Oil and Gas

London, Dec. 11, 2023 – Oil prices held steady on Monday as U.S. efforts to replenish strategic reserves provided support, though concerns persist about oversupply and softer fuel demand growth next year. Brent crude futures edged up 2 cents to $75.86 a barrel by 0913 GMT. U.S. West Texas Intermediate crude futures were up a single cent at $71.22. Both contracts jumped more than 2% on Friday but were down for a seventh straight week, their longest streak of weekly declines since 2018, on lingering oversupply concerns. The recent price …

Abuja, Dec. 8, 2023 – President Bola Tinubu has expressed optimism on the prospects of increased investments from Shell Petroleum Development Company of Nigeria (SPDC) in Nigeria. He extolled Nigeria’s long-term relationship with the company which discovered the first commercial oil field at Oloibiri in the Niger Delta in 1956.  Receiving the management of Shell Group, led by its Global Integrated Gas and Upstream Director, Ms. Zoe Yujnovich, the President said his administration would continue to ensure the security and viability of existing and new investments in the country. “We …

London, Dec. 8, 2023 – Oil benchmarks were headed for a seventh straight weekly decline on worries over a global supply surplus and weak Chinese demand, although prices recovered ground on Friday after Saudi Arabia and Russia called for more OPEC+ members to join output cuts. Brent crude futures were up $1.93, or 2.6%, at $75.98 a barrel at 0913 GMT, while U.S. West Texas Intermediate crude futures were up $1.82, or 2.6%, to $71.16 a barrel. Brent had earlier risen by $2. Both benchmarks slid to their lowest since …

Lagos, Dec. 8, 2023 – In a major step towards boosting Nigeria’s domestic refining capacity and attaining energy self-sufficiency, Dangote Petroleum Refinery and Petrochemicals plant has purchased one million barrels of Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO). STASCO is one of the largest oil trading companies in Nigeria as well as globally, trading over 8 million barrels of crude oil per day. The STASCO cargo contained one million barrels from Agbami and sailed to Dangote Refinery’s Single Point Mooring (SPM) where it was discharged …

Abuja, Dec. 6, 2023 – The Federal Government is planning to revoke unused oil exploration leases. Gbenga Komolafe, the Chief Executive officer of the Nigerian Upstream Petroleum and Regulatory Commission (NUPRC), said this in an interview with Reuters. He said that only companies with viable technical and financial backup would get to keep their leases “Based on the PIA (Petroleum Industry Act), the commission is focused on delivering value for the nation so only firms that are technically and financially viable will keep their leases,” Komolafe told Reuters on Monday. …

Tokyo, Dec 6, 2023 – Oil prices rose slightly in Asian trade on Wednesday after posting losses for four sessions as investors weighed the effectiveness of an extension in OPEC+ cuts on tightening supplies against worries of a worsening demand outlook in China. Brent crude futures climbed 17 cents to $77.37 a barrel by 0709 GMT. U.S. WTI crude futures rose by 6 cents to $72.38 a barrel. Both benchmarks closed at their lowest level since July 6 in the previous session, with WTI seeing four consecutive days of declines. …

Dubai, Dec.5, 2025 – The Nigerian National Petroleum Company limited (NNPCL) is to boost supply of Liquefied Natural Gas (LNG) supply to other countries in Africa.  Mele Kyari, the Group Chief Executive Officer of NNPCL, said this at a panel discussion at the COP28 Conference in Dubai. Olufemi Soneye, the Chief Spokesman at NNPCL, in a statement, said Kyari said the NNPCL was creating a regional gas pipeline network to supply natural gas across Africa to achieve the plan. Kyari said Nigeria was using gas to drive its journey towards energy …

London, Nov 30, 2023 – Oil prices were little changed on Thursday as investors eagerly awaited the outcome of an anticipated OPEC+ meeting that could lead to deeper supply cuts in 2024. Brent crude futures for January climbed 70 cents to $83.80 a barrel by 0935 GMT, on subdued volumes given the contract is meant to expire today. The more active February contract was up 58 cents at $83.46 a barrel. Meanwhile, U.S. West Texas Intermediate crude futures crept up 55 cents at $78.41 a barrel. The OPEC+ group, which …