Oil prices were little changed on Thursday ahead of next week’s meeting of the Organization of the Petroleum Exporting Countries (OPEC) to discuss implementation of its proposed cap on production. Brent crude futures settled up 5 cents at $49.00 a barrel. U.S. West Texas Intermediate (WTI) crude was up 2 cents at $47.98 at 1928 […]
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Four major refineries belonging to the Nigerian Government may end up as scrap once the Dangote Group commence the production of crude oil at its refinery in Lagos by 2019, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said. According to him, if the country fails to take urgent steps to revamp the refineries […]
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The Nigerian National Petroleum Corporation (NNPC) has commenced work on a scheme to improve the quality of diesel in the Nigerian market for efficient and optimal performance of diesel-powered engines. This was disclosed by the Manager, Collaborative Research of the Research & Development Division, Engr. David Akpan, in a presentation made to the Group Managing […]
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Vice President Yemi Osinbajo on Monday stated that opportunities in the petroleum industry were narrowing and might be over sooner than expected as a result of the increasing breakthroughs in renewable energy use as well as the expansion in the patronage of electric vehicles globally. According to him, although Nigeria needs oil as it works […]
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The Federal Government will review existing tariffs structure to remove impediments inhibiting the growth of local industries, the Vice President, Prof Yemi Osinbajo, has said. Osinbajo said the high tariffs imposed on local products are not encouraging growth, adding that the government is working towards restructuring the current tariff structure to discourage the importation of […]
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The Nigerian Electricity System Operator (SO) yesterday said the Nigerian Electricity Supply Industry (NESI) at the 06:00hours yesterday produced 3,483.7 Megawatts (Mw). This was contained in its spotlights on grid operation which noted that on November Monday the lowest power generation was 2,970.1Mw, while peak generation was 3,819.2Mw. It added that the highest frequency on […]
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Oil on Friday fell by their biggest weekly percentage decline since January of around 9 percent as signs of tensions resurfaced between Saudi Arabia and Iran that could scupper a key supply cut pact. Traders also noted a surge in U.S. crude inventories last week and muted demand continued to weigh on futures. Old disputes […]
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Nigeria electricity distributors under the umbrella, the Association of Nigerian Electricity Distributors (ANED) have projected that the electricity market revenue would record an N809.8 billion shortfall by December. Sunday Oduntan, the Executive Director, Research and Advocacy, ANED, disclosed this at a news conference by the association in Lagos. Oduntan said the projected shortfall was based […]
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The gas producers in Nigeria lament the rise in debts of their clients with respect to making payment for supplied gas, particularly power firms. According to them, the indebtedness to gas producers in Nigeria is currently over N110bn and about 80 per cent of the debts are owed by electricity generation companies. The gas producers […]
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Conoil Plc continued to ride on the back of improved cost efficiency as the downstream oil major grew profit before tax by 54 per cent to N2.72 billion in the third quarter. Key extracts of the nine-month report of Conoil for the period ended September 30, 2016 released yesterday at the Nigerian Stock Exchange (NSE) […]
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Oil prices fell sharply on Monday to touch a one-month low on doubts about OPEC’s ability to implement its planned production cut, while global equity prices were shaky as Wall Street struggled to build on a sentiment boost from a string of M&A deals. The dollar recovered some ground, shaking off concerns linked to an […]
Read More The Federal Government will be spending between $1.4bn and $1.8bn to rehabilitate the nation’s refineries within two years in its bid to reposition the oil and gas sector. The rehabilitation will be carried out with the participation of the private sector. This is one of the highlights of the road map for the development of […]
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