Category: Energy

G7, EU Announce Price Cap On Russian Diesel 
February 4, 2023 No Responses

G7, EU Announce Price Cap On Russian Diesel 

The Group of Seven (G7) industrialized countries, the European Union and Australia agreed to limit the price of Russian diesel on Friday.  The new price cap focuses on refined oil products, following up from a previous price cap on Russian...
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Geregu Power Declares 50.5% Drop In Profit  
February 3, 2023 No Responses

Geregu Power Declares 50.5% Drop In Profit  

Geregu Power Plc has reported 50.5 per cent decline in profit as revenue dropped and earnings impaired negatively.     The company, listed on the NGX last year reported N10.17billion profit in 2022 as against N20.55billion in 2021, while profit ...
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<strong>Price Cap On Russian Refined Fuels To Disrupt Trade</strong> 
February 3, 2023 No Responses

Price Cap On Russian Refined Fuels To Disrupt Trade 

The European Union’s ban on imports of Russian refined oil products, including diesel and jet fuel, will disrupt global flows once it takes effect on Sunday and could hurt Moscow more than an embargo on crude oil.  Although Western sanctions...
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NNPC Takes Over Addax Petroleum’s PSC Assets 
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, explai...
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Edo Refinery Begins Production
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 ...
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NLNG: Bonny Plant Still In Operation
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....
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Shell To Pay First UK tax In Five Years
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...
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ExxonMobil Sues EU To Block Energy Windfall Tax
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...
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Shell Accepts To Pay €15m Compensation To Three  farmers In Niger Delta 
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...
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<strong>NLNG Company Secretary Emerges Nigerian Gas Association President</strong>
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 ...
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<strong>Oil Bounces On Pipeline Shutdown </strong>
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...
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NNPC Disburses N15b For Lagos-Badagry Expressway Reconstruction
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...
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UK To Double US Gas Imports
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...
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<strong>TotalEnergies Joins Zero-Emission Shipping Coalition</strong>
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...
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