US oil drilling activity has dropped to near post-pandemic lows due to low oil prices and cost inflation, with the rig count falling for over two years.Oil companies are prioritizing shareholder returns through dividends and buybacks, even resorting to borrowing to fund them, rather than investing in new drilling.Structural changes in the US shale industry,…
Portugal plans to increase purchases of liquefied natural gas (LNG) from the United States and Nigeria as it aims to end already dwindling supplies from Russia, Environment Minister Maria da Graca Carvalho said on Tuesday. Portugal imported 49,141 gigawatt-hours (GWh) of natural gas in 2024, of which around 96% was LNG, data from electricity and…
The Nigeria National Petroleum Company Limited said it uncovered 55 illegal refineries and 29 illegal pipeline connections in one week across the Niger Delta region. In a video documentary on the official YouTube channel of the NNPCL, the company said it recorded a total of 179 incidents of oil theft in the region. The operations,…
Seplat Energy, Nigeria’s leading indigenous oil and gas producer, has expressed its commitment to partnering with the Akwa Ibom State Government for sustainable development. This was disclosed during a courtesy visit to the State Governor, His Excellency, Pastor Umo Eno, by a Seplat delegation led by the Board Chairman, Senator Udo Udoma, in Uyo. The…
China National Chemical Engineering International Corporation Ltd (CNCEC) has announced its commitment to support Nigeria’s ambitious $20 billion Ogidigben Gas Project in Delta State, marking a significant milestone in the bilateral economic ties between the two nations. Li Zhenyi, President of CNCEC, revealed the company’s readiness to engage in the project through restructured funding and…
TELECOM subscribers in Nigeria will pay higher costs for data and airtime as the Nigerian Communications Commission (NCC) has approved a 50 per cent tariff adjustment for telecom operators. The regulatory body cited rising operational costs and the need to sustain the industry as key reasons for the hike. The tariff hike was the first…
President Donald Trump has announced US’s withdrawal from the World Health Organization, in a significant move that drew criticism from public health experts on his first day back in the White House. Trump has long been critical of the United Nations’ health agency, and his administration formally began a withdrawal from the WHO in July…
Nigeria has reclaimed its position as Africa’s leading oil upstream investment destination, overtaking Angola despite the latter’s continued investment in major deepwater developments. Data sourced from Wood Mackenzie, Nigeria topped the continent’s upstream capital expenditure (capex) rankings in 2024, driven by a series of incremental deepwater projects and sustained activity in its rich offshore basins….
Dangote Refinery has announced a new retail price for Premium Motor Spirit (PMS), with key distribution partners MRS Oil, Heyden, and Ardova agreeing to sell petrol at N970 per litre nationwide. This adjustment comes as the global price of crude oil has surged, pushing up production costs for petrol across the world. However, the refinery…
The Dangote Petrochemical Refinery has attributed its recent adjustment in the price of Premium Motor Spirit (PMS), commonly known as petrol, to the rising cost of global crude oil. The refinery increased its ex-depot price from N899 to N955 per litre, according to a statement issued on its X handle on Sunday, 19th Explaining the…
