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By Kolawole Ojebisi Founder of Heirs Energies, Tony Elumelu, has said that ramping up oil production to generate revenue is crucial to the diversification of Nigeria's economic. Elumelu said this at the Heirs Enegies leadership forum on Thursday in Abuja. He emphasised the need for massive investment in oil and gas to power the country’s…
February 22, 2025
By Abiola Olawale Transcorp Power Plc, a Nigerian leading power generation company, on Monday declared a remarkable financial report, recording gross earnings of N142.1 billion in revenues. The result represents a 57.3 per cent increase over that of the preceding year. Also, the company's Profit Before Tax (PBT) showed an impressive year-on-year growth, up 84.4…
May 21, 2024
By Ken Afor Nigeria's crude oil production declined for the second consecutive month in March 2024 to 1.231 million barrels per day, according to the Organization of the Petroleum Exporting Countries (OPEC) latest Monthly Oil Market Report for April 2024. This represents a drop from the production level in February 2024, continuing the downward trend…
April 12, 2024
By Julianne Geiger The American Petroleum Institute (API) has reported a build of 1.586 million barrels in U.S. crude inventories, compared to last week’s large 5.25-million-barrel draw. Analysts were expecting an inventory draw of 1.650 million barrels for the week. The total number of barrels of crude oil moves so far this year is – 4…
September 27, 2023
The International Energy Agency warns of a deepening oil market deficit in the fourth quarter due to extended Saudi and Russian production cuts. Diesel shortages are affecting sectors such as construction, transport, and farming, with global inventories significantly below the usual levels for the year. Despite President Biden's promises to reduce gas prices, options like…
September 18, 2023
The head of the International Energy Agency has said that new projections show demand for coal, natural gas, and oil all peaking in the near future. The research will be released in the IEA’s World Energy Outlook in October and suggests fossil fuel demand will peak even without new climate policies. The driving force behind…
September 12, 2023
Guyana is expected to pump 1.2 million barrels of crude oil per day by 2027, surpassing many OPEC members, driven by Exxon's development of the Stabroek Block. The high-quality light sweet crude oil, low breakeven prices, and successful exploration campaigns are attracting immense international interest in Guyana's oil sector. Guyana's burgeoning oil production threatens to…
September 9, 2023
Goldman Sachs believes oil prices could hit $107 next year if Russia and Saudi Arabia maintain their production cuts. The bank does emphasize that $107 is not their base-case scenario as they don’t see OPEC+ pursuing prices well above $100. Persistent economic uncertainty and demand concerns continue to weigh on oil prices, but Brent crude…
September 7, 2023
McNally: “Oil prices are climbing a wall of doubt and skepticism,”. McNally: The Saudis are unlikely to reverse the cuts at $90 or $92 oil. Oil prices traded slightly lower on Monday as China’s economic recovery continued to disappoint while the U.S. dollar strengthened. By Charles Kennedy The oil market is in a bullish move…
August 14, 2023
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By Kolawole Ojebisi Founder of Heirs Energies, Tony Elumelu, has said that ramping up oil production to generate revenue is crucial to the diversification of Nigeria's economic. Elumelu said this at the Heirs Enegies leadership forum on Thursday in Abuja. He emphasised the need for massive investment in oil and gas to power the country’s…
February 22, 2025
By Abiola Olawale Transcorp Power Plc, a Nigerian leading power generation company, on Monday declared a remarkable financial report, recording gross earnings of N142.1 billion in revenues. The result represents a 57.3 per cent increase over that of the preceding year. Also, the company's Profit Before Tax (PBT) showed an impressive year-on-year growth, up 84.4…
May 21, 2024
By Ken Afor Nigeria's crude oil production declined for the second consecutive month in March 2024 to 1.231 million barrels per day, according to the Organization of the Petroleum Exporting Countries (OPEC) latest Monthly Oil Market Report for April 2024. This represents a drop from the production level in February 2024, continuing the downward trend…
April 12, 2024
By Julianne Geiger The American Petroleum Institute (API) has reported a build of 1.586 million barrels in U.S. crude inventories, compared to last week’s large 5.25-million-barrel draw. Analysts were expecting an inventory draw of 1.650 million barrels for the week. The total number of barrels of crude oil moves so far this year is – 4…
September 27, 2023
The International Energy Agency warns of a deepening oil market deficit in the fourth quarter due to extended Saudi and Russian production cuts. Diesel shortages are affecting sectors such as construction, transport, and farming, with global inventories significantly below the usual levels for the year. Despite President Biden's promises to reduce gas prices, options like…
September 18, 2023
The head of the International Energy Agency has said that new projections show demand for coal, natural gas, and oil all peaking in the near future. The research will be released in the IEA’s World Energy Outlook in October and suggests fossil fuel demand will peak even without new climate policies. The driving force behind…
September 12, 2023
Guyana is expected to pump 1.2 million barrels of crude oil per day by 2027, surpassing many OPEC members, driven by Exxon's development of the Stabroek Block. The high-quality light sweet crude oil, low breakeven prices, and successful exploration campaigns are attracting immense international interest in Guyana's oil sector. Guyana's burgeoning oil production threatens to…
September 9, 2023
Goldman Sachs believes oil prices could hit $107 next year if Russia and Saudi Arabia maintain their production cuts. The bank does emphasize that $107 is not their base-case scenario as they don’t see OPEC+ pursuing prices well above $100. Persistent economic uncertainty and demand concerns continue to weigh on oil prices, but Brent crude…
September 7, 2023
McNally: “Oil prices are climbing a wall of doubt and skepticism,”. McNally: The Saudis are unlikely to reverse the cuts at $90 or $92 oil. Oil prices traded slightly lower on Monday as China’s economic recovery continued to disappoint while the U.S. dollar strengthened. By Charles Kennedy The oil market is in a bullish move…
August 14, 2023
