Energy News, Press Release | IEA and OPEC raise forecast for 2023
Citing higher consumption from China.
In Nigeria Petrol and Diesel Price Up over 54.52% in 12-months The National Bureau of Statistics (NBS), says the average retail price paid by consumers for Petrol increased from N166.40 in January 2022 to N257.12 in January 2023. This is according to the NBS Premium Motor Spirit (Petrol) Price Watch for January 2023 released in Abuja on Tuesday. The report said the January 2023 price represented a 54.52 per cent increase when compared to the value recorded in January 2022 at N166.40. Comparing the average price value with the previous month of December 2022, the average retail price increased by 24.70 per cent from N206.19. It said on state profiles analysis, Imo paid the highest average retail price for petrol at N332.14, followed by Rivers and Akwa Ibom at N327.14 and N319.00, respectively. Conversely, Sokoto state paid the lowest average retail prices for petrol, at N191.43, followed by Plateau at 192.14 and Borno at 193.91 Analysis by zone showed that the South-East recorded the highest average retail price in January 2023 at N307.85, while the North-Central recorded the lowest at N217.15. The NBS also revealed in its Automotive Gas Oil (Diesel) Price Watch Report for January 2023, that the average retail price paid for diesel by consumers was N828.82 per litre. It said the January 2023 price amounted to a 187.69 per cent increase from the N288.09 per litre recorded in January 2022. Read More
Nigeria’s first deep-water exploration and production vessel, Bonga, hit a 1-billion-barrel oil export mark on Monday. This milestone is coming three months after a major turnaround maintenance (TAM) of the facility was completed ahead of schedule.Managing Director, Shell Nigeria Exploration and Production Company Limited (SNEPCo), Elohor Aiboni, described the milestone as a celebration of excellence, leadership and focused delivery that has brought significant benefits to Nigeria and Nigerians. “One billion barrels is an exciting milestone,” said Aiboni, SNEPCo’ s first female Managing Director, adding, “I’m incredibly proud of all of our employees and contractors who’ve contributed to the success of the Bonga FPSO and the attainment of this remarkable achievement.” Aiboni also attributed the success of Bonga to the supportive partnership with the Nigerian National Petroleum Company Limited and SNEPCo’s co-venturers – TotalEnergies EP Nigeria Limited, Nigerian Agip Oil Company, and Esso Exploration and Production Nigeria Limited. Bonga, a floating production, storage, and offloading (FPSO) vessel which began operations in 2005 is anchored 120 kilometres offshore in the Gulf of Guinea and has consistently delivered value in national revenue, local capacity development of Nigerian engineers and funding support to the service industry, Read More
Shell Nigeria Exploration and Production Company (SNEPCo) has won the 2023 Oil and Gas Trainers Association of Nigeria (OGTAN) National Award of Excellence for Human Capacity Development in the Oil and Gas Industry. The award comes three days after SNEPCo achieved 1-billion-barrel oil export from Bonga field. “SNEPCo has played a leading role in developing human capital in Nigeria through innovative programmes such as the SITP (Shell Intensive Training Programme) which has been a template for many human capital development programmes in the industry today,” said President of OGTAN, Mazi Onyechi. “SNEPCo also developed the first generation of Nigerian deep-water engineers through the Bonga Field development.” The Managing Director of SNEPCo, Mrs Elohor Aiboni, said, “I commend the vision of the Oil and Gas Trainers’ Association of Nigeria to be the best learning services group in the industry and beyond because it aligns with SNEPCo’s aspirations in human development. And we will continue to work with the Nigerian Content Development and Monitoring Board and OGTAN to grow in-country human capacity for the oil and gas industry.” Mrs. Aiboni, represented, at the event by SNEPCo’s Bonga Business Opportunity Manager, Mr Iyke Nnoaham, said Shell regards its staff as the most valuable asset and is working “to consistently develop the competences and capabilities of our people.” Read More
