Author: Samuel Suraju

Russia is expanding its use of cryptocurrencies in oil trade with China and India to circumvent U.S. sanctions. This shift underscores Moscow’s growing reliance on digital assets to facilitate energy transactions. A Growing Trend in Oil Transactions While cryptocurrency-based transactions currently represent a small fraction of Russia’s total oil trade, they are steadily increasing. The International Energy Agency (IEA) estimates Russia’s total oil trade in 2024 reached $912 billion, indicating a significant market where digital assets could play a larger role in the future. Other sanctioned nations, including Iran and Venezuela, have also turned to cryptocurrencies to facilitate international trade…

Renaissance Africa Energy Holdings has finalized its groundbreaking $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria (SPDC), reshaping the nation’s energy landscape. The transaction, which received all necessary regulatory approvals, signifies the end of Shell’s nearly century-long operations in Nigeria’s onshore oil and gas industry. SPDC will now operate under the new name Renaissance Africa Energy Company Limited. A New Era in Nigeria’s Oil and Gas Industry Shell’s divestment is part of a broader withdrawal by Western energy giants from Nigeria, including ExxonMobil, Italy’s Eni, and Norway’s Equinor. Initially announced in January 2024, the sale was delayed when…

The Nigerian National Petroleum Company Limited (NNPCL) faces mounting criticism over its suspension of the naira-for-crude oil policy, a decision experts caution could worsen economic difficulties and undermine the stability of local refineries. A pro-democracy group, the Conference of Progressive Nigerians (CPN), has strongly condemned the decision, calling it a significant setback for Nigeria’s economic sovereignty. Addressing journalists in Abuja, CPN convener Dr. Emmanuel Agabi described the move as a “treacherous act” and an “unforgivable betrayal” that could trigger severe consequences for the country’s energy sector. Economic Implications of the Suspension Agabi expressed concern that halting the naira-for-crude deal could…

The Dangote Refinery, Africa’s largest oil refinery, is reportedly increasing its crude oil imports from Angola and Algeria as discussions continue over the naira-for-crude arrangement with the Nigerian government. This move comes as Nigeria negotiates a revised naira-for-crude deal aimed at stabilizing the local currency and reducing dependence on foreign exchange for oil transactions. The $19 billion Dangote Refinery has played a crucial role in reducing Nigeria’s reliance on imported fuel, but with production nearing full capacity, the refinery is exploring additional crude supply sources to meet its operational demands. Dangote’s Growing Crude Imports Recent data from Bloomberg reveals that…

The Federal Government has reaffirmed that the arrangement allowing the sale of crude oil in naira to Dangote Refinery remains in place, clarifying that it was never canceled. Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, emphasized on Tuesday that the initiative was a pilot scheme, approved by the Federal Executive Council (FEC), directing the Nigerian National Petroleum Company Limited (NNPCL) to supply crude oil to Dangote Refinery in the local currency. “The government is not canceling it. The scheme presented to the FEC was a pilot arrangement, specifically for Dangote Refinery, with plans to extend it to…

Nigeria’s crude oil production has once again fallen below its OPEC quota, raising concerns about the nation’s energy output and economic projections. According to data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the country’s crude oil production declined to approximately 1.47 million barrels per day (mbpd) in February, down from 1.54 mbpd recorded in January. This drop means Nigeria fell short of its 1.5 mbpd allocation set by the Organisation of the Petroleum Exporting Countries (OPEC), losing an average of 70,000 barrels per day—translating to a staggering monthly shortfall of 2.1 million barrels. Fluctuating Output Raises Concerns Nigeria…

In a significant boost to Nigeria’s oil and gas industry, 74 Chinese companies have expressed interest in investing in the sector, following strengthened trade ties between Nigeria and China. This development was disclosed by the Chairman of the House of Representatives Committee on Nigeria-China Relationship, Jaafaru Yakubu, during a meeting with the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe. The meeting, held at the NUPRC headquarters, focused on fostering foreign direct investment (FDI) and expanding economic collaboration between both nations. Yakubu revealed that, of the 216 Chinese companies currently exploring investment opportunities across various sectors…

Crude oil prices declined on Monday as escalating trade tensions and increased production from OPEC+ raised concerns over weaker energy demand. Brent crude fell 1.5% to close at $69.28 per barrel, while U.S. West Texas Intermediate (WTI) settled at $66.03, also down 1.5%. WTI has now recorded seven straight weeks of declines, its longest losing streak since late 2023, while Brent has dropped for three consecutive weeks. Global Trade Policies Weigh on Oil Markets Uncertainty in global trade is pressuring the oil market, with U.S. tariff policies affecting key trade partners, including Canada, Mexico, and China major importers of crude.…

The Nigerian National Petroleum Company (NNPC) Limited has officially ended its naira-for-crude arrangement, a policy designed to help domestic refiners, such as Dangote Refinery, access crude oil in local currency. This abrupt shift, effective immediately, is expected to transform Nigeria’s oil sector, raising concerns over increased operational costs, potential fuel price hikes, and broader economic repercussions. A Shift in Policy and Its Ramifications Launched on October 1, 2024, the naira-for-crude initiative was introduced to support local refining, reduce dependency on imported petroleum products, and alleviate pressure on Nigeria’s foreign exchange reserves. However, with the suspension of the arrangement, refineries must…

The Federal Government is ramping up initiatives to address energy shortages in Nigeria’s North-East by driving the adoption of Liquefied Petroleum Gas (LPG), positioning it as a viable and eco-friendly alternative to conventional cooking fuels. Speaking at the launch of the North-East Decade of Gas Clean Cooking (LPG) Grassroots Penetration Programme in Maiduguri, Borno State, Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, reaffirmed the government’s commitment to ensuring clean energy accessibility for all regions. “The Decade of Gas Initiative is a transformative strategy aimed at making Nigeria a gas-powered economy,” Ekpo stated. “This programme underscores our unwavering commitment…