Oil, Gas and Energy

Transgrid Enerco Limited, a consortium comprising Stanbic IBTC Infrastructure Growth Fund (SIIF), North-South Power Company Limited (NSP), and Axxela Limited, has acquired a 60 percent equity stake in Eko Electricity Distribution Company (Eko DisCo). BusinessDay’s findings showed the transaction represents the first market-driven…

Dangote Refinery has said that the recent adjustment in the company’s ex-depot price of petrol “is directly related to the significant increase in global crude oil prices”. The company assured Nigerians that three of its partners will sell petrol for ₦970 per litre…

The Board of Directors of Eterna Plc has appointed Olumide Adeosun as the new Managing Director/Chief Executive Officer of Eterna Plc. According to a statement issued on Thursday by the Company’s Secretary/Legal Adviser, David Edet, the appointment will take effect on February 3,…

Nigeria’s crude oil production made a record decline to 1.25 million barrels per day in May 2024, according to the Organisation of Petroleum Exporting Countries. The OPEC monthly oil market report for June seen by Channels Television, puts the country’s average daily output…

The OPEC+ group of oil-producing nations agreed Sunday to extend their production cuts in a bid to support prices, as economic and geopolitical uncertainty looms over the market. The 12-member oil cartel and its 10 allies decided to “extend the level of overall…

Crude oil production is nearing 1.7 million barrels per day, according to the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari. ADVERTISEMENT This was revealed by the NNPCL boss, as he addressed stakeholders at an engagement between the Nigerian…

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), on Tuesday, met with key major oil marketers to address the issues of incessant scarcity of petroleum products in the country. ADVERTISEMENT NMDPRA Chief Executive Officer, Farouk Ahmed, who briefed newsmen on the outcome of…

In a bid to attract fresh investments and ramp up oil output, the Federal Government yesterday, announced the removal of the signature bonus requirement in bidding for oil blocks. Minister of State for Petroleum Resources, and Oil, Mr Heineken Lokpobiri, disclosed this on the…

In an unprecedented move, Dangote Petroleum Refinery has announced a further reduction of the price of diesel from N1,200 to N1,000 per litre. In a Tuesday release, the company said “While rolling out the products, the refinery supplied at a substantially reduced price…

Africa’s richest man Aliko Dangote says Nigerians should expect a drop in inflation given the reduction of diesel pump prices. He stated this on Wednesday during a chat with journalists after he paid Eid-el-Fitr homage to President Bola Tinubu at his Lagos residence. “I…