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Navy destroys 350,000 litres capacity vessel with illegally refined AGO

*The vessel, MV Cecelia Imo Mkpoikana Udoma Port Harcourt — The Nigerian Navy has set ablaze a vessel, MV Cecilia Imo, caught with suspected illegally refined Automotive Gasoline Oil, commonly known as diesel in Gbalajam, […]

Asia to dominate global refinery coking capacity additions

*New build and expansion refinery coking capacity additions 2023-2027 Lagos — Asia is set to witness the highest refinery coking capacity additions among all regions during 2023 and 2027, contributing about 50% of the total […]

Russia’s Lukoil plans to buy back shares from foreign investors

Moscow — Russian oil major Lukoil is asking Russian authorities for permission to buy back up to 25% of its shares from foreign investors at a discount of at least 50%, the Interfax news agency […]

US energy firm payouts to oil investors top exploration spending for first time

*Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford Houston — Top U.S. energy companies last year paid out more of their […]

Nigerian to make $17bn from sale of oil assets, says JP Morgan

…NNPC’s $3bn loan to improve FX liquidity Sam Ikeotuonye Lagos — Nigeria could make as much as $17 billion from the sale of its oil and gas assets, leading global financial services firm, JP […]

US, Brent crude futures stabilize after negative turn

*Crude oil barrels Houston — Crude oil futures stabilized on Monday after briefly turning negative following gains of more than $1 earlier in the session, as markets weighed supply tightness against expectations of slow demand […]

Refineries must work, in-country capacity must increase, PETROAN tells FG

Port Harcourt — The Petroleum Products Retail Outlets Owners Association of Nigerian, PETROAN, has called on the Federal Government to declare a state of emergency on the nation’s four state-owned refineries, saying the refineries must […]

YEAC lauds Tinubu over planned integration of artisanal refineries

*Artisanal petroleum refining activity. Mkpoikana Udoma Port Harcourt — The Youths and Environmental Advocacy Centre, YEAC-Nigeria, has lauded the Federal Government over the planned implementation of its initiative, the Presidential Artisanal Crude Oil Refining Development […]

US drillers cut oil and gas rigs for sixth week in a row

*US oil drilling site News wire –– U.S. energy firms this week cut the number of oil and natural gas rigs operating for a sixth week in a row, energy services firm Baker Hughes said […]

Iran raises September light crude price to Asia

*Iranian crude oil production. Singapore — Iran has set the official selling price (OSP) of its Iranian Light crude oil grade for Asian buyers at $3.45 a barrel above the Oman/Dubai average for September, an […]