Oil and Gas

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Oil and Gas

Shell halts loading of Nigeria’s Forcados crude oil

Lagos, July 16, 2023 – Shell Petroleum Development Company (SPDC) has suspended loadings of Nigeria’s Forcados crude oil due to a potential leak at the export terminal. According to Reuters, Shell has temporarily stopped loading Nigeria’s Forcados crude oil due to a suspected leak at the export terminal. “We can confirm that injections into the Forcados Oil Terminal were curtailed on Wednesday, July 12, 2023, following the report of some sheen in the mooring vicinity.” According to the report, workers observed a sheen near the single-buoy mooring facility on Wednesday, …

General News Oil and Gas

NMDPRA to release new gas pricing template today

Abuja, July 12, 2023 – The Nigerian Midstream and Downstream Regulatory Authority (NMDPRA) will release the new gas pricing template today. Farouk Ahmed,  the Chief Executive of authority, announced this in Abuja on Wednesday. He said that the authority had reviewed the new gas pricing template with Olu Verheijen, the Adviser to President Bola Tinubu on Energy, Ahmed also the authority had already engaged the relevant stakeholders like the Nigerian Electricity Regulatory Commission (NERC) as well as consulted with the commercial sector and all had aligned with the new pricing …

General News Oil and Gas

Army arrest 12 in Port Harcourt over alleged oil bunkering

Port Harcourt, July 11, 2023 – The Nigerian Army in Port Harcourt has arrested 12 persons over alleged oil bunkering.  One other person, Desmond Okeh, was arrested for alleged impersonation. Brig-Gen. Edi Effiong, the Garrison Commander, said this while parading the suspects before newsmen. The army said the 12 suspects were arrested by the troops of the Division while siphoning crude oil from the Rumuekpe/Okporowo pipeline near the Okoba community in Ahoada East Local Government Area of Rivers State. He said this while parading the suspects in Port Harcourt. Effiong, …

Oil and Gas

Oil prices edge up as supply cuts, weak dollar counter economic headwinds

London, July 11, 2023 – Oil prices edged higher on Tuesday supported by supply cuts by the world’s biggest oil exporters and hopes for higher demand in the developing world in the second half of 2023 despite a sluggish economic outlook. Brent crude futures was up 64 cents to $78.33 a barrel at 01324 GMT and U.S. West Texas Intermediate crude was up 71 cents at $73.7. Supply cuts by top exporters Saudi Arabia and Russia for August helped to lift the benchmark prices, which were also supported by the U.S. …

Oil and Gas

MOMAN members are capable of importing petrol – chairman  

Lagos, July 11, 1022 – Mr Olumide Adeosun, the Chairman of the Major Oil Marketers Association of Nigeria (MOMAN), has urged the Federal Government to allow marketers to import petrol to further liberalise the market. Adeosun, who is also the Chief Executive of Ardova Energy, told journalists in Lagos on Tuesday that his members had the capacity to import petrol. “The reality is that many of us have import licences that have never lapsed. “We renew them on a quarterly basis via the NMDPRA portal. Some of us are also …

General News Oil and Gas

IPMAN raises alarm over incessant vandalism of NNPCL pipeline

Lagos, July 10, 2023 – The Ejigbo Satellite Depot Branch of independent Petroleum Marketers Association of Nigeria (IPMAN), has raised the alarm over incessant activities of pipelines vandals at Idimu in Alimosho Local Council Development Area of Lagos. The Branch Chairman, Mr Akin Akinrinade, said some vandals who were found of scooping petrol on System 2B pipeline in front of Good Luck Estate, Idimu. “IPMAN Satellite Depot is constrained, with heavy heart, to announce the vandalisation of the Nigerian National Petroleum Company Limited (NNPCL) pipeline at Idimu in Alimosho LCDA, …

Capital market Money market Oil and Gas

Our policies are targeted at engendering successful economy – Tinubu

Abuja, July 4, 2023 – President Bola Tinubu says the current policy decisions of government are targeted at engendering a successful economy and secure nation. Dele Alake, the Special Adviser to the President on Special Duties, Communication and Strategy, said in a statement that Tinubu said this while receiving the visiting Bank of America officials in Abuja on Tuesday The president said that the administration was on the pathway to success in spite of the challenges facing the country. He said the country had no reason to fail the rest of …

Investment Oil and Gas

Tinubu assures investors of improved business climate in Nigeria

Abuja, July 4, 2023 – President Bola Ahmed Tinubu has assured investors in the oil and gas sector of Federal Government’s resolve to continue with the ongoing reforms in the sector. Tinubu gave the assurance on Monday while receiving a delegation of the Shell Petroleum Development Company (SPDC) led by its Global Upstream Director, Ms Zoe Yujnovic. He said Nigeria was ready and open for businesses and assuring foreign investors of improved business climate to attract more investments. Tinubu welcomed the SPDC’s offer of more investments in the Nigerian oil …

Oil and Gas

Goldman Sachs expresses concern over Wagner’s threat to oil prices

Lagos, June 26, 2023 – Leading global investment bank, Goldman Sachs, has expressed concerns about the potential impact of the rise of the mercenary group, Wagner, on the global oil market. This development poses a unique challenge to Russian President, Vladimir Putin, as Russia is a significant player in the global oil production landscape. Bloomberg reports that in a recent note, Goldman Sachs warned of fresh risks to the global oil market due to the uprising by Wagner. However, the immediate effects are expected to be limited. The bank emphasised …

Capital market Money market Oil and Gas

Tinubu’s main purpose in France is to network for foreign investments – Alake

Paris, June 22, 2023 -Dele Alake, the Special Adviser to President Bola Tinubu on Communication and Strategy, says the main purpose of the president’s visit to France is to network with international financial institutions, investors and world leaders. He said the President would be seeking collaborations and partnerships in areas like agriculture, infrastructure, etc. Alake said these while speaking to journalists on the sideline of the Global Financial Pact summit which opened in Paris on Thursday, “The essence is to network as much as it is feasible as much as …


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