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 […]

Economy News Extra Latest News Oil & Gas Technology

NNPC Digitizes Downstream Operations To Enhance Market Efficiency

The Nigerian National Petroleum Corporation (NNPC) on Monday said digitization of its downstream operations had been embarked on with a view to positioning it more effectively in the marketing of petroleum products competitively. The corporation’s Chief Operating Officer, Downstream, Mr Adeyemi Adetunji, gave this hint while declaring open the 13th Oil Trading and Logistics Expo […]

Economy News Extra Investments/Capital Market Latest News Manufacturing Oil & Gas Technology

Dangote, GE Seal Pact To Digitize Cement Plants’ Operations

Dangote Cement Plc has signed an agreement with GE to modernize seven GE LM6000PC Aeroderivative gas turbines and install the Asset Performance Management (APM) digital solution at Dangote Cement plants located in Obajana and Ibese, Nigeria. The terms of the deal also include Service Agreement Extension for additional 50,000 operating hours for each of the […]

Economy News Extra Latest News Oil & Gas

LPG Prices Drop As Ebonyi, Abuja, Kano, Lagos Consumers Buy At Lowest Prices

The National Bureau of Statistics (NBS) reported on Thursday that the average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) decreased by -1.21% month-on-month and -6.23%  year-on-year to N1,976.11 in September 2019 from N2,000.34 in August 2019. Similarly, average price for the refilling of a 12.5kg cylinder for Liquefied […]

Budgeting Economy News Extra Latest News National Assembly Oil & Gas

Why We Are Amending PSC Act – Senator Lawan

The President of the Senate, Ahmad Lawan on Monday said that the current move by the National Assembly to amend the Production Sharing Contract (PSC) Act was necessary for the country in order to generate more revenues from oil and gas endowments. The lawmaker made the clarification while declaring open a public hearing on the […]