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...We’ve deposited cash with CBN —Malami ...FG signs new pacts with 6 countries to block looting of funds. Although the Nigerian Government is yet to prosecute and convict many individuals and entities involved in the alleged monumental fraud running into billions of Naira in the controversial Oil Prospecting Lease 245, the United Kingdom has returned…
November 24, 2018
Oil prices slumped to 2018 lows on Friday in thin but volatile trading, dropping over concerns of a global supply overhang amid a bleak economic outlook. Even plans by the Organization of the Petroleum Exporting Countries (OPEC) producer group to start withholding supply in 2019 to rein in any glut did not provide much support…
November 23, 2018
Oil prices rose by about one per cent on Monday after top exporter, Saudi Arabia, announced a cut in supply for December. International benchmark Brent crude oil futures were at 71.11 dollars per barrel at 0051 GMT, up by 93 cents, or 1.3 per cent from their last close. U.S. West Texas Intermediate (WTI) crude…
November 12, 2018
The United States is now the world’s biggest crude oil producer, pushing Russia and Saudi Arabia to the back seat. In the week ending November, the U.S. crude production hit a whopping 11.6 million bpd, according to Energy Information Administration (EIA) data released on Wednesday. That’s a threefold increase from the U.S. low reached a…
November 9, 2018
The Nigeria Extractive Industry Transparency Initiative (NEITI) has dug out more dirts from the Nigerian National Petroleum Corporation (NNPC), after it disclosed that the corporation and other stakeholders in the oil and gas sector and Nigerian Petroleum Development Company (NPDC) are yet to remit a lump sum -- $22.06billion and N481.75billion -- to the Federation…
October 30, 2018
Minister of Power, Works and Housing, Babatunde Fashola on Thursday said that additional 945 megawatts of electricity, would be added to the national grid. The additional power to boost the national grid will come from various projects, which include 450 megawatts from Azura Edo plant and 215 megawatts from Kaduna plant. The others are 240…
October 18, 2018
The Executive Director, Consumer Advocacy Foundation of Nigeria, Mrs Sola Salako-Ajulo, says many electricity consumers are aggrieved that they are forced to pay for electric power they did not consume. Salako-Ajulo spoke at a Power Sector Stakeholders and Consumers Summit organised by the Electricity Consumer Protection Forum on Wednesday in Lagos. According to Ngige the…
September 27, 2018
Oil prices reached a four-year high on Monday with global Benchmark Brent crude jumping more than 3 percent above $80 a barrel. And oil trader Trafigura even predicts that the price could hit $90 by December and $100 in 2019. The increases occurred after Saudi Arabia and Russia ruled out any immediate increase in production…
September 25, 2018
The Organisation of Petroleum Exporting Countries, OPEC, has predicted that the world oil demand will hit 100 million barrels per day, bpd, from 99.3 million bpd by the fourth quarter of 2018. In his keynote address at the Africa Oil and Power Conference, Cape Town, South Africa, Mohammad Sanusi Barkindo, OPEC Secretary General, said, “In…
September 6, 2018
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...We’ve deposited cash with CBN —Malami ...FG signs new pacts with 6 countries to block looting of funds. Although the Nigerian Government is yet to prosecute and convict many individuals and entities involved in the alleged monumental fraud running into billions of Naira in the controversial Oil Prospecting Lease 245, the United Kingdom has returned…
November 24, 2018
Oil prices slumped to 2018 lows on Friday in thin but volatile trading, dropping over concerns of a global supply overhang amid a bleak economic outlook. Even plans by the Organization of the Petroleum Exporting Countries (OPEC) producer group to start withholding supply in 2019 to rein in any glut did not provide much support…
November 23, 2018
Oil prices rose by about one per cent on Monday after top exporter, Saudi Arabia, announced a cut in supply for December. International benchmark Brent crude oil futures were at 71.11 dollars per barrel at 0051 GMT, up by 93 cents, or 1.3 per cent from their last close. U.S. West Texas Intermediate (WTI) crude…
November 12, 2018
The United States is now the world’s biggest crude oil producer, pushing Russia and Saudi Arabia to the back seat. In the week ending November, the U.S. crude production hit a whopping 11.6 million bpd, according to Energy Information Administration (EIA) data released on Wednesday. That’s a threefold increase from the U.S. low reached a…
November 9, 2018
The Nigeria Extractive Industry Transparency Initiative (NEITI) has dug out more dirts from the Nigerian National Petroleum Corporation (NNPC), after it disclosed that the corporation and other stakeholders in the oil and gas sector and Nigerian Petroleum Development Company (NPDC) are yet to remit a lump sum -- $22.06billion and N481.75billion -- to the Federation…
October 30, 2018
Minister of Power, Works and Housing, Babatunde Fashola on Thursday said that additional 945 megawatts of electricity, would be added to the national grid. The additional power to boost the national grid will come from various projects, which include 450 megawatts from Azura Edo plant and 215 megawatts from Kaduna plant. The others are 240…
October 18, 2018
The Executive Director, Consumer Advocacy Foundation of Nigeria, Mrs Sola Salako-Ajulo, says many electricity consumers are aggrieved that they are forced to pay for electric power they did not consume. Salako-Ajulo spoke at a Power Sector Stakeholders and Consumers Summit organised by the Electricity Consumer Protection Forum on Wednesday in Lagos. According to Ngige the…
September 27, 2018
Oil prices reached a four-year high on Monday with global Benchmark Brent crude jumping more than 3 percent above $80 a barrel. And oil trader Trafigura even predicts that the price could hit $90 by December and $100 in 2019. The increases occurred after Saudi Arabia and Russia ruled out any immediate increase in production…
September 25, 2018
The Organisation of Petroleum Exporting Countries, OPEC, has predicted that the world oil demand will hit 100 million barrels per day, bpd, from 99.3 million bpd by the fourth quarter of 2018. In his keynote address at the Africa Oil and Power Conference, Cape Town, South Africa, Mohammad Sanusi Barkindo, OPEC Secretary General, said, “In…
September 6, 2018
