The Ambassador of Denmark to Nigeria, Mr Sune Krogstrup, has expressed his country’s readiness to increase investment and provide support for Nigeria’s efforts in developing its renewable energy sector. The Ambassador, who made the promise during an interview with the News Agency of Nigeria (NAN) in Abuja, spoke on Denmark’s roles in the global renewable […]
Oil & Gas
Petrol Price May Surge, As Nigeria’s Crude Oil Trades $100/Barrel
Indications are strong that the Nigerian National Petroleum Company Limited (NNPCL) and other oil marketers in the country may further adjust fuel pump prices before the year ends based on the spiking trend of crude oil prices in the international market. In the past two weeks, the Brent crude oil and other variants’ prices have […]
NNPCL, Indorama Target $18bn Revenue From Gas Utilization Pact
The Nigerian National Petroleum Company Limited (NNPCL) weekend sealed an agreement with Indorama Petrochemicals Company Limited to deepen the implementation of Nigeria’s Nigasification strategy. According to the Group Chief Executive of the NNPCL, Mallam Mele Kyari, the initiative will help to unlock about $18bn revenue for Nigeria and also enable the parties to the deal […]
Nigeria’s Public Debt Stock Surges 75.27%, Hits N87.38Trn In Q2
Nigeria’s public debt stock has surged to N87.38 trillion (US$113.42 billion) in Q2 2023 from N49.85 trillion (US$ 108.30 billion) in Q1 2023, representing a 75.27% growth on a quarter-on-quarter basis. The National Bureau of Statistics (NBS), the national statistics coordinating agency in Nigeria, reported on Thursday, in its ‘Nigerian Domestic & Foreign Debt Q2 […]
Soludo, IPMAN To Parley Over N900Mn Diesel Supply Claims
Governor of Anambra State, Chukwuma Soludo, has agreed to meet with the Independent Petroleum Marketers Association of Nigeria (IPMAN) next week with a view to reconciling the discrepancies and paying the N900 million debt owed fuel contractors who supplied diesel for streetlight generators in the state. The governor’s decision was conveyed in a letter by […]
Fossil Fuels Still Account For 80% Of Global Energy Mix – OPEC
The Organization of Petroleum Exporting Countries (OPEC) on Thursday disclosed that fossil fuels continue to make up 80% of the global energy mix. The oil cartel, in a statement debunked the assertion by the International Energy Agency (IEA) that fossil fuels demand would peak before 2030, adding that the assertion is not made on data-based […]
NUPRC Issues Award Letters To 42 Bidders For Gas Flare Programme
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has issued letters of award to 42 companies/entities that were successful in the bid for 49 Flare Sites enlisted during the 2022 Nigerian Gas Flare Commercialisation Programme (NGFCP) Auction process. The petroleum regulatory body confirmed the issuance of the letters of award via a press statement issued on […]
LCCI Advises FG To Create Websites For Investments In Nigeria
The Lagos Chamber of Commerce and Industry (LCCI) has advised the Federal Government to establish dedicated websites that will guide foreign investors and other with the relevant information about investment opportunities in Nigeria. In a statement signed by its President/Chairman of Council, Asiwaju (Dr.) Michael Olawale-Cole, the organized private sector (OPS) group maintained that doing […]
Nigeria’s FX Earnings To Surge As Brent Crude Hits $91 P/Barrel
…..as fuel pump price may further surge Data from the international oil market indicated that Brent crude oil was priced at $91 per barrel on Tuesday, sustaining its increase over the past few days after which it reaching a 10-month high of $90 per barrel precisely a week ago. The surge in prices of Brent […]
Nigeria Loses $22.9Bn To Gas Flaring In 10 Years – NOSDRA
The Nigerian Oil Spill Detection and Response Agency (NOSDRA) has reported that Nigeria lost more than $14.6 billion worth of revenue to more than 4.2 billion standard cubic feet of gas flared between 2012 and 2021, in addition to the $8.3 billion loss in a penalty for the wastages. The NOSDRA’s Director of ICT, Mrs. Margaret […]