Tariff talks: Indonesia proposes an increase of $10 billion in US energy imports
Energy Minister Bahlil Lahadalia said to local media that Indonesia would propose an increase of around $10 billion in its crude oil and liquefied gas imports from the United States as part of its ongoing tariff negotiations. Indonesian officials will be leaving for Washington, D.C. later Tuesday to negotiate proposed U.S. tariffs. Indonesia will buy goods from the U.S. worth between $18 and $19 billion in order to reduce its trade surplus, as well as to avoid a 32% tariff threat on its exports.
Tariff talks: Indonesia proposes an increase of $10 billion in US energy imports
Energy Minister Bahlil Lahadalia said to local media that Indonesia would propose an increase of around $10 billion in its crude oil and liquefied gas imports from the United States as part of its ongoing tariff negotiations. Indonesian officials will be leaving for Washington, D.C. later Tuesday to negotiate proposed U.S. tariffs. Indonesia will buy goods from the U.S. worth between $18 and $19 billion in order to reduce its trade surplus, as well as to avoid a 32% tariff threat on its exports.
Afreximbank, an oil and gas investor, has allocated $3 billion to support local refineries
A senior executive revealed that the African Export-Import Bank, (Afreximbank), which is a major investor in oil-and-gas projects, had set aside $3 billion for financing the purchase of refined goods within Africa, as part of plans to increase refining capacities. Bank and analysts say that Africa exports 80% of its crude oils and 45% of its natural gas, making it heavily dependent on imported refined products. The energy landscape in sub-Saharan Africa is characterized by aging refineries and a lack of storage infrastructure.
Nigeria namess ex-Shell executive as head of state oil company NNPC
The Nigerian presidency announced on Wednesday that Bola Ahmed Tinubu had appointed Bayo Ojulari as head of the state-owned oil company NNPC Ltd. This is in response to the country's desire to increase oil production and revitalize its refinery capacity. Tinubu, who in his first year as president devalued the naira twice and ended costly subsidies, has now shifted his attention to overhauling state oil company to maximize its contribution to revenue.
Nigeria’s Refining Revolution is Reshaping West Africa’s Energy Landscape
The launch of the Dangote Refinery near the Port of Lagos presents an exciting opportunity to transform the energy and shipping markets in West Africa. And it stands to boost Nigeria’s role as an influential player in the global oil industry, fostering economic growth and regional development.Nigeria’s standing in the global energy landscape is getting a boost with domestic refining capacity expanding in 2025. The Dangote Refinery…
Nigeria launches $500 Million Fund for Solar Energy
Nigeria launched a $500-million fund on Thursday to attract private investment in order to increase solar energy and supplement the country's aging power grid. At the Sustainable Energy for All Global Forum held in Barbados, it was announced that DRE Nigeria Fund - which stands for Distributed Renewable Energy or electricity generated from renewable sources - would be launched. The goal is to attract local currency funding by Nigerian pension funds and insurance companies.
OPEC holds view that demand is not a concern, despite claims by Kazakhstan to lead the jump in OPEC+ production
OPEC announced on Wednesday that Kazakhstan was the country responsible for a significant increase in crude production in February by the wider OPEC+ group. This highlights a challenge facing the producer group to enforce adherence of agreed output targets. The Organization of the Petroleum Exporting Countries (OPEC) reported that OPEC+ - which includes OPEC, Russia, and other allies - increased its output in February by 363,000 barrels a day, to 41,01 million bpd. Kazakhstan was the leading producer.
Spain's Endesa faces new arbitration over LNG contract dispute
The Spanish power utility Endesa faces a new arbitration over a price review for a long-term contract to supply liquefied gas (LNG), Chief Financial Officer Marco Palermo announced on Thursday. Palermo, who spoke to reporters during the presentation of 2024 results, said that a supplier, whom he didn't identify, had filed the lawsuit in January. There is no claim at this time, he added. He said that Endesa estimated the potential impact of the price hike demanded by its counterpart to be around $300 million.
Vitol and Glencore receive $380 Million award in Nigerian LNG litigation
Court documents obtained by revealed that trading houses Vitol, Glencore, and their gas suppliers, trading firms Taleveras won a legal case in London against Nigeria's only liquefied gas (LNG), producer, for not delivering cargoes. The London High Court and Court of Appeal heard the case, the latest of a series of lawsuits filed by buyers against producers and sellers for non-delivery of goods after gas prices rose from the lows reached during the COVID epidemic when Russia invaded Ukraine on February 20, 2022.
Vitol and Glencore receive $380 Million award in Nigerian LNG litigation
Court documents obtained by revealed that trading houses Vitol, Glencore, and their gas suppliers, trading firms Taleveras won a legal fight in London against Nigeria's only liquefied gas (LNG), producer, for not delivering cargoes. The London High Court and Court of Appeal heard the case, the latest of a series of lawsuits filed by buyers and sellers for non-delivery of goods after prices rose from the lows reached during the COVID epidemic when Russia invaded Ukraine on February 20, 2022.
