Shell Nigeria Exploration and Production Company Ltd (SNEPCo), a subsidiary of energy giant Shell, has acquired a 12.5 percent stake in Nigeria’s Bonga.The transaction is valued at $510 million and is still subject to customary conditions, including regulatory approvals. TotalEnergies confirmed the divestment in a statement issued in Paris, noting that its subsidiary, TotalEnergies EP…
The Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit, popularly known as petrol, from N880 to N840 per litre. Spokesman for the Dangote Group, Anthony Chiejina, confirmed the price adjustment to on Monday night, saying the new rate took effect on June 30. “PMS price has been reduced from N880 to…
Shell Nigeria Exploration and Production Company (SNEPCo), a subsidiary of Shell Plc, on Monday confirmed plan to acquire TotalEnergies’ 12.5 % stake in deepwater Bonga Field. Consequence upon this, an agreement has been signed by the two parties. Shell confirmed the divestment in a statement on Monday, saying the transaction, when completed, will increase its…
In a major development, the $2.8 billion Ajaokuta-Kaduna-Kano (AKK) gas pipeline project has finally crossed the River Niger, an axis that had seriously hampered the planned completion of the project on schedule. It was learnt that the crossing was done through the deployment of high technology facilities by Oilserv Limited, the contractors handling section A…
The Nigerian Navy says its operations have restored near normalcy in the nation’s crude oil production. The outgoing Flag Officer Commanding (FOC) of the Eastern Naval Command, Rear Adm. Saheed Akinwande stated this during a farewell parade in his honour in Calabar on Friday. He said the command, which covers operations in 13 states, had…
As international oil companies (IOCs) increasingly shift their operations to deep offshore locations, Nigeria’s oil and gas landscape is witnessing a surge in local ownership and strategic investments. The ongoing divestment from onshore assets has sparked significant changes in the industry, creating unprecedented opportunities for indigenous companies to take on a greater role in the…
The stage is set to get final approval for full commencement of the Nigeria-Morocco Gas Pipeline project. The project, estimated at $25 billion, aims to boost energy security and economic integration across several West African nations. The project’s final institutional step is about to receive ECOWAS heads of state official approval. This strategic 6,900-kilometer pipeline…
Shell Nigeria is celebrating Country Chair Osagie Okunbor, who is retiring this month after 39 years of service. Stakeholders in the oil and gas industry, including government officials, regulators, and chief executives of indigenous and international oil companies, are joining to honour Okunbor at the milestone ceremonies, which began in Abuja last night The dignitaries…
The world braced on for Iran’s response after the U.S. attacked key Iranian nuclear sites, joining Israel in the biggest Western military action against the Islamic Republic since its 1979 revolution. Iran vowed to defend itself a day after the U.S. dropped 30,000-pound bunker-buster bombs onto the mountain above Iran’s Fordow nuclear site while American…
Iran’s parliament has approved the closure of the strategically crucial Strait of Hormuz, a vital waterway for global oil shipments, in a significant escalation of tensions in the Middle East region. This decision, if effected, could push global oil prices up from below $80 to $150 per barrel. The decision comes after a US-led airstrike…
