- The Dangote Refinery and PETROAN are finalizing details on pricing, volume, and logistics for lifting petroleum products, with costs estimated at N42 million per 33,000-liter truck. PETROAN is confident its collaboration with the refinery and zero-fuel scarcity strategy will ensure smooth fuel distribution during the festive season.
- The Managing Director of Nigeria LNG Limited, Mr. Philip Mshelbila, said Africa needs over $200 billion annually to meet its energy and climate goals. Speaking at the 2024 World LNG Summit, he emphasized balancing energy access with sustainable transition, using LNG as a cleaner alternative. Mshelbila called for collaboration to improve infrastructure and human capital. NLNG is committed to sustainability, as reflected in its new brand identity.
- Equinor, a Norwegian energy giant, has finalized its exit from Nigeria after 31 years, completing the sale of its oil assets on December 6, 2024, for up to $1.2 billion, including $710 million upfront and contingent payments. The decision aligns with its strategy to optimize its oil and gas portfolio and focus on competitive projects to sustain long-term production and profitability.
- The Nigerian National Petroleum Company Limited (NNPCL) uncovered 34 illegal refineries and 17 illegal pipeline connections across the Niger Delta region between November 30 and December 6. The operation, involving collaboration with several entities, resulted in 94 oil theft incidents, including a large illegal storage site in Okrika, Rivers State. NNPCL seized boats carrying stolen crude oil and arrested 19 suspects, reiterating its commitment to ending crude oil theft in Nigeria.
- The 38th OPEC meeting emphasized continued collaboration among member and non-member countries to stabilize the global oil market under the Declaration of Cooperation framework. Nigeria reiterated its commitment to supporting these efforts while advancing national objectives, promoting energy security, and ensuring sustainable resource development.
- The Nigerian government has invested over $450 million in developing the country’s compressed natural gas (CNG) value chain, including mother stations, daughter stations, refueling stations, and conversion centers nationwide. This initiative is supported by federal and state governments setting up CNG conversion centers across the country.
- WATT Renewable Corporation has secured a $15 million debt facility from the AFRIGREEN Debt Impact Fund to finance hybrid solar power plants in Nigeria, specifically for commercial and industrial clients in telecommunications and financial services. The local currency facility helps mitigate currency risk. WATT joins other key players like Solar Depot Nigeria and GVE Projects in Nigeria’s growing renewable energy market, addressing the country’s energy challenges.
- Netzence Sustainability Limited has started onboarding Mainstream Energy Solutions Limited (MESL) onto its ‘CloseCarbon’ platform, a digital tool for tracking carbon emissions and credits. This initiative aligns with the United Nations Sustainable Development Goals and supports Nigeria’s efforts to reduce its carbon footprint. CloseCarbon offers secure, transparent transactions and real-time data analytics, helping MESL make informed sustainability decisions and participate in carbon markets.
- The Sale and Purchase Agreement between Seplat Energy Plc and Mobil Producing Nigeria Unlimited is set to close on Thursday, with the final consideration now $800 million (down from $1.28 billion). The Nigerian Upstream Petroleum Regulatory Commission approved the sale of ExxonMobil’s onshore assets in October 2024. Seplat Energy expects to more than double its production to around 120,000 barrels of oil equivalent per day.
- The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has emphasized its support for oil workers’ welfare, stating that a unified, motivated workforce is key to achieving economic goals. NUPRC’s Chief Executive, Gbenga Komolafe, highlighted the importance of professional development and welfare, marked by the commissioning of the NUPENG Tower in Lagos.
- Savannah Energy Plc is advancing gas infrastructure in Nigeria through its midstream subsidiary Accugas Limited, which has drawn N279 billion under a transitional debt facility. The $45 million Uquo Central Processing Facility compression project is on track for Q1 2025. Savannah also plans to acquire the Stubb Creek asset in Q1 FY25. Production averaged 22.7kboe/d, mostly gas, generating $320 million in the 10 months to October 2024.
- The National Transparency Watch criticized NNPC Limited for a lack of transparency after selling Port Harcourt Refinery products to Gulf Transport & Trading Limited (GTT), linked to controversial dealings and substandard fuel blending. They accused NNPC of exporting fuel better suited for local needs, alleged ties between GTT and NNPC's CEO, Mele Kyari, and claimed deceptive practices regarding the Port Harcourt Refinery's operations.
