Energy

FG offers more incentive to investors in mining sector

The Nigerian government has reduced to 40 days the timeframe for the granting of mining license to prospective investors. Director General, Mining Cadastral Office, MCO, Mr. Ibrahim Amate, who stated this, explained that licenses would be issued to successful miners who met the stipulated requirements, adding that all these is possible under the repositioned Mining […]

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FG restates commitment to oil search in Benue Trough

Nigerian National Petroleum Corporation (NNPC) Group Managing Director Dr. Maikaniti Baru, has restated the mandate of president Muhammadu Buhari to the corporation for the continued hydrocarbon search in the Benue Trough to further boost the country’s production. Speaking while receiving a delegation from the Benue State Government in Abuja, Baru said the president had directed […]

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Chinese firms interested in Ajaokuta steel

A Chinese group of firms have shown interest in  acquiring Nigeria own Ajaokuta steel company. The group of companies which is into mining, exploration, financing, provision of technologies, commodity exchange and minerals product beneficiation, have indicated their interest to the Minister of State for Solid Minerals, Hon. Abubakar Bwari. Bwari who met with the group yesterday in […]

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Nigeria’s less Oil output raise Oil price to $48.74 per barrel

Oil prices reached their highest levels in more than five weeks on Tuesday as the market rode optimism over potential producer action to prop up the market. Oil production losses in Nigeria, where more than 700,000 barrels per day (bpd) was missing due to militant attacks and pipeline problems, were also helping to support prices […]

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Crude oil prices crash, Now Sell at $45.84pb

Oil prices fell slightly at the weekend, remaining near the previous day’s highs, on the prospect of talks by exporters about ways to prop up a market grappling with a supply overhang. Brent crude futures were down 19 cents a barrel higher at $45.84 per barrel by 1000 GMT (0600 ET), from a three-week high […]

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Nigeria under Jonathan, earned N51trn from crude oil

The Nation, during the five-year Presidency of Goodluck Ebele Jonathan, earned a total of N51 trillion from petroleum resources. According to report by Vanguard, the money is part of the N96.212trillion the country earned in 58years of crude oil sales. Of this princely sum, which accounts for about 80 per cent of the country’s revenue, […]

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Low or No demand for Nigerian crude causes ships without cargoes to rise

The low or weak demand for Nigerian crude has caused the number of ships without cargoes to increase immensely to levels not seen for a while. As a result, the cost of sending crude oil cargoes from West Africa to Northwest Europe on Suezmaxes has dropped to the lowest level in over 14 years, according to Platts […]

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Shell declares force majeure, shuts 600,000bpd export pipeline

The nation’s crude oil exports is facing a fresh threat as Shell Petroleum Development Company of Nigeria Limited on Friday declared force majeure on export of Bonny Light, Nigeria’s reference crude oil grade, the second time in three months. This is coming four days after the oil major declared force majeure on gas supply to […]

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IPMAN, NIMEX partner to import 100,000mtons of petrol

Petroleum sector pressure group,the Independent Petroleum Marketers Association of Nigeria (IPMAN) has commenced a strategic partnership with NIMEX Petroleum Group for effective importation of petroleum products to complement efforts of the Federal Government in driving the deregulation policy. National President, of the IPMAN Mr Obasi Lawson who stated this after signing a Memorandum of Understand […]

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NERC fine Ibadan Electricity Disco a sum N21.2m

Nigerian Electricity Regulatory Commission has hit a N21.2m fine on the Ibadan Electricity Distribution Company for not treating the electricity customer complaints referred to it by the commission and implementing the decisions of the NERC’s forum office or The forum office is the second level in the commission’s redress mechanism where complaints from electricity consumers that are not […]

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NNPC restates commitment to profitability

Dr. Maikanti Kacalla Baru, the Managing Director of the Nigerian National Petroleum Corporation (NNPC) has restate the Group commitment, he has said the NNPC under his watch will continue with the previous initiatives to further grow the business and increase profitability as envisioned by the founders of the Corporation.He made this assertion during his maiden […]

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Explosives Diversion: Mines officers to be held responsible – Fayemi

Federal mines officers posted to the states will now be held responsible for the diversion of explosives for illegal uses, the Minister of Solid Minerals Development, Dr. Kayode Fayemi, has said. Fayemi said this during a meeting with 37 newly-deployed federal mines officers in his office on Tuesday. The minister urged them to pay attention […]

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