“For too long, excessive deductions, overlapping funds , and structural distortions in the oil and gas sector have weakened remittances to the Federation Account,” the president wrote. “When revenues meant for federal, state, and local governments are trapped in layers of charges and retention mechanisms, development suffers. That must end, he added.”

The directive, officially titled Order 9 of 2026 (Presidential Executive Order to Safeguard Federation Oil and Gas Revenues and Provide Regulatory Clarity, 2026), has now been gazetted.

Under the new order, all Royalty Oil, Tax Oil, Profit Oil, Profit Gas and other government entitlements under production sharing and related contracts will be paid directly into the Federation Account. The administration has also scrapped the additional 30 percent management fee and the 30 percent Frontier Exploration deduction that previously reduced remittances.

Tinubu said the objective of the reform is to improve transparency, accountability and constitutional compliance in the management of oil revenues.

“Oil and gas revenues must serve the Nigerian people first and this reform is about fairness and fiscal responsibility,” he said.

The president added that NNPC Limited will now operate strictly as a commercial enterprise, as provided for under the Petroleum Industry Act, ending what he called “duplicative deductions and fragmented oversight.”

Tinubu also announced a comprehensive review of the Petroleum Industry Act to address structural and fiscal weaknesses in the sector. An implementation committee has been set up to oversee and coordinate the rollout of the new order.

Maduro said Trinidad and Tobago had “exhausted all its gas reserves and run out of gas,” noting that Venezuela had maintained the energy pact as a “Bolivarian gesture of brotherhood and solidarity.” However, he accused Prime Minister Kamla Persad-Bissessar of turning her country into “the aircraft carrier of the US empire” against Venezuela and South America.

“In light of the Prime Minister’s threat to turn Trinidad and Tobago into the aircraft carrier of the US empire against Venezuela, there is only one alternative,” Maduro declared. “I have approved the precautionary measure of the immediate suspension of all effects of the energy agreement and all that was agreed upon in this matter.”

The Venezuelan president further alleged that the military exercises taking place in Trinidad and Tobago from October 26 to 30 aimed to generate an armed conflict under the direct financing and control of the Pentagon. “The government of Trinidad and Tobago has already been given the evidence. We give no evidence to the government of the United States because they, along with the CIA, are behind all these things,” he said.

Maduro’s decision marks another escalation in tensions between Venezuela, Washington, and its Caribbean neighbours, amid continuing US sanctions and diplomatic isolation. The gas agreement between Caracas and Port of Spain had been seen as a rare instance of regional cooperation in recent years, aimed at easing energy shortages across the Caribbean.

Even after the long waits, many leave empty-handed, frustrated by the lack of supply.

Residents say the crisis is taking a huge toll on their businesses and livelihoods.

The government says help is on the way, pointing to incoming shipments of liquefied gas, but many Tunisians are losing patience.

In some areas, people have blocked delivery trucks, pleading for gas to be unloaded immediately. In certain cases, security forces have had to step in to escort supply vehicles.

The crisis is even worse in the northwest, where temperatures drop below freezing and snow covers the hills. In these regions, the need for gas is urgent, but supply remains scarce.

Delivery trucks face long delays at filling stations, sometimes waiting up to three days before they are loaded, The New Arab reports.

Tunisia relies heavily on liquefied gas to heat homes and cook meals. Most rural areas depend on gas cylinders because only one-third of the country is connected to natural gas pipelines, mainly in major cities.

On a typical winter day, Tunisia needs over 200,000 gas cylinders, but disruptions in the supply chain have caused a severe shortage.

Qatar hosted the 21st meeting of the GCC's Standing Committee for the Conservation of Wildlife and Natural Habitats in Doha. Key discussions included updates to the 2003 Convention aimed at preserving ecosystems and protecting threatened species, emphasising cross-border conservation and habitat protection. The committee also explored updates to environmental frameworks, such as falconry laws and biodiversity measures. Kuwait's proposal to host Gulf Wildlife Day on December 30 was approved. MEMO reports that the committee reviewed strategic plans and aligned regional policies with international agreements like CITES. Recommendations will be forwarded to the Committee of Undersecretaries for future ministerial discussions. Plans for the first Gulf Conference on Wildlife and training programs were also discussed.

