Again, there are calls for a total diversification of the country’s economy from oil to non-oil sectors. This is even as stakeholders applaud the initiatives of NIHOTOUR towards tourism as a veritable tool for revenue drive for the country. ELEOJO IDACHABA writes. In view of uncertainties about the prices of petroleum products in the international markets which inadvertently affect the Read More
Oil prices rose early on Tuesday, with Brent Crude topping $80 a barrel for the first time in three years as the natural gas shortage and price spikes spill over into the crude oil futures market. The international benchmark, Brent Crude, traded up by 0.62 per cent at $80.02—the highest level since October 2018. The U.S. benchmark, WTI Crude, was Read More
Dutch TTF and UK NBP natural gas prices hit all-time settlement highs on Monday—up 11 per cent as the front-month contract is set to soon expire and the European gas crisis worsens. The front-month (October) contract TTFV1 was up by €6.635€ MWh on Monday afternoon, to €76.875, pushed higher in part by the contract rolling off this week. Prices often Read More
Oil prices rose for a fifth straight day on Monday with Brent heading for $80 amid supply concerns, occasioned by rising gas prices as parts of the world sees demand pick up with the easing of pandemic conditions. Brent crude was up $1.14 or 1.5 per cent at $79.23 a barrel having risen a third consecutive week through Friday. U.S. Read More
Nigeria’s quota, which covers only crude oil and not condensate, is 1.614 million b/d for September and is scheduled to rise by roughly 17,000 b/d each month, in line with the OPEC+ alliance’s plans to gradually ease back on production cuts implemented in the pandemic. Sylva said his country’s full production capacity is closer to 2.2 million b/d, which should Read More
BP Plc fired an ex-oil trader because he voiced concerns about bribes being paid in Nigeria to secure local contracts, according to a sprawling London employment suit that sheds light on the energy giant’s lucrative trading floor. Jonathan Zarembok, who traded on BP’s West Africa desk, said that the company paid an “abnormally large” fee to a local agent to Read More
The Director General of the Progressive Governors Forum (PGF) and a chieftain of the All Progressives Congress (APC) Salihu Moh Lukman, has condemned the Rivers state governor Nyesom Wike, for “shamelessly talk about Value Added Tax (VAT) which President Muhammadu Buhari-led administration responsible for its increasing collection. The APC chieftain reminded governor Wike that the current increased record of VAT Read More
Africa’s richest man Aliko Dangote is in talks with some of the world’s biggest oil traders to help finance his mega refinery project outside of Nigeria’s commercial centre Lagos, sources with knowledge of the matter said. But there are strong indications that the management of Dangote Refinery is keeping close to their chest the alleged talks with Vitol and Trafigura, Read More
Crude oil prices rose to near six-week highs on Monday as U.S. output remains slow to return two weeks after Hurricane Ida slammed into the Gulf Coast and worries another storm could affect output in Texas this week. This gives hope to Nigeria as its bulk of revenue comes from crude oil sales. Those gains came even though the Organization Read More
On August 22, 2019, shortly after his inauguration as Minister of State Petroleum Resources, President Muhammadu Buhari handed Timipreye Marlin Sylva a nine mandate area constituting the policy agenda in the Ministry of Petroleum Resources. Under two years of being in the saddle, as Minister of State Petroleum Resources, supporting the policy directions of Mr President, in the oil and Read More
The Niger state Task Force on Forest Exploitation has auctioned about 500 bags of charcoal confiscated from illegal dealers in the state at the cost of N1000 per bag. Speaking at the occasion, the Secretary to the State Government (SSG), Ahmed Ibrahim Matane, warned that government would not hesitate to deal with anyone caught engaged in indiscriminate felling of trees Read More
Leaders of Ogoniland, Rivers State, southern Nigeria, under the auspices of the Ogoni Liberation Initiative (OLI), have pledged to cooperate with the Nigerian Petroleum Development Company (NPDC) in the exploration and production of oil and gas resources in its territory. This comes after an initial disagreement on resumption of exploration and production in the community, OLI convener Revd. Douglas Fabeke Read More
While Bauchi and Gombe continue to wait recognition as oil-producing states, Delta, Akwa-Ibom, Bayelsa, Rivers, Edo, Ondo, Imo, Abia, and Lagos have welcomed a new arrival. Anambra state was formally admitted following approval from the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), which ratified the attribution of 11 oil wells to the state. With the approval, the South-eastern state is Read More
