on the outskirts of Lagos is Africa’s largest, and is designed to end Nigeria’s dependence on imported fuels because of insufficient refining capacity. Since Dangote began operations in January, it has been unable to get adequate …

Oil prices rise as investors look for signs US rate cuts to begin

Tokyo, July 22, 2024 – Oil prices rose in early trade on Monday as investors keep a lookout for signs of a rate-cut cycle expected to begin as soon as September. Brent crude prices were up 48 cents, or 0.57%, at $83.10 a barrel by 0035 GMT, and U.S. West Texas Intermediate crude futures rose 42 cents, or 0.52%, to $80.55. “Since the June FOMC meeting, inflation and labour market data have signalled that disinflation and labour market rebalancing are in place, which we expect will allow the Fed to …

Oil slips as strong dollar, China worries offset supply outlook

London, July 19, 2024 – Oil slipped on Friday and was set for its second straight weekly loss, as a strong dollar and concern over the economy of top oil importer China offset a tighter supply outlook. The U.S. dollar index climbed after stronger-than-expected data on the U.S. labour market and manufacturing earlier in the week. A stronger U.S. currency dampens demand for dollar-denominated oil from buyers holding other currencies. Brent crude prices fell by 83 cents, or 1%, to $84.28 a barrel by 1330 GMT. U.S. West Texas Intermediate …

Nigeria produced 236m barrels of crude oil from January to June – NUPRC

Abuja, July 19, 2024 – Nigeria produced 236 million barrels of crude oil in the first half of 2024. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) indicated this in its oil production statistics. The statistics indicated that 44.2 million barrels of crude were produced in January, while 38.3 million barrels were produced in February. in March, total oil production stood at 38.1 million barrels, while 38.4 million barrels were produced in April. In May, 38.8 million barrels were pumped and 38.3 million barrels were achieved in June. According to the …

Dangote’s Allegation: NUPENG, PENGASSAN urge FG to investigate IOCs

Abuja, July 19, 2024 – NUPENG and PENGASSAN, the two main trade unions in Nigeria’s petroleum sector, have called on the federal government to investigate the International Oil Companies (OIC) over recent allegation of saboge reported by Dangote Refinery and Petrochemicals. The two associations made the call in a letter to President Bola Tinubu dated July 1 and signed by NUPENG’s General Secretary, Afolabi Olawale, and PENGASSAN’s General Secretary, Lumumba Okugbawa. . The letter reads in parts: “The leadership and members of our great Union and Association profoundly appreciate your …

Oil steadies as economic slowdown signals contend with US rate-cut hopes

New York, July 18, 2024 – Oil prices were roughly flat on Thursday as investors wrestled with mixed signals about crude demand, with concerns about an economic slowdown in the U.S. contending with rising expectations the Federal Reserve would soon cut interest rates. Brent futures were up 1 cent to $85.09 a barrel by 11:41 a.m. EDT (1541 GMT). U.S. West Texas Intermediate (WTI) crude was up 6 cents at $82.91. Both had registered gains in the previous session. The number of Americans filing new applications for unemployment benefits rose …

Oil falls on lingering demand concerns in China

London, July 16, 2024 – (Reuters) – Oil prices declined more than 1% on Tuesday on worries of a slowing Chinese economy crimping demand and despite a growing consensus the U.S. Federal Reserve could begin cutting its key interest rate as soon as September. Brent futures were down $1.31, or 1.54%, to $83.54 a barrel at 1317 GMT, while U.S. West Texas Intermediate (WTI) crude was down $1.41, or 1.72%, to $80.50. The weaker Chinese economic data “cast some doubts on whether market participants are being overly optimistic” regarding China’s …

Okunbor, Shell Nigeria MD honoured for exemplary leadership

Lagos, July 15, 2024 – Osagie Okunbor, the Managing Director of the Shell Petroleum Development Company of Nigeria Limited, and Country Chair, Shell Companies in Nigeria, was on Thursday night recognised for his “Invaluable contributions to the Nigerian energy sector and his service to humanity.” Osagie received the Award for Exemplary Leadership and Service to Humanity from a Lagos-based NGO, Heritage for Life Foundation, at a ceremony held in Lagos. Tunde Lemo, a Director of the Foundation and former Deputy Governor of the Central Bank of Nigeria, handed out the award which he …