Rainoil Limited, a major player in the downstream oil and gas industry, has completed the acquisition of majority shares in Eterna Plc, a publicly listed oil and gas company. The acquisition was executed through its investment arm, Preline Limited. Eterna Plc, a major player in the downstream sector of Nigeria’s oil industry, had, late 2020,
Following the resumption of oil production in Ogoniland, Rivers State, Ogoni Oil Producing Communities Forum, OOPCF, yesterday, reaffirmed rejection of the Nigerian Petroleum Development Company, NPDC, as licensed operator to drive renewed operations in the area. Expressing reservation over the granting of OML 11 Operating License to NPDC, a subsidiary of Nigerian National Petroleum Corporation,
OPEC+ headed for a clash with the U.S. as more members rejected President Joe Biden’s call for the group to raise oil production faster and help reduce gasoline prices. On Monday, Kuwait said the cartel should stick with its plan to increase output gradually because oil markets were well-balanced. That followed similar statements from other
OPEC is reviving supplies halted during the pandemic, but added only 140,000 barrels a day last month because of the difficulties faced by both countries, according to a Bloomberg survey based on ship tracking data. The under-performance may increase the impatience expressed by the United States President, Joe Biden and other world leaders, who have
Costs at the pump have risen 40 per cent since Biden came to power, fuelling inflation anxiety The Biden administration’s senior energy official on Sunday blamed the Opec oil “cartel” for soaring petrol prices in the US, putting more pressure on the group to increase crude output ahead of a meeting later this week. “Gas
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