Nigeria

Nigeria took a significant step in its quest to earn revenue from its large gas reserves, signing a. handle joint venture partners to provide gas to a proposed. $ 3.5 billion Brass fertilizer and petrochemical plant, an. official stated on Friday. Under the agreement, joint venture partners including Shell. , TotalEnergies and Eni will deliver. an approximated 270 million standard cubic feet of gas daily to. the plant in Brass, in Nigeria's coastal Bayelsa state. Petroleum Ministry Permanent Secretary Nicholas Agbo Ella. stated the Gas Sale and Purchase Arrangement is a part of the Brass. Fertilizer and Petrochemical Job, which...

An Italian court sentenced on Tuesday 2 Milan district attorneys to 8 months in jail for failing to file documents that would have supported energy group Eni's position in a worldwide corruption case. Eni, Shell, and all the defendants were nonetheless acquitted by a court in Milan in March 2021 in what became referred to as the market's most significant corruption case, which focused on the $1.3 billion acquisition of a Nigerian oilfield a years earlier. Judges in a court in the northern city of Brescia ruled that Milan district attorneys Fabio De Pasquale and Sergio Spadaro had a. legal...

Nigeria's Dangote Oil Refinery has actually begun processing gas after delays caused by current crude shortages, an executive stated on Monday. The $20 billion refinery on the borders of Lagos, constructed by Nigerian billionaire Aliko Dangote, started operations in January with output of products consisting of naphtha and jet fuel. With a capability of 650,000 barrels each day, Africa's largest refinery promises to relieve oil producer Nigeria's expensive reliance on imported oil items. We are evaluating the item (fuel) and subsequently it will start flowing into the item tanks, said Devakumar Edwin, a vice president at Dangote Industries Limited. He...

Nigeria's stateowned NNPC Ltd. oil business said it has started the tender procedure for the. operation of the Warri and Kaduna refineries, which are. arranged to start processing crude this year. The oil refineries, which are being upgraded after being. shut for a number of years, have the capacity to process 125,000. barrels per day (bpd) and 110,000 bpd, respectively. Nigeria, which is Africa's biggest oil producer, is looking for. operators to make sure reliability and sustainability towards. satisfying the country's fuel supply and energy security. commitments, NNPC said in a public notification on Thursday. Warri and Kaduna are amongst...

Nigeria's President Bola Tinubu will fulfill Chinese leader Xi Jinping throughout a visit to China next week to talk about cooperation on the economy, agriculture and satellite technology, a Nigerian federal government representative stated on Tuesday. Tinubu, who has set in motion deep reforms in Africa's. largest economy, will remain in Beijing together with other African. leaders to attend the China-Africa Cooperation Summit. This is going to become part of a wider engagement where the. 2 presidents will go over matters of mutual interest. across not just the economy, however also on issues of nationwide,. regional, and international security, the...

Glencore's former head of oil Alex Beard has actually been charged with bribery offenses relating to the Swiss commodity trader's operations in Africa, Britain's Serious Scams Office (SFO) stated on Thursday. Beard, 56, is charged with 2 conspiracies to make corrupt payments to government officials and authorities of state-owned oil business in Nigeria in between 2010 and 2014 and in Cameroon between 2007 and 2014, the SFO stated. He is among five ex-Glencore staff members charged with conspiracy to make corrupt payments and is the most high-profile commodity trader to have been charged in Britain for declared corruption. Beard joined...

Eni might pocket more than 8 billion euros ($ 8.7 billion) in net profits from disposals by 2027, CEO Claudio Descalzi stated on Friday after the Italian energy group reported secondquarter outcomes ahead of agreement. We have been performing our disposal plan much faster than anticipated, Descalzi stated, speaking with analysts on a. post-result teleconference. In its updated company strategy to 2027, the group stated it. intended to gather around 4 billion euros from the sale of oil and. gas assets and a similar quantity from minority stake sales and. initial public offerings of its low-carbon systems. The potential customers...

India's monthly oil imports from its greatest supplier Russia slipped partially in June while those from the United States rose to the greatest given that Feb. 2022, information obtained from the industry sources showed. India is the world's third-biggest oil importer and customer, importing more than 80% of its oil needs. Indian refiners had actually positioned orders in May for the majority of the June-arrival oil barrels Refiners in India together delivered in 1.98 million barrels. each day (bpd) of Russian oil in June, down 3.7% from the previous month, the data revealed. However, throughout the very first fiscal quarter...

