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…
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…
A tanker has exploded after crashing in Nigeria, killing 77 people who had rushed to collect fuel from the scene, authorities say. The tanker overturned and spilled its contents in the Suleja area of North Central Niger state on Saturday. It exploded moments after people began scooping up fuel, killing dozens and leaving 25 others…
The Nigerian National Petroleum Company Limited (NNPC Ltd) extends its heartfelt condolences to the victims of the tragic petrol tanker explosion that occurred at Dikko-Maje Junction along the Abuja-Kaduna Road in Suleja Local Government Area of Niger State on Saturday. This devastating incident claimed the lives of several individuals who were attempting to scoop fuel…
The Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, has expressed concern over the power crisis, citing persistent Grid collapses and other systemic failures as worrisome. It noted that in 2024 alone, the country recorded 12 grid collapses, along recurring tripping of transmission lines and the inability to generate adequate electricity, with output…
