Oil and Gas

Abuja, Jan. 15, 2024 – The Nigerian National Petroleum Company Limited (NNPC) is seeking for private operators to manage the Port Harcourt Refinery. The NNPC disclosed this on Monday in a post on X, formerly Twitter. It said it was  looking for reputable and credible companies to operate and maintain the refinery to ensure reliability and sustainability in meeting the nation’s fuel supply and energy security obligations. It gave Feb. 26, 2024 as the deadline for submission of applications by bidders. The Port Harcourt Refinery will soon commence commercial operation …

Lagos, Jan. 2024 – As Dangote Petroleum Refinery commenced production of diesel and aviation fuel,  President of the Group, Alhaji Aliko Dangote, has thanked President Bola Ahmed Tinubu for his support, encouragement, and thoughtful advice towards the actualisation of this project. Dangote also thanked the Nigerian National Petroleum Company Limited (NNPC Limited), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and Nigerians for their support and belief in the historic project.  “We thank President Bola Tinubu for his support and for making our dream …

Singapore, Jan. 12, 2024 – Oil prices rose 2% on Friday as the United States and Britain carried out air and sea strikes on Houthi military targets in Yemen in response to attacks by the Iran-backed group on shipping in the Red Sea. The attack added to market concerns about the potential impact a broader conflict in the Middle East would have on oil supplies from the region, especially those moving through the critical Straits of Hormuz. “If a large part of Strait of Hormuz flows were to be halted, …

Singapore, Jan. 10, 2024 – Oil rose for a second day on Wednesday after an industry report showed a bigger-than-expected drawdown of crude inventories in the United States, the world’s biggest oil user, that bolstered demand sentiment. Brent crude futures rose 30 cents, or 0.4%, to $77.89 a barrel at 0524 GMT, while U.S. West Texas Intermediate crude futures climbed 36 cents, or 0.5%, to $72.60 a barrel. Oil gained about 2% in the previous session on supply concerns after reports of a Libyan supply outage and the continuing regional tensions …

London, Jan. 9, 2024 – Oil prices rose slightly on Tuesday after sliding in the previous session, as markets weighed Middle East tensions against demand worries and rising OPEC supply. Brent crude futures rose 18 cents, or 0.2%, to $76.30 a barrel at 0445 GMT, while U.S. West Texas Intermediate crude futures inched up 0.1%, or 6 cents, to $70.83 a barrel. The benchmarks had fallen over 3% and 4% respectively on Monday on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output. “Saudi Arabia’s …

New Delhi, Jan. 8, 2024 – Crude oil prices fell by more than 1% on Monday on sharp price cuts by top exporter, Saudi Arabia, and a rise in OPEC output, offsetting worries about escalating geopolitical tension in the Middle East. Brent crude slipped 0.93%, or 73 cents, to $78.03 a barrel by 0753 GMT after falling more than 1% earlier in the session, while U.S. West Texas Intermediate crude futures shed 1.04%, or 77 cents, to $73.04 a barrel. “Saudi Aramco slashing its February OSPs bolsters the weak demand …

Tokyo, Dec. 21, 2023 – Oil prices fell on Thursday as concerns over low demand following a surprise U.S. crude inventory build outweighed jitters over global trade disruptions due to tensions in the Middle East. Brent crude futures fell 3 cents to $79.67 a barrel by 0753 GMT while U.S. West Texas Intermediate crude was at $74.16 a barrel, also down 6 cents. Both benchmarks ended higher on Wednesday for a third straight session, as investors worried about trade disruptions given major maritime carriers chose to steer clear of the red …

Port Harcourt, Dec. 21, 2023 – The Port Harcourt Refinery started production on Wednesday. According to reports, the refinery’s flare was sighted in Port Harcourt last night which indicated commencement of operation in the company. The company has capacity to produce 210,000 barrels of refined petroleum products per day. President Bola Tinubu has promised the nation that the Port Harcourt refinery would start production in December. Mele Kyari, the Group Managing Director of Nigeria National Petroleum Company Limited (NNPCL), has also promised that the Port Harcourt refinery would start production …