The Nigerian National Petroleum Company Ltd (NNPCL) has announced the signing of an agreement with African Refinery for a share subscription agreement with Port-Harcourt Refinery, which will enable the parties to run a 100,000bpd refinery within the Port-Harcourt Refinery complex. This disclosure was contained in a press statement on the company’s official X handle, which […]
President Bola Tinubu has approved the re-constitution of 15-member board of the Nigeria Extractive Industries Transparency Initiative’s (NEITI’s) National Stakeholders’ Working Group (NSWG). The Executive Secretary/Chief Executive Officer of NEITI, Orji Ogbonnaya Orji, who gave this hint during a media chat on Wednesday, said the Secretary to the Government of the Federation (SGF), Sen. George Akume, was […]
….Targets $10Bn Foreign Direct Investment The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has signed the Consolidated Guidelines for the implementation of Fiscal Incentives for the Oil & Gas Sector – a key component of the Federal Government’s fiscal reforms agenda aimed at enhancing the performance of the […]
After over three years of suspension of crude oil production operations in Awoba Oil Field in River State, the Nigerian National Petroleum Company Limited (NNPCL) on Tuesday announced the resumption of production operations on the oil field. The Chief Communications Officer of the oil company, Olufemi Soneye, recalled that the Awoba field last produced oil […]
Dangote Refinery’s management has announced a further reduction in the price of Automotive Gas Oil (AGO) diesel from the N1000/litre earlier reported last week to N940/litre for customers buying 5 million litres and above from the refinery. In a statement signed by the company’s Head of Communications, Mr. Anthony Chiejina the management maintained that the […]
Users of Liquefied Petroleum Gas (Cooking Gas) paid an average retail price of N6,591.62 in March for refilling a 5kg Cylinder of the commodity, representing an increase by 42.97% from N4,610.48 they paid for the same volume in March 2023 On a month-on-month basis, the average price paid the users indicated 7.10% increase from N6,154.50 […]
The International Energy Agency (IEA) has again reviewed its oil demand forecast for 2024 downward, citing weaker deliveries from the Organization for Economic Cooperation and Development (OECD) countries for its latest action. The IEA’s latest oil report shows a slower global oil demand growth of 1.6 million barrels per day (mbbl/d) in the first quarter […]
The Federal Government has restated its commitment to bridging the metering gap and other constraints in the nation’s power sector through investments in critical technological tools and solutions and by so doing boost electricity supply nationwide. The Special Adviser on Energy to Nigeria’s President, Olu Verheijen, made the pledge in her contributions at the 2024 […]
…As Diesel Price Rises By 50.20% Motorists and other Premium Motor Spirit (Petrol) consumers in the country paid an average retail price of N679.36 per litre in February this year, compared to the N263.76 they paid for the same quantity of in February 2023, representing a 157.57% increase in the commodity’s price. The National Bureau […]
The Central Bank of Nigeria (CBN) has reported that Electricity Distribution Companies (DisCos) spend N273.3 billion in seven years to provide 414,000 prepaid meters to electricity consumers in the country. The latest report from the apex bank on development finance interventions between 2015 and 2022, indicated that the DisCos spent an average of N670,000 for […]