An unprecedented 400 million barrels of stockpiled oil will be released into the market by 32 countries, including Japan, the International Energy Agency said Wednesday, as the war in the Middle East threatens supply and rattles markets.Investors remain unconvinced by the move. “The oil market challenges we are facing are unprecedented in scale, therefore I…
Shell, the world’s largest liquefied natural gas trader, has declared force majeure on LNG cargoes it buys from QatarEnergy and sells to its clients worldwide, three sources told Reuters Qatar, the world’s second-largest exporter of LNG, announced a production halt at its 77 million tons per annum (mtpa) facility last week and declared force majeure…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has granted import permits for petrol to six depot owners and petroleum marketers. Industry insiders view this as a strategic step by the Federal Government to ensure stability and balance in the country’s downstream fuel sector. According to multiple sources in the industry, the regulator recently…
Nigeria has launched an ambitious $750 million renewable electrification programme aimed at expanding electricity access through solar mini-grids and off-grid power systems, a move officials say could unlock over $1.1 billion in private investment and reshape the country’s energy landscape. The initiative, being implemented by the Rural Electrification Agency (REA), is expected to deploy 1,350…
President Bola Ahmed Tinubu has approved a targeted fiscal incentive designed to unlock the long-awaited Final Investment Decision (FID) for the Bonga Southwest Aparo (BSWA) deepwater project. The move, which is expected to attract about $20 billion in Foreign Direct Investment (FDI), positions Nigeria for a new era of deepwater production. This development was confirmed…
Nigeria has suspended the issuance of gasoline import licenses, a move that strengthens the position of billionaire Aliko Dangote, owner of Africa’s largest petroleum refinery, who has long argued that fuel imports are no longer necessary. Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) shows that nearly all the gasoline supplied in…
President Bola Tinubu on Friday constituted an 11-member committee to ensure a hitch-free incorporation of the Grid Asset Management Company Limited (GAMCO). The inauguration of the high powered committee came barely 48 hours after the Federal Executive Council (FEC), at its inaugural meeting in 2026, approved the memo presented by the president for the establishment…
The Nigerian Content Development and Monitoring Board (NCDMB) on Monday signed an international management agreement (IMA) with Radisson Hospitality Belgium, and Edison Hotel and Property Development Company, in respect of the Board’s 204 rooms hotel and conference center, developed adjacent the Nigerian Content Tower, Swali, Yenagoa, Bayelsa State. According to the Manager, Corporate Communications Division,…
In pursuit of the Petroleum Industry Act (PIA), TotalEnergies has handed over the OLO Oilfield Host Community Development Trust (HCDT) to Aradel Holdings Plc. This transition follows Aradel’s earlier acquisition of the Olo and Olo West marginal fields (formerly part of OML 58) from the TotalEnergies/NNPCL Joint Venture. The handover, which took place in Abuja…
The Nigerian National Petroleum Company Limited (NNPCL) has stated that the Ajaokuta-Gwagwalada segment of the Ajaokuta-Kaduna-Kano Gas Pipeline (AKK) is projected to be commissioned, with first gas flowing by July 2026. Speaking during a Stakeholders’ Workshop on Emerging Opportunities in Compressed Natural Gas CNG organised by Portland Gas Limited yesterday in Abuja, NNPCL’s Executive Vice…
