- Rockefeller and Jeff Bezos are exploring investment opportunities in Nigeria’s energy sector to address the country’s chronic power outages. Their focus is on leveraging renewable energy and innovative technologies to improve Nigeria's energy infrastructure, which faces significant supply challenges. This move aligns with broader efforts to decentralize the electricity market and expand renewable energy sources across the country.
- Dangote Group is reportedly in the process of settling out of court with the Nigerian National Petroleum Company Limited (NNPCL) and other parties regarding disputes over fuel importation costs. The disagreement centers on the price at which NNPCL purchased fuel from Dangote Refinery compared to imported petrol, with Dangote claiming that his refinery sold fuel at a lower price than the imported alternatives.
- The NNPCL has supplied its first crude oil to the Dangote Refinery under the new naira-for-crude policy. This deal is part of an arrangement where the NNPCL will exchange crude oil for the local currency instead of dollars, marking a shift from the usual foreign currency transactions. The supply agreement supports Nigeria's effort to boost local refining and reduce the demand for dollars in oil trade.
- TotalEnergies is set to invest in Nigeria's Bonga North Offshore project, a deepwater oil development, by the end of 2024. The company recently received board approval for this investment, along with other joint ventures with Shell Petroleum and the Nigerian National Petroleum Corporation (NNPC). This move highlights Nigeria’s potential as a secure and attractive destination for global energy investment, with the government expressing its commitment to providing favorable conditions for investors.
- A Nigerian court is set to deliver a judgment on the $1 billion indemnity claim related to the Bonga oil spill, which occurred in 2011 when about 40,000 barrels of crude oil spilled into the Atlantic Ocean. The spill affected over 350 communities across the Niger Delta. Shell's Nigerian subsidiary, SNEPCo, has been involved in lengthy legal battles over compensation claims, with several cases both in Nigerian and UK courts.
- A Nigerian lawyer, Bamidele Salam, has raised concerns over the N11.3 trillion spent on the rehabilitation of the nation’s refineries between 2010 and 2020, criticizing it as a massive waste of public funds. Despite these investments, Nigeria's refineries in Kaduna, Warri, and Port Harcourt remain non-functional. The House of Representatives has now launched an investigation to address the alleged mismanagement and inefficiencies in the use of these funds.
- Petroleum marketers have imported 123 million litres of petrol as they continue negotiations with Dangote Refinery for direct supply. These talks aim to secure a steady supply from Dangote's 650,000-barrel-per-day refinery, addressing concerns about fuel shortages. However, marketers also await pricing details from the NNPCL, which remains the sole off-taker of products from the refinery.
- The NNPCL has trained over 1,000 car mechanics across Nigeria to facilitate the conversion of vehicles from gasoline to Compressed Natural Gas (CNG). This initiative is part of a broader effort to promote cleaner and more affordable fuel alternatives in the country. The training, which involved practical demonstrations, is aimed at equipping mechanics with the technical skills needed to support Nigeria's shift towards sustainable energy solutions.
- The Dangote Refinery now supplies around two-thirds of Nigeria’s jet fuel, significantly reducing the country's reliance on imports. This shift has led to a decline in jet fuel imports from 13,000 barrels per day (bpd) in 2023 to just 5,000 bpd in 2024. The refinery’s output has also had a ripple effect across West Africa, curbing regional imports. Nigerian airline operators have started sourcing jet fuel primarily from the Dangote Refinery, further boosting local supply and stabilizing prices.
- Russia is planning to establish an oil refinery in the Republic of Congo as part of a collaborative initiative with the Central African Republic. This development follows a series of agreements aimed at enhancing energy cooperation between Russia and African nations. The proposed refinery will be accompanied by the construction of an oil pipeline to facilitate the transportation of petroleum products across the region, addressing energy shortages in the Republic of Congo and neighboring countries.
- Chevron Nigeria has announced a significant new oil discovery in the Niger Delta, specifically from the Meji NW-1 well, located within Petroleum Mining Lease 49. This discovery has a potential production capacity of up to 17,000 barrels per day. Drilling operations reached a depth of 8,983 feet, encountering around 690 feet of hydrocarbons in Miocene sands, thereby expanding the existing Meji field】. This finding aligns with Chevron's strategy to enhance its oil production capabilities in Nigeria amidst a backdrop of declining output from other fieldS.
- Oando Plc has set ambitious goals to boost its production to 100,000 barrels of crude oil per day and 1.5 billion standard cubic feet of gas daily over the next five years. This initiative follows a partnership with the Rivers State Government and is aimed at enhancing regional investments and collaboration with local communities. Oando's plans also reflect its broader strategy for international expansion, highlighted by its involvement in a competitive bid for a $15 billion petroleum refinery in Trinidad and Tobago.
- Three individuals were injured in a recent explosion involving a Compressed Natural Gas (CNG) vehicle at a NIPCO filling station in Edo State. The incident occurred when a vehicle equipped with a substandard and fake CNG cylinder was being refueled. NIPCO Gas Ltd. attributed the explosion to unauthorized installation practices and emphasized the dangers of using non-compliant equipment. Following the explosion, the driver fled the scene, while the injured were promptly taken to a hospital for treatment, with one needing surgery.
- A group, led by the Oil Spill Victims Vanguard (OSPIVV), has accused Shell Trading and Shipping Company and its partners of diverting a $1 billion insurance claim intended for victims of the 2011 Bonga oil spill in Nigeria. Executive Director Harrison Jalla stated that the claim, meant to compensate affected communities for severe pollution, has been concealed from Nigerian regulatory authorities since the spill occurred. The lawsuit, filed in April 2022, aims to recover the diverted funds and holds the corporations accountable for the environmental devastation caused by the spill.
- The Nigerian government has launched a N10 billion credit scheme, known as the Credit Access for Light and Mobility (CALM) Fund, aimed at facilitating the conversion of vehicles to Compressed Natural Gas (CNG) and promoting solar energy adoption. This initiative, a partnership between the Ministry of Finance, the Presidential Initiative on CNG, and the Nigerian Consumer Credit Corporation, seeks to alleviate the financial burden on Nigerians due to rising energy and transportation costs following the removal of fuel subsidies. The loans will offer affordable financing options to individuals and businesses, with interest rates ranging from 15% to 20%.
- Australia's largest oil refinery, Ampol's Lytton facility in Brisbane, is facing significant financial difficulties as profits decline sharply. This is primarily due to a reduction in refining margins, prompting the refinery to cut back on production. In response to these challenges, Ampol is considering its options, which could include operational adjustments or potential asset sales.
- The Nigerian Federal Government has officially rejected Shell's proposal to sell its $1.3 billion onshore oil assets to the Renaissance consortium. The decision was made by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which expressed concerns over the consortium's capability to effectively manage the assets. The rejection follows scrutiny of Renaissance's management capacity, as they had reportedly struggled with their existing operations.