The Nigerian Minister of State Petroleum Resources, Chief Timipre Sylva has attributed loss of revenue from crude production to theft, pipeline vandalism and decayed infrastructure.The minister, in a statement on Monday by his Senior Adviser, Media and Communications, Horatius Egua said in spite the challenges, the Federal Government was determined to end the trend. Sylva said the Federal Government was determined to end the trend through improved investments and security along the major oil and gas pipelines in Niger Delta region. According to him, contrary to reports that about 40 per cent of the volumes of crude losses are due to measurement inaccuracies, adding that major sources of crude oil losses were theft, pipeline vandalism and production deferment as a result of pipeline non-availability. “It is a known fact that the major losses of crude oil in the country have been through theft and destruction of oil pipelines. Read More
Nigerian Federal Government’ Special Investigative Panel on Oil Theft/Losses has called for deliberate conversations to drive legal reforms that would provide stiffer penalties to culpable entities involved in oil theft.The Chairman of the Panel, retired Maj.-Gen. Barry Ndiomu, made the call in his address of welcome at a Day Stakeholders Conference on Oil Theft/Losses on Tuesday in Abuja. The theme of the conference is: “Protecting Petroleum Industry Assets for Improved Economy”. According to him, frank discussions must be held to enable the country “crack the code” and put an end to the criminal enterprise of oil theft. Ndiomu, who is also the Interim Administrator of the Presidential Amnesty Programme (PAP), regretted that the menace of oil theft has had enormous negative impact on Nigeria’s crude oil production, plunging output to a 13-year low of 800,000bpd. He reiterated that strategic consultations have been held with state governments of the Niger Delta Region and other critical stakeholders to that effect. Read More
Drax confirms that it has provisionally secured agreements to provide a total of 621MW of capacity (de-rated 588MW) principally from its pumped storage and hydro assets(1). The agreements are for the delivery period October 2026 to September 2027, at a price of £63/kW(2), with income of around £37 million in that period. These are in addition to existing agreements which extend to September 2026. Read More
The United Arab Emirates (UAE) will explore all partnership opportunities with India to help the south Asian country’s growth and low carbon plans, the UAE’s climate envoy and designated president of the COP28 summit said on Wednesday.“India’s goal of adding 500 gigawatts of clean energy in the next seven years is a powerful statement of intent,” Sultan al-Jaber told the World Sustainable Development Summit in New Delhi. Read More
PETRONAS Gas Bhd’s (PetGas) net profit for the fourth quarter ended Dec 31, 2022 (4Q22) fell 8.9% to RM412.55 million from RM452.63 million a year ago, due to lower contribution from all segments following higher operating expenses, mainly fuel gas and internal gas consumption expenses. However, the company registered a 9.1% increase in revenue to RM1.63 billion from RM1.5 billion previously, mainly driven by higher revenue from the utilities segment on the back of higher product prices. Read More
VistaJet, the first and only global business aviation company, continues to proudly support Ferrari in its global competitions and optimize its teams’ travel and transfer times, allowing all involved to further utilize time off track to arrive to the Formula One, FIA World Endurance Championship (WEC) rounds and 24 Hours of Le Mans, and GT races in optimum condition.
Ahead of the first Grand Prix race in Bahrain the first weekend of March, VistaJet celebrates a fifth year as Scuderia Ferrari’s partner. The long-standing partnership helps the team to reach high-performance through efficiency and a safe and seamless flying experience, as they travel around the world to compete in the 2023 Formula One Season.
In a sport where speed and endurance are fundamental, VistaJet is delighted to support esteemed VistaJet brand ambassadors and Ferrari F1 drivers Charles Leclerc and Carlos Sainz as they travel to and from racetracks. The VistaJet company logo continues to feature on the cars, kits and helmets driven by Leclerc and Sainz as they head for victory.
