Gulf nations are scrambling for ways to bypass the Strait of Hormuz, with plans for more pipelines and a new port. Analysts say existing infrastructure has helped cushion the global oil market from even greater price spikes during the US-Iran war. Iran has reportedly put their proxies in Yemen, the Houthis, on notice to block…
Operators in the Nigerian Electricity Supply Industry have been told to avoid actions that could threaten the decentralisation of the electricity market. The Minister of Power, Chief Joseph Tegbe,Made it loud and clear at the workshop on Legal, Policy and Regulatory Harmonisation between federal and state institutions on the Decentralisation of the Nigerian Electricity Supply…
Nigeria’s economic recovery could come under renewed pressure from persistently high borrowing costs and inflation despite stronger crude oil production and ongoing economic reforms, the Organisation of the Petroleum Exporting Countries (OPEC) has warned. In its July Monthly Oil Market Report, OPEC said Nigeria’s near-term economic outlook remains positive, supported by higher oil production, improving…
The Niger Delta Power Holding Company (NDPHC) has officially commenced the restoration of the 225MW Gbarain National Integrated Power Project (NIPP) in Bayelsa State, officially handing over the power plant to the Original Equipment Manufacturer (OEM), Schneider Electric/TILT Energy, for the commencement of rehabilitation works. The Managing Director/Chief Executive Officer of NDPHC, Engr. Jennifer Adighije,…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has commended ExxonMobil and its partners for committing $1 billion to the on-block activities for the Usan Infill Project in OML 138. The Head, Media and Corporate Communications, Eniola Akinkuotu, who made this known, said the Commission’s Chief Executive, Mrs. Oritsemyiwa Eyesan, gave the commendation at the 25th…
The Nigerian National Petroleum Company Limited (NNPCLtd) says it signed agreements of more than US$20 billion in Gas Sale and Purchase Agreements (GSPAs) covering 1.29 billion standard cubic feet per day for long-term LNG feed gas and 750 million standard cubic feet per day for domestic industrial gas supply to DFL FZE and Dangote Refinery….
Seven OPEC+ countries agreed on Sunday to increase oil production by 188,000 barrels per day (bpd) in August 2026. The decision was reached during a virtual meeting of Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman to review global oil market conditions and the outlook. The production adjustment stems from the additional voluntary cuts…
The Nigerian National Petroleum Company Limited has said the recently signed Memorandum of Understanding with Chinese firms for the rehabilitation and operation of the Port Harcourt and Warri refineries has entered a rigorous evaluation phase, insisting that the arrangement is aimed at creating profitable and self-sustaining refining assets. The Group Chief Executive Officer of NNPC…
Transmission Company of Nigeria, TCN, Abuja Region has announced a planned preventive maintenance at the Katampe 132/33 KiloVolt (kV) Transmission Substation on Saturday from 9:00am to 4:00pm. General Manager, Public Affairs of the TCN, Mrs Ndidi Mbah, made this announcement in a statement in Abuja on Saturday. Mbah said the scheduled maintenance is to enable…
The Federal Government has directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, to ensure petroleum marketers do not exploit Nigerians through excessive pricing under the deregulated downstream petroleum market. Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, gave the directive in Abuja while delivering the keynote address at the NMDPRA General…
