oil

In a decisive move, President Bola Tinubu has announced the dissolution of the board of the Nigerian National Petroleum Company (NNPC). This sweeping change includes the removal of Group Chief Executive Officer Mele Kyari and board chairperson Pius Akinyelure, signaling a significant shift in Nigeria's approach to its vital petroleum sector. According to presidential spokesperson Bayo Onanuga, Tinubu’s actions affect all board members appointed alongside Akinyelure and Kyari back in November 2023. This board overhaul can be…

Analysis of Recent Trends in Oil Market Dynamics "Energy is the golden thread that connects economic growth, social equity, and environmental sustainability." - Ban Ki-moon. This quote perhaps most aptly captures the essence of OPEC's influence in the global energy sector. In the ever-shifting landscapes of oil markets, understanding these trends is crucial. In February, the OPEC Reference Basket (ORB) experienced a decrease of $2.57, equating to a 3.2% drop month over month, settling at an…

Can a shift in a pricing strategy ripple through an entire nation, creating both fear and opportunity? The recent cessation of the Naira-for-Crude initiative seems to suggest so. With every decision echoing through vast networks, the Nigerian oil market finds itself at a crossroads. How did we reach this point? The Naira-for-Crude initiative symbolized an era where domestic refineries, including the prominent Dangote Refinery, enjoyed the privilege of purchasing crude oil using local…

In a world where oil is king, a document from the Nigerian Port Authority brings to light intriguing developments reported by Punch Newspaper. Between the dates of March 17 and March 23, no less than seven vessels teeming with imported petrol are anticipated to make their way to Nigeria's seaports. These seaports dot the country's coastlines, serving as gateways to millions of Nigeria’s inhabitants dependent on petrol imports. Delving deeper into the numbers, these vessels are not just mere…

In a country that the sun seems to grace more often than not, Namibia is witnessing a new dawn as Nandi-Ndaitwah, at 72, steps in as the first female president. Sandwiched in the southwestern corner of Africa, Namibia stands on the precipice of a potential economic revolution, led by burgeoning oil and gas industries. Nandi-Ndaitwah's inauguration isn't just notable for adding one more name to the short list of female African leaders but serves as a beacon of the possibilities of what women can achieve on this vast,…

Niger Delta: A Complex Paradox of Wealth and Poverty The Niger Delta, a vibrant oil-producing region in Nigeria, is both a source of immense national wealth and a ground of profound challenges. Here, in this lush expanse, lie contradictions as deep as the oil reserves below: prosperity marked by neglect, opportunity shadowed by environmental decay. How did such a resource-rich area become embroiled in a saga of struggle? The oil sector, undeniably, is the lifeline of Nigeria's economy. It has catalyzed economic growth,…

Somali Regional State’s Energy and Mining Bureau in a meeting with Poly-GCL representatives. Photo: Somali region Energy and Mining Bureau In a recent turn of events, the Ogaden National Liberation Front (ONLF) has expressed vehement opposition to the Somali Regional State's meeting with the Chinese conglomerate Poly-GCL. The meeting, which has sparked controversy, is seen by the ONLF as a blueprint for what they term "resource plunder," carried out with a blatant disregard for the political and territorial rights of the…

Niger's Resource Strategy: A Changing Landscape In West Africa, the winds of change are blowing. Recently, Niger's military government made a bold decision—one that illustrates a broader trend in the region's approach to managing natural resources. How does one balance sovereignty with globalization in today's complex world? On a rather inconspicuous Wednesday afternoon, three Chinese officials were informed their roles in Niger had come to an abrupt end. Among these officials were…

Unveiling the Global Outreach of Africa’s Largest Refinery In the heart of Africa’s industrial landscape lies a formidable structure: the $20 billion Dangote Petroleum Refinery, a beacon of ambition and commercial prowess. However, just as Rome wasn't built in a day, neither can such vast operations rely solely on local resources. Isn't it fascinating how our world has become so interconnected, from the coffee in your morning cup to the very oil driving this refinery? As…

Would you quiet your mind for a moment to ponder a fascinating development on the economic horizon? Nigeria's vibrant oil and gas sector, a linchpin of its economy, is drawing attention far beyond its borders. At the forefront of this attention are an astounding 74 Chinese enterprises, all set on a mission to invest, innovate, and invigorate. This movement was highlighted in a recent statement issued by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), stirring a crest of anticipation across both…