Oil and Gas

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Nigeria’s oil reserves rise to 37.5 billion barrels

Abuja, April 16, 2024 – Nigeria’s crude oil reserves has risen from 36.96 billion barrels on Jan, 1, 2023 to 37.50 billion barrels on Jan.1, 2024. The country’s natural gas reserves also rose from 208.83 trillion Cubic Feet (TCF) on Jan. 1, 2023 to 209.26TCF on Jan. 1, 2024. Gbenga Komolafe, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), disclosed this on Monday. He attributed the increasing reserves to production from some of the marginal fields and several initiatives of the commission. “Some of the brownfields and marginal …

Oil slips as risk premium eases after Iran attack

London, April 15, 2024 – Oil prices drifted lower on Monday, with the market downplaying the risk of broader regional conflagration after Iran’s weekend attack on Israel. Brent futures for June delivery fell 81 cents, or about 0.9%, to $89.64 a barrel by 1335 GMT while West Texas Intermediate (WTI) futures for May delivery were down 69 cents, or about 0.8%, at $84.97. Oil benchmarks had risen on Friday in anticipation of Iran’s retaliatory attack, with prices touching their highest since October. Iran’s attack involved more than 300 missiles and …

Dangote’s N1,200 per litre diesel price is to curtail inflation – chief executive

Lagos, April 12, 2024 – Aliko Dangote, the Chairman of Dangote Group, says the N1, 200 per litre price of diesel at which Dangote Refinery is selling will help to curtail the inflationary trend in the country. He said Dangote Refinery was deliberately selling diesel to distributors at N1,200 below the market rate of N1,650. Dangote said this during a visit to President Bola Tinubu in Lagos on the occasion of the Eid-el-Fitr celebration. He said that the significant reduction in the price to N1,200 would have a positive effect …

FG plans to crash price of cooking gas

Abak, April 12, 2024 – Obongemem Ekpo, the Minister of State for Petroleum (Gas), says the federal government is planning to bring down the price of cooking gas to affordable level. The minister said this at a meeting with stakeholders in Abak Local Government Area of Akwa Ibom State. He attributed the current high price of the product to exportation of the product, adding that the government planned to make the product more readily availability in the country. “This can be achieved through the establishment of gas plants at various …

Oil heads for second weekly gain on tighter supply outlook

London, April 5, 2024 – Oil prices extended gains on Friday and were on course for a second weekly gain, supported by geopolitical tensions in the Middle East, concerns over tightening supply and expectations about demand growth as economies improve. Brent crude was up 36 cents, or 0.4%, to $91.01 a barrel by 1031 GMT. U.S. West Texas Intermediate crude was at $86.79 a barrel, up 20 cents, or 0.2%. On Thursday both benchmarks settled at their highest level since October. Brent and WTI are set to notch a more …

Nay arrests vessel with 30,00 litres of smuggled crude oil

Oron, April 4, 2024 -The Nigeria Navy has intercepted a vessel with 30,000 litres of smuggled crude oil in Ibaka, Akwa-Ibom State, while attempting to escape through Cameroon. Its Commanding Officer, FOB Ibaka, Capt. Uche Aneke, said eight suspected oil thieves were arrested in connection with the crime. Aneke said this while handing over the vessel, suspects and exhibits to Economic and Financial Crime Commission (EFCC) in Ibaka. He said that the vessel, suspects and products suspected to be crude oil were arrested on Feb. 23 at about 3:55p.m. “The …

Brent oil futures inch up near $90 as supply risks intensify

London, April 3, 2024 – Oil prices extended gains on Wednesday as investors mulled supply risks stemming from Ukrainian attacks on Russian refineries and the potential for escalation in the Middle East conflict, while OPEC+ ministers held steady their output policy. Brent crude futures for June rose 76 cents, or about 0.9%, to $89.68 per barrel at 1346 GMT, having hit a high of $89.87 earlier in the session. U.S. West Texas Intermediate crude futures for May gained 62 cents, or 0.7%, to $85.77 a barrel. The benchmarks compounded Tuesday’s …

NUEE calls for state of emergency in power sector

Osogbo, March 30, 2024 -The National Union Electricity Employees (NUEE) has called for a state of emergency in the power sector. Adebiyi Adeyeye, Its National President, made the call in a statement in Osogbo on Saturday. He described power supply situation in Nigeria as unpalatable and urged President Tinubu to call a roundtable of all major stakeholders in the sector. “No doubt, the Federal Government is making frantic efforts to improve the power generation in the country, but they need to show some level of seriousness in making sure that Nigerians …

TCN restores national grid after system imbalance

Abuja, March 29, 2024 – The Transmission Company of Nigeria (TCN) says it has successfully restored the national grid following a “system disturbance” that occurred at about 4:28 pm on Thursday, March 28, 2024. Ndidi Mbah, the TCN General Manager (Public Affairs), said this in a statement on Friday. The TCN said full recovery was achieved on the grid by 10:00 pm that same day. It said a report from the National Control Centre (NCC) in Osogbo, Osun State, indicated that the system disturbance was triggered by a significant reduction …

Africa Energy Bank to take off with $5bn capital

Lagos, March 27, 2024 – The proposed Africa Energy Bank is to begin operations this year with an initial capital base of $5 billion, according to Reuters. The bank, which will help in funding oil and gas projects across Africa, is a joint initiative of Afreximbank and African Petroleum Producers Organization (APPO). It is being established to confront the financial deficiency in Africa’s energy sector as major banks face increased pressure from environmental groups to reallocate investments from fossil fuel projects that affect the climate. Zakaria Dosso, the Managing Director …