The Organisation of Petroleum Exporting Countries (OPEC) has projected that in order to sustain oil and gas sector’s contribution to global energy needs, investments should increase by $500 billion yearly in the sector from now to 2045, implying about $12.1 trillion investment during the period. The oil cartel’s forecast was contained in its 2022 World […]
…..Says Policy On Gas Emission Reduction Underway The Chief Executive Officer of Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, has expressed optimism that Nigeria can meet the Organisation of Petroleum Exporting Countries’ (OPEC’s) oil production quota, in spite of the current insecurity challenges in the upstream sector of the hydrocarbon resources industry. […]
Amni International Petroleum Development Company Limited, a Nigerian independent oil and gas exploration and production company, and the African Export–Import Bank (Afreximbank) have signed a Memorandum of Understanding (MoU) for the provision of a $600 million syndicated reserve based lending facility. The multi million US dollar deal was signed by Amni International’s Chief Tunde Afolabi […]
The Minister of State Petroleum Resources, Chief Timipre Sylva, on Wednesday restated the Federal Government’s commitment to utilizing her huge gas resource to catalyze ongoing industrialisation agenda of the country. The minister, who was quoted in a statement issued by his Senior Adviser, Media and Communication, Horatius Egua, as making this remark at a dinner […]
The National Bureau of Statistics (NBS), the Nigerian statistical system coordinating agency, has reported that bank credit to the organized private sector (OPS) totalled N267.11 trillion in 2021. The statistics agency, in its latest ‘Selected Banking Sector Data Q1-Q4 2021’ report published in October 2022, indicated that the total credit allocated to the private sector […]
The Centre for Promotion of Private Enterprise (CPPE), one of Nigeria’s private sector advocacy groups championing the cause of policy-driven economic policies and initiatives, has canvassed a 10-point strategic agenda needed to strongly position the nation’s economy on the path of sustainable growth in the years ahead. The Centre, in a Note signed by its […]
The Executive Secretary of the Nigeria Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote, has said that Nigeria’s oil and gas sector attracted over $60 billion Foreign Direct Investment (FDI) in the past 12 years, following the enactment and implementation of the Local Content Act. Wabote, who gave this figure in an interview […]
The National Bureau of Statistics (NBS) on Tuesday, September 21, reported that consumers of Liquefied Petroleum Gas (LPG/cooking gas in Nigeria paid N4,456.56 in August for an average price of 5kg cooking gas, representing 101.17 percent increase over the price of N2,215.33 paid for the same volume of gas in August 2021. The Bureau in […]
The Federal Government hinted on Thursday that barring any hitch in the ongoing rehabilitation works on the Port Harcourt refinery, the project will be completed by December this year and the refinery will resume full production. The Minister of State for Petroleum Resources, Chief Timipre Sylva, disclosed this to State House correspondents after the Federal […]
Barring unforeseen circumstances, the Nigerian National Petroleum Company Ltd (NNPCL) is expected to sign a Memorandum of Understanding (MoU) today on a 7,000km gas pipeline project, estimated at a cost of $25 billion, with National Office of Hydrocarbons and Mines of Morocco and the ECOWAS Commission. The signing of the agreement is scheduled to hold […]