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…
Olufemi Soneye has announced his decision to step down from his role as the chief corporate communications officer of the Nigerian National Petroleum Company Limited (NNPC Ltd). Soneye, who assumed the position 20 months ago, expressed deep gratitude to his team and professional associates, crediting them for their support, dedication, and collective effort in building…
Filling stations across the Lagos metropolis Saturday morning responded to the hike in the ex- depot price of Premium Motor Spirit(PMS), otherwise called petrol by Dangote Refinery late Friday. The Dangote Refinery on Friday adjusted it’s ex- depot petrol price from N825 per litre to N880, representing an increase of N55 per litre. In a…
-says the UK energy giant’s activities in the region have led to the destruction of fishing and farming. An influential traditional chief in Nigeria’s oil-rich Niger Delta yesterday demanded that Shell pay US$12 billion for environmental pollution before it leaves the region. Bubaraye Dakolo of the Ekpetiama kingdom appeared before a federal high court in…
The Chief Financial Officer (CFO) of Nigerian National Petroleum Company Limited, Adedapo Segun, has explained why there is a missing sum of N210 trillion in the company’s audited financial statement spanning from 2017 to 2023. According to Segun, the missing funds are cash calls requested by joint venture (JV) partners and settlement to the JVs….
A World Bank Group’ Senior Economist, Samer Matta, want Nigeria to create a more conducive business environment to attract investors into the country. He spoke at the Major Marketers Association of Nigeria(MEMAN) quarterly Webinar with the theme “Fair and Healthy Competition,” The world bank Chief noted that businesses policies in most sectors of the economy…
Iran’s oil exports have jumped since the nation came under attack from Israel on Friday, according to a firm that specializes in monitoring clandestine shipping. The Islamic Republic exported an average of 2.33 million barrels a day since June 13, according to data from TankerTrackers.com. That’s an increase off 44% compared with the year through…
Dangote Refinery says it has deployed 4,000 brand-new Compressed Natural Gas (CNG)-powered tankers to ensure nationwide delivery of petroleum products. The above development, according to industry experts, will not only disrupt existing supply chains but also address two chronic issues in Nigeria’s downstream sector: frequent fuel tanker accidents and perennial strike threats by petroleum tanker…
This is because the Nigerian Upstream Petroleum Regulatory Commission says it is set to implement the ‘drill or drop’ policy of the Federal government. The Chief Executive of the NUPRC, Gbenga Komolafe, made this known when he received a delegation from the Independent Petroleum Producers Group at the commission’s headquarters in Abuja. Komolafe emphasised that…
The Chartered Institute of Procurement and Supply (CIPS) has presented the Procurement Excellence Standard Certificate to Seplat Energy Plc, the foremost Nigerian independent energy company. The Global Chief Executive Officer, CIPS, Ben Farrell, made the presentation to Seplat Energy at the company’s office in Ikoyi – Lagos State on June 5th 2025. Farrell led a…