Gas supply for Kuwait

Kuwait's state oil company has signed a 15-year agreement with QatarEnergy for the supply of three million tonnes of liquefied natural gas (LNG) annually. The deal, which follows a similar agreement in 2020, aims to provide a cleaner energy source and supports Kuwait’s energy transition strategy. According to Inquirer.net LNG deliveries to Kuwait’s Al-Zour refinery are set to begin in 2025. This partnership aligns with Kuwait's sustainability goals and comes as the country addresses rising electricity consumption due to summer heat. Qatar, a major global LNG producer, is also expanding its output capacity significantly before 2030.

Tickets for the FIFA World Cup

Tickets for Qatar's first game in the final qualifiers for the FIFA World Cup 2026 are now available, as announced by the Qatar Football Association (QFA). Al Annabi will face the United Arab Emirates on September 5, 2024, at Ahmad Bin Ali Stadium. The match kicks off at 7 PM Doha time. The Peninsula highlights Qatar is in Group A, competing against Iran, Uzbekistan, UAE, Kyrgyzstan, and North Korea. The top two teams from the group will qualify for the World Cup, set to take place from June 11 to July 19, 2026, in North America. Tickets can be purchased via the QFA website.

Hamas ditches cease-fire talks

Hamas did not attend cease-fire and hostage release talks in Qatar on Thursday, citing new Israeli conditions that it argues extend the war. Both sides are accusing each other of delaying negotiations amid a rising death toll in Gaza, which has surpassed 40,000. U.S., Qatari, and Egyptian mediators described the talks as a final effort to end hostilities, particularly in light of tensions following the assassination of a Hamas leader in Tehran. According to Aljazeera , as negotiations stalled, Hamas claimed Israel's added demands could prolong the conflict, while Israel accused Hamas of obstructing the return of hostages. The situation remains critical, with analysts suggesting that a cease-fire is essential to prevent regional escalation.

Dependence on Iran for Gaza truce

Qatar's foreign minister, Sheikh Mohammed bin Abdulrahman Al Thani, characterised Iran as a responsible actor capable of facilitating a ceasefire in the Gaza Strip during a meeting with Iranian President Masoud Pezeshkian in Tehran. Big News Network reports Qatar values its strategic relations with Iran and seeks to enhance cooperation. Pezeshkian commended Qatar’s ceasefire efforts and criticised those who remain silent on Israeli actions against Palestinians. Since October 2023, over 40,000 Palestinians have reportedly been killed in the ongoing conflict.

Here’s a look at the most fined companies ranked by the total amount:

Bank of America

The Bank of America tops the list with an alarming $82.8 billion in fines. The financial giant has faced 219 penalties, primarily related to the mortgage-backed securities scandal that contributed to the 2008 financial crisis.

JP Morgan Chase

JPMorgan Chase, a company based in the United States and involved in financial services has also been heavily fined, with a total of $35.8 billion. Like Bank of America, many of these fines are linked to the financial crisis and subsequent regulatory violations with a total of 162 fines.

BP

The British Petroleum Company Limited also known as, BP's significant fines are largely due to environmental disasters, most notably the Deepwater Horizon oil spill in 2010, which resulted in massive environmental damage and loss of life. With a total of $29.2 billion in fines, the company has received the penalty 283 times.

Citigroup

The United States' financial company, Citigroup has also faced numerous fines for its role in the financial crisis and other regulatory breaches, totaling $25.5 billion. The company has had to pay a fine for 125 times.

Volkswagen

Volkswagen's hefty fines are primarily due to the emissions scandal, where the company was found to have manipulated emissions tests to meet regulatory standards in 2015. The vehicle company in Germany has received 58 fines and has paid $23.8 billion in total.

This reduction in production marked the fourth consecutive year of dwindling annual output volumes since 2010. In specific figures, Ghana produced 48,247,036.61 barrels of oil in 2023, a notable decline from 51,756,481 barrels in 2022, the report indicated.

This downward trend commenced after the peak production year of 2019, which saw a total of 71,439,585 barrels. Subsequent years witnessed declines to 66,926,806 barrels in 2020, 55,050,391 barrels in 2021, and 51,756,481 barrels in 2022, local media Graphic Online reported.  

Ghana's crude oil is predominantly sourced from three main fields: Jubilee, TEN, and Sankofa Gye-Nyame (SGN). Jubilee Field, operational since December 2010, has historically been the largest contributor to production. 

However, according to the report, in 2023, it accounted for 63% of total crude oil production, yielding 30,444,217 barrels. SGN and TEN fields contributed 23% (11,086,541.61 barrels) and 14% (6,716,278 barrels) respectively.

