Energy

NEPC targets June for solid minerals export

June has been set as the target month for the export of solid minerals from the South-West region, the Nigerian Export Promotion Council has stated. The Zonal Coordinator, South-West, NEPC, Mr. Babatunde Faleke, made this known on Friday at the end of a three-day workshop on solid minerals exports. At the workshop organised as part […]

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NEITI calls for investigation of $15.8bn NLNG dividends

NEITI, Nigeria Extractive Industries Transparency Initiative has called on the Federal Government to commission an independent investigation into the status and utilisation of all dividends and loan repayments by the Nigeria Liquefied Natural Gas Limited to the Nigerian National Petroleum Corporation. NEITI’s Executive Secretary, Mr. Waziri Adio, made the call in Abuja while speaking on […]

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Oil prices soar after U.S. launches missile strike in Syria

Oil prices surged more than 2 percent to a one-month high on Friday after the United States launched dozens of cruise missiles at an airbase in Syria, later dropping back as there seemed no immediate threat to supplies. U.S President Donald Trump said he had ordered missile strikes against a Syrian airfield from which a […]

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oil barrel

Oil eases off one-month high on surprise U.S. crude build

Oil prices eased from one-month highs on Wednesday, as support from an outage at the largest UK North Sea oilfield was offset by a surprise increase in U.S. crude inventories to a record high limited price gains. Prices turned lower briefly after the U.S. government reported a weekly rise in crude inventories of 1.6 million […]

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NUPENG

NUPENG shelve off indefinite strike

The Nigeria Union of Petroleum and Natural Gas employees has announced the immediate halt of the nationwide industrial action embarked upon by tanker drivers under its Petroleum Tanker Drivers arm. NUPENG President, Igwe Achese, announced that the strike has been called off after a meeting which involved members of the union, PTD, the National Association […]

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Electricity Power Equipment

Global electricity access growing but gaps need closing

Access to energy is necessary to meet people’s basic needs: to grow, distribute and cook food, to light homes, and to power machines and technologies. It is also a key requirement for agriculture, commerce and industry and the provision of public services, such as education or health. But more than one billion people, or one […]

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Oil prices higher as upbeat economic sentiment outweighs oversupply worries

Oil futures moved higher Monday as upbeat sentiment about economic prospects in Asia and Europe outweighed concerns a higher U.S. rig count stoked worries about global oversupply, although a stronger dollar pressured prices. International benchmark Brent futures rose 3 cents, or 0.1 percent, to $53.56 a barrel by 0658 GMT. The March contract closed the […]

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UBA House

Why we play big in power sector – UBA GCFO

United Bank for Africa Plc has explained its huge funding plans to the power, oil and gas sectors of the economy. Speaking at a media parley at the weekend, It’s Group Chief Finance Officer (GCFO), Ugo Nwaghodoh, said the lender, which recorded Group gross revenues of N384 billion and N90.6 billion Profit Before Tax (PBT) […]

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Nigeria petrol corporation reduced gas flaring by 26%

The Nigerian National Petroleum Corporation on Sunday said it had succeeded in reducing gas flaring in by 26 percentage points in the last 10 years from 36 to 10. It said this had improved Nigeria ranking as the second highest gas flaring nation in 2006 to the seventh position in 2016. The corporation also announced […]

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NUPENG

NUPENG commence strike today

Planned indefinite strike by the Petroleum Tanker Drivers arm of the Nigeria Union of Petroleum and Natural Gas Workers will commence as scheduled today (Monday), the union said on Sunday. The Chairman, NUPENG, South-West Zone, Alhaji Tokunbo Korodo, told one of our correspondents, “The strike will hold on Monday. We have not received any positive […]

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Shell shuts Bonny Light oil export line to remove theft points

The Nigerian subsidiary of Royal Dutch Shell Plc said it had shut down the Nembe Creek Trunk Line, which exports Bonny Light crude oil, in order to remove theft points. The managing director of Shell Petroleum Development Company (SPDC) said the company was working to “remove a significant number of oil theft connections and repair […]

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oil barrel

Oil retreats, set to become worst-performing asset in Q1

Oil prices fell on Friday after a three-day rally ran out of steam due to a stronger dollar, promising to notch up the oil market’s worst-performing quarter since 2015 as investors fret that growing U.S. supplies are undermining OPEC-led cuts. Brent crude futures have made the biggest losses across global asset classes this quarter. In […]

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