NNPC Limited busts 83 illegal refineries in major crackdown
Post AMUGE
January 17, 2024
Business a.m In an ongoing effort to crack down on illegal activities and crude oil theft, the Nigerian National Petroleum Company Limited has uncovered 83 illegal refineries and 15 illegal pipeline connections in the Niger Delta region in the past week. The NNPCL announced the discoveries on its X handle, noting that the discoveries were […]
Shell to exit oil exploration in Nigeria after deal to sell SPDC
Post AMUGEJanuary 16, 2024
Business a.m Shell has announced its decision to exit the Nigerian oil exploration industry by divesting its onshore Nigerian oil assets at Shell Petroleum Development Company of Nigeria Limited (SPDC) to Renaissance, a consortium of five entities for a consideration of $1.3 billion, with buyers making an an additional payment of up to $1.1 billion […]
W.A. Power Pool seeks $156m for region’s key power transmission line
Post AMUGEJanuary 15, 2024
Business a.m The West African Power Pool (WAPP), a regional energy agency that coordinates electricity development and trading in West Africa, has proposed a $156 million annual budget for the execution of its North Core transmission project. The 330kV project aims to link Nigeria with four other West African countries. The project will involve the […]
Africa’s oil & gas future on the agenda at SAIPEC 2024
Post AMUGEJanuary 15, 2024
Onome Amuge The eighth edition of the Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC), a premier event that brings together leading players in the oil and gas industry will be held in Lagos, Nigeria, from February 13-15, 2024. The venue of choice for the prestigious event is the Eko Convention Center, a state-of-the-art facility that […]
Dangote Refinery gives green light to major marketers for fuel distribution
Post AMUGEJanuary 15, 2024
Business a.m The Major Oil Marketers Association of Nigeria (MOMAN), an association of seven leading oil marketers in the country, has registered with the Dangote Petroleum Refinery to lift and distribute refined petroleum products from the $20 billion plant. The seven major marketers poised to distribute petroleum products from the Dangote Petroleum Refinery include […]
NSIA, All On launch initiative to light up remote rural communities
Post AMUGEJanuary 9, 2024
Onome Amuge In a strategic move to provide more Nigerians with access to clean and reliable energy, the Nigeria Sovereign Investment Authority (NSIA) has partnered with All On, a Nigerian impact investor that focuses on the deployment of renewable energy. The two organisations will achieve their goal of providing energy to communities across Nigeria through […]
Dangote Refinery advances toward production as crude supply reaches 6 million barrels
Post AMUGEJanuary 9, 2024
Business a.m Dangote Petroleum Refinery, has made significant progress in its journey towards becoming operational, with the receipt of the sixth batch of crude oil from the Nigeria National Petroleum Company Limited (NNPC). The latest delivery of Agbami crude is the sixth out of six million barrels that have been scheduled to be delivered to […]
Oil rises on supply concerns following Libya’s El Sharara outage
Post AMUGEJanuary 3, 2024
Business a.m Oil prices jumped by more than $1 a barrel on Wednesday after reports of a disruption to Libya’s largest oilfield added to worries about supply disruptions following the attack on a tanker off the coast of Yemen. The reported shutdown of the El Sharara oilfield in Libya, one of the country’s most productive […]
Oil prices balance out as economic worries offset supply risks
Post AMUGEJanuary 3, 2024
Business a.m Oil prices remained relatively stable in Asia on Wednesday morning, following the volatility of the previous few days. Traders were assessing the potential impact of the U.S. economy on oil demand, against the possibility of supply disruptions due to the ongoing tensions in the Red Sea. Brent crude oil futures, the international benchmark, […]
Oil prices steady as geopolitical risks balance recession fears
Post AMUGEDecember 27, 2023
The oil market experienced some degree of stability on Wednesday, following a surge in prices the previous day in response to the ongoing tensions in the Middle East. Several major shipping companies resumed their routes through the Red Sea, despite the risk of further attacks. Brent crude futures were down 17 cents, or 0.21 per […]