Oil and Gas

China’s crude oil imports surged to an all-time high of 10.43 million barrels per day in November, as they beat the previous record for highest crude imports set in October, according to Chinese customs data, according to a report by Reuters. Chinese crude oil imports last month were up by 8.5 percent compared to November 2017 […]

The board of directors of UAC of Nigeria PLC has announced the appointment of Omolara Elemide as acting group CEO following the retirement of Abdul Akhor Bello. The conglomerate announced that Elemide who is currently the executive director, corporate services would assume office on the 1stof January 2019, as the search for a substantive group […]

Abuja Electricity Distribution Company (AEDC) has signed a memorandum of understanding (MoU), worth $2 billion with Power Analytics & Solutions, an indigenous investor, and CEC Africa Investment to strengthen and expand its network. Speaking at the MoU signing, Tony Ezeani, the Director of Power Analytics & Solutions said “the MOU is both for financial and […]

France has revealed its plan to close 14 nuclear reactors by 2035, triple onshore wind capacity and cut fossil fuel use in energy by 40 percent by 2030, President Emmanuel Macron said on Tuesday, as the country embarks on an aggressive energy transformation plan against the background of protests against planned fuel tax increases. “Fourteen […]

Organization of Petroleum Exporting Countries (OPEC) and its allies must cut 2019 supply growth by 1.5 million barrels per day if they want oil prices back above $70 per barrel next year, according to Rystad Energy, an independent energy research and business intelligence company. “We believe a cut announcement that effectively removes anything less than […]

Nigerian Content Development and Monitoring Board (NCDMB) says it has disbursed $21 million out of the $200 million Nigerian Content Intervention Fund (NCI Fund) to local oil and gas service companies in an attempt to provide funding support to build in-country capacity. The fund is being disbursed directly by the Bank of Industry (BOI) and was […]

Total Upstream Nigeria Limited (TUPNI) and Samsung Heavy Industries (SHIN) have finally resolved their long drawn legal battle over the multi-billion dollar 200,000 barrels of crude oil per day-capacity Egina deepwater oilfield project with an out-of-court settlement. The two companies had been deep in a legal battle over the contract for the building of the […]

Organization of Petroleum Exporting Countries (OPEC) has  increased production levels in November, to 33.08 million barrels per day, a 40,000 barrels per day rise from October. This is as US sanctions pushed Iran’s crude oil production to below 3 million barrels per day, but a massive 350,000 barrels per day increase by Saudi Arabia and […]

Following widespread backlash over the award of oil infrastructure surveillance contract to an indigenous firm, Ocean Marine Solutions for the protection of the strategic 87-kilometre Trans Forcados Pipeline (TFP), the management of the Nigerian National Petroleum Corporation (NNPC) on Tuesday said breaches from the earlier contract cost the Corporation a whopping $800 million. Ndu Ughamadu, […]