As Ferrari returns to the FIA WEC after 50 years, VistaJet also unveils a brand-new partnership with Ferrari in its 499P Hypercar. The group of drivers is as expected, a mixture of proven GT masters and ex-F1 talent, charged with getting the Prancing Horse an overall triumph, including at Le Mans, for the first time in five decades. Having raced competitively with Ferrari for many years and as an official driver in the WEC, VistaJet’s Founder and Chairman Thomas Flohr knows the demands of racing and the intense focus required to perform under such pressure. Read More
Propel Global Berhad, a provider of oil and gas (O&G) services as well as downstream specialty chemicals to the O&G industry, today announced that the Group recorded a 3.81% gain in revenue to RM24.5 million for the second quarter ended 31 December 2022 (2Q FY2023) compared with RM23.6 million for the corresponding quarter in 2Q FY2022 from continuing operations.For the quarter under review, the Group registered RM2.59 million in profit before tax (PBT) compared with PBT of RM0.6 million from continuing operations. For the first-half period ended 31 December 2022 (1H FY2023), the Group registered 15.45% increase in revenue to RM42.6 million compared with RM36.9 million in 1H FY2022 while PBT increased to RM5.9 million compared with RM0.7 million. Read More
Crescent Petroleum has signed three 20-year agreements to develop oil and gas fields in Iraq, as the country seeks international collaboration to boost its energy supply. Crescent Petroleum plans to initially produce 250 million standard cubic feet per day of natural gas from two oil and gas blocks in the country’s northern Diyala province, the company said on Tuesday. A third exploration block, located in Iraq’s main oil-producing hub Basra, will be explored and developed to add further supplies, Crescent Petroleum said. “Our new planned investments and operations will create thousands of new jobs and support the local and national economy,” said Abdulla Al Qadi, executive director of exploration and production at Crescent Petroleum. “Gas and oil supplies from these operations will help improve services and local economic development for the people of Iraq.” Read More
NATO will define its new generation capability within the Alliance Future Surveillance and Control (AFSC) project. “Saab is a proven and trusted part of NATO’s defence industrial base and we are present in more than two thirds of the member nations. Our solutions, including GlobalEye, are from the outset developed to be compliant with NATO’s requirements. I am confident that we can contribute with important capabilities that will strengthen NATO and benefit the member countries,” says Carl-Johan Bergholm, head of Saab´s business area Surveillance. Saab has responded to a Request for Information (RFI) from NATO’s Support and Procurement Agency regarding a new generation of surveillance and control capabilities. Saab’s response is based on GlobalEye. GlobalEye is a multi-domain Airborne Early Warning & Control (AEW&C) solution with an array of active and passive sensors that provide long-range detection and identification of objects in air, at sea and over land. By providing real-time information to units in air forces, armies and navies, GlobalEye enables enhanced situational awareness of the surrounding areas and early detection of threats. It can also be used for non-military tasks such as leading and coordinating rescue missions during natural disasters or larger accidents at sea or on land. Read More
Bugatti Brand Lifestyle’s all-new eyewear collaboration.Launched at a prestigious private event at the hotel Principe di Savoia in Milan, Italy, Collection One brings together the essence of the Bugatti brand as the pinnacle in automobile luxury, performance and design with the genius of Larry D. Sands, a freethinking pioneer in the optical fashion space. The nine-style set comprising of 37 pieces available in different materials – including palladium, 925 sterling silver, carbon fiber and Macassar ebony – melds heritage with modernity, delivering a visual identity that is stimulated by past and present iconic Bugatti design languages but reinterpreted in contemporary optical aesthetic form that embodies the world of tomorrow. Taking inspiration from Ettore Bugatti’s vision – “If comparable, it is no longer Bugatti” – Collection One successfully captures and transfers Bugatti’s core values into exclusive eyewear pieces that are at the vanguard of fashion, creating desirable and luxurious accessories. Such hallmarks can only be envisioned, formed and then fully realized by a true leader in their respected field, which is why Bugatti sought to collaborate with the very best when launching its new eyewear collection. Read More
Toyota customers considering the purchase of a new Battery Electric Vehicle (BEV) or Plug-in Hybrid Electric Vehicle (PHEV) have a new tool at their disposal to help find available incentives. Now available on Toyota.com, the Toyota EV Incentive Finder powered by EV Life makes finding federal, state and even municipality incentives much simpler. Using EV Life’s proprietary “Incentives Engine,” Toyota customers will be presented with potential incentives of the available 470+ EV tax credits, rebates, and other benefits like HOV carpool decals and toll discounts.Using the Toyota EV Incentive Finder powered by EV Life, customers can input data specific to their location, household size and income, tax filing details, electric utility and more into the tool. Within seconds the tool generates a quote for potential incentive packages, based on EV Life’s 20-plus data points across every zip code in the country. Available now, Toyota customers can locate the Toyota EV Incentive Finder tool by visiting the vehicle pages for the bZ4X battery electric vehicle (BEV), as well as the respective pages for Toyota plug-in hybrid electric vehicles (PHEV) including the Prius Prime and RAV4 Prime. Read More
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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