In contrast, the report disclosed a slight increase in gas production. Reporting a total of 255,171.97 million standard cubic feet (MMSCF) of raw gas in 2023, comprising both Associated Gas (AG) and Non-Associated Gas (NAG) was produced, reflecting a modest increase of 0.64% from 253,555.05 MMSCF in 2022.

"The first oil production will start in the fourth quarter of 2025. The timeline for the construction of the oil pipelines, including manufacturing, is 14 months, which brings us to the fourth quarter of next year," said Rukundo.

By the end of 2023, a total of $7.5 billion (approximately Shs28.1 trillion) had been invested in Uganda's oil sector. Rukundo projected that an additional $15 billion (about Shs56.3 trillion) will be invested over the next 25 years of production.

"The government revenue from the sector; over $1.3 billion (about Shs4.9 trillion) was generated in tax revenue before First Oil. The sector is forecasted to generate between $1 billion (Shs3.8 trillion) and $2.5 billion (Shs9.4 trillion) annually, on average, after First Oil," Rukundo added.

Significant investments have also been made in local companies and workforce development. Contracts worth more than $1.8 billion (Shs6.8 trillion) have been awarded to Ugandan companies, and over 14,000 Ugandans have been trained and certified in various oil and gas disciplines, according to the Daily Monitor .

Uganda first announced the discovery of commercial oil reserves in 2006 and has since undertaken numerous initiatives to commercialise its gas and oil resources. In 2022, President Yoweri Museveni led an agreement ceremony in Kampala to finalise investment decisions in the nation’s oil and gas sector, a move expected to create 160,000 jobs.

Nigeria has retained its position as the largest oil producer in Africa, the Organisation of the Petroleum Exporting Countries (OPEC) indicated.

Ghana, Mozambique, Equatorial Guinea, Tanzania, Algeria, Libya, and South Africa are also significant contributors to Africa's oil and gas sector, according to Narh. Each of these countries has unique reserves and investment opportunities.

Narh added that Namibia has recently captured attention due to the discovery of resources such as the Kudu Gas Field and Osprey Oil Field.

According to World Oil , the Kudu offshore field has proven reserves of around 1.3 trillion cubic feet of gas. However, due to recent findings of hydrocarbons, Namibia's potential natural gas reserves in the Orange Basin could increase significantly, primarily due to the associated gas uncovered in these recent discoveries.

These discoveries according to Narh "indicate the existence of substantial hydrocarbon reserves. If managed prudently, they have the potential to drive economic expansion, generate employment opportunities, and foster technological progress," he told Global South World.

International media Reuters reported that Africa holds around 13% of the world's natural gas and 7% of its oil but has the world's lowest per capita energy use.

In the foreseeable future, Africa will require oil and gas to address its energy access deficits, yet there are obstacles to overcome. According to a 2022 study by McKinsey Insights , numerous African economies are heavily dependent on income generated from oil and gas. However, extracting oil in Africa typically involves higher costs and greater environmental consequences than other geographical areas.

With energy demand in Africa outpacing available supply, Narh explained that Africa is making efforts towards developing its oil and gas sector through investments and policies which are going in the right direction.

"Africa's oil and gas sector has been experiencing increasing investment from both domestic and foreign companies. Many African governments have been implementing policies to attract investment and promote exploration and production activities," Narh said.

"Additionally, technological advancements have made it possible to explore and develop oil and gas reserves in previously inaccessible areas, further expanding the sector's potential in Africa," he added.

Despite the efforts by African governments to make full use of the oil and gas sector, Narh indicated that "the potential of Africa's oil and gas sector also comes with challenges. These challenges include political instability, regulatory uncertainties, infrastructure deficits, environmental concerns, and fluctuating oil prices."

"Addressing these challenges effectively will be crucial for unlocking the full potential of the sector and ensuring sustainable development," Narh remarked.

"As a result of this review, Shell has decided to reshape the downstream portfolio and intends to divest our shareholding in Shell Downstream SA (SDSA). Considering SDSA’s illustrious history, this decision was not taken lightly," the company stated.

The downstream business involves refining, transporting, and selling fuel to customers. Shell operates approximately 700 fuel service stations across South Africa, South African media News24 reported.

