The Managing Director, Nigeria liquefied Natural Gas NLNG Limited, Mr. Tony Attah, has said the company’s assets are now worth over $13bn. A statement by the firm on Tuesday quoted him as saying this during a technical session chaired by the Group Managing Director, Nigerian National Petroleum Corporation, Dr. Maikanti Baru, at the 22nd Nigerian […]
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A massive oil glut may weigh on world markets deep into next year unless the OPEC producer cartel makes good on its promise to cut output, the International Energy Agency (IEA) said on Tuesday. The oil price has recovered steadily since OPEC said last month that it would reduce production, with details to be hammered […]
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Ethiopia has accused elements in Eritrea and other countries of fanning the crisis in the country that culminated in the burning of factories owned by Nigeria’s Aliko Dangote and other foreign investors. In a statement today, Ethiopia accused elements in Eritrea, Egypt and other states of arming, training and funding groups that it blames for […]
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It’s “not unthinkable” that oil prices will rise to $60 a barrel by the end of 2016, the world’s top crude exporter said after agreeing to cut supply for the first time in eight years. Saudi Arabia will work with other producers to determine output caps and is “optimistic” about reaching a deal by the […]
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Two of the nation’s power plants were shut down on Sunday, bringing the total number of idle plants to nine. The affected plants were Olorunsogo II in Ogun State and Trans-Amadi in Rivers State, with their installed generation capacity put at 625 megawatts and 25MW, respectively. The nation’s total electricity generation stood at 3,402.5MW as […]
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The Organisation of Petroleum Exporting Countries (OPEC) lost over $1trillion in revenues from the drop in crude prices globally, the Secretary-General of the body, Mohammad Sanusi Barkindo, has said. The OPEC chief, in a chat with reporters at the ongoing meetings of the International Monetary Fund (IMF)/The World Bank Group in Washington DC, said the […]
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West Texas Intermediate crude oil climbed above $50 per barrel for the first time since June 24. In a report from BI, the uptick comes after a string of good news that may assist in rebalancing the supply-demand dynamics of the commodity. Last week, OPEC preliminary agreed to a cap on production of oil and, […]
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Nigeria Minister of Finance, Mrs Kemi Adeosun, has accused western powers of being blockage to Nigeria’s plan to improve power output through the use of coal. Adeosun said this on Wednesday in Washington during a discussion on the importance of addressing infrastructure gaps in developing countries at the World Bank, International Monetary Fund General Meetings. […]
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The Nigerian Senate has resolved to prioritize and fast track the passage of the Petroleum Industry Bill (PIB) and other legislations capable of contributing to the quick recovery of the national economy, and provide favourable level playing environment for both local and foreign investors. This was part of the 20 points resolution passed by the […]
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The Nigerian government is demanding $406.75 million from Shell Petroleum Development Company of Nigeria Limited and its surrogate Shell Western Supply & Trading Limited over alleged crude oil theft. The amount, according to court papers in Lagos, represents the shortfall of the money paid by the multinational oil firm in the account of the Nigerian […]
Read More OPEC producers have their sights set on a sustained oil price of $50-$60 per barrel, a modest ambition for the first cut in supply by the oil exporting group in eight years, says one of the industry’s top forecasters. Benchmark U.S. oil prices CLc1 have risen around $4, or around nine percent, to over $48 […]
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OPEC oil output is likely to reach its highest in recent history in September, a Reuters survey found weekend, as Iraq boosted northern exports and Libya reopened some of its main oil terminals. The increase comes despite lower output in top exporter Saudi Arabia and this week’s agreement by the Organization of the Petroleum Exporting […]
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