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Chamber Tasks African OPEC, Non-OPEC Members On Energy Poverty

As the global oil producers convened today in Vienna, Austria for the 177th OPEC meeting to discuss about and take decisions on issues that would guide the future of the global hydrocarbon resources industry,  the African Energy Chamber  has urged African OPEC and non-OPEC members at the meeting to commit to the Declaration of Cooperation […]

Budgeting Economy News Extra Latest News National Assembly Oil & Gas Technology

Senate Tasks FG On Oil Sector Operations’ Computerization

The Senate has advised the President Muhammadu Buhari-led government to initiate the process of computerising the nation’s oil sector in line with industry’s best practices globally. The upper chamber of the Legislature pointed out that computerization of the hydrocarbon resources industry would curb the multifaceted challenges associated with the oil and gas production, transportation and […]

Economy News Extra Latest News Oil & Gas

EITI Commends NNPC On Timely Publication Of Financial, Other Reports

The Extractive Industries Transparency Initiative (EITI), an organization championing the cause of transparency and accountability in the global extractive industry, on Monday lauded the Nigerian state-owned oil company, the Nigerian National Petroleum Corporation (NNPC) on timely publication of its financial and other operations’ reports. It therefore urged other public companies in the country to emulate […]

Agriculture & Agribusiness Economy News Extra Latest News Oil & Gas

Nigeria’s GDP Growth Up 2.28% In Q3 2019 – NBS

The National Bureau of Statistics (NBS) on Friday reported that Nigeria’s  Gross Domestic Product (GDP) grew by 2.28% in the third quarter of 2019, representing 0.17 percentage points higher than the 2.12% revised GDP growth recorded in the second quarter. According to the official statistics producing agency, the third quarter growth rate represents the second […]

Economy News Extra Latest News Oil & Gas Power/Electricity

NNPC Forecasts Bright Prospect For Global Oil, Gas Industry

Despite the prevailing air of uncertainty in the international oil market and its potential negative implications for oil exporting countries, the Nigerian National Petroleum Corporation (NNPC) has predicted that oil and gas would continue to contribute significantly to economic growth in countries worldwide in the years ahead. The corporation’s Operating Officer, Upstream, Mr. Roland Ewubare, […]

Economy News Extra Latest News National Assembly Oil & Gas Taxation

Senate Plans Review Of Gas Flaring Penalties

The Senate has mandated its Committee on Gas to review upwards and recommend immediately penalties for defaulters of the nation’s gas flaring laws. The legislative move is intended to be a desirable step towards deterring abuses by operators and exploring the opportunities in the gas sub-sector of the hydrocarbon resources to national development advantage The […]

Banking Economy News Extra Latest News Oil & Gas Power/Electricity

AfDB’s Board Converts Bank’s Energy Fund To Concessional Facility

The African Development Bank’s (AfDB’s) Board of Governors has approved the conversion of the Bank-administered multi-donor trust fund, the Sustainable Energy Fund for Africa (SEFA), into a “special fund”, to catalyse the development finance institution’s impact by allowing it to access a wider range of financial instruments beyond the current scope of technical assistance. Currently, […]

Economy News Extra Environment Latest News National Assembly Oil & Gas

Senate Confirms 15 NDDC Board Nominees, Rejects One

The Senate on Tuesday confirmed 15 out of the sixteen nominees forwarded by President Muhammadu Buhari to the National Assembly for confirmation as board members of the Niger Delta Development Commission (NDDC). The nominees confirmed by the Senate include Dr. Pius Odubu (Edo), Chairman; Bernard Okumagba (Delta), Managing Director; Engr. Otobong Ndem (Akwa-Ibom), Executive Director […]

Economy News Extra Latest News Oil & Gas

Reps Pass Production Sharing Contract (PSC) Amendment Bill

The House of Representatives on Tuesday concurred passed the  Offshore and Inland Basin Production Sharing Contract Act 2014 amendment Bill, thereby concurring with the upper chamber’s earlier stance on the provisions. Specifically, following the second and third readings of the bill during plenary, the lawmakers amended Section 5 of the principal Act, which now reads: […]

Economy News Extra Latest News National Assembly Oil & Gas Revenue

Proposed PIB Won’t Frustrate IOCs’ Operations In Nigeria – Lawan

President of the Senate, Ahmad Lawan, on Monday said that the Petroleum Industry Bill (PIB) to be introduced by the National Assembly for consideration next year was not aimed at frustrating the operations of International Oil Companies (IOCs) in Nigeria. Lawan made this known when he hosted the French Ambassador to Nigeria, Jerome Pasquier, at […]