"Over more than 120 years in South Africa, Shell has built an enormous legacy that we can all be proud of… During the divestment process, we will work to preserve Shell Downstream South Africa's operating capabilities, maintain the Shell brand presence, and secure the best possible outcome for our people and customers in South Africa under new ownership," the company added.

The company is also selling its gas station business in Malaysia to Saudi Arabia's state-owned Saudi Aramco, according to Reuters . The sale of the gas station business in Malaysia, the country's second-largest network, could reportedly be worth up to $1 billion.

Shell's exit from part of its Asian and African market follows an earlier announcement on January 16 about the sale of its onshore operations in Nigeria .

This series of divestments is part of Shell CEO Wael Sawan's ongoing efforts to streamline its operations and focus on higher-return ventures. The oil giant plans to divest 500 gas stations in 2024 and 2025 and is currently in the process of selling its Singapore refinery and petrochemical complex, Reuters reports.

Biologist Flavio Gallo-Cardozo, inspired by the TV show 'River Monsters,' has made a remarkable discovery in Bolivia's Amazon Basin. His research led to the identification of a new species of piranha , named Serrasalmus magallanesi. “My dream of being able to discover a new species actually began long before my training as a biologist, it began during my time at school when in natural science subjects I saw the great diversity of species that exist, and I always thought that being able to discover a serious something that at the time considered unreal and impossible,” Gallo-Cardozo said. The biologist stated that the fish was compared to current collections from national natural history museums, which included 153 specimens in total.

Bolivarian Youth Games

The 2024 Bolivarian Youth Games are set to commence in Sucre, the capital of the Latin American nation from April 4 – 14 with the inauguration to be officiated by the President of Bolivia Luis Arce. Over 1,500 athletes from seven countries will compete in 27 disciplines, with Bolivian participants striving for a prominent position in the medal table. According to Prensa Latina , Bolivia’s Vice Minister of Sports, Karen Palenque, said that the Bolivian athletes will participate in a host of fields including athletics, swimming, wrestling, and weight lifting among others.

Argentina, Brazil negotiate gas pipeline reversal

Argentina and Brazil are engaged in discussions regarding the reversal of the flow of a Bolivian gas pipeline due to potential shortages. A preliminary proposal has failed to gain traction with Bolivia, leaving Brazil exposed to volatile liquefied natural gas (LNG) prices. Argentina possesses the second largest shale gas reserves in the world, and Brazil has made it clear in recent months that gas from Argentina will be required to balance supplies, according to Reuters . Experts suggest that Bolivia, which was formerly a major producer in the area, may not have any exports available after 2029 due to its sharp fall in exports.

Highway crash kills four

A tragic highway crash in southern Bolivia has claimed the lives of four individuals and left 36 injured. The incident, near Yotala, a small town located 14 kilometres away from Bolivia’s capital Sucre involved a passenger bus and another vehicle. Authorities are investigating the cause, with initial beliefs pointing to the possibility of one of the vehicles crossing into the opposing lane.

Bolivia warns of interference in Venezuela elections Bolivia's Ministry of Foreign Affairs has warned against extreme right-wing organisations that may destabilise the upcoming elections in Venezuela. The Bolivian ministry urged that the United States respect the Venezuelan process and not interfere in its internal affairs, Radio Habana Cuba reports.  "We express our concern for the threats and actions of some extreme right-wing organizations that, instead of joining the electoral competition as other opposition organizations decided to do, are in line to destabilize the elections and the Venezuelan political system," they said. According to Radio Habana Cuba, Other organisations and countries have expressed support for the democratic process of the Venezuelan elections, with the Union of Journalism and Communication Workers of Peru expressing support for Venezuelans' participation in the elections.

President Ali, in a now-viral clip from the interview on BBC's HardTALK, pushed back against what he perceived as hypocrisy from the developed world regarding climate change. As Guyana prepares to extract oil and natural gas valued at around $150 billion from its coastal reserves in the coming years, Ali questioned Sackur's authority to lecture him on environmental matters.

During the exchange, Ali interrupted Sackur's inquiries about Guyana's carbon emissions and challenged the journalist's stance as a representative of the developed world . The interaction highlighted tensions between economic development and environmental responsibility, particularly in countries reliant on fossil fuel extraction for revenue.

The viral clip has sparked discussions surrounding the complexities of balancing economic growth with environmental stewardship, particularly in developing nations rich in natural resources. President Ali's outspoken defence against perceived double standards in climate discourse has resonated with many online, igniting debate about global environmental policies and accountability.

