• Strait of Hormuz may attract transit fees

Oil prices rose yesterday following a strike on Iran by Israel. The Brent Crude sold for $94.24 per barrel, while the West Texas Intermediate (WTI) sold for $90.98 per barrel.
Experts however fear that the prices could reach even higher levels by next week if a truce is not brokered between the warring U.S, Israel and Iran.

The U.S.-Israeli war on Iran has largely cut oil flows via the Strait of Hormuz, which before the conflict saw one-fifth of the world’s oil pass through. Several tankers have managed to leave the Gulf recently, but oil and liquefied natural gas flows are still severely constrained.

According to a report by Reuters, Iran’s ambassador to Moscow was quoted as saying yesterday that the Strait of Hormuz will be open but under new conditions to be set by Iran and Oman, including a transit fee.
“Of course, this strait will be open, but with new conditions ⁠to be determined by the Iranian and Omani authorities,” Ambassador Kazem Jalali told the Russian newspaper Izvestia in an ⁠interview published yesterday.
“We understand that Iran and Oman provide certain services related to this strait. And fees will be charged for those services,” he said without elaborating.

Iran has asserted that a permanent peace deal should allow it to demand fees for ships passing through the strait, which would vary depending upon the type of ship, its cargo and prevailing conditions.
That position is vehemently opposed by U.S. President Donald Trump. In late May, the U.S. warned Oman not to get involved in any effort with Iran to impose a toll and Treasury Secretary Scott Bessent said Oman’s ambassador had told him there were no plans to impose such tolls.

Yesterday, Israel said it struck military targets in western and central Iran, even after Trump reportedly told Israeli Prime Minister Benjamin Netanyahu to refrain from further attacks.
Japan, which imported about 95 per cent of its oil needs from the Middle East before the war, said it did not pay a fee after a Japan-linked crude oil tanker passed through the waterway in May.

…Culled from Reuters.com

….Headline, rider reworked by TheTrustNews.com

Heirs Energies Limited, an indigenous integrated energy company, has been recognised on the global stage after its landmark $750 million dual-tranche Senior Secured Reserve-Based Lending (RBL) facility was named Best Oil & Gas Deal of the Year at the EMEA Finance Project Finance Awards 2026. The award was presented last week in London and recognises one of the largest financings secured by an indigenous African energy company.

Commenting on the recognition, Osa Igiehon, Chief Executive Officer of Heirs Energies, said:

“This recognition reflects the confidence that African and international financial institutions continue to place in Heirs Energies, our strategy, and our long-term vision.

The transaction demonstrates that indigenous African energy companies can successfully structure and execute world-class financing solutions that support investment, growth, and value creation. We are proud to receive this award and grateful to our financing partners, advisers, and stakeholders whose support made it possible.”

The Executive Vice President, Global Trade Bank at Afreximbank, Haytham ElMaayergi, said: “We are truly honoured that the $750 million dual-tranche Senior Secured Reserve-Based Lending facility for Heirs Energies has been recognised as Best Oil & Gas Deal of the Year by the EMEA Finance Project Finance Awards.”

According to him, the recognition underscores the importance of well-structured, Africa-focused financing in supporting indigenous energy companies with strong governance, high-quality assets and clear long-term growth plans. He praised Afreximbank for supporting the transaction saying it demonstrates how African financial institutions can help mobilise capital for strategic businesses that advance energy security, production capacity and sustainable value creation across the continent.

In similar vein, the Executive Director and Chief Financial Officer of Heirs Energies, Samuel Nwanze, added: “This award validates the strength of the transaction and the confidence our financing partners placed in Heirs Energies. The facility was designed to support our long-term growth strategy, enabling continued investment in field development, production optimisation, and sustainable value creation. We are pleased to see the transaction recognised on such a respected global platform.”

Stakeholders agreed that the financing represented a major milestone in Heirs Energies’ evolution from acquisition-led financing to a capital structure aligned with the long-term development profile of its reserves. It further reinforced the Company’s position as a leading indigenous energy producer and demonstrated the ability of African institutions to finance transformational African businesses.

The EMEA Finance Project Finance Awards recognise outstanding transactions across Europe, the Middle East, and Africa, celebrating excellence, innovation, and impact in project and structured finance.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is partnering the Nigerian Nuclear Regulatory Authority (NNRA) in order to enforce radiological safety in oil and gas operations and reduce the overall cost of operations.

This was the outcome of a meeting between the Commission Chief Executive, NUPRC, Mrs. Oritsemeyiwa Eyesan, and the Director-General/CEO of NNRA, Dr. Yau Idris; at the NUPRC headquarters recently.

While the NUPRC regulates the technical, commercial and operational aspects of oil and gas exploration and production, the NNRA oversees the possession, use, transportation and disposal of radioactive sources while also facilitating the beneficial use of radiation technologies across various sectors of the economy.

In her remarks, the Commission Chief Executive said there was indeed a need to tackle regulatory gaps and the multiplicity of rules and regulations in the oil and gas industry in order to improve the ease of doing business.

“The only way we can safeguard investments is to reduce our cost of operations and when you have multiplicity of laws, the likelihood is that you will have higher costs because each law normally will come with its own fee and charges,” the NUPRC boss said.

Eyesan nominated senior officials from the Commission that will work closely with the NNRA on the task ahead.

“We have identified critical areas on both sides and we believe that as we collaborate, we can close existing gaps,” she said.

Responding, the DG of the NNRA said given that the upstream petroleum sector is one of the largest users of radioactive sources and ionizing and radiation-emitting equipment in Nigeria – particularly for well logging, industrial radiography and nucleonic gauging – the NNRA relies on the cooperation of the NUPRC in order to fulfil its mandate.

“The goal is a single window approach, where both agencies share information rather than requiring operators to submit the same data twice,” he said.

Idris further stated that since oil and gas extraction often brings Naturally Occurring Radioactive Materials (NORM) to the surface, the NNRA seeks the assistance of the Commission to ensure that operators conduct radiological impact assessments as part of their broader Environmental Impact Assessments while NORM management protocols are incorporated into the NUPRC’s environmental guidelines for the upstream sector.

Both institutions are also expected to collaborate in training and knowledge sharing in the area of radiation protection and safe operations.