Scarcity looms as NARTO directs tanker drivers to halt petrol transportation
Post AMUGE
February 19, 2024
Business a.m Nigeria is facing the threat of a looming fuel shortage as the Nigerian Association of Road Transport Owners (NARTO) has issued a directive to its members to suspend the loading of petroleum products as of Monday, February 19, 2024. NARTO’s decision to withdraw its petroleum trucks from loading activities is a […]
Analyst sees 2024 investment megatrend in energy transition
Post AMUGEFebruary 13, 2024
Ben Eguzozie An international investment analyst is betting on energy transition as a potential investment megatrend in 2024 and even beyond with interest rates set for the cut across global markets. The statement by Nigel Green, chief executive officer of deVere Group, one of the world’s largest independent financial advisory, asset management and fintech organisations, […]
Oil prices edge up as geopolitical tensions in Middle East mount
Post AMUGEFebruary 13, 2024
Business a.m Oil prices saw a slight increase on Tuesday, with uncertainty surrounding the ongoing conflict in the Middle East keeping the market on edge. The global benchmark, Brent crude, was up by 54 cents to $82.54 a barrel, while the U.S. benchmark, WTI crude, was up by 50 cents to $77.42 a barrel. This […]
Nigeria’s crude production rises on NNPCL Akpo West 14,000bpd addition
Post AMUGEFebruary 9, 2024
Ben Eguzozie Nigeria’s national oil company, NNPC Limited, says it has begun production of oil from the 14,000 barrels per day (bpd) Akpo West field. The milestone, the company said, is the result of meticulous planning, strategic collaboration, and unwavering dedication from all stakeholders involved in the project, and will add 14,000 bpd condensate to the […]
REN21 offers ‘success recipe’ for just, sustainable energy transition to deliver on COP28
Post AMUGEJanuary 31, 2024
Ben Eguzozie REN21, the only global renewable energy community that brings together actors from science, academia, governments, NGOs and industry to collectively drive the rapid, fair transition to renewables, has released a “success recipe” for a just and sustainable energy transition to deliver on COP28 commitments. Known as “Renewable Energy and Sustainability Report” (RESR), the report shatters myths and misconceptions […]
NNPC looks to South Korea for gas sector cooperation
Post AMUGEJanuary 31, 2024
Business a.m The Nigerian National Petroleum Company Limited (NNPC Ltd) recently held discussions with a South Korean consortium led by Daewoo E & C on the development of gas projects in Nigeria. The NNPC noted that the discussions with the South Korean consortium were part of its efforts to tap into Nigeria’s vast gas resources […]
Oil rises on supply concerns amid Middle East tensions
Post AMUGEJanuary 30, 2024
Business a.m Crude oil prices jumped into positive territory after falling by more than 1 per cent in the previous session. Tuesday’s upward momentum was driven by rising tensions in the Middle East, a major oil-producing region, which fueled concerns about supply. However, a bleak economic outlook for China, the world’s largest importer of crude […]
Indorama gas deal offers $18bn that could lift Nigeria’s economy
Post AMUGEJanuary 29, 2024
GDP to gross $3bn annually monetization of 1.7 tcf gas, 100m bbl reserves 55,000 direct-indirect jobs coming Ben Eguzozie Nigeria’s cash-strapped economy could begin to receive some financial fillip beginning this year, from the early tranches of $18 billion expected in the life cycle of Indorama Nigeria’s gas utilisation partnership between its […]
Dangote refinery enlists 3 major oil marketers in distribution network
Post AMUGEJanuary 23, 2024
Business a.m The Dangote Group has announced that three associations of marketers in the Nigerian oil sector have been registered as distributors of refined products from its Dangote Petroleum Refinery. A statement, which was released via the company’s X page,said the marketers registered as distributors of refined products from the Dangote Petroleum Refinery include members […]
African oil industry faces complex challenges under energy transition
Post AMUGEJanuary 22, 2024
Onome Amuge The post-mortem of the 28th meeting of the Conference of Parties (COP28) held in December 2023, has revealed a mixed picture of progress and challenges on climate change. In its closing communique, the conference called on countries to transition away from fossil fuels and phase out subsidies for inefficient fuels, while submitting economy-wide […]