Sackur asked ,  “Let’s take a big picture look at what’s going on here. Over the next decade, two decades, it is expected there will be 150 billion dollars worth of oil and gas extracted off your coast. It’s an extraordinary figure. But think of it in practical terms: according to many experts, more than 2 billion metric tons of carbon emissions will come from your seabed from those reserves and be released into the atmosphere.  I don’t know if you as a Head of State went to the COP28...  

Ali countered “Let me stop you right there. Let me stop you right there. Do you know that Guyana has a forest forever that is the size of England and Scotland combined? A forest that stores 19.5 Gigatons of carbon, a forest that we have kept alive. Does that give you the right to lecture us on climate change. I am going to lecture you on climate change because we have kept this forest alive. The store's 19.5 gigatons of carbon that you enjoy, that the world enjoys, that you don't pay us for, that you don't value, that you don't see a value in, that the people of Guyana has kept alive.”

What they said

“This agreement marks an important milestone for Shell in Nigeria, aligning with our previously announced intent to exit onshore oil production in the Niger Delta, simplifying our portfolio and focusing future disciplined investment in Nigeria on our Deepwater and Integrated Gas position. It is a significant moment for SPDC, whose people have built it into a high-quality business over many years. Now, after decades as a pioneer in Nigeria’s energy sector, SPDC will move to its next chapter under the ownership of an experienced, ambitious Nigerian-led consortium. Shell sees a bright future in Nigeria with a positive investment outlook for its energy sector. We will continue to support the country’s growing energy needs and export ambitions in areas aligned with our strategy,” said Zoë Yujnovich, Shell’s Integrated Gas and Upstream Director.

Meanwhile, the discussions surrounding the future use of fossil fuels as one of the main causes of global warming was a key topic amongst world leaders in this year's climate change conference known as "COP28" in Dubai.

The Republic of Azerbaijan started exporting gas to Europe in 2020 and currently supplies gas to European countries including Greece, Italy, Romania, Bulgaria, and Serbia in addition to Georgia and Turkey.

Mr. Aliyev announced that his country will export 24 billion cubic meters of gas this year, half of which will be delivered to five European customers, and this number will double in the next few years.

Azerbaijan gas replaced Russian gas in these countries as sanctions imposed on Russia in the aftermath of the Ukraine war alienated European customers.

According to the agreement signed between the European Commission and the government of Baku last summer, Azerbaijan will increase gas exports to European countries to 20-25 billion cubic meters by 2027.

Azerbaijan is in the process of negotiating and signing gas export agreements with five other European countries.

Considering the drop in its oil production, Azerbaijan has started a wide campaign to diversify the country's economy, including the development of transit corridors for foreign goods, electricity, and gas exports, as well as the development of agriculture and the tourism sector.

Radio Farda reported from Elham Shaban, director of the Caspian Oil Studies Center in Baku, that last year, for the first time, Azerbaijan's gas export revenues exceeded oil exports.

According to him, the Republic of Azerbaijan and the United States of America started industrial oil production for the first time in the world about 170 years ago, and Baku produced half of the world's oil in 1900.

"This country's oil reserves are running out and Over the past 10 years, the country's crude oil production has halved. The Republic of Azerbaijan is trying to move from the era of oil to gas, solar, and wind energy," he said.

The Republic of Azerbaijan has also significantly increased its electricity exports and signed contracts with international giants such as France's Total, Britain's BP, and even the UAE's "Masdar" to set up solar and wind power plants with a capacity of 10,000 megawatts, to export clean electricity to Europe.

The Republic of Azerbaijan has committed to providing 60% of the country's electricity from clean, non-fossil sources by 2030 and reducing greenhouse gas production to zero by 2050.

In the draft resolution of the United Nations Climate Change Conference, COP28, the Republic of Azerbaijan is introduced as the host of next year's climate change conference. Previously, Bulgaria was nominated to host the 29th COP but was opposed by Russia.

The gas field, located in Bushehr province, Iran, and the eastern coasts of Saudi Arabia and Kuwait, holds significant gas reserves.

Saudi Arabia and Kuwait claim exclusive rights, while Iran insists on protecting its interests. The GCC urged Iran to respect sovereignty, avoid interference, and resolve disputes peacefully.

The GCC also expressed concerns about Iran's nuclear case, demanding cooperation with the IAEA and addressing regional security issues, including ballistic missiles and drones.