oil

Turkey Signs Onshore Oil Exploration Deal with Somalia Amid Security Concerns In an era of dynamic international collaborations, yet another compelling chapter unfolds between Turkey and Somalia. On Thursday, the two nations came together to ink a groundbreaking agreement that charts paths into the uncharted territories of onshore oil and gas exploration. This momentous occasion, held in the heart of Ankara, extends seismic survey rights to Turkey’s state-run energy titan across three…

In a pivotal move, the Federal Ministry of Finance recently confirmed the continuation of a policy that's been off the radar for a few months—the Crude and Refined Product Sales in Naira initiative. This decision came hot on the heels of a high-powered conclave led by a Technical Sub-Committee. Sometimes, the paths taken to conserve resources and bolster local industries can be quite the labyrinth. Do you remember wanting to unravel a knotty problem yourself? That's what this initiative seeks to do for…

Navigating the Undulating Terrain of Nigeria's Oil Market Last week marked a significant shift in global oil prices, as crude oil saw its value tumble to depths not seen since 2021. Was it former President Trump's imposing import tariffs that sparked this? Perhaps it was the unexpected increase in oil supply by OPEC+ that sent ripples through the market, slicing a hefty $10 from global benchmarks per barrel. And suddenly, by Friday, the crude oil prices had plummeted to $65 a barrel. For many, this…

The expansive world of Africa's palm oil industry is swiftly evolving, with sustainability sitting squarely at the core of its transformative potential. Enter Eur Ing Hong Wai Onn, the innovative mind behind the Research Institute for Sustainable Excellence and Leadership (RISEL). As a chartered chemical engineer and environmentalist, Hong offers a radically inspiring perspective on how the process of biomass valorization might just hold the key to revolutionizing the sector continent-wide. Do we dare to dream big…

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,…