Nigeria's NNPC contains fire at storage facility
The Nigerian State Oil Company NNPC said that a fire in a crude oil storage barge on its Cawthorne Channel site, located along the coast of Rivers State, had been put out with no injuries. Olufemi Soneye, NNPC's spokesperson, said in a late-night statement on Thursday that the fire started around 1310 GMT Wednesday and spread quickly to other barges. Soneye stated that the incident did not affect operations at the flowstation.
Shell should be held responsible for oil spills in Nigeria, says community leader before UK trial
Shell must take responsibility for the environmental damage caused in Nigeria by oil spills. A community leader made this statement on Thursday, as a crucial hearing in suits brought against Shell began at London's High Court. Godwin Bebe OKpabi, the leader of the Ogale Community in the Niger Delta said that he appealed to Shell to rectify the damage which, he claimed, had "destroyed [our] way of life". Shell and its Nigerian…
Nigeria's NNPC and partners to build 5 mini-LNG for local gas usage
A company spokesperson announced late Thursday that the state-owned Nigerian National Petroleum Company has started construction on five mini-liquefied gas plants (LNG). This is part of government initiatives to boost economic growth and gas consumption. Nigeria, Africa's leading energy producer, has the continent's largest reserves of gas, with more than 200 trillion cubic foot. It aims to develop this commodity in order to boost supply to industries, power stations, and exports and to stop routine flaring by the year 2030.
European gasoline glut affects global margins
As a result, gasoline stocks in Europe reached a record-high as exports fell due to increased refinery runs in Nigeria and the United States. This led to the profit margins for European and U.S. refineries to fall to a 15 month low in January. Gasoline profit margins usually fall in the winter due to lower seasonal demand. However, the magnitude of the drop is a major blow for refiners who are now facing low margins on petrochemicals. Diesel provides some relief to overall margins.
Portugal imports more US and Nigerian LNG in order to stop Russian supplies
The Portuguese government plans to buy more liquefied gas (LNG), mainly from the United States, and Nigeria to replace its already diminishing Russian supplies. This was announced by Environment Minister Maria da Graca Carvalho on Tuesday. Data from the electricity and gas grid operator REN show that Portugal will import 49,141 gigawatt hours (GWh) in 2024. Of this, 96% is LNG. About 40% of these LNG deliveries came from the United States, and about 4.4% from Russia. In 2021, Russia will account for 15% of Portugal’s LNG.
Nigerian oil reserves increase, production increases 26%, as theft declines
The industry regulator announced on Thursday that Nigeria's oil reserves will increase in 2024. Meanwhile, crude oil production will surge 26% from April 2023 to late 2024 due to a decline in theft. Nigeria, Africa's largest oil producer, depends on this commodity for more than 90 percent of its foreign currency earnings and around two thirds of its revenues. Oil theft on a large scale has reduced government revenues and slowed down production in recent years.
Nigeria and China strengthen ties through pledges on finance, security, and economic growth
Nigeria and China are planning to intensify their cooperation in areas like clean energy, finance and defence. China has pledged support for Nigeria to issue Panda bonds to fund its infrastructure. The Nigerian Foreign Ministry Yusuf Tuggar, and his Chinese counterpart Wang Yi both outlined their efforts to address the regional security challenges. Wang visited Nigeria as part a larger four-nation Africa tour, a journey that is seen as an annual effort to advance Beijing's influence on the continent.
Nigerian regulator: Applicants for oil licenses must demonstrate low carbon emissions
Nigerian applicants for oil licenses and permits will be required to provide evidence of low-carbon emissions and a program of renewable energy starting on Wednesday, before they are approved. This was announced by the head of Nigeria's upstream regulatory agency. Gbenga Kmolafe said that the Nigerian Upstream Petroleum Regulatory Commission's policy is to meet the country's target of zero net carbon emissions by 2060. The template is called the Upstream Petroleum Decarbonisation Template.
Nigeria approves Shell’s $2.4 billion asset sales to Renaissance
Shell received approval from Nigeria’s oil minister to sell $2.4 billion worth of onshore and shallow water assets to Renaissance Group. Renaissance Group said this in a Wednesday statement. Shell has been operating in Nigerian oil and gas for nearly a hundred years. The Shell approval is part of an overall retreat of western energy companies, such as Exxon Mobil and Eni of Italy, and Equinor of Norway. The Nigerian Upstream Petroleum Regulatory Commission…
AVG US Gasoline Price Lowest in 3 Years
On Monday, the average U.S. gas prices dropped below $3 per gallon for the very first time in more than three years. This is a welcome relief for Americans who have been struggling with high inflation rates in recent years.Since the summer driving peak, fuel prices have steadily declined, boosting consumer spending, even though progress on inflation slowed in October and prices of other goods rose.GasBuddy.com, a market-tracker, reports that the national average price of regular gasoline dropped to $2.97 per gallons on Monday.