The National Agency for Food and Drug Administration and Control (NAFDAC), Monday flagged off sensitization campaign against abuse of codeine, self-medication among youth and use of potassium bromate to bake bread. The Director General of NAFDAC, Prof. Moji Christianah Adeyeye, at a press conference held at the Centre for Black Culture and International Understanding, Osogbo, Osun State, expressed displeasure over Read More
Osun state Governor Adegboyega Oyetola, Sunday, expressed optimism in the financial growth of gold mining in Osun comparison to the value of crude oil to nation’s economy in the near feature. Governor Oyetola stated this while speaking to journalists in an interview in Abuja. He said his administration is taking mining activities from artisan to corporate level, with the involvement Read More
The Oil and Gas Free Trade Zones Authority (OGFTZA) attracted the sum of $16.6bn in Foreign Direct Investments between 2001 and 2020, its Managing Director, Mr. Umana Okon Umana has said. The Managing Director, who disclosed at a media parley with journalists at the weekend in Abuja added that the agency also attracted N255.33 billion local investments. Umana explained that Read More
Italian oil company Eni has made a huge offshore find of oil and gas resources in Ivory Coast. The discovery comes after a $185 million (€156 million) investment in energy exploration by two foreign firms. Ivory Coast reported a ‘major discovery’ of oil and natural gas offshore after exploration by Italian firm Eni The Italian oil giant Eni announced a Read More
The President Muhammadu Buhari-led government has so far recovered about to One trillion Naira worth of stolen funds and assets since assuming office in 2015. The APC Legacy Awareness and Campaign (LAC), a voluntary think-tank group of the governing party, in a statement released Thursday in Abuja, said all final forfeitures are being deployed for use in the government’s special Read More
Shareholders of Total Plc have approved the company’s resolution to change its identity to TotalEnegies. The firm also moves to anchor its business into a broad energy company. At the company’s Extra Ordinary General Meeting held in Lagos, the shareholders said that the name change would boost the firm’s profitability and increase shareholders’ value. Commenting on the development, the Founder Read More
A new wave of security threats in Nigeria poses a major challenge to Africa’s largest oil producer and a key supplier of light sweet crude grades to Europe, industry officials and analysts have warned. Concerns have been raised after a growing wave of kidnappings and attacks on workers in the country’s oil industry this year. On August 16, gunmen attacked Read More
Russian oil and gas would be in demand on the global energy market for many years to come, in spite move to greener energy by some countries, an official said on Tuesday. Mr Dmitry Birichevsky, Director of Russian Foreign Ministry’s Department of Economic Cooperation, said this in an interview with Sputnik while commenting on Russia’s energy resources in the light Read More
The All Progressives Congress Legacy Awareness and Campaign (APC-LAC), a voluntary think-tank group of the governing party, has said that no previous administration has paid more attention to the plight of the Niger Delta region like the current administration of President Muhammadu Buhari. The group assured that Buhari will not relent in the implementation of his vision of a safe, secure Read More
Director General of the Progressive Governors Forum (PGF) and a chieftain of the All Progressives Congress (APC) Salihu Moh Lukman, has faulted the former chairman of the Independent National Electoral Commission (INEC) Attairu Jega, for saying the ruling party and the opposition Peoples Democratic Party (PDP) are the same. Jega had in a recent interviews claimed that both the PDP Read More
The All Progressives Congress (APC) congratulated President Muhammadu Buhari for signing the Petroleum Industry Bill (PIB) 2021 into law as passed by the National Assembly, saying such has ended the long jinx of the PIB delayed since early 2000s. The governing party, however said Nigeria’s oil and gas industry which used to loose as much as $15 billion in investments Read More
total of N512.25 billion Value Added Tax was generated into the federation account in the second quarter of 2021. This is according to the data published by National Bureau of Statistics NBS on its website. The NBS data indicated that the “sectoral distribution of Value Added Tax (VAT) data for Q2 2021 reflected that the sum of N512.25bn was generated Read More
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