The Capital Market Academics of Nigeria (CMAN) has commended President Bola Ahmed Tinubu for issuing an Executive Order directing the restoration of 60 per cent of proceeds from profit oil and gas under Production Sharing Contracts (PSCs) to the Federation Account.
Asia is poised to import record volumes of crude oil this month as top importers boost purchases amid strong runs and a changing geopolitical situation.
Iran and Russia are strengthening their economic and energy cooperation and consider joint development of another Iranian oilfield, top officials from the countries said on Wednesday.
The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 609,000 barrels in the week ending February 13, after increasing by 13.4 million barrels in the week prior.
Venezuela can bolster oil production by 30% to 40% this year, an increase of roughly 300,000 to 400,000 bpd, according to U.S. Energy Secretary Chris Wright.
Valaris has secured new contracts and extensions totaling nearly $900 million in additional backlog since its last fleet update in October 2025, driven by continued demand for offshore drilling and support services across multiple regions. Total contract backlog has increased to approximately $4.7 billion.
Investors confidence in Nigeria’s indigenous oil operators has received a strong boost following the endorsement of Petralon Energy by Shell Western Supply and Trading. The international
trading arm expressed faith in Petralon’s ability to acquire, develop, finance, and operate oil and gas assets efficiently, signaling growing market trust in local operators
Nigerian National Petroleum Company Limited (NNPC Ltd) has announced plans to increase gas supply by an additional 1.8 billion cubic feet per day (bcf/d) in 2026 to meet growing domestic demand.
Ovintiv has agreed to sell substantially all of its Anadarko Basin assets in Oklahoma for $3.0 billion in cash, the company announced Tuesday, completing a dramatic portfolio reshuffling that positions the E&P as a focused two-basin operator with exposure to North America’s highest-return oil plays.
Japan plans to invest US$36 billion in US oil, gas and critical mineral projects, the first tranche of its US$550 billion commitment under the trade agreement it struck with US President Donald Trump.
“Our massive trade deal with Japan has just launched!” Trump posted on Tuesday (Feb 17). “The scale of these projects are so large, and could not be done without one very special word, tariffs.”