Energy Archives — City Business News

February 1, 2023 No Responses

NNPC Takes Over Addax Petroleum’s PSC Assets

The Nigeria National Petroleum Company Limited (NNPCL)has taken over the operation of Production Sharing Contract (PSC) assets from Addax Petroleum Development Nigeria Limited. The NNPCL Chief Corporate Communications Officer, Garba Deen Muhammad, explained in a statement on Tuesday that all...

January 24, 2023 No Responses

Edo Refinery Begins Production

Edo State Government-backed Edo Modular Refinery has commenced production at its 6,000bpd plant in Ologbo, Ikpoba Okha Local Government Area. A statement sent to City Business News on Tuesday explained that the facility with its feedstock can produce 50 ...

January 17, 2023 No Responses

NLNG: Bonny Plant Still In Operation

The Nigeria LNG plant on Bonny Island is still active despite a force majeure declared in October 2022 and feed gas supply challenges. Mr Andy Odeh, the General Manager, External Relations and Sustainable Development, NLNG, confirmed this in a statement....

January 7, 2023 No Responses

Shell To Pay First UK tax In Five Years

Shell has said it will pay tax in the UK for the first time since 2017 after making huge global profits last year. The energy firm said it expected to “take a hit” of around $2bn (£1.7bn) on profits in...

December 31, 2022 No Responses

ExxonMobil Sues EU To Block Energy Windfall Tax

US energy giant ExxonMobil is suing the European Union (EU) in a bid to stop its new windfall tax on oil firms. A windfall tax is imposed on firms that benefited from something they were not responsible for. Energy firms...

December 24, 2022 No Responses

Shell Accepts To Pay €15m Compensation To Three farmers In Niger Delta

Shell has accepted to pay €15 million compensation to three Nigerian farmers and their villages in Niger Delta. The News Agency of Nigeria (NAN) reports that the farmers with the help of the Friends of the Earth, Netherlands, and two...

December 23, 2022 No Responses

NLNG Company Secretary Emerges Nigerian Gas Association President

Aka Nwokedi, General Counsel/ Company Secretary of Nigeria LNG Limited (NLNG) and former Managing Director of NLNG Ship Management Limited (NSML), has emerged as President-Elect of the Nigerian Gas Association (NGA), leading the Executive Council to pilot and ...

December 10, 2022 No Responses

Oil Bounces On Pipeline Shutdown

Oil prices bounced on Friday as closure of a major Canada-to-U.S. crude pipeline disrupted supplies, but both benchmarks were headed for a weekly loss on worries over slowing global demand growth. Brent crude futures were at $76.70 a barrel, up...

December 9, 2022 No Responses

NNPC Disburses N15b For Lagos-Badagry Expressway Reconstruction

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has disbursed N15 billion for the reconstruction of the Lagos Badagry Expressway under the Federal Government Road Infrastructure Tax Credit (RITC) Scheme. The N15 billion represents a 100 per c...

December 8, 2022 No Responses

UK To Double US Gas Imports

The United Kingdom has agreed to double imports of US gas over the next year as it tries to stabilise soaring energy prices. Prime Minister Rishi Sunak said the plan would “bring down prices for British consumers and help end Europe’s...

December 6, 2022 No Responses

TotalEnergies Joins Zero-Emission Shipping Coalition

TotalEnergies has joined the Castor Initiative, a multinational coalition committed to making zero-emission shipping a reality, to support the uptake of ammonia as a green fuel and the development of ammonia-powered tankers. The global coalition, which inclu...

December 3, 2022 No Responses

TotalEnergies To Cut North Sea Investment

French oil giant TotalEnergies has said it will cut North Sea investment by 25% next year after the windfall tax on oil and gas firms in the UK was extended. The company will cut £100m of spending on new wells...

November 25, 2022 No Responses

Oil Muted As Price Cap Proposal Eases Supply Concerns

Benchmark Brent oil edged lower on Thursday while West Texas Intermediate (WTI) crude held steady, hovering in sight of two-month lows as the level of a proposed G7 cap on the price of Russian oil raised doubts about how much...

November 24, 2022 No Responses

Samsung Secures $1.08b Deal For Five LNG Carriers

South Korean shipbuilder Samsung Heavy Industries (SHI) has received orders for the construction of five liquefied natural gas (LNG) carriers. Already, the South Korean shipbuilder signed a shipbuilding contract with an undisclosed shipowner in Oceania.&...