Nigeria's Dangote refinery is in talks with Libya to protect crude for the 650,000 barrels per day (bpd) plant and will likewise look for Angolan oil, a senior executive stated, as it looks for to overcome issues with domestic supplies. The $20 billion refinery, constructed by Africa's wealthiest man Aliko Dangote on the borders of Lagos is Africa's biggest, and is designed to end Nigeria's dependence on imported fuels because of inadequate refining capacity. Given that Dangote began operations in January, it has been unable to get adequate unrefined supplies in Nigeria, which, although Africa's biggest oil producer, is battling...

Nigeria is broadening the variety of oil blocks slated for auction in its 2024 licensing round in addition to extending the due date for ending the workout amid keen interest in the offer, the oil regulator told on Thursday. Nigeria opened a licensing round in April using an overall of 19 onshore and deepwater oil obstructs to investors. This has now been expanded to include an extra 17 deep offshore blocks to the 2024 licensing round. We have undertaken more exploratory activities and as a. result acquired more information to expand the offer and extend the. due date. This has...

Oil business worldwide last year burnt the most natural gas in five years while likewise increasing the strength of the extremely contaminating practice, a. World Bank report found on Thursday. With only six years left to meet a World Bank objective of. stopping regular flaring, the business burned off an approximated. 148 billion cubic meters of gas in 2023, up 7% from 2022 even as. crude oil production increased only 1% over the same time. Drilling for oil frequently yields natural gas too, and some. companies decide to flare, or burn, this gas rather of catching. and saving it, generally...

Seplat Energy is pursuing a quick conclusion to its $1.28 billion acquisition of ExxonMobil's Nigerian shallow water oil properties, it stated on Friday after being alerted that NNPC had actually halted a legal obstacle to the deal. State oil business NNPC had actually challenged Exxon's sale of the possessions to Seplat, stating it had first right of rejection. The deal was even more held up by regulatory issues. Seplat Energy applauds the open cooperation and development accomplished by all stakeholders, and will vigilantly engage (with). all crucial stakeholders, consisting of the federal government, in advancing. towards a speedy completion of...

Nigeria's local fuel traders can now buy petrol directly from the Dangote Oil Refinery, ending stateoil company NNPC's special purchasing rights as the nation relocates to completely decontrol its processing sector, the financing minister said on Friday. The Dangote Oil Refinery began processing fuel in September and announced that NNPC Ltd would be the sole purchaser. This arrangement permitted the federal government to continue to offer subsidies on oil products. Nevertheless, NNPC hiked fuel costs by over 15% on Wednesday, offering fuel at market value for the first time in over three decades, marking the exit from a costly subsidy...

Nigeria's government provided approval on Monday for state oil company NNPC Ltd to offer crude in the naira currency to the mega Dangote refinery efficient right away to assist relieve forex pressure. The $20 billion Dangote refinery, Nigeria's primary oil refinery and billed to be the largest in Africa at complete throttle, began production in January however has actually had a hard time to protected sufficient crude to meet its 650,000-barrel-per-day capacity. Dangote previously needed to buy oil on the worldwide market, however it filed a complaint stating oil majors were blocking its access to locally produced crude by selling...

An executive of the Dangote Refinery said on Sunday oil majors were blocking its access to locally produced crude oil by offering it above market price or claiming it was not available, requiring the company to count on pricey imports. The $20 billion refinery, billed to be the biggest in Africa and Europe at complete throttle, began production in January however has actually had a hard time to find sufficient crude to meet its 650,000-barrel-per-day capacity. It is importing around 10 crude oil freights monthly, oil traders stated. In May, it tendered for two million barrels of West Texas Intermediate...

Venezuela's National Assembly on Monday began discussing a proposition to extend through 2047 a contract in between state oil company PDVSA and U.S. company Chevron to operate a joint venture in the nation's. largest producing area. PDVSA and Chevron have 4 joint endeavors in Venezuela that. are producing some 200,000 barrels per day (bpd) of crude. The companies are requesting an extension for Petropiar in. the Orinoco Belt, the partnership that produces one of the most oil,. Venezuela's deputy oil minister, Elianny Palencia, said during a. discussion at the National Assembly in Caracas. The extension for Petropiar will make an...

The Company of the Petroleum Exporting Countries (OPEC) and allies including Russia are understood collectively as OPEC+ and will fulfill on June 2 to discuss their joint oil production policy. Below are essential truths about OPEC+ and its role. WHAT ARE OPEC AND OPEC+? OPEC was established in 1960 in Baghdad by Iraq, Iran, Kuwait, Saudi Arabia and Venezuela with an objective of coordinating petroleum policies and securing reasonable and stable rates. Now it consists of 12 countries, generally from the Middle East and Africa, accounting for about 30% of the world's oil. There have been some challenges to OPEC's...