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Abu Dhabi’s ADNOC to acquire 30% stake in Absheron gas field

*ADNOC headquarters ,. Dubai — Abu Dhabi National Oil Company (ADNOC) said on Friday it would acquire a 30% equity stake in the Absheron gas and condensate field in the Caspian Sea off the coast […]

OPEC+ panel keeps policy unchanged against backdrop of stronger oil market

Dubai/London — An OPEC+ ministerial panel which met on Friday made no changes to the group’s current oil output policy after a Saudi decision to extend its voluntary production cut into September helped oil prices […]

Brazil’s Petrobras beats profit forecast, $3 billion payout announced

*Petrobras Sao Paulo — Brazilian national oil company Petrobras posted a nearly 36% drop in its second-quarter profits on Thursday, citing falling crude prices, although earnings surpassed analyst expectations. Latin America’s top oil producer posted […]

PENGASSAN joins protest against NUPRC’s Chief Executive in Rivers

PENGASSAN members protesting ‘Gbenga Komolafe must go’. Mkpoikana Udoma Port Harcourt — The Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, has joined in the ongoing protest against the Chief Executive Officer the […]

Phillips 66 joins rival refiners with sharp profit drop on lower margins

News wire — Phillips 66 reported a 46% fall in second-quarter profit on Wednesday, the latest U.S. refiner to signal the hit from a decline in margins from last year’s sky-high levels when Russia’s invasion […]

BP boosts dividend even as profit slumps 70% to $2.6 billion

*BP CEO, Bernard Looney London — BP’s second-quarter profit slumped 70% from a year earlier to $2.6 billion, missing forecasts, as refining margins and oil trading income fell, but still allowing the energy giant to […]

OPEC+ panel unlikely to tweak oil policy at Friday meeting

*OPEC+ barrel stock – OPEC+ ministerial panel meets on Aug. 4– No policy tweaks or recommendations expected – sources– UAE minister has said current OPEC+ steps are enough Moscow/London/Dubai — OPEC+ is unlikely to tweak […]

IPMAN flays Tinubu ‘for applying wrong solutions to Nigeria’s economic problems’

…Urges FG to channel subsidy savings to fixing refineries Mkpoikana Udoma Port Harcourt — The Independent Petroleum Marketers Association of Nigeria, IPMAN, has condemned actions taken so far by President Bola Ahmed Tinubu on the […]

Nigeria’s oil revenue rises by 70% to N1.34tn

*Crude oil vessel. – Earns N22bn from gas in 27 months Ike Amos Dublin, Ireland — Nigeria earned N1.34 trillion from the petroleum industry in the first quarter of 2023, according to latest data released […]

‘Repairs on Forcados crude terminal may be complete next week’

*Shell Petroleum Development Company Brussels/London — Repair work on Nigeria’s suspended Forcados crude oil terminal is expected to be complete by early next week, a shipping source told Reuters. Shell (SHEL.L) suspended loadings of the […]