Energy

Nigeria aim towards N800 billion increament in oil revenue

The Federal Government is targeting an increase of N800bn in oil revenue in the next three years, according to the and Growth Plan. The projection is based on an increase in the crude oil production volume from 2.2 million barrels per day to about 2.5 million barrels per day. This is expected to be achieved as […]

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Crude edges off 3-month low, but glut worries fester

Crude prices inched up on Friday after dropping to their lowest in more than three months the session before, pressured by concerns that a global supply glut is proving stubbornly persistent. U.S. West Texas Intermediate crude (WTI) was up 37 cents, or 0.8 percent, at $49.65 a barrel at 0604 GMT. It fell below $50 […]

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oil barrel

Oil prices slide 2% more, U.S crude below $50

Oil prices slide 2 percent on Thursday, extending the previous session’s dive that brought prices to the lowest levels this year, as record U.S. crude inventories fed doubts about whether OPEC-led supply cuts would reduce a global glut. U.S. crude prices fell through the $50 a barrel support level, with market participants unwinding a massive […]

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NLNG urge lawmakers to not tamper with NLNG Act

The Managing Director, Nigeria Liquefied Natural Gas (NLNG), Mr. Tony Attah, has urged the National Assembly to stop the proposed amendment to the LNG Act. The amendment seeks to impose a three per cent Niger Delta Development Commission (NDDC) tax on the company. But Attah said the proposal was at variance with the NDDC Act. […]

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Nigeria to cut stakes in refineries, oil assets, other subsidiaries

Nigeria Federal Government has said it will reduce its stakes in Joint Venture oil assets, refineries and other downstream subsidiaries such as pipelines and depots. The Economic Recovery and Growth Plan, a Medium Term Plan for 2017 to 2020, which was released on Tuesday by the Ministry of Budget and National Planning, stated that the government’s […]

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Oil falls 1 pct as inventories rise for 9th straight week

Oil prices fell more than 1 percent on Wednesday after the U.S. Department of Energy reported a much larger increase than expected in domestic crude inventories, feeding concerns the supply glut could persist even as OPEC seeks to prop up prices with output curbs. U.S. crude inventories rose by 8.2 million barrels in the last […]

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Crude prices fall on likely stocks build

Oil futures fell in Asian trade on Wednesday after industry data pointed to a potential ninth straight week of inventory builds, renewing concerns about an oversupply of oil despite output curbs by OPEC and non-OPEC members. Brent futures fell 29 cents, or 0.5 percent, to $55.63 as of 0504 GMT after settling down 0.2 percent […]

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statistician general of the federation dr yemi kale

Nigeria external trade for 2016 hits N17.35 billion – NBS

The National Bureau of Statistics has said the value of the total trade at the end of 2016 was N17. 35bn. The NBS said that the figure was 6.5 percent higher than the value recorded in 2015. The bureau announced this in a report on “Merchandise Trade Intensity Index/Re-exports for fourth quarter” released in Abuja. […]

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Oil prices hold steady for third day; eyes on economic data

O il prices were little changed for a third session on Tuesday, with investors searching for direction as concern over rising U.S. shale output offsets production cuts by OPEC and non-OPEC members. Brent crude was down 9 cents, or 0.1 percent, at $55.92 a barrel as of 0745 GMT, with a firmer dollar, unchanged against […]

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Nigeria’s oil faces output cuts as Shell closes Bonga facility

The exploration and production arm of Shell in Nigeria – Shell Nigeria Exploration and Production Company Limited (SNEPCo) has announced the shutdown of its flagship facility, the 225,000 barrels per day (bpd) Bonga oil field, for maintenance. With this development, Nigeria’s oil production that ramped up to 2.1 million bpd has dipped to 1.875million bpd. […]

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Private Group invest $6 billion in Nigeria’s electricity supply

A private firm, Eta-Zuma Group West Africa Limited, has announced an investment outlay of $6bn to boost Nigeria’s electricity supply by 1,200 Megawatts. The Chairman of the company, Dr. Innocent Ezuma, made the announcement during a press briefing in Abuja on Friday. Ezuma, who was represented by Executive Director, Corporate Services, Ambassador Joseph Ayalogu, said […]

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Electricity Power Equipment

Ikeja Electric to cut supply

Ikeja Electric will cut power supply to some areas under its network to do maintenance by the Transmission Company of Nigeria (TCN) on its transformers at the Ikeja West Transmission Station, its management has said. The areas to be affected by the exercise, which will start today and end on Tuesday, April 4, 2017, include […]

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